GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Black Hills Corp (STU:BHI) » Definitions » Piotroski F-Score

Black Hills (STU:BHI) Piotroski F-Score : 5 (As of Dec. 11, 2024)


View and export this data going back to 2021. Start your Free Trial

What is Black Hills Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Black Hills has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Black Hills's Piotroski F-Score or its related term are showing as below:

STU:BHI' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 7
Current: 5

During the past 13 years, the highest Piotroski F-Score of Black Hills was 7. The lowest was 2. And the median was 5.


Black Hills Piotroski F-Score Historical Data

The historical data trend for Black Hills's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Black Hills Piotroski F-Score Chart

Black Hills Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 6.00 3.00 5.00 5.00

Black Hills Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 5.00 6.00 6.00 5.00

Competitive Comparison of Black Hills's Piotroski F-Score

For the Utilities - Regulated Gas subindustry, Black Hills's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Black Hills's Piotroski F-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Black Hills's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Black Hills's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 73.085 + 117.668 + 21.181 + 21.984 = €234 Mil.
Cash Flow from Operations was 172.763 + 214.728 + 214.227 + 91.992 = €694 Mil.
Revenue was 542.589 + 668.288 + 374.015 + 361.842 = €1,947 Mil.
Gross Profit was 200.915 + 254.104 + 142.88 + 145.512 = €743 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(9307.154 + 8821.907 + 8902.564 + 9462.701 + 8756.549) / 5 = €9050.175 Mil.
Total Assets at the begining of this year (Sep23) was €9,307 Mil.
Long-Term Debt & Capital Lease Obligation was €3,828 Mil.
Total Current Assets was €540 Mil.
Total Current Liabilities was €483 Mil.
Net Income was 68.427 + 106.569 + 21.321 + 42.54 = €239 Mil.

Revenue was 747.103 + 860.401 + 379.63 + 381.453 = €2,369 Mil.
Gross Profit was 197.866 + 237.143 + 133.097 + 167.91 = €736 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(9415.517 + 9079.581 + 8835.767 + 8684.595 + 9307.154) / 5 = €9064.5228 Mil.
Total Assets at the begining of last year (Sep22) was €9,416 Mil.
Long-Term Debt & Capital Lease Obligation was €3,560 Mil.
Total Current Assets was €1,162 Mil.
Total Current Liabilities was €1,502 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Black Hills's current Net Income (TTM) was 234. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Black Hills's current Cash Flow from Operations (TTM) was 694. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep23)
=233.918/9307.154
=0.02513314

ROA (Last Year)=Net Income/Total Assets (Sep22)
=238.857/9415.517
=0.02536844

Black Hills's return on assets of this year was 0.02513314. Black Hills's return on assets of last year was 0.02536844. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Black Hills's current Net Income (TTM) was 234. Black Hills's current Cash Flow from Operations (TTM) was 694. ==> 694 > 234 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=3828.169/9050.175
=0.42299392

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=3560.141/9064.5228
=0.39275548

Black Hills's gearing of this year was 0.42299392. Black Hills's gearing of last year was 0.39275548. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Sep24)=Total Current Assets/Total Current Liabilities
=540.15/483.116
=1.11805446

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=1162.137/1501.704
=0.77387887

Black Hills's current ratio of this year was 1.11805446. Black Hills's current ratio of last year was 0.77387887. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Black Hills's number of shares in issue this year was 70.6. Black Hills's number of shares in issue last year was 67.4. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=743.411/1946.734
=0.381876

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=736.016/2368.587
=0.31074054

Black Hills's gross margin of this year was 0.381876. Black Hills's gross margin of last year was 0.31074054. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep23)
=1946.734/9307.154
=0.20916534

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=2368.587/9415.517
=0.25156208

Black Hills's asset turnover of this year was 0.20916534. Black Hills's asset turnover of last year was 0.25156208. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+1+0+1+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Black Hills has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Black Hills  (STU:BHI) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Black Hills Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Black Hills's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Black Hills Business Description

Traded in Other Exchanges
Address
7001 Mount Rushmore Road, Rapid City, SD, USA, 57702
Black Hills Corp is a U.S.-based energy company that operates through its Electric Utilities, Gas Utilities, Corporate and Other segments. These segments operate in states in the Midwest and mountain regions in the U.S. The company's customers include residential, commercial, industrial, and municipal consumers. These customers are residential. Black Hills derives the majority of its revenue from its utility business group, specifically from electric utilities.

Black Hills Headlines

No Headlines