BKH Utilities

Black Hills Corporation

$82.20-0.38%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Utilities
Industry: Utilities - Regulated Gas
Country: United States
Market cap: 6.3B USD
Enterprise value: 10.3B USD
Full-time employees: 2,795

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.66 vs a peer median of 0.46), though less than the overall market and less short-term liquidity (current ratio 0.52 vs a peer median of 1.03)higher risk: bigger price swings (beta 0.66 vs peers 0.46) and less liquidity (current ratio 0.52 vs peers 1.03)
About average: profitability and valuation

Ranks #276 of 348 utilities companies (bottom 21%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Black Hills reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Returning more cash than it generates. Paid out $548M vs $218M of free cash flow over the 3 fiscal years to 2025.
Black Hills returned $548M to shareholders over three years, 252% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

StockQuotient Score

38/ 100

Oct 5 39 → Nov 4 38 (-1)

Valuation

Is the price right?

42/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.8%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.02Sector median: 0.0485 · MAD: 0.0319

EBITDA yield7.9%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.28Sector median: 0.0859 · MAD: 0.0250

Free cash flow yield-4.9%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield62.9%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.6310 · MAD: 0.2684

Growth

Is it growing?

34/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth0.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.07Sector median: 0.0172 · MAD: 0.1791

3-year revenue growth-3.8%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -1.11Sector median: 0.0196 · MAD: 0.0523

Revenue growth2.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.00Sector median: 0.0254 · MAD: 0.0681

Profitability

Does it earn well?

54/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Helped by:

▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin23.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.61Sector median: 0.1864 · MAD: 0.0865

Return on assets2.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.04Sector median: 0.0266 · MAD: 0.0124

Return on invested capital5.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.02Sector median: 0.0524 · MAD: 0.0237

Other data (not scored)

Gross margin39.7%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3581 · MAD: 0.1545

Return on equity7.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0807 · MAD: 0.0381

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.66

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.17Sector median: 0.4590 · MAD: 0.1730

Current ratio0.52×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.41Sector median: 1.0330 · MAD: 0.3620

Debt / equity1.14×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.10Sector median: 1.1925 · MAD: 0.5265

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Black Hills

Is Black Hills getting weaker?: Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 38/100 since Oct 28, 2026.
How is Black Hills valued vs its peers?: Priced about in line with its peers. Valuation scores 42/100 against 360 utilities peers.
Is Black Hills growing?: More slowly than most of its peers. Growth scores 34/100 against 360 utilities peers. 3-year revenue growth -3.8% vs a peer median of 2.0% (weaker than 76% of peers).3-year revenue growth -3.8% vs peers 2.0% (weaker than 76% of peers).
How profitable is Black Hills?: About as profitable as its peers. Profitability scores 54/100 against 360 utilities peers. Operating margin 23.9% vs a peer median of 18.6% (stronger than 70% of peers).Operating margin 23.9% vs peers 18.6% (stronger than 70% of peers).
How risky is Black Hills?: Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Current ratio 0.52× vs a peer median of 1.03× (weaker than 89% of peers).Current ratio 0.52× vs peers 1.03× (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	2.3B USD	2.3B USD	+0.6%
Net income (12 months)	288.3M USD	299.1M USD	+3.7%
Operating margin	23.4%	23.9%	+0.5 pts
Free cash flow (12 months)	−312.5M USD	−305.2M USD	−2.3%
Debt	4.7B USD	4.5B USD	−3.5%
Cash	23.6M USD	71.5M USD	+203.0%
Shares outstanding	76.1M	76.3M	+0.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Utilities · 59 companies

Valuations in Utilities are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
20% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +18% and earnings +20% (medians): prices and earnings moved broadly together.
Median price-to-sales is +2% vs the whole market, against a usual +0%.

2016Shaded: most expensive fifth of its range2026

Shown for Utilities: too few Utilities - Regulated Gas companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	21.0%	17.8%	20.3%	23.6%	23.3%	▼ 0.4 pts
Net margin	12.1%	10.1%	11.2%	12.8%	12.6%	▼ 0.2 pts
Return on assets (ROA)	2.6%	2.7%	2.7%	2.7%	2.7%	▼ 0.0 pts
Return on equity (ROE)	8.5%	8.6%	8.2%	7.8%	7.6%	▼ 0.2 pts
Free cash flow margin	-38.1%	-0.8%	16.7%	-1.2%	-6.3%	▼ 5.2 pts
Current ratio	0.90×	0.64×	0.70×	0.97×	1.35×	▲ 38%
Quick ratio	0.73×	0.52×	0.56×	0.77×	1.11×	▲ 44%
Debt to equity	1.63×	1.56×	1.37×	1.25×	1.23×	▼ 1.8%
Interest coverage	2.69×	2.83×	2.82×	2.77×	2.69×	▼ 3.0%

BKH price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.66 vs a peer median of 0.46), though less than the overall market and less short-term liquidity (current ratio 0.52 vs a peer median of 1.03)higher risk: bigger price swings (beta 0.66 vs peers 0.46) and less liquidity (current ratio 0.52 vs peers 1.03)

About average: profitability and valuation

Ranks #276 of 348 utilities companies (bottom 21%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Black Hills reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Returning more cash than it generates. Paid out $548M vs $218M of free cash flow over the 3 fiscal years to 2025.

Black Hills returned $548M to shareholders over three years, 252% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Questions investors ask about Black Hills

Is Black Hills getting weaker?

Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 38/100 since Oct 28, 2026.

How is Black Hills valued vs its peers?

Priced about in line with its peers. Valuation scores 42/100 against 360 utilities peers.

Is Black Hills growing?

More slowly than most of its peers. Growth scores 34/100 against 360 utilities peers. 3-year revenue growth -3.8% vs a peer median of 2.0% (weaker than 76% of peers).3-year revenue growth -3.8% vs peers 2.0% (weaker than 76% of peers).

How profitable is Black Hills?

About as profitable as its peers. Profitability scores 54/100 against 360 utilities peers. Operating margin 23.9% vs a peer median of 18.6% (stronger than 70% of peers).Operating margin 23.9% vs peers 18.6% (stronger than 70% of peers).

How risky is Black Hills?

Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Current ratio 0.52× vs a peer median of 1.03× (weaker than 89% of peers).Current ratio 0.52× vs peers 1.03× (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

2.3B USD

2.3B USD

+0.6%

Net income (12 months)

288.3M USD

299.1M USD

+3.7%

Operating margin

23.4%

23.9%

+0.5 pts

Free cash flow (12 months)

−312.5M USD

−305.2M USD

−2.3%

Debt

4.7B USD

4.5B USD

−3.5%

Cash

23.6M USD

71.5M USD

+203.0%

Shares outstanding

76.1M

76.3M

+0.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

21.0%

17.8%

20.3%

23.6%

23.3%

▼ 0.4 pts

Net margin

12.1%

10.1%

11.2%

12.8%

12.6%

▼ 0.2 pts

Return on assets (ROA)

2.6%

2.7%

▼ 0.0 pts

Return on equity (ROE)

8.5%

8.6%

8.2%

7.8%

7.6%

▼ 0.2 pts

Free cash flow margin

-38.1%

-0.8%

16.7%

-1.2%

-6.3%

▼ 5.2 pts

Current ratio

0.90×

0.64×

0.70×

0.97×

1.35×

▲ 38%

Quick ratio

0.73×

0.52×

0.56×

0.77×

1.11×

▲ 44%

Debt to equity

1.63×

1.56×

1.37×

1.25×

1.23×

▼ 1.8%

Interest coverage

2.69×

2.83×

2.82×

2.77×

2.69×

▼ 3.0%