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Black Hills Corporation

BKH Utilities Utilities Regulated Gas

Black Hills Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 8.57% from fiscal 2024.

Revenue
+3.14%
EPS
+33.8%
Free cash flow
+24.1%
Total debt
+3.56%

Quarter to June 2026, against a year earlier

82.63 0.62 +0.76%
Market cap
$6.3B
P/E
20.1×
Fwd P/E
19.0×
Dividend yield
3.37%
F-score
6/9
Altman Z
1.01
Beneish M
−2.55
Dividend safety
39/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2022

  • Gas Utilities
  • Electric Utilities

Every year since 2011 →

Insider Decisions last twelve months

Sold, $m 0.30
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 1 — — — — — —
Insider Ownership 0.07%

Capital & Financial Ratios $m

Size
Market Cap 6,250.00
Revenue ttm 2,299.30
Net income ttm 308.10
Free cash flow ttm (305.20)
Net debt Q 4,324.40
Valuation
P/E 20.15
Forward P/E 19.00
Price / sales 2.73
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.56
Financial health
Current ratio Q 0.52 (below 1: weak)
Debt / equity Q 1.09
Interest coverage Q 1.84
Growth
Revenue growth Q +3.14% (above 0%: growing)
Operating income growth Q +17.58% (above 0%: growing)
EPS, this year +6.18%
EPS, next year A +6.18%
Revenue, next year A +6.28%
EPS, past 5 yrs +1.05%
EPS, next 5 yrs A +7.42%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.6×, against a ten-year median of 4.2×; over the ten years it ranged from 3.0× in 2023 to 5.1× in 2016.
P/E against its own 10 years 84.62%
10-year low 10-year high
P/S against its own 10 years 97.76%
10-year low 10-year high
P/B against its own 10 years 57.49%
10-year low 10-year high
EV/Sales against its own 10 years 91.92%
10-year low 10-year high

Dividends raised every year since 2016

Yield
3.37%
Annual rate
2.79
Payout ratio
68.1%
Growth, 2016–25
+5.43%/yr
  1. 1.68 ’16
  2. 1.81 ’17 +8%
  3. 1.93 ’18 +7%
  4. 2.05 ’19 +6%
  5. 2.17 ’20 +6%
  6. 2.29 ’21 +6%
  7. 2.41 ’22 +5%
  8. 2.50 ’23 +4%
  9. 2.60 ’24 +4%
  10. 2.70 ’25 +4%
  11. 2.81 ’26e +4%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 93 23 190 80
Receivables 369 371 412 306
Inventory 161 154 172 158
Other 204 194 221 201
827 742 996 745
2023 2024 2025 Q'26
Payables 186 229 312 275
ST’ Debt 600 — — 410
Other 105 98 106 381
1,185 763 740 1,425

Compound Annual Growth %

10y 5y 3y
Sales 6.24% 6.36% (3.26%)
Cash Flow 4.73% 4.44% 4.81%
Earnings 0.00% 5.08% 4.11%
Book Value 10.30% 7.96% 8.12%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.42 Actual 0.54

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.45 0.45 Met by 0.00
Q4 FY25 1.37 1.41 Beat by 0.04
Q1 FY26 1.88 1.79 Miss by 0.09
Q2 FY26 0.42 0.54 Beat by 0.12
Q3 FY26 0.42 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.76 0.53 — — —
’25 1.90 0.40 0.36 1.44 4.10
’24 1.93 0.36 0.37 1.40 4.06
’23 1.78 0.40 0.72 1.21 4.11
’22 1.87 0.55 0.58 1.16 4.17
’21 1.60 0.45 0.76 1.16 3.97
’20 1.57 0.39 0.64 1.28 3.89
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 781 453 — — —
’25 805 439 430 636 2,310
’24 726 403 402 597 2,128
’23 921 411 407 592 2,331
’22 824 474 463 791 2,552
’21 633 373 381 563 1,949
’20 537 327 347 486 1,697
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 176 195 — — —
’25 228 189 89 168 673
’24 233 231 102 153 719
’23 329 276 151 188 944
’22 264 178 52 91 585
’21 (386) 136 105 80 (65)
’20 192 117 110 122 542
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (91) (23) — — —
’25 75 (30) (89) (101) (146)
’24 57 64 (86) (60) (25)
’23 210 134 (9) 55 389
’22 127 21 (120) (48) (20)
’21 (532) (37) (73) (99) (742)
’20 20 (59) (77) (109) (226)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,539 1,680 1,754 1,735 1,697 1,949 2,552 2,331 2,128 2,310 2,299 +4.6% 2,455 4,329 4,658 +26.3%
Gross margin, % 67.57 66.48 64.34 67.10 70.98 61.94 51.78 57.84 65.68 64.00 65.24 (3.6) pt
EBT 206 282 256 243 276 258 296 302 320 344 352 +5.9%
EBT margin, % 13.38 16.77 14.59 14.00 16.25 13.26 11.60 12.94 15.04 14.87 15.31 +1.5 pt
Net income 83 191 273 213 243 251 271 276 284 300 308 +15.4%
Per share, $
Per share, $ Revenue 29.64 31.57 32.24 28.60 27.20 30.84 39.32 34.80 30.48 31.64 30.29 +0.7%
Earnings 1.59 3.59 5.01 3.52 3.89 3.97 4.17 4.12 4.06 4.11 4.10 +11.1%
Cash flow 6.17 8.05 8.98 8.33 8.69 (1.02) 9.01 14.10 10.31 9.22 8.28 +4.6%
Capex (8.76) (6.13) (8.41) (13.49) (12.30) (10.72) (9.31) (8.29) (10.66) (11.23) (12.30) +2.8%
Free cash flow (2.59) 1.92 0.57 (5.16) (3.62) (11.74) (0.30) 5.80 (0.36) (2.01) (4.02) (2.8%)
Book value 33.32 34.20 42.03 40.62 42.69 45.68 47.61 49.34 51.36 53.50 53.01 +5.4%
Shares, m 52 53 54 61 62 63 65 67 70 73 74 +3.9%
Valuation, ×
Valuation, × P/E 38.03 16.45 12.53 22.33 15.79 17.75 16.88 13.40 14.40 16.90 20.15 18.4
P/S 2.04 1.87 1.95 2.75 2.26 2.29 1.79 1.59 1.92 2.19 2.73 2.1
P/B 1.82 1.73 1.49 1.93 1.44 1.54 1.48 1.12 1.14 1.30 1.56 1.5
EV/Sales 4.12 3.72 3.62 4.55 4.34 4.61 3.40 3.43 4.19 4.28 4.61 4.0
EV/FCF (47.17) 61.07 202.93 (25.24) (32.63) (12.12) (442.73) 20.59 (357.89) (67.48) (34.72) (70.1)
Cash, $m
Cash, $m Operating cash flow 320 428 489 506 542 (65) 585 944 719 673 628 +8.6%
Capex (455) (326) (458) (818) (767) (677) (604) (556) (744) (820) (933) +6.8%
Free cash flow (134) 102 31 (313) (226) (742) (20) 389 (25) (146) (305) +0.9%
Balance, $m
Balance, $m Working capital (61) (78) (144) (338) (203) (94) (595) (358) (21) 256 (680) n/m
Net debt 3,201 3,097 2,932 3,132 3,526 4,533 4,105 4,308 4,227 4,511 4,324 +3.9%
Shareholders’ equity 1,730 1,820 2,287 2,464 2,663 2,887 3,090 3,306 3,585 3,906 4,024 +9.5%
Returns, %
Returns, % ROA 1.31 2.68 3.79 2.74 2.91 2.75 2.76 2.73 2.78 2.79 2.83 +1.5 pt
ROIC 4.26 5.30 4.75 4.53 4.33 3.45 3.95 3.88 4.03 3.99 4.11 (0.3) pt
ROE 4.57 9.97 12.58 8.39 8.88 8.53 8.65 8.20 7.93 7.79 7.72 +3.2 pt
People
People Employees 2,834 2,744 2,863 2,944 3,011 2,884 2,982 2,874 2,841 2,795 — (0.2%)
Revenue/emp, $m 0.54 0.61 0.61 0.59 0.56 0.68 0.86 0.81 0.75 0.83 — +4.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Black Hills Corporation is a U.S. utility company that supplies electricity and natural gas to homes, businesses and other customers. Founded in 1941 and headquartered in Rapid City, South Dakota, it is led by President and Chief Executive Officer Linden R. Evans. Its utility operations generally use the Black Hills Energy name.

The company has two operating segments. Electric Utilities generates electricity and moves it over transmission and distribution lines to customers. It also buys power from other providers and sells excess electricity to utilities and marketing companies. Gas Utilities obtains natural gas and transports and distributes it through pipelines to customers. It also sells available pipeline capacity and gas to other utilities and marketers.

Where the money comes from and where it goes Fiscal 2022

Fiscal 2022: revenue by segment, and margins
Gas Utilities 1,665 65.26%
Electric Utilities 895 35.06%
Gross margin 51.78%
Operating margin 17.84%
Pre-tax margin 11.60%

Revenue by segment since 2011

Black Hills Corporation vs peers in Utilities Regulated Gas (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UGI UGI Corporation $8.3B 12.4× 13.7× −4.52% (below 0%: shrinking) n/m −56.52% (below 0%: shrinking) 43.05% (3.31%) Compare
SWX Southwest Gas Corporation $6.7B 12.2× 21.4× −9.63% (below 0%: shrinking) n/m −157.57% (below 0%: shrinking) 89.27% 23.54% Compare
BKH Black Hills Corporation $6.3B 20.1× 19.0× +3.14% (above 0%: growing) +33.81% (above 0%: growing) +24.09% (above 0%: growing) 74.93% 21.42%
NJR NewJersey Resources Corporation $5.4B 14.8× 15.0× +16.80% (above 0%: growing) n/m −3.14% (below 0%: shrinking) 57.69% 9.13% Compare
SR Spire Inc. $5.2B 9.9× 21.9× −0.40% (below 0%: shrinking) +1,131.03% (above 0%: growing) +0.22% (above 0%: growing) 75.92% 5.57% Compare
OGS ONE Gas, Inc. $4.9B 17.1× 16.2× −2.86% (below 0%: shrinking) +39.62% (above 0%: growing) +511.45% (above 0%: growing) 78.07% 20.08% Compare
MDU MDU Resources Group, Inc. $4.2B 20.9× 20.1× +6.87% (above 0%: growing) +42.86% (above 0%: growing) −58.85% (below 0%: shrinking) 64.77% 12.78% Compare
CPK Chesapeake Utilities Corporation $3.3B 22.1× 21.2× +4.72% (above 0%: growing) +2.91% (above 0%: growing) +38.63% (above 0%: growing) 74.39% 26.20% Compare
CTRI Centuri Holdings, Inc. $2.2B 69.2× 69.5× +32.86% (above 0%: growing) −33.33% (below 0%: shrinking) +85.38% (above 0%: growing) 7.19% 2.51% Compare
Median of peers $5.1B 16.0× 20.7× +2.16% +39.62% −1.46% 69.58% 10.96%

All 14 Utilities Regulated Gas stocks →

From the latest earnings call

Updated

  • CEO Linden R. Evans said Black Hills was actively negotiating more than 2.5 gigawatts of additional demand, including a 1.8-gigawatt data center project.
  • Evans said Black Hills was awaiting a Montana decision as the final approval needed for its merger with Northwestern Energy, which it expected to close in the second half of 2026.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 102.73%
Held by the ten largest 52.47%
Holder Shares Stake Change
BlackRock 12.48m 16.37% +352.53k
Vanguard 9.25m 12.13% +181.56k
State Street 3.82m 5.01% +198.95k
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 2.50m 3.27% −182.22k
AQR Capital Management 2.22m 2.91% +637.06k
Point72 Asset Management, L.P. 2.16m 2.83% +217.98k
Geode Capital Management 2.13m 2.80% +136.57k
Franklin Templeton 1.96m 2.57% +386.82k
Capital Group 1.83m 2.39% −449.96k
Two Sigma 1.66m 2.18% −552.82k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 18 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.99m 8.35m 137.97
2024 5.79m 5.23m 111.34
2023 5.64m 1.95m 98.10
2022 4.49m 4.51m 122.53
2021 4.44m 5.15m 118.88

Ownership

Directors and executive officers, together less than 1%
50 Hudson Yards 14.60%
100 Vanguard Blvd. 12.00%
State Street Financial Center 5.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Black Hills Corporation (BKH) Latest News

29 Oct

Impact 4 · · The Motley Fool

22 Oct

Impact 4 · · GlobeNewswire

16 Oct

Impact 4 · · The Motley Fool

13 Oct

Impact 3 · · GlobeNewswire

8 Oct

Impact 4 · · MarketBeat
Impact 4 · · Simply Wall St.

7 Oct

Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool

6 Oct

Impact 4 · · Investing.com
Impact 4 · · GlobeNewswire

12 Aug

Impact 3 · · The Motley Fool transcript

8 Aug

Impact 3 ·
Impact 3 ·

7 Aug

Impact 3 · · MarketBeat

6 Aug

Impact 4 · transcript
Impact 3 · · Moby transcript

30 Jul

Impact 4 · transcript

24 Jun

Impact 5 · · keloland.com

19 Jun

Impact 3 · · keloland.com

15 Jun

Impact 4 ·

12 Jun

Impact 3 ·

10 Jun

Impact 4 · · GlobeNewswire

11 May

Impact 3 · · Simply Wall St.

9 May

Impact 4 · · Insider Monkey
Impact 3 · · MarketBeat

7 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby

6 May

Impact 4 · · GlobeNewswire

28 Apr

Impact 3 · · Insider Monkey

14 Apr

Impact 4 · · Barrons.com
stockrow.com/BKH · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com