Black Hills (BKH) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Black Hills

NYSE•Utilities•Utilities - Regulated Gas

$70.45-0.87(-0.01%)Market closed

Market Cap

$5.35B

P/E

17.4x

P/S

2.3x

P/B

1.4x

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.

How this company scores

AverageMetricSide Score: 44/100

Strongest: Profitability (18/25); weakest: Cash & Earnings Quality (1/25).

Profitability18/25

Growth14/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality1/25

Strengths

Strong marginsProfit converts from growthConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 17.4x5y range 12.7x – 18.2x

Currently near its 20-quarter median.

P/S · 2.3x5y range 1.3x – 2.3x

Currently near its 20-quarter median.

P/B · 1.4x5y range 1.1x – 1.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Red Flag

The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Price & Volume

Market Cap $5.35B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.30B
Q. Revenue: $452.80M
TTM EBITDA: $843.80M
TTM Op. Income: $548.90M
Q. Op. Income: $97.00M
TTM Net Income: $308.10M
Q. Net Income: $40.40M
EPS: $0.5
Shares Out.: $75.90M

$2.30B in TTM revenue grew 2.5% YoY, reaching $452.80M last quarter. TTM EBITDA of $843.80M and TTM operating income of $548.90M show growth is flowing through to the bottom line. TTM net income of $308.10M means revenue is converting into profit. Over the past year, TTM revenue is up 3% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 38.1%
Op. Margin: 21.4%
Net Margin: 8.9%

Op. margin of 21.4% is up 2.6% YoY — cost efficiency is improving. Net margin at 8.9% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 17.4x
P/S Ratio: 2.3x
P/B Ratio: 1.4x

At 17.4x P/E, the stock trades within typical market levels. P/S of 2.3x and P/B of 1.4x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 25% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $11.04B
Cash: $71.50M
Long-Term Debt: $3.99B
Book Value: $3.94B
D/E Ratio: 1.0
Debt/EBITDA: 23.2

With $11.04B in assets and $3.99B in long-term debt, D/E is 1.0and book value is $3.94B — moderate leverage. Over the past year, debt/equity is down 7% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $195.10M
TTM Free Cash Flow: $-305.20M
FCF Margin: -13.3%
FCF / Net Income: -1.0

TTM FCF of $-305.20M on $195.10M in operating cash flow. The FCF / Net Income ratio of -1.0x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 200% — an improving trend.