Black Hills Corporation (BKH) Stock

Black Hills Corporation (BKH) is a Utilities stock trading at $71.67 (as of 2026-08-21), with a market capitalization of $5.47B and a trailing P/E of 16.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Black Hills Corporation, through subsidiaries, provides electric and natural gas utility services in the United States. It operates in Electric Utilities and Gas Utilities segments, serving residential and other customers across multiple states and handling generation, transmission, and distribution of electricity, as well as natural gas distribution, storage, and related infrastructure construction and maintenance.

Understand Black Hills Corporation: how it makes money

Black Hills Corporation operates electric and natural gas utility services in the United States, generating and delivering electricity and distributing natural gas through regulated infrastructure, and it makes money by selling utility service through its Electric Utilities and Gas Utilities segments.

Because Black Hills runs regulated utility infrastructure (electric generation and electric transmission and distribution, plus natural gas distribution), its profit model depends on the revenues it is allowed to earn through rate and regulatory processes across its Electric Utilities and Gas Utilities segments.

Revenue by segment (latest quarter)
Electric$0.4B
Gas$0.4B

Business quality (Strong): Good clarity on the two reportable segments and the operating asset base, but limited operational KPIs were provided beyond revenue labels, and the provided segment revenue totals do not fully reconcile to the company total.

Valuation: At 19× earnings, BKH trades 13% below the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

  • Two core regulated businesses: The company operates Electric Utilities and Gas Utilities segments, providing multiple revenue streams tied to ongoing utility service needs.
  • Scale of utility infrastructure: It owns and operates electric generation capacity and extensive electric transmission and distribution lines, and it distributes natural gas to a large customer base.
  • Regulatory activity is visible in results: The presence of rate review request and “new annual revenue” items suggests management and analysts can track how regulatory decisions impact future revenue.

Bear case

  • Regulatory outcomes can change revenue: Rate review requests and related new annual revenue items imply results can depend on regulatory approvals and the final outcomes versus expectations.
  • Utility revenues are tied to operating continuity: Because earnings are driven by maintaining and operating electric and gas delivery service, operational issues could affect the ability to deliver service and support revenues.
  • Segment revenue totals are not fully consistent with company revenue in the provided data: The segment revenue candidates shown here do not cleanly sum to the company total revenue provided, which limits precision when modeling segment contributions from this dataset.
Valuation — source: SEC EDGAR (first-party)
Price$71.67
Market Cap$5.47B
P/E Ratio16.7
EV / EBITDA10.8
Price / Book1.36
Price / Sales2.24
FCF Yield-6.2%
DCF Value (model)$30.02
DCF Upside vs Price-58.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$2.31B
Net Margin12.6%
Revenue Growth (YoY)8.6%
EPS Growth (YoY)2.0%
FCF Growth (YoY)488.0%
Financial Health — source: SEC EDGAR
Altman Z-Score1.04 (distress)
Valuation vs Sector & Industry
Stock P/E16.7
Sector P/E (Utilities)20.8
Industry P/E (Utilities)20.1
vs Sector-19.9%
vs Industry-16.8%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($841.92M)
Institutional Holders Tracked10
Congressional Trades (recent)2
Company
SectorUtilities
IndustryUtilities
CEOLinden R. Evans
Employees2,841
CountryUS
IPO Date1973-02-22

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

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BKH earnings history · BKH institutional & insider holders · BKH KPIs & operating metrics · BKH financials · BKH investor presentations & press releases · BKH SEC filings · BKH peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.