Sunday 11 October 2026 Export all BKH data to Excel Powerpack

Black Hills Corporation

Black Hills Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 8.57% from fiscal 2024. In the quarter to June 2026, revenue grew 3.14%, EPS grew 31.6%, free cash flow grew 24.1% and total debt rose 3.56%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.

76.08 0.44 −0.58%

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Market cap: $5.8B
P/E: 19.2×
Fwd P/E: 16.7×
Dividend yield: 3.66%
F-score: 6/9
Altman Z: 1.01
Beneish M: −2.55
Dividend safety: 39/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 1.33

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	—	—	—	—	—	1	—	—	—	—	—

Insider Ownership 0.07%

Capital & Financial Ratios $m

Market Cap 5,830.00

Revenue 2,299.30

Net Income 308.10

Free Cash Flow (305.20)

Net Debt 4,324.40

Current Ratio 0.52

Debt/Equity 1.09

P/E ratio 19.16

Fwd P/E 16.70

P/S ratio 2.51

P/B ratio 1.44

Past 5Y EPS Growth 1.75%

This Y EPS Growth 6.24%

Next Y EPS Growth 6.18%

Next Y revenue growth 6.49%

Next 5Y EPS Growth 7.18%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 72.91%

10-year low 10-year high

P/S against its own 10 years 91.77%

10-year low 10-year high

P/B against its own 10 years 41.43%

10-year low 10-year high

EV/Sales against its own 10 years 79.91%

10-year low 10-year high

Dividends

Payout Ratio 0.70

Annual Dividend Rate 2.79

Annual Dividend Yield 3.66%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.81	0.70 0.70 0.70
2025	2.70	0.68 0.68 0.68 0.68
2024	2.60	0.65 0.65 0.65 0.65
2023	2.50	0.63 0.63 0.63 0.63
2022	2.41	0.60 0.60 0.60 0.63
2021	2.29	0.57 0.57 0.57 0.60
2020	2.17	0.54 0.54 0.54 0.57
2019	2.05	0.51 0.51 0.51 0.54
2018	1.93	0.48 0.48 0.48 0.51
2017	1.81	0.45 0.45 0.45 0.48
2016	1.68	0.42 0.42 0.42 0.42

predictions special payouts not included in total or ratios

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%

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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.73	0.50	—	—	—
’25	1.87	0.38	0.34	1.39	3.98
’24	1.87	0.33	0.35	1.37	3.91
’23	1.73	0.35	0.67	1.17	3.91
’22	1.82	0.52	0.54	1.11	3.97
’21	1.54	0.40	0.70	1.11	3.74
’20	1.51	0.33	0.58	1.23	3.65

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	44.65	57.01	50.49	60.82	48.07	58.22	59.08	46.43	49.34	54.92	Analyst estimates 2026–2028 Powerpack
	High	64.58	72.02	68.23	82.01	87.12	72.78	80.95	73.98	65.59	74.02
People
People	Employees	2,834	2,744	2,863	2,944	3,011	2,884	2,982	2,874	2,841	2,795
	Revenue/emp, $m	0.54	0.61	0.61	0.59	0.56	0.68	0.86	0.81	0.75	0.83
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
	Gross margin, %	67.57	66.48	64.34	67.10	70.98	61.94	51.78	57.84	65.68	64.00
	EBT	206	282	256	243	276	258	296	302	320	344
	EBT margin, %	13.38	16.77	14.59	14.00	16.25	13.26	11.60	12.94	15.04	14.87
	Net income	83	191	273	213	243	251	271	276	284	300
	Depreciation	182	197	204	217	232	243	261	267	281	294
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
	Earnings	1.41	3.46	4.75	3.29	3.65	3.74	3.98	3.91	3.91	3.99
	Cash flow	6.17	8.05	8.98	8.33	8.69	(1.02)	9.01	14.10	10.31	9.22
	Capex	(8.76)	(6.13)	(8.41)	(13.49)	(12.30)	(10.72)	(9.31)	(8.29)	(10.66)	(11.23)
	Free cash flow	(2.59)	1.92	0.57	(5.16)	(3.62)	(11.74)	(0.30)	5.80	(0.36)	(2.01)
	Book value	33.32	34.20	42.03	40.62	42.69	45.68	47.61	49.34	51.36	53.50
	Shares, m	52	53	54	61	62	63	65	67	70	73
Valuation, ×
Valuation, ×	P/E	42.92	17.34	13.39	23.87	16.79	18.82	17.66	14.08	14.89	17.44
	P/S	2.04	1.87	1.95	2.75	2.26	2.29	1.79	1.59	1.92	2.19
	P/B	1.82	1.73	1.49	1.93	1.44	1.54	1.48	1.12	1.14	1.30
	EV/Sales	4.12	3.72	3.62	4.55	4.34	4.61	3.40	3.43	4.19	4.28
	EV/FCF	(47.17)	61.07	202.93	(25.24)	(32.63)	(12.12)	(442.73)	20.59	(357.89)	(67.48)
Cash, $m
Cash, $m	Operating cash flow	320	428	489	506	542	(65)	585	944	719	673
	Capex	(455)	(326)	(458)	(818)	(767)	(677)	(604)	(556)	(744)	(820)
	Free cash flow	(134)	102	31	(313)	(226)	(742)	(20)	389	(25)	(146)
Balance, $m
Balance, $m	Working capital	(61)	(78)	(144)	(338)	(203)	(94)	(595)	(358)	(21)	256
	Total debt	3,217	3,115	2,957	3,146	3,537	4,547	4,132	4,401	4,250	4,701
	Net debt	3,201	3,097	2,932	3,132	3,526	4,533	4,105	4,308	4,227	4,511
	Shareholders’ equity	1,730	1,820	2,287	2,464	2,663	2,887	3,090	3,306	3,585	3,906
Returns, %
Returns, %	ROA	1.31	2.68	3.79	2.74	2.91	2.75	2.76	2.73	2.78	2.79
	ROIC	4.26	5.30	4.75	4.53	4.33	3.45	3.95	3.88	4.03	3.99
	ROE	4.57	9.97	12.58	8.39	8.88	8.53	8.65	8.20	7.93	7.79

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$7.9B	11.9×	11.5×	−4.52% (below 0%: shrinking)	n/m	−56.52% (below 0%: shrinking)	43.05%	(3.31%)	Compare
SWX Southwest Gas Corporation	$6.1B	11.0×	20.8×	−9.63% (below 0%: shrinking)	n/m	−157.57% (below 0%: shrinking)	89.27%	23.54%	Compare
BKH Black Hills Corporation	$5.8B	19.2×	16.7×	+3.14% (above 0%: growing)	+31.58% (above 0%: growing)	+24.09% (above 0%: growing)	74.93%	21.42%
NJR NewJersey Resources Corporation	$5.2B	14.1×	15.9×	+16.80% (above 0%: growing)	n/m	−3.14% (below 0%: shrinking)	57.69%	9.13%	Compare
SR Spire Inc.	$4.6B	8.7×	20.4×	+19.21% (above 0%: growing)	+1,131.03% (above 0%: growing)	+0.22% (above 0%: growing)	75.92%	5.57%	Compare
OGS ONE Gas, Inc.	$4.6B	15.6×	16.5×	−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.	$4.0B	19.7×	21.8×	+6.87% (above 0%: growing)	+42.86% (above 0%: growing)	−58.85% (below 0%: shrinking)	64.77%	12.78%	Compare
CPK Chesapeake Utilities Corporation	$3.1B	20.3×	19.2×	+4.72% (above 0%: growing)	+2.91% (above 0%: growing)	+38.63% (above 0%: growing)	74.39%	26.20%	Compare
CTRI Centuri Holdings, Inc.	$2.1B	67.4×	67.3×	+32.86% (above 0%: growing)	−33.33% (below 0%: shrinking)	+85.38% (above 0%: growing)	7.19%	2.51%	Compare
Median of peers	$4.6B	14.8×	19.8×	+5.80%	+39.62%	−1.46%	69.58%	10.96%

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