Basis: Trailing twelve months (TTM). Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 23.79% is 13% above its 5-year average of 20.97%, near the high end of its 5-year range (15.27%–27.35%).
7.08% above its 12-month average of 22.22%.
Reported quarterly operating margin; no daily interpolation. Q2 FY2026 (2026-06-30): 21.42%.
OPERATING MARGIN
23.79%
OPERATING MARGIN AVG TTM
22.22%
OPERATING MARGIN AVG 3Y
22.27%
OPERATING MARGIN AVG 5Y
20.97%
OPERATING MARGIN AVG 10Y
21.44%
OPERATING MARGIN AVG 15Y
20.56%
OPERATING MARGIN AVG 20Y
19.78%
CURRENT VS TTM AVG
+7.08%
CURRENT VS 3Y AVG
+6.85%
CURRENT VS 5Y AVG
+13.47%
CURRENT VS 10Y AVG
+10.99%
CURRENT VS 15Y AVG
+15.72%
CURRENT VS 20Y AVG
+20.30%
SECTOR MEDIAN · UTILITIES
22.28%
median of 40 covered companies
CURRENT VS SECTOR MEDIAN
+6.78%
vs the sector median at left
Black Hills Corporation
Market Cap
$5.36B
Operating Margin
23.79%
TTM Avg
22.22%
3Y Avg
22.27%
5Y Avg
20.97%
Market Cap
$3.04B
Operating Margin
18.76%
TTM Avg
16.91%
3Y Avg
14.91%
5Y Avg
15.52%
Market Cap
$2.03B
Operating Margin
31.63%
TTM Avg
23.98%
3Y Avg
19.88%
5Y Avg
19.61%
Market Cap
$9.13B
Operating Margin
10.61%
TTM Avg
15.88%
3Y Avg
20.68%
5Y Avg
27.41%
Market Cap
$1.35B
Operating Margin
-4.05%
TTM Avg
-0.53%
3Y Avg
-7.30%
5Y Avg
-8.75%
Market Cap
$1.03B
Operating Margin
-0.08%
TTM Avg
-16.22%
3Y Avg
-7.63%
5Y Avg
0.99%
Market Cap
$10.58B
Operating Margin
17.48%
TTM Avg
16.31%
3Y Avg
17.25%
5Y Avg
19.67%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Black Hills Corporation (BKH) | $5.36B | 23.79% | 22.22% | 22.27% | 20.97% |
| Oklo Inc. (OKLO)vs › | $6.61B | 0.00% | 0.00% | 0.00% | 0.00% |
| Avista Corporation (AVA)vs › | $3.04B | 18.76% | 16.91% | 14.91% | 15.52% |
| UGI Corporation (UGI)vs › | $8.07B | 14.05% | 12.93% | 6.55% | 12.12% |
| Northwest Natural Holding Company (NWN)vs › | $2.03B | 31.63% | 23.98% | 19.88% | 19.61% |
| Brookfield Renewable Partners L.P. (BEP)vs › | $9.13B | 10.61% | 15.88% | 20.68% | 27.41% |
| Fluence Energy, Inc. (FLNC)vs › | $1.35B | -4.05% | -0.53% | -7.30% | -8.75% |
| XPLR Infrastructure, LP (XIFR)vs › | $1.03B | -0.08% | -16.22% | -7.63% | 0.99% |
| The AES Corporation (AES)vs › | $10.58B | 17.48% | 16.31% | 17.25% | 19.67% |
| Pinnacle West Capital Corporation (PNW)vs › | $11.42B | 27.03% | 20.34% | 18.79% | 19.72% |
Gross Margin
42.9%
Operating Margin
23.8%
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-06-30 | 21.42% |
| 2026-03-31 | 25.61% |
| 2025-12-31 | 26.97% |
| 2025-09-30 | 18.29% |
| 2025-06-30 | 18.79% |
| 2025-03-31 | 25.46% |
| 2024-12-31 | 27.35% |
| 2024-09-30 | 18.87% |
| 2024-06-30 | 17.54% |
| 2024-03-31 | 26.61% |
| 2023-12-31 | 23.07% |
| 2023-09-30 | 24.02% |
| 2023-06-30 | 15.44% |
| 2023-03-31 | 18.99% |
| 2022-12-31 | 16.43% |
| 2022-09-30 | 17.18% |
| 2022-06-30 | 15.27% |
| 2022-03-31 | 21.05% |
| 2021-12-31 | 20.26% |
| 2021-09-30 | 23.61% |
| 2021-06-30 | 18.05% |
| 2021-03-31 | 21.84% |
| 2020-12-31 | 25.90% |
| 2020-09-30 | 23.73% |
| 2020-06-30 | 20.47% |
| 2020-03-31 | 28.52% |
| 2019-12-31 | 25.41% |
| 2019-09-30 | 21.67% |
| 2019-06-30 | 16.17% |
| 2019-03-31 | 26.79% |
| 2018-12-31 | 22.77% |
| 2018-09-30 | 20.21% |
| 2018-06-30 | 19.55% |
| 2018-03-31 | 25.77% |
| 2017-12-31 | 27.94% |
| 2017-09-30 | 23.71% |
| 2017-06-30 | 20.42% |
| 2017-03-31 | 27.43% |
| 2016-12-31 | 11.92% |
| 2016-09-30 | 17.50% |
| 2016-06-30 | 10.85% |
| 2016-03-31 | 16.35% |
| 2015-12-31 | 0.06% |
| 2015-09-30 | -0.75% |
| 2015-06-30 | -14.27% |
| 2015-03-31 | 15.95% |
| 2014-12-31 | 18.50% |
| 2014-09-30 | 20.30% |
| 2014-06-30 | 16.74% |
| 2014-03-31 | 19.65% |
| 2013-12-31 | 20.00% |
| 2013-09-30 | 21.38% |
| 2013-06-30 | 17.52% |
| 2013-03-31 | 20.98% |
| 2012-12-31 | 23.60% |
| 2012-09-30 | 31.53% |
| 2012-06-30 | 8.50% |
| 2012-03-31 | 19.15% |
| 2011-12-31 | 13.69% |
| 2011-09-30 | 15.86% |
| 2011-06-30 | 13.87% |
| 2011-03-31 | 14.56% |
| 2010-12-31 | 13.79% |
| 2010-09-30 | 19.22% |
| 2010-06-30 | 12.03% |
| 2010-03-31 | 16.34% |
| 2009-12-31 | 14.53% |
| 2009-09-30 | 7.49% |
| 2009-06-30 | 10.03% |
| 2009-03-31 | 7.64% |
| 2008-12-31 | -9.29% |
| 2008-09-30 | 14.62% |
| 2008-06-30 | 16.65% |
| 2008-03-31 | 20.40% |
| 2007-12-31 | 24.97% |
| 2007-09-30 | 14.13% |
| 2007-06-30 | 23.84% |
| 2007-03-31 | 30.00% |
| 2006-12-31 | 23.00% |
| 2006-09-30 | 25.98% |
| 2006-06-30 | 21.08% |
| 2006-03-31 | 22.90% |
| 2005-12-31 | 11.31% |
| 2005-09-30 | -20.50% |
| 2005-06-30 | 23.28% |
| 2005-03-31 | 23.36% |
| 2004-12-31 | 14.27% |
| 2004-09-30 | 14.18% |
| 2004-06-30 | 9.60% |
| 2004-03-31 | 10.23% |
| 2003-12-31 | -35.19% |
| 2003-09-30 | 38.02% |
| 2003-06-30 | 10.49% |
| 2003-03-31 | 12.95% |
| 2002-12-31 | 28.67% |
| 2002-09-30 | 13.94% |
