BKH Stock Analysis: Black Hills | NYSE

Electricity, Natural Gas, Coal, Appliance Repair

Total Rating 57

Safety 65

Buy Signal 1.38

Multi-Utilities
Sub-Industry Rotation: +15.0

Market Cap: 6.45B
Avg Turnover: 107M

Risk 3d forecast

Volatility20.5%

VaR 5^th Pctl3.48%

VaR vs Median3.09%

Reward TTM

Sharpe Ratio1.02

Rel. Str. IBD83.7

Rel. Str. Peer Group91.7 pctl

Character TTM

Beta0.125

Beta Downside0.158

Hurst Exponent0.387

Choppyness29.1%

Drawdowns 3y

Max DD13.80%

CAGR/Max DD1.73

CAGR/Mean DD5.60

EPS (Earnings per Share)

EPS CAGR: 2.74%
EPS Trend: 65.1%

Last SUE: 2.10
Qual. Beats: 2

Revenue

Rev. CAGR: 2.57%
Rev. Trend: 59.9%

Last SUE: -0.18
Qual. Beats: 0

Warnings

Altman Z'' In Financial Distress Zone

Tailwinds

Supp Ema8

Rs Leader

Idiosyncratic Leader

Tailwind

Confidence

Seasonality 11.9 years of data, until 10/2026

Jan -0.0% 0

Feb +1.1% 4

Mar +2.0% 28

Apr -0.9% 4

May -0.0% 0

Jun -2.9% 14

Jul +0.5% 4

Aug -1.2% 14

Sep -2.9% 14

Oct -0.2% 0

Nov +7.2% 0

Dec +0.5% 9

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 is strong.

Description: BKH Black Hills

Black Hills Corporation (NYSE: BKH) is a U.S. multi-utility company that operates regulated electric and natural gas businesses through two reporting segments. As a multi-utility, it combines regulated electric and gas operations under one corporate structure, a model that provides revenue diversification across energy types and customer bases.

The Electric Utilities segment generates, transmits, and distributes electricity to customers in Colorado, Montana, South Dakota, and Wyoming. It owns 1,386 megawatts of generation capacity and operates 9,478 miles of electric transmission and distribution lines, and also markets excess power to other utilities and operates non-regulated generation and mining assets.

The Gas Utilities segment distributes natural gas to approximately 1,138,000 customers across Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming. Its infrastructure includes 4,581 miles of intrastate gas transmission pipelines, 44,840 miles of distribution mains and service lines, seven natural gas storage sites, around 50,000 horsepower of compression, and 494 miles of gathering lines. Regulated gas distribution utilities typically earn returns authorized by state public utility commissions based on invested rate base.

Beyond regulated operations, Black Hills offers non-regulated home services such as the Service Guard Comfort Plan, Tech Services for customer-owned gas and electrical infrastructure, and HomeServe repair plans. The company also produces electricity from wind, natural gas, and coal-fired plants and operates a coal mine near Gillette, Wyoming.

Black Hills Corporation was incorporated in 1941 and is headquartered in Rapid City, South Dakota.

Headlines to Watch Out For

Rate case approvals drive electric utility revenue recovery
Natural gas customer growth expands across six state territories
Capital expenditure on transmission and pipeline infrastructure accelerates

Piotroski VR-10 (Strict) 5.0

Net Income: 315.1m TTM > 0 and > 6% of Revenue
FCF/TA: 0.04 > 0.02 and ΔFCF/TA 4.98 > 1.0
NWC/Revenue: -33.42% < 20% (prev -2.95%; Δ -30.48% < -1%)
CFO/TA 0.06 > 3% & CFO 710.7m > Net Income 315.1m
Net Debt (4.85b) to EBITDA (875.6m): 5.54 < 3
Current Ratio: 0.47 > 1.5 & < 3
Outstanding Shares: last quarter (76.4m) vs 12m ago 4.80% < -2%
Gross Margin: 49.85% > 18% (prev 38.54%; Δ 11.31% > 0.5%)
Asset Turnover: 21.75% > 50% (prev 21.99%; Δ -0.24% > 0%)
Interest Coverage Ratio: 2.76 > 6 (EBIT TTM 576.0m / Interest Expense TTM 208.8m)

Altman Z'' 0.89

A: -0.07 (Total Current Assets 694.3m - Total Current Liabilities 1.47b) / Total Assets 11.1b
B: 0.12 (Retained Earnings 1.39b / Total Assets 11.1b)
C: 0.05 (EBIT TTM 576.0m / Avg Total Assets 10.7b)
D: 0.56 (Book Value of Equity 3.95b / Total Liabilities 7.11b)
Altman-Z'' = 0.89 = B

Beneish M -3.32

DSRI: 0.92 (Receivables 256.8m/272.4m, Revenue 2.34b/2.27b)
GMI: 0.77 (GM 38.54% / 49.85%)
AQI: 0.95 (AQ_t 0.15 / AQ_t-1 0.16)
SGI: 1.03 (Revenue 2.34b / 2.27b)
TATA: -0.04 (NI 315.1m - CFO 710.7m) / TA 11.1b)
Beneish M = -3.32 (Cap -4..+1) = AA

What is the price of BKH shares?

As of November 15, 2026, the stock is trading at USD 86.70 with a total of 1,457,914 shares traded. Over the past week, the price has changed by +2.16%, over one month by +12.25%, over three months by +18.38% and over the past year by +28.14%.

Current recommended Stop Loss: 84.20 (which is 2.9% or 1.3 ATR below the current price).

Is BKH a buy, sell or hold?

Black Hills has received a consensus analysts rating of 4.86. Therefore, it is recommended to buy BKH.

StrongBuy: 6
Buy: 1
Hold: 0
Sell: 0
StrongSell: 0

What are the forecasts/targets for the BKH price?

Analysts Target Price	87.1	0.4%

Black Hills (BKH) - Fundamental Data Overview as of 07 November 2026

Market Cap USD = 6.45b (6.45b USD * 1.0 USD.USD)
P/E Trailing = 21.2105
P/E Forward = 17.6991
P/S = 2.8066
P/B = 1.628
P/EG = 1.9652
Revenue TTM = 2.34b USD
EBIT TTM = 576.0m USD
EBITDA TTM = 875.6m USD
Long Term Debt = 4.70b USD (from longTermDebt, last fiscal year)
Short Term Debt = 870.3m USD (from shortTermDebt, last quarter)
Debt = 4.87b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 4.85b USD (calculated: Debt 4.87b - CCE 18.2m)
Enterprise Value = 11.3b USD (6.45b + Debt 4.87b - CCE 18.2m)
Interest Coverage Ratio = 2.76 (Ebit TTM 576.0m / Interest Expense TTM 208.8m)
EV/FCF = 25.62x (Enterprise Value 11.3b / FCF TTM 441.1m)
FCF Yield = 3.90% (FCF TTM 441.1m / Enterprise Value 11.3b)
FCF Margin = 18.89% (FCF TTM 441.1m / Revenue TTM 2.34b)
Net Margin = 13.49% (Net Income TTM 315.1m / Revenue TTM 2.34b)
Gross Margin = 49.85% ((Revenue TTM 2.34b - Cost of Revenue TTM 1.17b) / Revenue TTM)
Gross Margin QoQ = 73.95% (prev 74.93%)
Tobins Q-Ratio = 1.01 (Enterprise Value 11.3b / Total Assets 11.1b)
Interest Expense / Debt = 4.29% (Interest Expense 208.8m / Debt 4.87b)
Taxrate = 12.33% (45.8m / 371.4m)
NOPAT = 505.0m (EBIT 576.0m * (1 - 12.33%))
Current Ratio = 0.47 (Total Current Assets 694.3m / Total Current Liabilities 1.47b)
Debt / Equity = 1.23 (Debt 4.87b / totalStockholderEquity, last quarter 3.95b)
Debt / EBITDA = 5.54 (Net Debt 4.85b / EBITDA 875.6m)
Debt / FCF = 10.99 (Net Debt 4.85b / FCF TTM 441.1m)
Total Stockholder Equity = 3.92b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.93% (Net Income 315.1m / Total Assets 11.1b)
RoE = 8.05% (Net Income TTM 315.1m / Total Stockholder Equity 3.92b)
RoCE = 6.68% (EBIT 576.0m / Capital Employed (Equity 3.92b + L.T.Debt 4.70b))
RoIC = 4.80% (NOPAT 505.0m / Invested Capital 10.5b)
WACC = 5.08% (E(6.45b)/V(11.3b) * Re(6.07%) + D(4.87b)/V(11.3b) * Rd(4.29%) * (1-Tc(0.12)))
Discount Rate = 6.07% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 97.84 | Cagr: 4.63%
[DCF] Terminal Value 75.44% ; FCFF base≈441.1m ; Y1≈442.9m ; Y5≈469.2m
[DCF] Fair Price = 32.13 (EV 7.30b - Net Debt 4.85b = Equity 2.45b / Shares 76.3m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: 65.11 | EPS CAGR: 2.74% | SUE: 2.10 | # QB: 2
Revenue Correlation: 59.90 | Revenue CAGR: 2.57% | SUE: -0.18 | # QB: 0
EPS current Quarter (2027-03-31): EPS=1.75 | Chg30d=N/A | Revisions=-25% | Analysts=2
EPS current Year (2026-12-31): EPS=4.35 | Chg30d=+0.35% | Revisions=+0% | GrowthEPS=+6.2% | GrowthRev=+6.3%
EPS next Year (2027-12-31): EPS=4.62 | Chg30d=+0.27% | Revisions=+0% | GrowthEPS=+6.1% | GrowthRev=+76.3%
[Analyst] Revisions Ratio: -17% (up=1, down=2)