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Black Hills Corp (BKH) stock

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NYSE: BKH NYSE Multi-Utilities Next results ~November 4, 2026

C Fundamentals grade

Black Hills Corp is a US-listed company in the multi-utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger).

Price vs value

Under review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger). We'll show the comparison once resolved.

Black Hills Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds257 adding, 184 cuttingOf 52 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Black Hills files

Where Black Hills stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.30bn, up 2.5% on a year earlier, slower than the 3.6% growth a quarter earlier. That puts it 12 of 14 for growth among the multi-utilities companies we cover. Free-cash-flow margin fell to -13.3% from -4.5% a year earlier. The diluted share count is up 4.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 6 financial-health checks.

Our model value for Black Hills is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Black Hills Corp's trailing-twelve-month revenue grew 2.5% year on year, with a free-cash-flow margin of -13.3%. Where it lags: change in share count of 4.8% ranks 15 of 17 multi-utilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 199.5% while net income grew 5.2%: a 205pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Black Hills Corp's latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -13.3% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 4.8% in a year.
  • High debt. Long-term debt exceeds cash by $3.9bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -102% of net income over the last 12 months.
  • Below peers: revenue growth. Revenue growth of 2.5% ranks 14 of 17 multi-utilities companies we cover (median 7.8%).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.54 against an average estimate of $0.41: beat by 33.3%
Revenue
$453m, up 3.1% on a year earlier
Share reaction
+0.7% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
adjusted EPS $4.25 to $4.45 (2026); increase in operations and maintenance expense growth 3.5% (2026)
Next report
November 4, 2026; average EPS estimate $0.47

Black Hills' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.6%
  • 1 week+2.9%
  • 1 month+16.3%
  • This year+22.3%
  • 1 year+35.2%
  • 5 years+49.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.3B
Operating margin
23.9%
Net margin
13.0%
EPS (TTM, diluted)
$3.98

Growth

Revenue growth
+2.5%
Change in growth rate
−1.1 pts
Share count change
+4.8%

Cash

Free cash flow (TTM)
-$305M
FCF margin
-13.3%
Stock pay % of revenue
0.5%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Announcement
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Black Hills Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger).

Our value per share comes from a discounted-cash-flow model of Black Hills Corp's free cash flow after stock-based pay ( $64.4M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$31.70$43.13$43.48$46.95$60.37$48.87$58.09$59.88$47.94$54.44$67.47$82.51
Market value$1.4bn$2.3bn$2.4bn$2.6bn$3.7bn$3.1bn$3.7bn$4.4bn$3.2bn$3.8bn$4.9bn$6.2bn
+ Net debt (− = net cash)$1.5bn$4.0bn$3.3bn$3.1bn$3.5bn$3.8bn$4.5bn$4.6bn$4.3bn$4.4bn$4.5bn$4.4bn
Enterprise value$2.9bn$6.3bn$5.7bn$5.7bn$7.2bn$6.8bn$8.2bn$9.0bn$7.5bn$8.2bn$9.5bn$10.6bn
Multiples
Price / sales 1.1x1.5x1.4x1.5x2.1x1.8x1.9x1.7x1.4x1.8x2.1x2.7x
Price / earnings —31.5x13.5x10.1x18.4x13.4x15.5x17.0x12.3x13.9x16.9x20.7x
Price / free cash flow 9.1x—23.4x83.3x————8.3x———
EV / EBITDA 6.9x12.2x9.4x9.7x11.6x10.4x12.7x12.8x10.3x10.6x11.5x12.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

40 /100

Weak moat

How hard Black Hills's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.7% of total assets over 10 years.

  • Durability 17 / 20

    Operating margin has been a median 23.4%; its worst year was 17.3%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 3 of 10 years, at a median -2.8% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 21.6% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $482m and EPS of $0.47 (range $0.42 to $0.52) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.35 +6% $2.5bn +6%
Next $4.62 +6% $4.3bn +76%

Next year's EPS estimate has moved +0.3% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.4% on 90 days ago. In the last 30 days, 1 analyst raised Black Hills Corp's forecast and 1 cut it.

Consensus EPS forecast Black Hills Corp, last 90 days
$4.30 $4.40 $4.50 $4.60 $4.70 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.34 Current fiscal year, 60 days ago: $4.34 Current fiscal year, 30 days ago: $4.34 Current fiscal year, 7 days ago: $4.35 Current fiscal year, Now: $4.35 $4.35 Next fiscal year, 90 days ago: $4.61 Next fiscal year, 60 days ago: $4.61 Next fiscal year, 30 days ago: $4.61 Next fiscal year, 7 days ago: $4.62 Next fiscal year, Now: $4.62 $4.62

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.34$4.61
60 days ago $4.34$4.61
30 days ago $4.34$4.61
7 days ago $4.35$4.62
Now $4.35$4.62

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.41 $0.54 +33.3%
Mar 2026 $1.84 $1.79 −2.7%
Dec 2025 $1.41 $1.41 0.0%
Sept 2025 $0.40 $0.45 +13.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Adjusted EPS 2026 $4.25 to $4.45 Non-GAAP Maintained
    “Reaffirms 2026 adjusted earnings guidance in the range of $4.25 to $4.45 per share, excluding merger-related costs” source
  • Increase in operations and maintenance expense 2026 about 3.5% growth Maintained
    “Increase in operations and maintenance expense (excludes merger-related costs, depreciation and amortization, and taxes other than income taxes) of approximately 3.5% off 2025 of $580 million;” source
  • Equity issuance 2026 $50m to $70m Maintained
    “Equity issuance between $50 million and $70 million; and” source
  • Effective tax rate 2026 about 14% Maintained
    “An effective tax rate of approximately 14% for the full year.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Our model doesn't use the consensus here: consensus revenue is 1.88x the latest quarter's run rate while reported revenue grew 3% a year: a different business (spin-off, disposal or merger) - not used.

Analyst recommendations

7 analysts, Nov 2026
Buy7100%
Hold00%
Sell00%

Monthly trend

  1. Nov 2026167
  2. Oct 20261416
  3. Sep 2026145

Counts of recommendations published by analysts covering Black Hills Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
21.0%
of tradable shares
Days to cover
8.65
at average volume
Short interest, 1 month
+11%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
2,795
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +35.2%

$61.05 on October 31, 2025 to $82.51

ThenNowEffect
Revenue (last 12 months) $2.2bn $2.3bn +2.5%
Net margin 12.7% 13.0% +2.6%
P/E multiple 15.4x 20.7x +34.7%
Share count 72m 75m −4.6%

Biggest factor: p/e multiple.

Last 3 years +82.4%

$45.23 on November 3, 2023 to $82.51

ThenNowEffect
Revenue (last 12 months) $2.6bn $2.3bn −11.1%
Net margin 9.5% 13.0% +37.5%
P/E multiple 12.1x 20.7x +70.6%
Share count 66m 75m −12.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BKH+19%+3%−20%+14%+24%+22%
Industry peers (median)+10%+3%−2%+14%+12%+8%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BKH58%42%50%67%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BKH−14%−23%−33%−12%−9%−11%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 41% from February 18, 2020 to March 18, 2020. Getting back needed a 68% gain, reached on April 20, 2022, 763 days after the low.

Price behaviour

52-week range
$61.47 – $82.51
From 52-week high
0.0%
vs 50-day average
+11.2%
vs 200-day average
+13.7%
Volatility (1 year)
24%
Beta vs S&P 500
0.03

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
11 up, 1 down
typical move ±2.1%
After a week
9 up, 3 down
typical move ±3.7%
After a month
9 up, 3 down
typical move ±5.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +0.7% −0.4% +1.3% +2.4%
May 6, 2026 +1.9% +1.1% +0.3% −0.5%
February 4, 2026 +0.5% −1.7% −1.9% +0.2%
November 5, 2025 +4.8% −0.7% +11.7% +9.3%
July 30, 2025 +2.2% −0.5% +5.7% +6.9%
May 8, 2025 −5.2% +0.6% −5.0% −6.0%
February 5, 2025 +1.2% +0.8% +1.6% +2.7%
November 6, 2024 +1.3% +3.3% +7.4% +6.4%
July 31, 2024 +0.6% +0.2% −3.3% +0.6%
May 8, 2024 +1.5% +0.6% +0.2% −4.4%
February 7, 2024 +2.7% +0.9% +3.0% +9.3%
November 1, 2023 +3.2% +3.0% +3.0% +11.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Black Hills Corp in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Black Hills Corp
$2B $2.2B $2.4B $2.6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.5B Revenue (TTM), FY23 Q4: $2.3B Revenue (TTM), FY24 Q1: $2.1B Revenue (TTM), FY24 Q2: $2.1B Revenue (TTM), FY24 Q3: $2.1B Revenue (TTM), FY24 Q4: $2.1B Revenue (TTM), FY25 Q1: $2.2B Revenue (TTM), FY25 Q2: $2.2B Revenue (TTM), FY25 Q3: $2.3B Revenue (TTM), FY25 Q4: $2.3B Revenue (TTM), FY26 Q1: $2.3B Revenue (TTM), FY26 Q2: $2.3B $2.3B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.5B
FY23 Q4 $2.3B
FY24 Q1 $2.1B
FY24 Q2 $2.1B
FY24 Q3 $2.1B
FY24 Q4 $2.1B
FY25 Q1 $2.2B
FY25 Q2 $2.2B
FY25 Q3 $2.3B
FY25 Q4 $2.3B
FY26 Q1 $2.3B
FY26 Q2 $2.3B
Revenue growth, TTM YoY Black Hills Corp
-20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 9.0% Revenue growth, TTM YoY, FY23 Q4: -8.6% Revenue growth, TTM YoY, FY24 Q1: -19.4% Revenue growth, TTM YoY, FY24 Q2: -17.7% Revenue growth, TTM YoY, FY24 Q3: -16.1% Revenue growth, TTM YoY, FY24 Q4: -8.7% Revenue growth, TTM YoY, FY25 Q1: 3.3% Revenue growth, TTM YoY, FY25 Q2: 5.4% Revenue growth, TTM YoY, FY25 Q3: 7.0% Revenue growth, TTM YoY, FY25 Q4: 8.6% Revenue growth, TTM YoY, FY26 Q1: 3.6% Revenue growth, TTM YoY, FY26 Q2: 2.5% 2.5%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 9.0%
FY23 Q4 -8.6%
FY24 Q1 -19.4%
FY24 Q2 -17.7%
FY24 Q3 -16.1%
FY24 Q4 -8.7%
FY25 Q1 3.3%
FY25 Q2 5.4%
FY25 Q3 7.0%
FY25 Q4 8.6%
FY26 Q1 3.6%
FY26 Q2 2.5%
Operating margin (TTM) Black Hills Corp
18% 20% 22% 24% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 18.4% Operating margin (TTM), FY23 Q4: 20.3% Operating margin (TTM), FY24 Q1: 23.0% Operating margin (TTM), FY24 Q2: 23.4% Operating margin (TTM), FY24 Q3: 22.4% Operating margin (TTM), FY24 Q4: 23.6% Operating margin (TTM), FY25 Q1: 23.3% Operating margin (TTM), FY25 Q2: 23.5% Operating margin (TTM), FY25 Q3: 23.3% Operating margin (TTM), FY25 Q4: 23.3% Operating margin (TTM), FY26 Q1: 23.4% Operating margin (TTM), FY26 Q2: 23.9% 23.9%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 18.4%
FY23 Q4 20.3%
FY24 Q1 23.0%
FY24 Q2 23.4%
FY24 Q3 22.4%
FY24 Q4 23.6%
FY25 Q1 23.3%
FY25 Q2 23.5%
FY25 Q3 23.3%
FY25 Q4 23.3%
FY26 Q1 23.4%
FY26 Q2 23.9%
FCF margin (TTM) Black Hills Corp
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 11.3% FCF margin (TTM), FY23 Q4: 16.7% FCF margin (TTM), FY24 Q1: 11.1% FCF margin (TTM), FY24 Q2: 7.8% FCF margin (TTM), FY24 Q3: 4.3% FCF margin (TTM), FY24 Q4: -1.2% FCF margin (TTM), FY25 Q1: -0.3% FCF margin (TTM), FY25 Q2: -4.5% FCF margin (TTM), FY25 Q3: -4.6% FCF margin (TTM), FY25 Q4: -6.3% FCF margin (TTM), FY26 Q1: -13.7% FCF margin (TTM), FY26 Q2: -13.3% -13.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 11.3%
FY23 Q4 16.7%
FY24 Q1 11.1%
FY24 Q2 7.8%
FY24 Q3 4.3%
FY24 Q4 -1.2%
FY25 Q1 -0.3%
FY25 Q2 -4.5%
FY25 Q3 -4.6%
FY25 Q4 -6.3%
FY26 Q1 -13.7%
FY26 Q2 -13.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Black Hills took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.3B
  2. Other operating costs $1.8B · 76.7%
  3. Operating income $538M · 23.3%
  4. Income tax $43.7M · 1.9%
  5. Interest and other $202M · 8.8%
  6. Net income $292M · 12.6%

Shares of revenue. Source: Black Hills's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1,199 1,220 1,272 1,174 1,276 1,394 1,261 1,539 1,680 1,754 1,735 1,697 1,949 2,552 2,331 2,128 2,310 2,299
Gross profit 603 653 697 767 — — — — — — — — — — — — — —
EBITDA 245 310 322 422 397 409 427 512 605 593 615 653 645 706 730 773 821 844
Operating income 124 183 186 276 259 264 300 336 417 397 406 428 409 455 473 503 538 549
Net income 82 69 50 82 115 131 −32 73 177 258 199 228 237 258 262 273 292 299
Diluted EPS $2.11 $1.76 $1.24 $2.32 $2.64 $2.93 −$0.71 $1.37 $3.21 $4.66 $3.28 $3.65 $3.74 $3.97 $3.91 $3.91 $3.98 $3.98
Growth (year on year)
Revenue +19.2% +1.8% +4.3% −7.7% +8.7% +9.2% −9.5% +22.0% +9.2% +4.4% −1.1% −2.2% +14.9% +30.9% −8.6% −8.7% +8.6% +2.5%
EBITDA +50.2% +26.5% +3.8% +31.2% −6.1% +3.0% +4.5% +19.9% +18.2% −1.9% +3.7% +6.1% −1.1% +9.4% +3.3% +6.0% +6.2% +5.1%
Operating income +122.2% +47.7% +1.5% +48.4% −6.1% +1.7% +13.9% +11.9% +24.0% −4.7% +2.3% +5.5% −4.4% +11.2% +3.8% +6.4% +6.8% +4.3%
Net income −22.4% −15.8% −27.6% +63.9% +41.0% +13.9% −124.5% — +142.6% +46.0% −22.9% +14.2% +4.0% +9.2% +1.5% +4.2% +6.8% +5.2%
Diluted EPS −23.3% −16.6% −29.5% +87.1% +13.8% +11.0% −124.2% — +134.3% +45.2% −29.6% +11.3% +2.5% +6.1% −1.5% 0.0% +1.8% +0.4%
Margins
Gross margin 50.3% 53.5% 54.8% 65.3% — — — — — — — — — — — — — —
EBITDA margin 20.4% 25.4% 25.3% 36.0% 31.1% 29.3% 33.8% 33.3% 36.0% 33.8% 35.5% 38.5% 33.1% 27.7% 31.3% 36.3% 35.6% 36.7%
Operating margin 10.4% 15.0% 14.6% 23.5% 20.3% 18.9% 23.8% 21.8% 24.8% 22.6% 23.4% 25.2% 21.0% 17.8% 20.3% 23.6% 23.3% 23.9%
Net margin 6.8% 5.6% 3.9% 6.9% 9.0% 9.4% −2.5% 4.7% 10.5% 14.7% 11.5% 13.4% 12.1% 10.1% 11.2% 12.8% 12.6% 13.0%
Free-cash-flow margin −6.4% −26.6% −17.1% −2.7% −2.4% −6.0% 12.5% −8.7% 6.1% 1.8% −18.0% −13.3% −38.1% −0.8% 16.7% −1.2% −6.3% −13.3%
Cash flow
Cash from operations 271 148 224 317 325 315 424 320 428 489 506 542 −65 585 944 719 673 628
Capital spending 347 472 441 349 355 398 266 455 326 458 818 767 678 604 556 744 820 934
Free cash flow −76 −325 −217 −32 −30 −83 158 −134 102 31 −313 −226 −742 −20 389 −25 −146 −305
Stock-based pay 4 6 6 8 13 9 4 11 8 12 12 5 10 9 7 11 12 13
Free cash flow after stock pay −80 −330 −223 −40 −43 −93 154 −145 95 19 −325 −231 −752 −28 382 −36 −158 −318
Balance sheet
Cash 113 16 22 15 8 21 441 14 15 21 10 6 9 21 87 16 183 72
Total debt 1,216 1,440 1,628 1,320 1,479 1,618 1,944 3,967 3,326 3,142 3,495 3,771 4,547 4,668 4,401 4,384 4,701 4,494
Net debt (negative = net cash) 1,103 1,424 1,606 1,304 1,472 1,596 1,503 3,953 3,311 3,121 3,486 3,764 4,538 4,647 4,315 4,368 4,518 4,422
Diluted shares 39m 39m 40m 44m 44m 45m 45m 53m 55m 55m 61m 62m 63m 73m 67m 70m 73m 75m
Returned to shareholders
Dividends 55 56 59 65 68 70 73 88 97 107 125 135 145 157 168 182 198 207
Total returned 55 56 59 65 68 70 73 88 97 107 125 135 145 157 168 182 198 207

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · June 30, 2026
What it owns · $11.0bn
Short-term assets $745mLonger-term assets $10.3bn
What it owes, and who funded it · $5.4bn
Short-term liabilities $1.4bnShareholders' equity $3.9bn
  • Short-term assets cover short-term liabilities $745m of assets due within a year against $1.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $72m of cash against $4.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 112% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 148% to 112% over five years.
  • A year's operating cash flow covers at least 20% of debt $628m of operating cash flow against $4.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $549m against $203m of interest.

From Black Hills Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$207M
Returned to shareholders
-68%
of free cash flow
Diluted share count
+4.8%
year over year
Total shareholder yield
3.3%
dividends 3.3% + buybacks 0.0% of market value
Dividend payout ratio
69%
of net income paid out
Days sales outstanding
45 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in multi-utilities
Last 12 months unless stated BKH AVA MDU NWE PNW NI Median
Revenue, last 12 months $2.3bn $1.9bn $1.8bn $1.7bn $5.6bn $6.8bn $9.0bn
Revenue growth, last 12 months 2.5% −1.8% −1.1% 10.7% 5.7% 12.3% 7.8%
Revenue growth, 3-year average −3.8% 3.6% −5.2% 4.0% 6.9% 6.2% 2.3%
Revenue growth, latest quarter 3.1% 0.5% 6.9% 14.6% 7.1% 4.7% 6.6%
Gross margin — — — — 70.5% 100.0% 100.0%
Operating margin 23.9% 18.8% 17.0% 18.8% 20.5% 28.0% 20.4%
Operating margin, 3-year average 23.6% 17.1% 35.5% 21.1% 19.8% 28.0% 20.4%
Net margin 13.0% 11.8% 10.7% 10.1% 11.5% 13.8% 11.8%
Cash from operations / revenue 27.3% 28.5% 22.1% 24.6% 31.9% 35.0% 28.8%
Free-cash-flow margin −13.3% −5.4% −21.1% −11.4% −15.8% −23.0% −13.3%
Free-cash-flow margin, 3-year average −3.3% −3.8% 6.9% −9.6% −14.9% −16.8% −7.6%
Stock pay / revenue 0.5% 0.6% 0.4% 0.4% 0.5% 0.7% 0.5%
Change in share count 4.8% 2.8% 1.2% 0.3% 3.9% 1.8% 2.2%

Median of all 17 companies we cover in multi-utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 multi-utilities companies
Measure Company Peer median Rank
Revenue growth Growth 2.5% 7.8% 14 of 17
Change in growth rate Growth -1.1pp -0.2pp 11 of 17
Operating margin Profitability 23.9% 20.5% 5 of 16
Net margin Profitability 13.0% 11.8% 7 of 17
Free-cash-flow margin Cash generation -13.3% -13.3% 9 of 17
Stock pay as % of revenue Cash generation 0.5% 0.5% 6 of 8
Long-term debt as % of assets Balance sheet 36.2% 39.5% 6 of 16
Change in share count Balance sheet 4.8% 2.2% 15 of 17
Days sales outstanding Balance sheet 45 days 39 days 11 of 14

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Reportable Segment Aggregation Before Other Operating $2.3B ▲ 8.4%
Gas Utilities $1.4B ▲ 9.5%
Electric Utilities $939M ▲ 7.7%

These categories overlap or exclude eliminations, so shares aren't shown.

From Black Hills Corp's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.8B
Institutions reporting
475
Shares held vs prior quarter
▲ 2.6%
Positions opened / closed
55 / 51

Top buyers and sellers, Q2 2026: 257 institutions bought and 184 sold ; the biggest buyer was AQR Capital Management LLC (+636K shares) and the biggest seller Adage Capital Partners Gp, L.L.C (−885K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $929M 12.5M 15.9% ▲ 2.9%
Vanguard Portfolio Management LLC $382M 5.1M 6.5% ▲ 2.0%
State Street Corp $284M 3.8M 4.9% ▲ 5.5%
Vanguard Capital Management LLC $255M 3.4M 4.4% ▲ 1.7%
Nomura Asset Management International Inc. $186M 2.5M 3.2% ▼ 6.8%
AQR Capital Management LLC $166M 2.2M 2.8% ▲ 39.9%
Point72 Asset Management, L.P. $161M 2.2M 2.8% ▲ 11.2%
Geode Capital Management, LLC $159M 2.1M 2.7% ▲ 6.8%
Franklin Resources Inc $146M 2.0M 2.5% ▲ 24.5%
Capital Research Global Investors $136M 1.8M 2.3% ▼ 19.8%
Two Sigma Investments, LP $124M 1.7M 2.1% ▼ 24.9%
Cohen & Steers, Inc. $120M 1.6M 2.0% ▲ 26.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Black Hills Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.3M 2 trades by 2 insiders · 0% under pre-set plans
Net ▼ $1.3M net selling
Insider Date Trade Shares Price Value
Otto Robert P Director May 27, 2026 Sell 4,109 $74.22 $304,970
Nooney Kimberly F SVP & CFO November 10, 2025 Sell 14,500 $70.70 $1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Black Hills Corp disclosed in the last 12 months; 2 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 11, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 4, 2026
  • November 5, 2025
  • July 30, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Black Hills Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Black Hills Corp in brief

What does Black Hills Corp do?
Black Hills Corp is a US-listed company in the multi-utilities industry. Its financial year ends in December.
What is Black Hills Corp's stock ticker?
Black Hills Corp trades under the ticker BKH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Black Hills Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Black Hills Corp reported revenue of $2.3B, 2.5% higher than a year earlier, according to its SEC filings.
What is Black Hills Corp's free cash flow?
Black Hills Corp's free-cash-flow margin is -13.3% of revenue over the trailing twelve months, ranking 9 of the 17 multi-utilities companies we cover.
Who are Black Hills Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Black Hills Corp's market cap?
On November 2, 2026, Black Hills Corp's market capitalisation was about $6.2B, with a price-to-earnings ratio of 20.7 and net debt of $4.4B. Market figures come from third-party market data and may be delayed.
Does Black Hills Corp pay a dividend?
Yes: Black Hills Corp paid $207M in dividends over the trailing twelve months, a dividend yield of 3.32% and a payout ratio of 69.2%.
How much debt does Black Hills Corp have?
Black Hills Corp's debt-to-equity ratio is 111.7%, from its latest balance sheet (148.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Black Hills Corp's competitors?
In our Multi-Utilities peer group, the companies closest to Black Hills Corp are Avista Corp, MDU Resources Group Inc, Northwestern Energy Group, Inc., Pinnacle West Capital and NiSource. The side-by-side comparison below sets their revenue, margins and growth against Black Hills Corp's.
Are insiders buying or selling Black Hills Corp stock?
Over the last 12 months, Black Hills Corp's directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Black Hills Corp's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Black Hills Corp announces its own schedule.