Black Hills Corporation (BKH) is a publicly traded company in the Utilities — Regulated Gas industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
Black Hills Corporation operates as an American utility firm, delivering both electric power and natural gas through its subsidiaries. Its business is organized into two primary divisions: Electric Utilities and Gas Utilities. The Electric Utilities segment is responsible for generating, transmitting, and distributing electricity to approximately 218,000 customers spanning Colorado, Montana, South Dakota, and Wyoming.
Is Black Hills Corporation stock overvalued or undervalued in 2026?
Black Hills Corporation (BKH) trades at 20.4× earnings (P/E), below the median of the 83 utilities companies over $2bn in Kaplio's universe. At the decade median (17.5×) $69 (-14 %); at its sector median (20.7×) $82 (+2 %).
Kaplio overview: Black Hills Corporation
Market cap $6B · 52 weeks $63 – $82 (0 % below the high) · P/E 20.4× · 2027 expected P/E 17.5× · Dividend 3.5 % · 10 years rising · Next earnings November 4, 2026 · expected EPS $0.47 · Closing price, Oct 28 · accounts published Aug 5.
- Valuation: P/E 20.4× (fairly priced).
- Business: ROE 7.7 % (fair).
- Balance sheet: Net debt/EBITDA 5.5× (passes, near the threshold).
- Earnings: 3 of 8 (disappointing).
What would it be worth at its usual multiples?
At the decade median (17.5×) $69 (-14 %); at its sector median (20.7×) $82 (+2 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in utilities: 3 of 6 pass
- 5y EPS growth 1.8 %, fails.
- Interest coverage 2.6×, fails.
- Regulated ROE (8-12%) 7.7 %, borderline.
- 10y dividend growth 6.7 %, passes.
- Net debt / EBITDA 5.5×, passes, near the threshold.
- Payout Ratio 67.9 %, passes.
Against its peers (reference peers) — Black Hills Corporation: P/E 20.4×; EV/EBITDA 12.5×; ROIC 4.7 %; $6.2B. New Jersey Resources Corporation (P/E 14.6×; EV/EBITDA 11.7×; ROIC 5.6 %; $5.4B), ONE Gas, Inc. (P/E 16.7×; EV/EBITDA 10.6×; ROIC 4.7 %; $4.9B), Portland General Electric Company (P/E 19.4×; EV/EBITDA 9.4×; ROIC 3.7 %; $5.2B).
Expensive or cheap against its last 9 years?
P/E at each close: today 20.4× · median 17.5× · minimum 12.1× · maximum 21.9× · cheap below 15.8× · expensive above 18.9×. It has been cheaper than today 96% of the time over its last 9 years.
Dividend
tight · Yield 3.5 % ($2.71 per share in 2025) · Years raising it 10 · 5-year growth +4 % a year · Free cash flow coverage 0.4× · With $1,000 invested today you'd collect $34.50 a year ($2.88 a month).
Profitability
| Return on Equity | 7.73% |
| Return on Invested Capital | 4.73% |
| Return on Assets | 2.71% |
| Gross Margin | 42.92% |
| Operating Margin | 23.79% |
| Net Margin | 13.00% |
Financial Health
| Debt / Equity | 1.14 |
| Current Ratio | 0.52 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.01 |
Price Performance
| 1 month | +16.34% |
| 3 months | +14.80% |
| Year-to-date | +17.76% |
| 1 year | +28.20% |
| 3 years | +70.10% |
| 5 years | +23.15% |
| 10 years | +32.17% |
Dividend History
Paid in the last 12 months: $2.7850 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-08-17 | $0.7030 |
| 2026-05-15 | $0.7030 |
| 2026-02-17 | $0.7030 |
| 2025-11-17 | $0.6760 |
| 2025-08-18 | $0.6760 |
| 2025-05-16 | $0.6760 |
| 2025-02-18 | $0.6760 |
| 2024-11-18 | $0.6500 |
| 2024-08-19 | $0.6500 |
| 2024-05-16 | $0.6500 |
Amounts adjusted for stock splits.
Related companies: NWE · OTTR · PCG · POR · NJR · OGS · DTW · AVA
Explore sector: Utilities · Regulated Gas
More sections of BKH: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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