Black Hills Corporation logo

Black Hills Corporation

BKH

NYSEUtilitiesRegulated Gas

Previous close

$71.69

−$1.60 · -2.18%

Aug 21, 4:00 PM ET

Pre-market

$71.11

−$0.58 · -0.81%

Aug 24, 6:10 AM ET

BKH company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

67

Undervalued

Momentum

49

Neutral

Sentiment

68

Bullish

Risk resilience

75

Moderate Risk

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Company profile

Company website

Black Hills Corporation operates as an American utility firm, delivering both electric power and natural gas through its subsidiaries. Its business is organized into two primary divisions: Electric Utilities and Gas Utilities. The Electric Utilities segment is responsible for generating, transmitting, and distributing electricity to approximately 218,000 customers spanning Colorado, Montana, South Dakota, and Wyoming. This division manages 1,481.5 megawatts of power generation capacity and maintains 8,892 miles of electric transmission and distribution lines. Electric power generation is diversified, utilizing wind, natural gas, and coal-fired plants, and the company also operates a coal mine near Gillette, Wyoming. Conversely, the Gas Utilities segment provides natural gas to roughly 1,094,000 utility clients across Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming. This operation includes overseeing 4,732 miles of intrastate gas transmission pipelines, 41,644 miles of gas distribution mains and service lines, six natural gas storage facilities, around 50,000 horsepower of compression, and 515 miles of gathering lines. Beyond these core utility offerings, Black Hills Corporation also constructs and maintains gas infrastructure for various gas transportation customers. It provides appliance repair services for residential utility subscribers and offers electrical system construction to large industrial clients. Founded in 1941, the company's headquarters are situated in Rapid City, South Dakota.

Industry
Regulated Gas
Sector
Utilities
Headquarters
US
CEO
Linden R. Evans
Listed since
Feb 22, 1973
Employees
2,795

Market position

Day range

Current $71.69

52-week range

Current $71.69

Open
$73.66
Previous close
$73.29
Volume
594.76K
0.66× average
Average volume
900.6K
Average daily volume
Market cap
5.46B USD
Beta
0.7
Market reference 1
50-day average
$73.6908
-2.72% below average
200-day average
$72.4649
-1.07% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
9.59B USD
P/E (TTM)
18.01×
P/B (TTM)
1.38×
P/S (TTM)
2.37×
EV / EBITDA
11.59×
Earnings yield
5.75%
Free cash flow yield
-2.89%
Dividend yield
3.88%

Profitability & efficiency

Gross margin
42.92%
Operating margin
23.79%
Net margin
13.00%
Return on equity
7.63%
Return on assets
2.68%
Return on invested capital
4.63%

Financial health

Debt / equity
1.14×
Current ratio
1.35×
Altman Z-score
0.95
Piotroski F-score
5 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends42%31%19%7%Gross margin, FY2021: 36.20%Gross margin, FY2022: 30.28%Gross margin, FY2023: 34.16%Gross margin, FY2024: 39.50%Gross margin, FY2025: 38.47%Operating margin, FY2021: 21.00%Operating margin, FY2022: 17.84%Operating margin, FY2023: 20.28%Operating margin, FY2024: 23.65%Operating margin, FY2025: 23.27%Net margin, FY2021: 12.14%Net margin, FY2022: 10.13%Net margin, FY2023: 11.25%Net margin, FY2024: 12.84%Net margin, FY2025: 12.62%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 36.20%. Gross margin FY2022 30.28%. Gross margin FY2023 34.16%. Gross margin FY2024 39.50%. Gross margin FY2025 38.47%. Operating margin FY2021 21.00%. Operating margin FY2022 17.84%. Operating margin FY2023 20.28%. Operating margin FY2024 23.65%. Operating margin FY2025 23.27%. Net margin FY2021 12.14%. Net margin FY2022 10.13%. Net margin FY2023 11.25%. Net margin FY2024 12.84%. Net margin FY2025 12.62%.

Income trends

Revenue

2.31B USD+8.57%

Operating income

537.5M USD+6.84%

Net income

291.6M USD+6.77%
Income trends across reported periods2.78B USD1.86B USD931.23M USD5.19M USDRevenue, FY2021: 1.95B USDRevenue, FY2022: 2.55B USDRevenue, FY2023: 2.33B USDRevenue, FY2024: 2.13B USDRevenue, FY2025: 2.31B USDOperating income, FY2021: 409.4M USDOperating income, FY2022: 455.2M USDOperating income, FY2023: 472.7M USDOperating income, FY2024: 503.1M USDOperating income, FY2025: 537.5M USDNet income, FY2021: 236.7M USDNet income, FY2022: 258.4M USDNet income, FY2023: 262.2M USDNet income, FY2024: 273.1M USDNet income, FY2025: 291.6M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 1.95B USD. Revenue FY2022 2.55B USD. Revenue FY2023 2.33B USD. Revenue FY2024 2.13B USD. Revenue FY2025 2.31B USD. Operating income FY2021 409.4M USD. Operating income FY2022 455.2M USD. Operating income FY2023 472.7M USD. Operating income FY2024 503.1M USD. Operating income FY2025 537.5M USD. Net income FY2021 236.7M USD. Net income FY2022 258.4M USD. Net income FY2023 262.2M USD. Net income FY2024 273.1M USD. Net income FY2025 291.6M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue2.31B USD2.13B USD2.33B USD2.55B USD1.95B USD
Cost of goods sold1.42B USD1.29B USD1.53B USD1.78B USD1.24B USD
Gross profit888.7M USD840.4M USD796.4M USD772.8M USD705.5M USD
Operating expenses351.2M USD337.3M USD323.7M USD317.6M USD296.1M USD
Interest income6.8M USD13.5M USD12.1M USD1.6M USD1.7M USD
Interest expense206.9M USD195.2M USD180M USD162.6M USD154.1M USD
Depreciation and amortization283.8M USD270.1M USD256.8M USD250.9M USD236M USD
Operating income537.5M USD503.1M USD472.7M USD455.2M USD409.4M USD
Net income291.6M USD273.1M USD262.2M USD258.4M USD236.7M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
55%
6 beats, 3 misses, 2 met estimates
Average EPS surprise
+4.34%
11 comparable reports
Latest EPS result
0.54
Estimate 0.41 · Beat by 32.97%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates2.041.470.90.32Q1 '25BeatQ2 '25MissQ3 '25MetQ4 '25MetQ1 '26BeatQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 5, 2025: actual 1.37, estimate 1.2, surprise +14.17%, Beat. Q2 2025, reported May 7, 2025: actual 1.87, estimate 1.92, surprise -2.60%, Miss. Q3 2025, reported Jul 30, 2025: actual 0.38, estimate 0.38, surprise 0.00%, Met estimate. Q4 2025, reported Nov 5, 2025: actual 0.45, estimate 0.45, surprise 0.00%, Met estimate. Q1 2026, reported Feb 4, 2026: actual 1.41, estimate 1.37, surprise +2.92%, Beat. Q2 2026, reported May 6, 2026: actual 1.79, estimate 1.88, surprise -4.79%, Miss. Q3 2026, reported Aug 5, 2026: actual 0.54, estimate 0.406, surprise +32.97%, Beat. Q4 2026, reported Nov 4, 2026: actual —, estimate 0.51, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates837.41M690.94M544.46M397.99MQ1 '25MissQ2 '25BeatQ3 '25MissQ4 '25MissQ1 '26MissQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Feb 5, 2025: actual 597.1M USD, estimate 733.38M USD, surprise -18.58%, Miss. Q2 2025, reported May 7, 2025: actual 805.2M USD, estimate 739.23M USD, surprise +8.92%, Beat. Q3 2025, reported Jul 30, 2025: actual 439M USD, estimate 439.96M USD, surprise -0.22%, Miss. Q4 2025, reported Nov 5, 2025: actual 430.2M USD, estimate 440.96M USD, surprise -2.44%, Miss. Q1 2026, reported Feb 4, 2026: actual 635.5M USD, estimate 648.22M USD, surprise -1.96%, Miss. Q2 2026, reported May 6, 2026: actual 780.7M USD, estimate 769.19M USD, surprise +1.50%, Beat. Q3 2026, reported Aug 5, 2026: actual 452.8M USD, estimate 490.89M USD, surprise -7.76%, Miss. Q4 2026, reported Nov 4, 2026: actual —, estimate 517.62M USD, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

$2.704

2025 complete year+18.1% since 2021

2026 partial: $2.109

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Aug 17, 2026

$0.703

Quarterly

Record Aug 17, 2026 · Payment Sep 1, 2026

Dividend

Ex-dividend May 15, 2026

$0.703

Quarterly

Record May 15, 2026 · Payment Jun 1, 2026

Dividend

Ex-dividend Feb 17, 2026

$0.703

Quarterly

Record Feb 17, 2026 · Payment Mar 1, 2026

Dividend

Ex-dividend Nov 17, 2025

$0.676

Quarterly

Record Nov 17, 2025 · Payment Dec 1, 2025

Dividend

Ex-dividend Aug 18, 2025

$0.676

Quarterly

Record Aug 18, 2025 · Payment Sep 2, 2025

Dividend

Ex-dividend May 16, 2025

$0.676

Quarterly

Record May 16, 2025 · Payment Jun 1, 2025

BKH peers

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