BKH Stock Analysis: Black Hills | NYSE
Utilities - Regulated Gas | NYSE, USA | Market Cap: 5.493m USD | 12M Return: 34.5% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 73.4M
EPS Trend: 59.0%
Qual. Beats: 0
Rev. Trend: -38.6%
Qual. Beats: -2
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Black Hills Corporation (NYSE: BKH) is a regulated electric and natural gas utility company headquartered in Rapid City, South Dakota, operating through two main segments: Electric Utilities and Gas Utilities. The electric segment generates, transmits, and distributes electricity across Colorado, Montana, South Dakota, and Wyoming, while also owning non-regulated power generation and mining assets including a coal mine near Gillette, Wyoming. The gas segment distributes natural gas across six states to roughly 1.138 million customers, supported by an extensive intrastate pipeline, distribution main, storage, and gathering network.
In addition to its core regulated operations, Black Hills offers non-regulated services such as home appliance repair plans (Service Guard), infrastructure construction and maintenance (Tech Services), and additional home repair plans for natural gas customers (HomeServe). The company also generates electricity from wind, natural gas, and coal-fired facilities. As a multi-utility operating in multiple state jurisdictions, Black Hills is subject to state-level rate regulation by public utility commissions, which generally provides predictable and stable cash flows tied to its rate base, while its diversified electric and gas footprint helps balance seasonal and geographic demand patterns.
- Rate case decisions in Wyoming and Colorado drive electric segment ROE
- Natural gas customer additions expand Midwest utility margin base
- Coal mine wind-down and renewable transition capex pressure near-term earnings
| Net Income: 288.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.03 > 0.02 and ΔFCF/TA -2.82 > 1.0 |
| NWC/Revenue: -18.93% < 20% (prev -10.01%; Δ -8.93% < -1%) |
| CFO/TA 0.06 > 3% & CFO 621.8m > Net Income 288.3m |
| Net Debt (4.62b) to EBITDA (829.4m): 5.57 < 3 |
| Current Ratio: 0.65 > 1.5 & < 3 |
| Outstanding Shares: last quarter (75.6m) vs 12m ago 5.29% < -2% |
| Gross Margin: 35.66% > 18% (prev 38.79%; Δ -3.13% > 0.5%) |
| Asset Turnover: 21.89% > 50% (prev 21.93%; Δ -0.04% > 0%) |
| Interest Coverage Ratio: 2.62 > 6 (EBIT TTM 541.7m / Interest Expense TTM 206.8m) |
| A: -0.04 (Total Current Assets 788.2m - Total Current Liabilities 1.22b) / Total Assets 10.8b |
| B: 0.13 (Retained Earnings 1.42b / Total Assets 10.8b) |
| C: 0.05 (EBIT TTM 541.7m / Avg Total Assets 10.4b) |
| D: 0.58 (Book Value of Equity 3.95b / Total Liabilities 6.79b) |
| Altman-Z'' = 1.12 = BB |
| DSRI: 0.99 (Receivables 406.0m/397.6m, Revenue 2.29b/2.21b) |
| GMI: 1.09 (GM 38.79% / 35.66%) |
| AQI: 0.93 (AQ_t 0.15 / AQ_t-1 0.16) |
| SGI: 1.04 (Revenue 2.29b / 2.21b) |
| TATA: -0.03 (NI 288.3m - CFO 621.8m) / TA 10.8b) |
| Beneish M = -2.97 (Cap -4..+1) = A |
As of July 09, 2026, the stock is trading at USD 72.90 with a total of 748,422 shares traded. Over the past week, the price has changed by -2.02%, over one month by +0.98%, over three months by -0.30% and over the past year by +34.45%.
Current recommended Stop Loss: 70.50 (which is 3.3% or 1.4 ATR below the current price).
Black Hills has received a consensus analysts rating of 3.33. Therefore, it is recommended to hold BKH.
- StrongBuy: 1
- Buy: 1
- Hold: 3
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 83.4 | 14.4% |
P/E Trailing = 18.7917
P/E Forward = 17.1233
P/S = 2.4036
P/B = 1.4239
P/EG = 2.7176
Revenue TTM = 2.29b USD
EBIT TTM = 541.7m USD
EBITDA TTM = 829.4m USD
Long Term Debt = 3.99b USD (from longTermDebt, last quarter)
Short Term Debt = 662.2m USD (from shortTermDebt, last quarter)
Debt = 4.65b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 4.62b USD (calculated: Debt 4.65b - CCE 31.4m)
Enterprise Value = 10.1b USD (5.49b + Debt 4.65b - CCE 31.4m)
Interest Coverage Ratio = 2.62 (Ebit TTM 541.7m / Interest Expense TTM 206.8m)
EV/FCF = -32.37x (Enterprise Value 10.1b / FCF TTM -312.5m)
FCF Yield = -3.09% (FCF TTM -312.5m / Enterprise Value 10.1b)
FCF Margin = -13.67% (FCF TTM -312.5m / Revenue TTM 2.29b)
Net Margin = 12.61% (Net Income TTM 288.3m / Revenue TTM 2.29b)
Gross Margin = 35.66% ((Revenue TTM 2.29b - Cost of Revenue TTM 1.47b) / Revenue TTM)
Gross Margin QoQ = 27.92% (prev 41.24%)
Tobins Q-Ratio = 0.94 (Enterprise Value 10.1b / Total Assets 10.8b)
Interest Expense / Debt = 4.44% (Interest Expense 206.8m / Debt 4.65b)
Taxrate = 12.72% (43.2m / 339.6m)
NOPAT = 472.8m (EBIT 541.7m * (1 - 12.72%))
Current Ratio = 0.65 (Total Current Assets 788.2m / Total Current Liabilities 1.22b)
Debt / Equity = 1.18 (Debt 4.65b / totalStockholderEquity, last quarter 3.95b)
Debt / EBITDA = 5.57 (Net Debt 4.62b / EBITDA 829.4m)
Debt / FCF = -14.79 (negative FCF - burning cash) (Net Debt 4.62b / FCF TTM -312.5m)
Total Stockholder Equity = 3.79b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.76% (Net Income 288.3m / Total Assets 10.8b)
RoE = 7.60% (Net Income TTM 288.3m / Total Stockholder Equity 3.79b)
RoCE = 6.96% (EBIT 541.7m / Capital Employed (Equity 3.79b + L.T.Debt 3.99b))
RoIC = 4.62% (NOPAT 472.8m / Invested Capital 10.2b)
WACC = 5.34% (E(5.49b)/V(10.1b) * Re(6.58%) + D(4.65b)/V(10.1b) * Rd(4.44%) * (1-Tc(0.13)))
Discount Rate = 6.58% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 100.00 | Cagr: 4.82%
[DCF] Fair Price = unknown (Cash Flow -312.5m)
EPS Correlation: 59.03 | EPS CAGR: 2.16% | SUE: -0.65 | # QB: 0
Revenue Correlation: -38.61 | Revenue CAGR: -2.77% | SUE: -1.39 | # QB: -2
EPS current Quarter (2026-06-30): EPS=0.41 | Chg30d=-20.01% | Revisions=-25% | Analysts=3
EPS next Quarter (2026-09-30): EPS=0.69 | Chg30d=+3.49% | Revisions=-25% | Analysts=2
EPS current Year (2026-12-31): EPS=4.34 | Chg30d=N/A | Revisions=-40% | GrowthEPS=+5.8% | GrowthRev=+10.2%
EPS next Year (2027-12-31): EPS=4.61 | Chg30d=N/A | Revisions=-40% | GrowthEPS=+6.3% | GrowthRev=+26.4%
[Analyst] Revisions Ratio: -67% (up=0, down=6)