Symbols / BKH Stock $74.17 -0.67% Black Hills Corporation

Utilities • Utilities - Regulated Gas • United States • NYQ
BKH (Stock) Chart
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Stock Fundamentals
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Index EQUITY
Sector Utilities
Industry Utilities - Regulated Gas
CEO Mr. Linden R. Evans J.D.
Exch · Country NYQ · United States
Market Cap 5.64B
Enterprise Value 10.20B
Income 291.60M
Sales 2.31B
FCF (ttm) -279.31M
Book/sh 50.66
Cash/sh 2.42
Employees 2,795
Insider 10d —
IPO Feb 22, 1973
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 67.94%
P/E 18.64
Forward P/E 16.06
PEG 2.69
P/S 2.44
P/B 1.46
P/C —
EV/EBITDA 12.49
EV/Sales 4.42
Quick Ratio 0.80
Current Ratio 1.35
Debt/Eq 120.36
LT Debt/Eq —
EPS (ttm) 3.98
EPS next Y 4.62
EPS Growth 0.90%
Revenue Growth 6.40%
EPS Gr Q/Q 7.00%
Rev Gr Q/Q —
Earnings (next) 2026-05-06
Earnings (prior) 2026-02-04
ROA 3.19%
ROE 8.00%
ROIC —
Gross Margin 38.47%
Oper. Margin 26.22%
Profit Margin 12.62%
Shs Outstand 76.05M
Shs Float 75.07M
Insider Own 0.46%
Instit Own 97.35%
Short Float 16.46%
Short Ratio 8.49
Short Interest 9.39M
52W High 78.69
vs 52W High -5.74%
52W Low 55.49
vs 52W Low 33.66%
Beta 0.71
Impl. Vol. 0.78%
Rel Volume 0.42
Avg Volume 1.04M
Volume 438.56K
Target (mean) $83.00
Tgt Median $82.00
Tgt Low $76.00
Tgt High $90.00
# Analysts 5
Recom Buy
Prev Close $74.67
Price $74.17
Change -0.67%
About

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.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$83.00
Mean price target
2. Current target
$74.17
Latest analyst target
3. DCF / Fair value
$-66.11
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$74.17
Low
$76.00
High
$90.00
Mean
$83.00

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-15 main BMO Capital Outperform → Outperform $91
2026-04-09 main B of A Securities Neutral → Neutral $76
2026-04-01 init Ladenburg Thalmann — → Buy $77
2026-02-09 main BMO Capital Outperform → Outperform $84
2026-01-27 main BMO Capital Outperform → Outperform $82
2025-11-07 up Scotiabank Sector Perform → Sector Outperform $81
2025-08-20 up B of A Securities Underperform → Neutral $64
2025-08-01 main B of A Securities — → Sell $57
2025-05-13 init BMO Capital — → Outperform $68
2025-02-07 main Scotiabank Sector Perform → Sector Perform $66
2024-12-12 main Scotiabank Sector Perform → Sector Perform $67
2024-08-20 main Scotiabank Sector Perform → Sector Perform $63
2024-08-02 main Wells Fargo Equal-Weight → Equal-Weight $64
2024-06-04 main Mizuho Neutral → Neutral $57
2024-05-10 main Wells Fargo Equal-Weight → Equal-Weight $61
2024-04-22 main Scotiabank Sector Perform → Sector Perform $54
2024-02-09 main Scotiabank Sector Perform → Sector Perform $58
2024-02-09 main RBC Capital Sector Perform → Sector Perform $57
2023-11-21 up Mizuho Underperform → Neutral $53
2023-11-20 main B of A Securities Underperform → Underperform $49
News
RSS: Latest BKH news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-02-17 EVANS LINDEN R Chief Executive Officer — 6,311 $0.00 $0
2026-02-12 NOONEY KIMBERLY F Officer — 2,006 $73.21 $146,859
2026-02-12 JONES MARNE M Officer — 835 $73.21 $61,130
2026-02-12 EVANS LINDEN R Chief Executive Officer — 9,036 $73.21 $661,526
2026-02-06 NOONEY KIMBERLY F Chief Financial Officer — 4,654 $0.00 $0
2026-02-06 JONES MARNE M Officer — 4,106 $0.00 $0
2026-02-06 WILTSE SARAH Officer — 2,327 $0.00 $0
2026-02-06 REDDEN DONALD LEE JR Chief Technology Officer — 1,642 $0.00 $0
2026-02-06 NAKATA DARREN T. Officer — 2,874 $0.00 $0
2026-02-06 EVANS LINDEN R Chief Executive Officer — 17,793 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
2,310.00
+8.57%
2,127.70
-8.73%
2,331.30
-8.64%
2,551.80
Operating Revenue
2,198.90
+9.20%
2,013.60
-9.48%
2,224.50
-9.97%
2,470.90
Cost Of Revenue
1,421.30
+10.41%
1,287.30
-16.13%
1,534.90
-13.72%
1,779.00
Reconciled Cost Of Revenue
1,421.30
+10.41%
1,287.30
-16.13%
1,534.90
-13.72%
1,779.00
Gross Profit
888.70
+5.75%
840.40
+5.52%
796.40
+3.05%
772.80
Operating Expense
351.20
+4.12%
337.30
+4.20%
323.70
+1.92%
317.60
Total Expenses
1,772.50
+9.10%
1,624.60
-12.59%
1,858.60
-11.35%
2,096.60
Operating Income
537.50
+6.84%
503.10
+6.43%
472.70
+3.84%
455.20
Total Operating Income As Reported
537.50
+6.84%
503.10
+6.43%
472.70
+3.84%
455.20
EBITDA
834.20
+6.23%
785.30
+6.35%
738.40
+4.07%
709.50
Normalized EBITDA
834.20
+6.23%
785.30
+6.35%
738.40
+4.07%
709.50
Reconciled Depreciation
283.80
+5.07%
270.10
+5.18%
256.80
+2.35%
250.90
EBIT
550.40
+6.83%
515.20
+6.98%
481.60
+5.02%
458.60
Total Unusual Items
—
—
—
0.00
Total Unusual Items Excluding Goodwill
—
—
—
0.00
Special Income Charges
—
—
—
0.00
Write Off
—
—
—
0.00
Net Income
291.60
+6.77%
273.10
+4.16%
262.20
+1.47%
258.40
Pretax Income
343.50
+7.34%
320.00
+6.10%
301.60
+1.89%
296.00
Net Non Operating Interest Income Expense
-200.10
-10.13%
-181.70
-8.22%
-167.90
-4.29%
-161.00
Interest Expense Non Operating
206.90
+5.99%
195.20
+8.44%
180.00
+10.70%
162.60
Net Interest Income
-200.10
-10.13%
-181.70
-8.22%
-167.90
-4.29%
-161.00
Interest Expense
206.90
+5.99%
195.20
+8.44%
180.00
+10.70%
162.60
Interest Income Non Operating
6.80
-49.63%
13.50
+11.57%
12.10
+656.25%
1.60
Interest Income
6.80
-49.63%
13.50
+11.57%
12.10
+656.25%
1.60
Other Income Expense
6.10
+535.71%
-1.40
+56.25%
-3.20
-277.78%
1.80
Other Non Operating Income Expenses
6.10
+535.71%
-1.40
+56.25%
-3.20
-277.78%
1.80
Tax Provision
43.70
+20.39%
36.30
+41.80%
25.60
+1.59%
25.20
Tax Rate For Calcs
0.00
+12.39%
0.00
+33.13%
0.00
-0.30%
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
299.80
+5.68%
283.70
+2.79%
276.00
+1.92%
270.80
Net Income From Continuing Operation Net Minority Interest
291.60
+6.77%
273.10
+4.16%
262.20
+1.47%
258.40
Net Income From Continuing And Discontinued Operation
291.60
+6.77%
273.10
+4.16%
262.20
+1.47%
258.40
Net Income Continuous Operations
299.80
+5.68%
283.70
+2.79%
276.00
+1.92%
270.80
Minority Interests
-8.20
+22.64%
-10.60
+23.19%
-13.80
-11.29%
-12.40
Normalized Income
291.60
+6.77%
273.10
+4.16%
262.20
+1.47%
258.40
Net Income Common Stockholders
291.60
+6.77%
273.10
+4.16%
262.20
+1.47%
258.40
Diluted EPS
3.98
+1.79%
3.91
+0.00%
3.91
-1.51%
3.97
Basic EPS
3.99
+2.05%
3.91
+0.00%
3.91
-1.76%
3.98
Basic Average Shares
73.00
+4.58%
69.80
+4.18%
67.00
+3.30%
64.86
Diluted Average Shares
73.20
+4.72%
69.90
+4.17%
67.10
+3.20%
65.02
Diluted NI Availto Com Stockholders
291.60
+6.77%
273.10
+4.16%
262.20
+1.47%
258.40
Depreciation Amortization Depletion Income Statement
283.80
+5.07%
270.10
+5.18%
256.80
+2.35%
250.90
Depreciation And Amortization In Income Statement
283.80
+5.07%
270.10
+5.18%
256.80
+2.35%
250.90
Other Taxes
67.40
+0.30%
67.20
+0.45%
66.90
+0.30%
66.70
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
10,869.80
+8.45%
10,022.60
+4.18%
9,620.40
+0.02%
9,618.20
Current Assets
995.90
+34.16%
742.30
-10.20%
826.60
-22.87%
1,071.70
Cash Cash Equivalents And Short Term Investments
182.80
+1035.40%
16.10
-81.41%
86.60
+304.67%
21.40
Cash And Cash Equivalents
182.80
+1035.40%
16.10
-81.41%
86.60
+304.67%
21.40
Receivables
412.30
+11.13%
371.00
+0.60%
368.80
-29.86%
525.80
Accounts Receivable
223.30
+10.82%
201.50
+1.51%
198.50
-25.82%
267.60
Receivables Adjustments Allowances
-2.40
-14.29%
-2.10
+4.55%
-2.20
+26.67%
-3.00
Taxes Receivable
23.30
+17.68%
19.80
+7.03%
18.50
+5.11%
17.60
Inventory
172.40
+12.02%
153.90
-4.35%
160.90
-22.42%
207.40
Restricted Cash
7.60
+4.11%
7.30
+14.06%
6.40
+14.29%
5.60
Hedging Assets Current
—
—
0.00
-100.00%
0.60
Other Current Assets
220.80
+13.81%
194.00
-4.86%
203.90
-34.42%
310.90
Total Non Current Assets
9,873.90
+6.40%
9,280.30
+5.53%
8,793.80
+2.89%
8,546.40
Net PPE
8,234.20
+7.92%
7,629.90
+7.17%
7,119.30
+4.73%
6,797.90
Gross PPE
10,344.90
+8.14%
9,566.50
+7.28%
8,917.20
+6.48%
8,374.70
Accumulated Depreciation
-2,110.70
-8.99%
-1,936.60
-7.71%
-1,797.90
-14.02%
-1,576.80
Construction In Progress
334.40
+6.77%
313.20
+78.06%
175.90
—
Other Properties
0.30
-25.00%
0.40
-92.98%
5.70
-70.47%
19.30
Goodwill And Other Intangible Assets
1,305.90
-0.09%
1,307.10
-0.06%
1,307.90
-0.09%
1,309.10
Goodwill
1,299.50
+0.00%
1,299.50
+0.00%
1,299.50
+0.00%
1,299.50
Other Intangible Assets
6.40
-15.79%
7.60
-9.52%
8.40
-12.50%
9.60
Other Non Current Assets
78.80
+11.93%
70.40
+13.18%
62.20
+33.19%
46.70
Total Liabilities Net Minority Interest
6,964.10
+8.18%
6,437.40
+1.94%
6,314.60
-3.27%
6,528.30
Current Liabilities
740.00
-3.07%
763.40
-35.58%
1,185.10
-28.90%
1,666.70
Payables And Accrued Expenses
482.50
+23.65%
390.20
+18.64%
328.90
-25.74%
442.90
Payables
366.50
+29.14%
283.80
+18.70%
239.10
-34.02%
362.40
Accounts Payable
311.70
+36.05%
229.10
+22.91%
186.40
-39.87%
310.00
Current Accrued Expenses
116.00
+9.02%
106.40
+18.49%
89.80
+11.55%
80.50
Employee Benefits
123.40
+0.41%
122.90
-0.81%
123.90
+6.17%
116.70
Pensionand Other Post Retirement Benefit Plans Current
92.80
+8.54%
85.50
+14.30%
74.80
+18.92%
62.90
Total Tax Payable
54.80
+0.18%
54.70
+3.80%
52.70
+0.57%
52.40
Current Debt And Capital Lease Obligation
—
133.80
-77.70%
600.00
-43.43%
1,060.60
Current Debt
—
133.80
-77.70%
600.00
-43.43%
1,060.60
Other Current Borrowings
—
—
600.00
+14.29%
525.00
Current Deferred Liabilities
59.00
+6.12%
55.60
-26.84%
76.00
+59.33%
47.70
Current Deferred Revenue
59.00
+6.12%
55.60
-26.84%
76.00
+59.33%
47.70
Other Current Liabilities
105.70
+7.53%
98.30
-6.74%
105.40
+100.38%
52.60
Total Non Current Liabilities Net Minority Interest
6,224.10
+9.70%
5,674.00
+10.62%
5,129.50
+5.51%
4,861.60
Long Term Debt And Capital Lease Obligation
4,701.10
+10.61%
4,250.20
+11.81%
3,801.20
+5.38%
3,607.30
Long Term Debt
4,701.10
+10.61%
4,250.20
+11.81%
3,801.20
+5.38%
3,607.30
Non Current Deferred Liabilities
697.90
+11.65%
625.10
+14.07%
548.00
+7.68%
508.90
Non Current Deferred Taxes Liabilities
697.90
+11.65%
625.10
+14.07%
548.00
+7.68%
508.90
Other Non Current Liabilities
213.40
+6.06%
201.20
+6.62%
188.70
+20.88%
156.10
Stockholders Equity
3,823.60
+9.20%
3,501.50
+8.90%
3,215.30
+7.36%
2,994.90
Common Stock Equity
3,823.60
+9.20%
3,501.50
+8.90%
3,215.30
+7.36%
2,994.90
Capital Stock
75.50
+5.30%
71.70
+4.98%
68.30
+3.33%
66.10
Common Stock
75.50
+5.30%
71.70
+4.98%
68.30
+3.33%
66.10
Share Issued
75.52
+5.36%
71.68
+5.00%
68.27
+3.21%
66.14
Ordinary Shares Number
75.48
+5.39%
71.62
+5.02%
68.20
+3.17%
66.10
Treasury Shares Number
0.04
-23.74%
0.06
-16.84%
0.07
+85.35%
0.04
Additional Paid In Capital
2,417.50
+10.22%
2,193.40
+9.25%
2,007.70
+6.64%
1,882.70
Retained Earnings
1,342.90
+7.51%
1,249.10
+7.85%
1,158.20
+8.84%
1,064.10
Gains Losses Not Affecting Retained Earnings
-9.70
-3.19%
-9.40
+36.49%
-14.80
+5.13%
-15.60
Treasury Stock
2.60
-21.21%
3.30
-19.51%
4.10
+70.83%
2.40
Minority Interest
82.10
-1.91%
83.70
-7.51%
90.50
-4.74%
95.00
Other Equity Adjustments
-9.70
-3.19%
-9.40
+36.49%
-14.80
+5.13%
-15.60
Total Equity Gross Minority Interest
3,905.70
+8.94%
3,585.20
+8.45%
3,305.80
+6.99%
3,089.90
Total Capitalization
8,524.70
+9.97%
7,751.70
+10.48%
7,016.50
+6.28%
6,602.20
Working Capital
255.90
+1312.80%
-21.10
+94.11%
-358.50
+39.75%
-595.00
Invested Capital
8,524.70
+8.11%
7,885.50
+3.53%
7,616.50
-0.60%
7,662.80
Total Debt
4,701.10
+7.23%
4,384.00
-0.39%
4,401.20
-5.71%
4,667.90
Net Debt
4,518.30
+3.44%
4,367.90
+1.24%
4,314.60
-7.14%
4,646.50
Net Tangible Assets
2,517.70
+14.73%
2,194.40
+15.05%
1,907.40
+13.15%
1,685.80
Tangible Book Value
2,517.70
+14.73%
2,194.40
+15.05%
1,907.40
+13.15%
1,685.80
Current Notes Payable
0.00
-100.00%
133.80
0.00
-100.00%
535.60
Interest Payable
57.20
+1.42%
56.40
+21.81%
46.30
+36.98%
33.80
Other Inventories
48.70
+20.84%
40.30
-14.80%
47.30
-54.78%
104.60
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
673.40
-6.38%
719.30
-23.84%
944.40
+61.49%
584.80
Cash Flow From Continuing Operating Activities
673.40
-6.38%
719.30
-23.84%
944.40
+61.49%
584.80
Net Income From Continuing Operations
299.80
+5.68%
283.70
+2.79%
276.00
+1.92%
270.80
Depreciation Amortization Depletion
283.80
+5.07%
270.10
+5.18%
256.80
+2.35%
250.90
Depreciation And Amortization
283.80
+5.07%
270.10
+5.18%
256.80
+2.35%
250.90
Other Non Cash Items
-8.20
+43.84%
-14.60
+3.31%
-15.10
-51.00%
-10.00
Pension And Employee Benefit Expense
11.60
+3.57%
11.20
-2.61%
11.50
+109.09%
5.50
Stock Based Compensation
11.80
+11.32%
10.60
+51.43%
7.00
-18.60%
8.60
Asset Impairment Charge
—
—
—
0.00
Deferred Tax
54.30
+4.42%
52.00
+104.72%
25.40
-0.78%
25.60
Deferred Income Tax
54.30
+4.42%
52.00
+104.72%
25.40
-0.78%
25.60
Operating Gains Losses
11.60
+3.57%
11.20
-2.61%
11.50
+109.09%
5.50
Change In Working Capital
20.30
-80.90%
106.30
-72.23%
382.80
+1046.11%
33.40
Change In Receivables
-45.00
-75.10%
-25.70
-112.57%
204.50
+210.84%
-184.50
Changes In Account Receivables
-45.00
-75.10%
-25.70
-112.57%
204.50
+210.84%
-184.50
Change In Inventory
-17.80
-234.85%
13.20
-74.32%
51.40
+168.17%
-75.40
Change In Payables And Accrued Expense
24.00
-16.67%
28.80
+126.21%
-109.90
-222.93%
89.40
Change In Payable
24.00
-16.67%
28.80
+126.21%
-109.90
-222.93%
89.40
Change In Account Payable
24.00
-16.67%
28.80
+126.21%
-109.90
-222.93%
89.40
Change In Other Current Assets
59.10
-34.33%
90.00
-61.99%
236.80
+16.14%
203.90
Change In Other Current Liabilities
—
—
0.00
0.00
Investing Cash Flow
-828.20
-11.02%
-746.00
-39.00%
-536.70
+11.13%
-603.90
Cash Flow From Continuing Investing Activities
-828.20
-11.02%
-746.00
-39.00%
-536.70
+11.13%
-603.90
Net PPE Purchase And Sale
-819.80
-10.16%
-744.20
-33.95%
-555.60
+8.07%
-604.40
Purchase Of PPE
-819.80
-10.16%
-744.20
-33.95%
-555.60
+8.07%
-604.40
Capital Expenditure
-819.80
-10.16%
-744.20
-33.95%
-555.60
+8.07%
-604.40
Net Other Investing Changes
-8.40
-366.67%
-1.80
-109.52%
18.90
+3680.00%
0.50
Financing Cash Flow
321.80
+850.12%
-42.90
+87.45%
-341.70
-1157.89%
32.30
Cash Flow From Continuing Financing Activities
321.80
+850.12%
-42.90
+87.45%
-341.70
-1157.89%
32.30
Net Issuance Payments Of Debt
316.20
+2051.85%
-16.20
+93.78%
-260.60
-325.82%
115.40
Issuance Of Debt
450.00
+0.00%
450.00
-43.75%
800.00
0.00
Repayment Of Debt
0.00
+100.00%
-600.00
-14.29%
-525.00
0.00
Long Term Debt Issuance
450.00
+0.00%
450.00
-43.75%
800.00
0.00
Long Term Debt Payments
0.00
+100.00%
-600.00
-14.29%
-525.00
0.00
Net Long Term Debt Issuance
450.00
+400.00%
-150.00
-154.55%
275.00
0.00
Short Term Debt Issuance
—
—
—
115.42
Net Short Term Debt Issuance
-133.80
-200.00%
133.80
+124.98%
-535.60
-564.12%
115.40
Net Common Stock Issuance
219.20
+20.84%
181.40
+53.34%
118.30
+31.30%
90.10
Common Stock Dividend Paid
-197.90
-8.56%
-182.30
-8.45%
-168.10
-7.28%
-156.70
Cash Dividends Paid
-197.90
-8.56%
-182.30
-8.45%
-168.10
-7.28%
-156.70
Net Other Financing Charges
-15.70
+39.15%
-25.80
+17.57%
-31.30
-89.70%
-16.50
Changes In Cash
167.00
+339.94%
-69.60
-205.45%
66.00
+400.00%
13.20
Beginning Cash Position
23.40
-74.84%
93.00
+244.44%
27.00
+95.65%
13.80
End Cash Position
190.40
+713.68%
23.40
-74.84%
93.00
+244.44%
27.00
Free Cash Flow
-146.40
-487.95%
-24.90
-106.40%
388.80
+2083.67%
-19.60
Interest Paid Supplemental Data
196.40
+12.61%
174.40
+10.87%
157.30
+3.15%
152.50
Income Tax Paid Supplemental Data
—
—
1.00
+29.70%
0.77
Common Stock Issuance
219.20
+20.84%
181.40
+53.34%
118.30
+31.30%
90.10
Issuance Of Capital Stock
219.20
+20.84%
181.40
+53.34%
118.30
+31.30%
90.10
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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