Black Hills Corporation BKH R2K

Utilities · Utilities - Regulated Gas · United States

https://ir.blackhillscorp.com

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates through the Electric Utilities and Gas Utilities segments. The Electric Utilities segment engages in the generation, transmission, and distribution of electricity to electric utility customers in Colorado, Montana, South Dakota, and Wyoming; ownership and operation of 1,386 megawatts of generation capacity, and 9,478 miles of electric transmission and distribution lines; sale of excess power to other utilities and marketing companies; and ownership and operation of non-regulated power generation and mining assets. Its Gas Utilities segment is involved in the distribution of natural gas to approximately 1,138,000 natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming; ownership and operation of 4,581 miles of intrastate gas transmission pipelines; 44,840 miles of gas distribution mains and service lines; seven natural gas storage sites; and approximately 50,000 horsepower of compression and 494 miles of gathering lines. The company also provides non-regulated services to its retail customers, including Service Guard Comfort Plan, which provides home appliance repair services through on-going monthly service agreements to residential utility customers; Tech Services, which include construction and maintenance of customer-owned gas infrastructure facilities, as well as electrical system construction services; and HomeServe, which are additional home repair service plans for natural gas residential customers. In addition, the company produces electric power through wind, natural gas, and coal-fired generating plants, as well as coal at its coal mine located near Gillette, Wyoming. Black Hills Corporation was incorporated in 1941 and is headquartered in Rapid City, South Dakota.

Market & Price

Market Cap

$5.54B

Current Price

$72.82

High / Low (52W)

$76.10 / $53.49

Beta

0.72

Valuation

Stock P/E

18.96

Industry PE

19.80

Forward P/E

15.79

PEG Ratio

2.68

Book Value

$51.83

Price to Book

1.40

P/S

2.43

EV/EBITDA

12.52

Dividend Yield

3.86%

Profitability & Returns

ROCE

5.43%

ROE

7.66%

ROA

3.17%

Profit Margin

12.61%

Op Margin

25.86%

EPS (Latest Qtr)

$1.73

EPS (TTM)

$3.84

Balance Sheet & Liquidity

Debt/Equity

1.16

Quick Ratio

0.35

Current Ratio

0.65

Debt

$4.65B

Total Assets

$10.87B

Current Assets

$995.90M

Working Capital

$255.90M

Ownership

Promoter Holding

0.48%

Chg in Prom Hold

FII / Inst Holding

102.32%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$10.26B

Total Revenue (TTM)

$2.29B

EBITDA

$819.00M

Free Cash Flow

$-487.22M

Operating Cash Flow

$621.80M

Shares Outstanding

76.13M

Gross Margin

39.02%

Payout Ratio

71.12%

Growth (CAGR)

Revenue 5Y

-3.26%

Profit 5Y

4.11%

Revenue (YoY)

-3.00%

Earnings (YoY)

-7.50%

PROS

Attractive dividend yield of 3.86%.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

Revenue declined at -3.3% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Utilities).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	BKH Black Hills Corporation R2K	72.82	18.96	$5.54B	3.86%	5.43%	7.66%	-3.26%	4.11%
2	NEE NextEra Energy, Inc. SPX	87.01	22.08	$181.47B	2.86%	4.79%	10.32%	9.36%	18.12%
3	SO The Southern Company SPX	92.05	23.54	$103.77B	3.30%	5.93%	10.99%	0.31%	7.09%
4	DUK Duke Energy Corporation SPX	122.73	18.88	$95.68B	3.47%	5.35%	9.66%	3.87%	24.90%
5	AEP American Electric Power Company, Inc. NDXSPX	126.67	18.74	$68.92B	3.00%	5.68%	12.58%	3.66%	15.77%
6	D Dominion Energy, Inc. SPX	66.94	19.75	$58.87B	3.99%	5.34%	9.79%	5.80%	36.03%
7	SRE Sempra SPX	89.13	30.32	$58.26B	2.95%	3.04%	5.69%	-1.73%	-4.95%
8	VST Vistra Corp. SPXAI	160.23	26.79	$54.03B	0.57%	7.08%	42.90%	8.92%	58.98%
9	ETR Entergy Corporation SPX	109.05	27.89	$49.93B	2.35%	5.63%	10.75%	-2.02%	17.36%

Quarterly Results

Figures in USD.

Metric	Mar 2015	Jun 2015	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	573.36M	352.46M	320.16M	-	597.97M	329.75M	323.75M	-	530.21M	324.19M	344.31M	630.22M	368.42M	378.65M	821.77M	470.32M	460.87M	912.10M	405.10M	400.10M	717.20M	397.10M	398.60M	805.20M	439.00M	430.20M	635.50M	780.70M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	513.40M	271.60M	262.80M	373.40M	485.90M
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	291.80M	167.40M	167.40M	262.10M	294.80M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	86.80M	84.90M	88.70M	90.70M	92.90M
Operating Income	70.50M	-38.86M	-2.04M	197.00K	91.28M	63.73M	70.84M	110.33M	150.19M	69.80M	79.56M	117.19M	148.27M	69.55M	65.08M	114.13M	160.13M	54.00M	70.55M	121.36M	153.19M	66.93M	82.23M	138.31M	67.27M	89.87M	173.35M	72.39M	79.48M	174.90M	63.50M	97.80M	193.30M	70.60M	75.80M	205.00M	82.50M	78.70M	171.40M	201.90M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	275.40M	152.80M	152.00M	253.90M	278.60M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	51.70M	49.80M	50.60M	54.70M	53.10M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	154.50M	33.20M	29.90M	125.90M	150.70M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	18.10M	4.40M	4.00M	17.20M	17.60M
Net Income	-	-	-	-	-	-	-	-	-	-	-	-	133.00M	21.92M	16.95M	86.57M	103.81M	14.58M	11.74M	69.18M	93.17M	20.97M	36.28M	96.32M	25.16M	44.11M	117.53M	33.41M	34.97M	114.10M	23.10M	45.40M	127.90M	22.80M	24.40M	134.30M	27.50M	24.90M	105.00M	131.00M
Diluted EPS	0.76	-0.94	-0.22	-0.30	0.77	0.01	0.26	0.33	1.39	0.40	0.50	0.92	2.46	0.40	0.31	1.49	1.73	0.24	0.19	1.13	1.51	0.33	0.58	1.54	0.40	0.70	1.82	0.52	0.54	1.73	0.35	0.67	1.87	0.33	0.35	1.87	0.38	0.34	1.39	1.73

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	-	-	-	1.75B	1.73B	1.68B	-	2.55B	2.33B	2.13B	2.31B
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.78B	1.53B	1.29B	1.42B
Gross Profit	-	603.47M	652.72M	697.20M	766.82M	-	-	-	-	-	-	-	-	-	772.80M	796.40M	840.40M	888.70M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	317.60M	323.70M	337.30M	351.20M
Operating Income	55.88M	124.16M	183.42M	186.24M	243.71M	259.44M	263.87M	300.42M	336.18M	416.74M	397.04M	406.04M	428.30M	-	455.20M	472.70M	503.10M	537.50M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	709.50M	738.40M	785.30M	834.20M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	162.60M	180.00M	195.20M	206.90M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	296.00M	301.60M	320.00M	343.50M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	25.20M	25.60M	36.30M	43.70M
Net Income	-	81.56M	68.69M	49.73M	81.53M	114.96M	-	-32.11M	72.97M	177.03M	258.44M	199.31M	227.61M	-	258.40M	262.20M	273.10M	291.60M
Diluted EPS	2.75	2.11	1.76	1.24	1.85	2.64	2.93	-0.71	1.37	3.21	4.66	3.28	3.65	-	3.97	3.91	3.91	3.98

Compounded Sales Growth

5 Years:	-3.26%
1 Year:	-3.00%

Compounded Profit Growth

5 Years:	4.11%
1 Year:	-7.50%

Stock Price Performance

1 Year:	+29.60%
6 Months:	+3.10%
3 Months:	-0.20%
1 Month:	-1.07%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	3.32B	3.71B	4.13B	3.73B	3.88B	4.25B	4.63B	6.54B	6.66B	6.96B	7.56B	8.09B	-	9.62B	9.62B	10.02B	10.87B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.07B	826.60M	742.30M	995.90M
Cash & Equivalents	81.25M	168.53M	112.90M	16.44M	21.63M	15.46M	7.84M	21.22M	440.86M	13.52M	15.42M	20.78M	9.78M	6.36M	-	21.40M	86.60M	16.10M	182.80M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	207.40M	160.90M	153.90M	172.40M
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	267.60M	198.50M	201.50M	223.30M
Total Liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6.53B	6.31B	6.44B	6.96B
Current Liabilities	-	-	644.86M	793.61M	878.07M	734.89M	378.39M	651.28M	406.36M	527.93M	649.10M	648.23M	811.29M	696.53M	-	1.67B	1.19B	763.40M	740.00M
Long Term Debt	-	-	1.02B	1.19B	1.28B	938.88M	1.40B	1.27B	1.85B	3.21B	3.11B	2.95B	3.14B	3.53B	-	3.61B	3.80B	4.25B	4.70B
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4.67B	4.40B	4.38B	4.70B
Total Equity	969.86M	1.05B	1.08B	1.10B	1.21B	1.21B	1.28B	1.35B	1.47B	1.61B	1.71B	2.18B	2.36B	2.56B	-	2.99B	3.22B	3.50B	3.82B
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	66.14M	68.27M	71.68M	75.52M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	145.64M	270.50M	147.75M	223.70M	316.97M	324.63M	315.32M	424.38M	320.48M	428.26M	488.81M	505.51M	541.86M	-	584.80M	944.40M	719.30M	673.40M
Investing Cash Flow	-457.05M	-269.82M	-389.17M	-447.01M	11.17M	-349.28M	-401.15M	-476.39M	-1.59B	-317.12M	-465.85M	-816.21M	-761.66M	-	-603.90M	-536.70M	-746.00M	-828.20M
Financing Cash Flow	398.69M	-56.31M	160.95M	249.63M	-371.45M	17.03M	91.07M	483.70M	841.00M	-108.69M	-17.06M	300.21M	216.88M	-	32.30M	-341.70M	-42.90M	321.80M
Capital Expenditure	-	-	-	-440.70M	-349.13M	-354.75M	-398.49M	-266.38M	-454.95M	-326.01M	-457.52M	-818.38M	-767.40M	-	-604.40M	-555.60M	-744.20M	-819.80M
Free Cash Flow	-	-	-	-216.99M	-32.16M	-30.12M	-83.18M	158.01M	-134.47M	102.25M	31.29M	-312.86M	-225.54M	-	-19.60M	388.80M	-24.90M	-146.40M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13.20M	66.00M	-69.60M	167.00M
Dividends Paid	53.66M	55.15M	56.47M	59.20M	65.26M	67.59M	69.64M	72.60M	87.57M	96.74M	106.59M	124.65M	135.44M	145.00M	156.70M	168.10M	182.30M	197.90M

Ratios (Annual)

Figures in %.

Metric	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	30.3%	34.2%	39.5%	38.5%
Operating Margin %	-	-	-	-	-	-	-	-	-	-	22.7%	23.5%	25.5%	-	17.8%	20.3%	23.6%	23.3%
Net Margin %	-	-	-	-	-	-	-	-	-	-	14.8%	11.5%	13.5%	-	10.1%	11.2%	12.8%	12.6%
ROE %	-	7.5%	6.2%	4.1%	6.8%	9.0%	-	-2.2%	4.5%	10.4%	11.8%	8.4%	8.9%	-	8.6%	8.2%	7.8%	7.6%
ROCE %	-	4.6%	6.3%	5.7%	8.1%	7.4%	7.3%	7.1%	5.6%	6.9%	6.3%	6.0%	5.8%	-	5.7%	5.6%	5.4%	5.3%

Shareholding Pattern

Insiders

0.48%

Institutions

102.32%

Public Float

102.81%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	15.93%	12.13M	$883.28M
2	Vanguard Portfolio Management LLC	6.62%	5.04M	$367.00M
3	State Street Corporation	4.76%	3.62M	$263.65M
4	Vanguard Capital Management LLC	4.43%	3.37M	$245.37M
5	Nomura Asset Management International Inc	3.52%	2.68M	$195.10M
6	Capital Research Global Investors	2.99%	2.28M	$165.73M
7	Two Sigma Investments, LP	2.91%	2.22M	$161.37M
8	Adage Capital Partners GP L.L.C.	2.72%	2.07M	$150.72M
9	Geode Capital Management, LLC	2.62%	1.99M	$145.26M
10	Point72 Asset Management, L.P.	2.55%	1.94M	$141.50M

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BKH · Utilities