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BKHBlack Hills Corporation
$73.25$5.6B
Overview & Verdict
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BKH logoBlack Hills Corporation(BKH)Earnings, Financials & Key Ratios

BKH•NYSE•Utilities
$73.25
18.4× P/E·Price updated Jul 7, 2026
SectorUtilitiesIndustryDiversified UtilitiesSub-IndustryRegulated electric and gas utilities
AboutBlack Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. It operates in two segments, Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 218,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming; and owns and operates 1,481.5 megawatts of generation capacity and 8,892 miles of electric transmission and distribution lines. The Gas Utilities segment distributes natural gas to approximately 1,094,000 natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming; owns and operates 4,732 miles of intrastate gas transmission pipelines; 41,644 miles of gas distribution mains and service lines; six natural gas storage sites; and approximately 50,000 horsepower of compression and 515 miles of gathering lines. The company also constructs and maintains gas infrastructure facilities for gas transportation customers; and provides appliance repair services to residential utility customers, as well as electrical system construction services to large industrial customers. In addition, it produces electric power through wind, natural gas, and coal-fired generating plants; and coal at its coal mine located near Gillette, Wyoming. The company was incorporated in 1941 and is headquartered in Rapid City, South Dakota.Show more
  • Revenue$2.31B+8.6%
  • EBITDA$821M+6.2%
  • Net Income$292M+6.8%
  • Free Cash Flow-$146M-488.0%
  • EBITDA Margin35.55%-2.2%
  • Net Margin12.62%-1.7%
  • ROE7.79%-1.8%
  • Interest Coverage2.63-0.5%
  • Debt/Equity1.20-1.6%

BKH Price & Volume

Black Hills Corporation (BKH) stock price & volume — 10-year historical chart

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Seasonal Volatility Masks Infrastructure Driven Growth Potential

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Mixed
Profitability:Stable
Financial:Strained
Cash Flow:Burning
Primary Risk:Regulatory lag and decarbonization

Key Thesis Takeaways

  • Black Hills Corporation demonstrates a consistent commitment to rate base expansion, evidenced by net property, plant, and equipment growth from $7.1 billion in 2023Q4 to $8.2 billion by 2025Q4.
  • However, the company faces significant earnings volatility tied to seasonal heating demand, which caused diluted EPS to fluctuate between $0.33 and $1.87 over the last ten quarters.
  • Investors should monitor the company's reliance on external capital, as evidenced by a 2025Q3 equity raise of $154.2 million, to determine if future infrastructure investments can be sustained without further diluting shareholder value.

Verdict Logic

while the company maintains a 3.6% dividend yield, the current ratio dipping to a low of 0.64 in 2025Q2 and high capital intensity suggest that liquidity risks may offset the benefits of long-term infrastructure growth.

BKH Growth Metrics

Black Hills Corporation (BKH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years6.24%
5 Years6.36%
3 Years-3.26%
TTM3.58%

Profit CAGR

10 Years-
5 Years5.08%
3 Years4.11%
TTM3.11%

EPS CAGR

10 Years-
5 Years1.75%
3 Years0.08%
TTM-2.04%

Return on Capital

10 Years6.01%
5 Years5.57%
3 Years5.67%
Last Year5.54%

BKH Recent Earnings

Black Hills Corporation (BKH) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 2/12 qtrs (17%)
Q2 2026Latest
May 6, 2026
Metric
Actual
Est
EPS
$1.79-4.8%
$1.88
Rev
$781M+1.5%
$769M
Q1 2026
Feb 4, 2026
Metric
Actual
Est
EPS
$1.41+2.9%
$1.37
Rev
$636M-2.0%
$648M
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.45+0.0%
$0.45
Rev
$430M-2.4%
$441M
Q3 2025
Jul 30, 2025
Metric
Actual
Est
EPS
$0.38+0.0%
$0.38
Rev
$439M-0.2%
$440M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 6, 2026
$1.79vs $1.88-4.8%
$781Mvs $769M+1.5%
Q1 2026Feb 4, 2026
$1.41vs $1.37+2.9%
$636Mvs $648M-2.0%
Q4 2025Nov 5, 2025
$0.45vs $0.45+0.0%
$430Mvs $441M-2.4%
Q3 2025Jul 30, 2025
$0.38vs $0.38+0.0%
$439Mvs $440M-0.2%
Based on last 12 quarters of dataView full earnings history →

Latest BKH News

Recent stock market news and headlines for Black Hills Corporation (BKH)

GlobeNewsWire·Jun 24, 2026
Black Hills Corp. Releases 2025 Corporate Sustainability Report Highlighting Continued Progress on Goals and Customer-focused Solutions

RAPID CITY, S.D., June 24, 2026 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced the release of its 2025 Corporate Sustainability Report, highlighting continued progress toward emissions reduction goals, strategic infrastructure investments and innovative solutions to deliver safe, reliable and cost-effective energy across the communities it serves.

Seeking Alpha·Jun 22, 2026
Unlocking Growth Through A Merger: Black Hills Corporation

Black Hills Corporation is reaffirmed as a Buy, trading at a 12% discount to a $82 fair value estimate. The merger with NorthWestern Energy is on track for 2026, enhancing BKH's growth profile and asset footprint. BKH projects robust adjusted EPS growth of 6.3% annually, supported by secular demand drivers and a $4.7B capex plan.

Peers Comparison

Key metrics vs top competitors for Black Hills Corporation (BKH)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
BKH logoBKHBlack Hills CorporationCurrent
$73.25$5.57B18.408.57%12.62%7.79%3.69%
NWE logoNWENorthwestern Energy Group Inc
$70.75$4.35B24.066.38%10.21%5.8%—
AVA logoAVAAvista Corporation
$41.24$3.41B17.331.34%10.75%7.65%—
OTTR logoOTTROtter Tail Corporation
$90.85$3.81B13.87-1.99%21.34%15.21%—
POR logoPORPortland General Electric Company
$52.58$6.08B19.05-1.95%7.22%6.25%—
MGEE logoMGEEMGE Energy, Inc.
$83.07$3.05B22.339.85%18.61%10.94%—

Compare BKH vs Peers

Black Hills Corporation (BKH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NWE

Most directly comparable listed peer for BKH.

Scale Benchmark

vs NEE

Larger-name benchmark to compare BKH against a more recognizable public peer.

Peer Set

Compare Top 5

vs NWE, AVA, OTTR, POR

BKH SEC Filings & Documents

Black Hills Corporation (BKH) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 6, 2026·SEC

Material company update

Apr 2, 2026·SEC

Material company update

Feb 19, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 11, 2026·SEC

FY 2025

Feb 12, 2025·SEC

FY 2024

Feb 14, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 7, 2026·SEC

FY 2025

Nov 6, 2025·SEC

FY 2025

Jul 31, 2025·SEC

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BKH Frequently Asked Questions

Black Hills Corporation (BKH) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Black Hills Corporation's revenue?

Black Hills Corporation (BKH) reported $2.29B in revenue for fiscal year 2025. This represents a 1306% increase from $162.6M in 1996.

How fast is Black Hills Corporation growing?

Black Hills Corporation (BKH) grew revenue by 8.6% over the past year. This is steady growth.

Is BKH profitable?

Yes, Black Hills Corporation (BKH) is profitable, generating $288.3M in net income for fiscal year 2025 (12.6% net margin).

Dividend & Returns
Does BKH pay dividends?

Yes, Black Hills Corporation (BKH) pays a dividend with a yield of 3.69%. This makes it attractive for income-focused investors.

What is BKH's return on equity?

Black Hills Corporation (BKH) has a return on equity (ROE) of 7.8%. This is below average, suggesting room for improvement.

What is Black Hills Corporation's free cash flow?

Black Hills Corporation (BKH) had negative free cash flow of $312.5M in fiscal year 2025, likely due to heavy capital investments.

Industry Metrics
Is BKH's dividend sustainable?

Black Hills Corporation (BKH) has a dividend payout ratio of 68%. This suggests the dividend is well-covered and sustainable.

What if you invested $1,000 in BKH back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →