A Business at a Glance
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BLACK HILLS CORP /SD/
BKH
$5.5B
Mkt Cap
$75.29
+0.25%
BLACK HILLS CORP /SD/ (BKH) has a current P/E ratio of 18.9, compared to its historical median P/E of 14.8. The stock is currently considered Fair based on its historical valuation range.
BLACK HILLS CORP /SD/ (BKH) has a 5-year average return on invested capital (ROIC) of 5.7%. This is below average and may indicate limited pricing power.
BLACK HILLS CORP /SD/ (BKH) has a market capitalization of $5.7B. It is classified as a mid-cap stock.
Yes, BLACK HILLS CORP /SD/ (BKH) pays a dividend with a trailing twelve-month yield of 3.53%.
Based on historical P/E analysis, BLACK HILLS CORP /SD/ (BKH) appears fair. The current P/E of 18.9 is 28% above its historical median of 14.8. The estimated fair value CAGR (P/E method) is 0.7%.
BLACK HILLS CORP /SD/ (BKH) operates in the Electric Services industry, within the Utilities sector.
BLACK HILLS CORP /SD/ (BKH) reported annual revenue of $2.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Black Hills Corporation is a customer-focused utility company headquartered in Rapid City, South Dakota, operating through two primary segments: Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 227,000 retail customers across Colorado, Montana, South Dakota, and Wyoming, with owned generation capacity of 1,386 MW and 9,478 miles of transmission and distribution lines; the Gas Utilities segment serves approximately 1,138,000 natural gas customers across Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming, operating 4,581 miles of intrastate transmission pipelines, 44,840 miles of distribution mains and service lines, seven storage sites, and 494 miles of gathering lines. The company earns revenue through regulated utility rates for electricity and natural gas delivery, supplemented by non-regulated services such as the Service Guard Comfort Plan and Tech Services for electric customers, and generates additional income by selling excess power to other utilities and marketing companies. The business model is capital-intensive, requiring substantial investment in generation, transmission, and distribution infrastructure, with recovery of these investments sought through rate reviews and rider mechanisms; the company is vertically integrated, owning and operating non-regulated power generation and mining assets that support its Electric Utilities operations. Black Hills' competitive advantages include its established infrastructure footprint across eight constructive regulatory states, long-term customer relationships spanning residential, commercial, industrial, and municipal segments, and growing demand from large-load customers including hyperscale data center operators such as Microsoft and Meta. The company is pursuing a merger with NorthWestern Energy, expected to close in the second half of 2026, which will create a combined entity serving approximately 0.7 million electric and 1.5 million gas utility customers across eight states.
【Data center-driven growth acceleration】 Management expects the company to deliver earnings growth in the upper half of its 4%-6% long-term target beginning in 2026, driven by new base rates and rider recovery from strategic capital projects including Ready Wyoming transmission expansion and the Lange II generation facility, combined with organic customer growth and accelerating large-load data center demand. The company anticipates data center demand to contribute more than 10% of consolidated earnings beginning in 2028, with current plans to serve 600 MW of data center load by 2030 through a combination of market energy procurement and contracted generation requiring minimal capital investment at current demand levels. Management is advancing negotiations with multiple high-quality partners to serve more than 2.5 GW of additional large-load requests and expects to structure these agreements to protect customers while managing operational and financial risk; demand exceeding 600 MW would necessitate incremental investments in generation and transmission infrastructure. The company is executing multiple regulatory initiatives including rate reviews in Arkansas, South Dakota, Kansas, and Wyoming, and expects to secure all state regulatory and FERC approvals to finalize the NorthWestern merger within the second half of 2026, positioning the combined entity for continued execution on its customer-focused capital plan and large-load pipeline.
| Metric | Target | Period |
|---|---|---|
| Adjusted EPS | $4.25–$4.45 | FY2026 |
| Total equity issuance | $50 million–$70 million | FY2026 |
| Data center demand | 600 MW | By 2030 |
Adjusted EPS (FY2026): “We reaffirmed our guidance range of $4.25-$4.45 of adjusted EPS, which represents 6% growth at the midpoint over 2025.”
Total equity issuance (FY2026): “Given stronger forecasted cash flows in 2026, driven by new capital projects placed in service, executing upon our regulatory initiatives, and increasing large load customer growth, compared to last year, we expect a significantly lower total equity need of $50 million-$70 million in 2026.”
Data center demand (By 2030): “Our plan includes large load demand contributing more than 10% of growing consolidated EPS beginning in 2028, reaching 600 MW by 2030.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.3B | 2.3B | 2.1B | 2.3B | 2.6B | 1.9B |
| Net Income | 288M | 292M | 273M | 262M | 258M | 237M |
| EPS | $3.82 | $3.98 | $3.91 | $3.91 | $3.97 | $3.74 |
| Free Cash Flow | -313M | -146M | -25M | 389M | -20M | -742M |
| ROIC | 5.4% | 5.8% | 5.8% | 5.7% | 5.6% | 5.8% |
| Gross Margin | - | - | - | 31.2% | 27.7% | 33.2% |
| Debt/Equity | 1.18 | 1.23 | 1.25 | 1.37 | 1.56 | 1.63 |
| Dividends/Share | $2.66 | $2.70 | $2.60 | $2.50 | $2.41 | $2.29 |
| Operating Income | 534M | 538M | 503M | 473M | 455M | 409M |
| Operating Margin | 23.4% | 23.3% | 23.6% | 20.3% | 17.8% | 21.0% |
| ROE | 7.3% | 8.0% | 8.1% | 8.4% | 8.9% | 8.9% |
| Shares Outstanding | 76M | 73M | 70M | 67M | 65M | 63M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.4B | 1.3B | 1.5B | 1.7B | 1.8B | 1.7B | 1.7B | 1.9B | 2.6B | 2.3B | 2.1B | 2.3B | 2.3B |
| Gross Margin | 32.1% | 37.8% | 34.1% | 36.1% | 33.8% | 34.0% | 37.9% | 33.2% | 27.7% | 31.2% | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 264M | 300M | 336M | 417M | 397M | 406M | 428M | 409M | 455M | 473M | 503M | 538M | 534M |
| Op. Margin | 18.9% | 23.8% | 21.8% | 24.8% | 22.6% | 23.4% | 25.2% | 21.0% | 17.8% | 20.3% | 23.6% | 23.3% | 23.4% |
| Net Income | 131M | -32M | 73M | 177M | 258M | 199M | 228M | 237M | 258M | 262M | 273M | 292M | 288M |
| Net Margin | 9.4% | -2.5% | 4.7% | 10.5% | 14.7% | 11.5% | 13.4% | 12.1% | 10.1% | 11.2% | 12.8% | 12.6% | 12.6% |
| Non-Recurring | 0 | 250M | 107M | 0 | 0 | 20M | 6.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 6.1% | 6.5% | 6.1% | 6.2% | 7.7% | 6.4% | 6.2% | 5.8% | 5.6% | 5.7% | 5.8% | 5.8% | 5.4% |
| ROE | 9.9% | -2.3% | 4.7% | 10.7% | 13.3% | 8.8% | 9.2% | 8.9% | 8.9% | 8.4% | 8.1% | 8.0% | 7.3% |
| ROA | 3.2% | -0.7% | 1.3% | 2.7% | 3.8% | 2.7% | 2.9% | 2.7% | 2.8% | 2.7% | 2.8% | 2.8% | 2.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 315M | 424M | 320M | 428M | 489M | 506M | 542M | -65M | 585M | 944M | 719M | 673M | 622M |
| Free Cash Flow | -83M | 158M | -134M | 102M | 31M | -313M | -226M | -742M | -20M | 389M | -25M | -146M | -313M |
| Owner Earnings | 161M | 294M | 134M | 232M | 280M | 284M | 312M | -310M | 325M | 681M | 439M | 378M | 156M |
| CapEx | 398M | 266M | 455M | 326M | 458M | 818M | 767M | 678M | 604M | 556M | 744M | 820M | 934M |
| Maint. CapEx | 145M | 127M | 176M | 188M | 196M | 209M | 224M | 236M | 251M | 257M | 270M | 284M | 454M |
| Growth CapEx | 254M | 140M | 279M | 138M | 261M | 609M | 543M | 442M | 354M | 299M | 474M | 536M | 481M |
| D&A | 145M | 127M | 176M | 188M | 196M | 209M | 224M | 236M | 251M | 257M | 270M | 284M | 454M |
| CapEx/OCF | 123.2% | 107.4% | 142.0% | 76.1% | 93.6% | 161.9% | 141.6% | N/A | 103.4% | 58.8% | 103.5% | 121.7% | 150.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 70M | 73M | 88M | 97M | 107M | 125M | 135M | 145M | 157M | 168M | 182M | 198M | 202M |
| Dividend Yield | 4.3% | 5.1% | 4.0% | 3.7% | 4.4% | 3.6% | 4.3% | 4.2% | 3.9% | 4.8% | 5.0% | 4.6% | 3.5% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 9.3M | 4.1M | 11M | 7.6M | 12M | 12M | 5.4M | 9.7M | 8.6M | 7.0M | 11M | 12M | 12M |
| Debt Repayment | 12M | 275M | 1.2B | 106M | 855M | 906M | 8.6M | 8.4M | 0 | 525M | 600M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 1.6B | 1.5B | 3.3B | 3.3B | 3.1B | 3.5B | 3.8B | 4.5B | 4.6B | 4.3B | 4.4B | 4.5B | 4.6B |
| Cash & Equiv. | 21M | 441M | 14M | 15M | 21M | 9.8M | 6.4M | 8.9M | 21M | 87M | 16M | 183M | 24M |
| Long-Term Debt | 1.3B | 1.9B | 3.2B | 3.1B | 3.0B | 3.1B | 3.5B | 4.1B | 3.6B | 3.8B | 4.3B | 4.7B | 4.0B |
| Debt/Equity | 1.19 | 1.32 | 2.05 | 1.95 | 1.44 | 1.48 | 1.47 | 1.63 | 1.56 | 1.37 | 1.25 | 1.23 | 1.18 |
| Interest Coverage | 3.7 | 3.5 | 2.5 | 3.0 | 2.8 | 2.9 | 3.0 | 2.7 | 2.8 | 2.8 | 2.8 | 2.7 | 2.7 |
| Equity | 1.4B | 1.5B | 1.6B | 1.7B | 2.2B | 2.4B | 2.6B | 2.8B | 3.0B | 3.2B | 3.5B | 3.8B | 3.9B |
| Total Assets | 4.2B | 4.6B | 6.5B | 6.7B | 7.0B | 7.6B | 8.1B | 9.1B | 9.6B | 9.6B | 10.0B | 10.9B | 10.8B |
| Total Liabilities | 918M | 820M | 976M | 667M | 4.7B | 5.1B | 722M | 926M | 6.5B | 6.3B | 988M | 1.0B | -119M |
| Intangibles | 3.2M | 3.4M | 8.4M | 7.6M | 14M | 13M | 12M | 11M | 9.6M | 8.4M | 7.6M | 6.4M | 5.8M |
| Retained Earnings | 577M | 473M | 458M | 549M | 700M | 779M | 871M | 962M | 1.1B | 1.2B | 1.2B | 1.3B | 1.4B |
| Working Capital | -197M | 400M | -61M | -78M | -144M | -338M | -203M | -94M | -595M | -359M | -21M | 256M | -433M |
| Current Assets | 454M | 806M | 467M | 571M | 504M | 473M | 493M | 808M | 1.1B | 827M | 742M | 996M | 788M |
| Current Liabilities | 651M | 406M | 528M | 649M | 648M | 811M | 697M | 902M | 1.7B | 1.2B | 763M | 740M | 1.2B |
| Per Share Data | |||||||||||||
| EPS | 2.93 | -0.71 | 1.37 | 3.21 | 4.66 | 3.28 | 3.65 | 3.74 | 3.97 | 3.91 | 3.91 | 3.98 | 3.82 |
| Owner EPS | 3.61 | 6.50 | 2.52 | 4.21 | 5.05 | 4.68 | 5.00 | -4.90 | 5.00 | 10.15 | 6.28 | 5.16 | 2.04 |
| Book Value | 30.31 | 32.41 | 30.31 | 30.99 | 39.34 | 38.87 | 41.08 | 44.04 | 46.01 | 47.95 | 50.13 | 52.19 | 51.79 |
| Cash Flow/Share | 7.06 | 9.38 | 6.02 | 7.77 | 8.81 | 8.32 | 8.69 | -1.02 | 8.98 | 14.08 | 10.30 | 9.19 | 9.74 |
| Dividends/Share | 1.56 | 1.62 | 1.68 | 1.81 | 1.93 | 2.05 | 2.17 | 2.29 | 2.41 | 2.50 | 2.60 | 2.70 | 2.66 |
| Shares Out. | 44.7M | 45.2M | 53.3M | 55.2M | 55.5M | 60.8M | 62.4M | 63.3M | 65.1M | 67.1M | 69.8M | 73.3M | 76.2M |
| Valuation | |||||||||||||
| P/E Ratio | 12.4 | N/A | 31.7 | 13.8 | 10.2 | 18.6 | 13.6 | 15.6 | 15.3 | 12.6 | 14.2 | 17.2 | 19.7 |
| P/FCF | N/A | 9.2 | N/A | 23.8 | 83.9 | N/A | N/A | N/A | N/A | 8.5 | N/A | N/A | N/A |
| EV/EBIT | 12.1 | 83.9 | 16.7 | 13.8 | 14.4 | 17.7 | 16.0 | 20.1 | 18.9 | 15.9 | 16.4 | 17.4 | 19.4 |
| Price/Book | 1.2 | 1.0 | 1.4 | 1.4 | 1.2 | 1.6 | 1.2 | 1.3 | 1.3 | 1.0 | 1.1 | 1.3 | 1.5 |
| Price/Sales | 1.2 | 1.1 | 1.4 | 1.6 | 1.4 | 2.0 | 1.9 | 1.8 | 1.6 | 1.5 | 1.7 | 1.9 | 2.5 |
| FCF Yield | -5.1% | 10.9% | -5.8% | 4.2% | 1.2% | -8.4% | -7.3% | -20.1% | -0.5% | 11.8% | -0.6% | -2.9% | -5.4% |
| Market Cap | 1.6B | 1.5B | 2.3B | 2.4B | 2.6B | 3.7B | 3.1B | 3.7B | 4.0B | 3.3B | 3.9B | 5.0B | 5.7B |
| Avg. Price | 36.32 | 31.32 | 41.31 | 47.83 | 43.75 | 57.74 | 50.35 | 54.49 | 61.15 | 52.57 | 52.45 | 59.11 | 75.29 |
| Year-End Price | 36.31 | 32.10 | 43.44 | 44.16 | 47.35 | 61.10 | 49.48 | 58.33 | 60.87 | 49.18 | 55.51 | 68.65 | 75.29 |
BLACK HILLS CORP /SD/ passes 2 of 9 quality checks, indicating weak fundamentals.
BLACK HILLS CORP /SD/ trades at 18.9x trailing earnings, compared to its 15-year median P/E of 14.8x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 5.7% with a gross margin of 30.7%. Total shareholder yield (dividends) is 3.5%. At current prices, the estimated annualized return to fair value is +25.5%.
BLACK HILLS CORP /SD/ (BKH) has a net profit margin of 12.6%. This is a healthy margin.
BLACK HILLS CORP /SD/ (BKH) generated $-146 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
BLACK HILLS CORP /SD/ (BKH) has a debt-to-equity ratio of 1.23. This indicates moderate leverage.
BLACK HILLS CORP /SD/ (BKH) reported earnings per share (EPS) of $3.98 in its most recent fiscal year.
BLACK HILLS CORP /SD/ (BKH) has a return on equity (ROE) of 8.0%. This indicates moderate shareholder returns.
BLACK HILLS CORP /SD/ (BKH) has a 5-year average gross margin of 30.7%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for BLACK HILLS CORP /SD/ (BKH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BLACK HILLS CORP /SD/ (BKH) has a book value per share of $52.19, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the company to deliver earnings growth in the upper half of its 4%-6% long-term target beginning in 2026, driven by new base rates and rider recovery from strategic capital projects including Ready Wyoming transmission expansion and the Lange II generation facility, combined with organic customer growth and accelerating large-load data center demand. The company anticipates data center demand to contribute more than 10% of consolidated earnings beginning in 2028, with current plans to serve 600 MW of data center load by 2030 through a combination of market energy procurement and contracted generation requiring minimal capital investment at current demand levels. Management is advancing negotiations with multiple high-quality partners to serve more than 2.5 GW of additional large-load requests and expects to structure these agreements to protect customers while managing operational and financial risk; demand exceeding 600 MW would necessitate incremental investments in generation and transmission infrastructure. The company is executing multiple regulatory initiatives including rate reviews in Arkansas, South Dakota, Kansas, and Wyoming, and expects to secure all state regulatory and FERC approvals to finalize the NorthWestern merger within the second half of 2026, positioning the combined entity for continued execution on its customer-focused capital plan and large-load pipeline.
Based on recent SEC filings and earnings calls, BLACK HILLS CORP /SD/ (BKH) has provided the following forward guidance: Adjusted EPS: $4.25–$4.45 (FY2026); Total equity issuance: $50 million–$70 million (FY2026); Data center demand: 600 MW (By 2030).
No recent press releases.