Latest Ratios: P/E Ratio 18.4x · EV/EBITDA 12.3x · ROE 7.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.6B | $5.1B | $4.1B | $3.6B | $4.6B | $4.5B | $3.8B | $4.8B | $3.5B | $3.3B | $3.3B |
| Enterprise Value | $10.1B | $9.6B | $8.5B | $7.9B | $9.2B | $9.0B | $7.6B | $8.3B | $6.6B | $6.6B | $6.6B |
| P/E Ratio → | 18.40 | 17.44 | 14.97 | 13.80 | 17.72 | 18.87 | 16.84 | 23.95 | 13.47 | 18.00 | 44.77 |
| P/S Ratio | 2.41 | 2.20 | 1.92 | 1.55 | 1.79 | 2.29 | 2.26 | 2.75 | 1.99 | 1.97 | 2.12 |
| P/B Ratio | 1.37 | 1.30 | 1.14 | 1.10 | 1.48 | 1.55 | 1.44 | 1.94 | 1.52 | 1.82 | 1.89 |
| P/FCF | — | — | — | 9.31 | — | — | — | — | 111.37 | 32.39 | — |
| P/OCF | 8.27 | 7.55 | 5.69 | 3.83 | 7.82 | — | 7.08 | 9.45 | 7.13 | 7.73 | 10.20 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.16 | 3.98 | 3.40 | 3.61 | 4.62 | 4.48 | 4.76 | 3.77 | 3.94 | 4.27 |
| EV / EBITDA | 12.28 | 11.69 | 10.94 | 10.88 | 13.06 | 13.96 | 11.64 | 13.43 | 11.13 | 10.95 | 12.84 |
| EV / EBIT | 18.77 | 17.66 | 16.42 | 16.48 | 20.10 | 21.84 | 18.07 | 21.61 | 16.62 | 15.77 | 19.21 |
| EV / FCF | — | — | — | 20.41 | — | — | — | — | 211.13 | 64.77 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.5% | 38.5% | 39.5% | 34.2% | 30.3% | 36.2% | 41.8% | 38.5% | 36.9% | 39.4% | 39.8% |
| Operating Margin | 23.3% | 23.3% | 23.6% | 20.3% | 17.8% | 21.0% | 25.2% | 23.4% | 22.6% | 24.8% | 21.8% |
| Net Profit Margin | 12.6% | 12.6% | 12.8% | 11.2% | 10.1% | 12.1% | 13.4% | 11.5% | 14.7% | 10.5% | 4.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.8% | 7.8% | 7.9% | 8.2% | 8.6% | 8.5% | 8.9% | 8.4% | 12.6% | 10.0% | 4.6% |
| ROA | 2.8% | 2.8% | 2.8% | 2.7% | 2.8% | 2.7% | 2.9% | 2.7% | 3.8% | 2.7% | 1.3% |
| ROIC | 4.9% | 4.9% | 4.8% | 4.6% | 4.5% | 4.4% | 5.2% | 5.4% | 5.7% | 6.2% | 6.3% |
| ROCE | 5.5% | 5.5% | 5.7% | 5.8% | 5.6% | 5.2% | 6.1% | 6.2% | 6.4% | 6.9% | 6.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.20 | 1.20 | 1.22 | 1.33 | 1.51 | 1.57 | 1.42 | 1.42 | 1.37 | 1.83 | 1.92 |
| Debt / EBITDA | 5.72 | 5.72 | 5.67 | 6.03 | 6.61 | 7.05 | 5.78 | 5.68 | 5.30 | 5.50 | 6.48 |
| Net Debt / Equity | — | 1.16 | 1.22 | 1.31 | 1.50 | 1.57 | 1.41 | 1.41 | 1.36 | 1.82 | 1.91 |
| Net Debt / EBITDA | 5.50 | 5.50 | 5.65 | 5.91 | 6.58 | 7.03 | 5.77 | 5.67 | 5.26 | 5.47 | 6.45 |
| Debt / FCF | — | — | — | 11.10 | — | — | — | — | 99.77 | 32.38 | — |
| Interest Coverage | 2.63 | 2.63 | 2.64 | 2.68 | 2.82 | 2.68 | 2.90 | 2.74 | 2.81 | 3.04 | 2.51 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.35 | 1.35 | 0.97 | 0.70 | 0.64 | 0.90 | 0.71 | 0.58 | 0.78 | 0.88 | 0.88 |
| Quick Ratio | 1.11 | 1.11 | 0.77 | 0.56 | 0.52 | 0.73 | 0.54 | 0.44 | 0.60 | 0.70 | 0.68 |
| Cash Ratio | 0.25 | 0.25 | 0.02 | 0.07 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | 0.03 |
| Asset Turnover | — | 0.21 | 0.21 | 0.24 | 0.27 | 0.21 | 0.21 | 0.23 | 0.25 | 0.25 | 0.24 |
| Inventory Turnover | 8.24 | 8.24 | 8.36 | 9.54 | 8.58 | 8.24 | 8.41 | 9.10 | 9.44 | 8.99 | 8.63 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | 3.9% | 4.5% | 4.6% | 3.4% | 3.2% | 3.5% | 2.6% | 3.1% | 2.9% | 2.7% |
| Payout Ratio | 67.9% | 67.9% | 66.8% | 64.1% | 60.6% | 61.3% | 59.5% | 62.5% | 41.2% | 54.6% | 120.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.4% | 5.7% | 6.7% | 7.2% | 5.6% | 5.3% | 5.9% | 4.2% | 7.4% | 5.6% | 2.2% |
| FCF Yield | — | — | — | 10.7% | — | — | — | — | 0.9% | 3.1% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.7% | 3.9% | 4.5% | 4.6% | 3.4% | 3.2% | 3.5% | 2.6% | 3.1% | 2.9% | 2.7% |
| Shares Outstanding | — | $73M | $70M | $67M | $65M | $63M | $62M | $61M | $56M | $55M | $53M |
Regulatory lag and decarbonization
According to current market data, BKH trades at a forward P/E of 17.53, which appears to reflect its status as a long-term dividend payer rather than high-growth potential, as evidenced by the 3.6% dividend yield that remains a primary driver for income-oriented institutional investors.
The valuation premium relative to peers like Otter Tail suggests the market assigns value to BKH's multi-state regulatory diversification and historical dividend reliability. However, the forward PEG ratio of 10.04 indicates that investors are paying a significant multiple for earnings growth, which may be difficult to sustain if regulatory lag persists across its eight jurisdictions.
Based on the reported quarterly figures, BKH's ROE has fluctuated significantly, dropping to as low as 0.7% in several periods, which suggests that the company is struggling to consistently achieve its authorized returns due to the impact of seasonal demand and rising operational costs.
The wide variance in earned ROE indicates that the company's profitability is highly sensitive to weather-driven volumetric sales and the timing of rate case outcomes. Investors should monitor whether the company can narrow this gap through more effective regulatory filings, as persistent under-earning relative to authorized levels may eventually pressure the company's ability to fund its capital-intensive growth plan.
As reported in financial statements, the company's debt-to-capital ratio has consistently hovered near 0.55, a level that, while standard for utilities, appears to be placing pressure on interest coverage ratios, which dipped to 1.58 in recent periods according to the provided data.
The reliance on debt to fund infrastructure modernization is evident in the tightening interest coverage metrics, which warrants caution regarding the company's credit quality. If the company continues to outpace internal cash generation with capital expenditures, the balance sheet may become increasingly vulnerable to interest rate volatility and potential credit rating adjustments.
According to the company's quarterly filings, the dividend payout ratio has shown extreme volatility, reaching as high as 197.6% in 2025Q3, which highlights the tension between maintaining a long-standing dividend growth streak and funding the company's aggressive capital expenditure requirements.
While the dividend remains a core component of the total return proposition, the high payout ratios in recent quarters suggest that the dividend is being supported by external financing rather than organic free cash flow. This reliance on capital markets to sustain shareholder distributions may limit the company's financial flexibility if market conditions for equity or debt issuance deteriorate.
The most commonly misapplied metric for BKH is the standard P/E ratio, which fails to account for the significant non-cash regulatory accounting adjustments that distort reported earnings, thereby obscuring the utility's true cash-generating capacity and its ability to fund ongoing infrastructure investments.
Investors should instead focus on the relationship between rate base growth and cash flow from operations, as P/E multiples are often anchored to interest rate expectations rather than operational efficiency. Relying on P/E alone ignores the impact of regulatory lag and the pass-through nature of fuel costs, which can lead to an inaccurate assessment of the company's fundamental earnings power.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BKH stock.
Black Hills Corporation's current P/E ratio is 18.4x. The historical average is 18.1x. This places it at the 72th percentile of its historical range.
Black Hills Corporation's current EV/EBITDA is 12.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Black Hills Corporation's return on equity (ROE) is 7.8%. The historical average is 9.9%.
Based on historical data, Black Hills Corporation is trading at a P/E of 18.4x. This is at the 72th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Black Hills Corporation's current dividend yield is 3.69% with a payout ratio of 67.9%.
Black Hills Corporation has 38.5% gross margin and 23.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Black Hills Corporation's Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.