(BKH) Black Hills - Overview
Sector: Utilities | Industry: Utilities - Regulated Gas | Exchange: NYSE (USA) | Market Cap: 5.656m USD | Total Return: 31.9% in 12m
Avg Turnover: 56.2M
EPS Trend: 59.0%
Qual. Beats: -1
Rev. Trend: -38.6%
Qual. Beats: -2
Warnings
High Debt while negative Cash Flow
Altman Z'' 0.74 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
Black Hills Corporation (BKH) is a diversified energy company providing electric and natural gas services across eight states in the Great Plains and Rocky Mountain regions. The company operates through two primary segments: Electric Utilities, which manages generation, transmission, and distribution assets, and Gas Utilities, which oversees an extensive network of pipelines, storage sites, and distribution mains. Its infrastructure includes 1,386 megawatts of generation capacity and over 44,000 miles of gas distribution lines.
As a regulated utility, BKH operates under a cost-of-service model where rates are set by state commissions, providing a predictable framework for recovering capital investments. The company maintains a vertically integrated structure in its electric segment, owning both the fuel sources-such as its Wyoming coal mine-and the generating facilities. This model is common in the Multi-Utilities sector to ensure grid reliability and mitigate price volatility for ratepayers.
Beyond core utility operations, the company offers non-regulated services including appliance repair plans and infrastructure construction for residential and commercial clients. Investors may find it useful to examine ValueRay for deeper insights into the companys valuation metrics. Headquartered in South Dakota, Black Hills Corporation continues to manage a balanced energy portfolio comprising wind, natural gas, and coal-fired generation.
- Rate case approvals across multi-state jurisdictions drive regulated utility earnings growth
- Capital expenditure on electric transmission and renewable energy expands the rate base
- Natural gas distribution demand fluctuates based on seasonal heating and industrial usage
- Integrated coal mining operations mitigate fuel cost volatility for power generation assets
- Interest rate environment impacts debt financing costs for capital-intensive infrastructure projects
| 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 (826.2m): 5.60 < 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 0.39%; Δ 3.53k% > 0.5%) |
| Asset Turnover: 21.89% > 50% (prev 21.93%; Δ -0.04% > 0%) |
| Interest Coverage Ratio: 2.60 > 6 (EBITDA TTM 826.2m / 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 538.5m / Avg Total Assets 10.4b) |
| D: 0.22 (Book Value of Equity 1.49b / Total Liabilities 6.79b) |
| Altman-Z'' = 0.74 = B |
| DSRI: 0.99 (Receivables 406.0m/397.6m, Revenue 2.29b/2.21b) |
| GMI: 1.09 (GM 35.66% / 38.79%) |
| 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 = -3.00 (Cap -4..+1) = AA |
As of May 25, 2026, the stock is trading at USD 74.29 with a total of 626,799 shares traded.
Over the past week, the price has changed by +1.99%,
over one month by +1.12%,
over three months by +1.73% and
over the past year by +31.87%.
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 | 11.7% |
P/E Forward = 17.2117
P/S = 2.4745
P/B = 1.431
P/EG = 2.7312
Revenue TTM = 2.29b USD
EBIT TTM = 538.5m USD
EBITDA TTM = 826.2m 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 = 10.3b USD (5.66b + Debt 4.65b - CCE 31.4m)
Interest Coverage Ratio = 2.60 (Ebit TTM 538.5m / Interest Expense TTM 206.8m)
EV/FCF = -32.89x (Enterprise Value 10.3b / FCF TTM -312.5m)
FCF Yield = -3.04% (FCF TTM -312.5m / Enterprise Value 10.3b)
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 = 0.95 (Enterprise Value 10.3b / Total Assets 10.8b)
Interest Expense / Debt = 4.44% (Interest Expense 206.8m / Debt 4.65b)
Taxrate = 11.68% (17.6m / 150.7m)
NOPAT = 475.6m (EBIT 538.5m * (1 - 11.68%))
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 = 5.60 (Net Debt 4.62b / EBITDA 826.2m)
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 = 6.92% (EBIT 538.5m / Capital Employed (Equity 3.79b + L.T.Debt 3.99b))
RoIC = 4.63% (NOPAT 475.6m / Invested Capital 10.3b)
WACC = 5.41% (E(5.66b)/V(10.3b) * Re(6.63%) + D(4.65b)/V(10.3b) * Rd(4.44%) * (1-Tc(0.12)))
Discount Rate = 6.63% (= 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: -2.45 | # QB: -1
Revenue Correlation: -38.61 | Revenue CAGR: -2.77% | SUE: -1.39 | # QB: -2
EPS current Quarter (2026-06-30): EPS=0.57 | Chg30d=+11.76% | Revisions=+20% | Analysts=2
EPS next Quarter (2026-09-30): EPS=0.69 | Chg30d=+3.49% | Revisions=-20% | Analysts=2
EPS current Year (2026-12-31): EPS=4.34 | Chg30d=-0.50% | Revisions=-33% | GrowthEPS=+5.8% | GrowthRev=+8.2%
EPS next Year (2027-12-31): EPS=4.61 | Chg30d=-0.26% | Revisions=-33% | GrowthEPS=+6.3% | GrowthRev=+28.8%
[Analyst] Revisions Ratio: -33%