Stocks · Utilities · Regulated Gas

Black Hills Corporation BKH

$70.96 +1.17% Close, Oct 2, 2026 · NYSE · Market cap $5.40B

Strong trend

Next earnings report: Nov 4, 2026

Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.

Three things to know

  1. Net debt is 5.7× EBITDA, a high level of leverage.
  2. The stock is in a downtrend: below its 200-day average, with the 50-day average below the 200-day.
  3. Revenue over the last four quarters was $2.30B, up 2.5% from a year earlier.

PromtFinance scores

Each score is a percentile within the Utilities sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.

Growth10Very weak

How fast revenue, earnings and cash flow are growing.

  • Revenue growth (TTM, YoY)Bottom 19%
  • EPS growth (TTM, YoY)Bottom 41%
  • Revenue growth, 3-year CAGRBottom 10%
  • Revenue growth accelerationTop 50%
Quality57Neutral

Returns on capital, margins, earnings quality and balance-sheet strength.

  • Return on invested capitalTop 23%
  • Gross marginBottom 40%
  • Operating marginTop 39%
  • Cash conversion (OCF / net income)Bottom 44%
  • Accruals (lower is better)Bottom 42%
  • Net debt / EBITDA (lower is better)Bottom 31%
  • Interest coverTop 31%
Value34Weak

How cheap the shares are relative to earnings, cash flow and their own history.

  • Earnings yieldTop 46%
  • Free-cash-flow yieldBottom 46%
  • EBITDA / enterprise valueBottom 39%
  • Sales / enterprise valueTop 47%
  • P/E vs own 5-year history (lower is better)Bottom 13%
Momentum89Strong

Strength and persistence of the price trend, including versus the S&P 500.

  • 12-month return excluding last monthTop 5%
  • 6-month returnTop 12%
  • 1-year return vs S&P 500Top 3%
  • Distance from 52-week highTop 9%
  • Trend checklist (0–4)Bottom 32%
Revisions61Neutral

Earnings surprises and analyst sentiment (estimate-revision history is being collected).

  • Average EPS surprise, last 4 quartersTop 29%
  • Consecutive EPS beatsBottom 39%
  • Share of analysts rating BuyTop 33%
  • Upside to consensus price targetBottom 46%
Stability42Weak

Low volatility, shallow drawdowns, low market sensitivity and modest leverage.

  • Volatility, 60 days (lower is better)Bottom 40%
  • Maximum drawdown, 3 yearsTop 2%
  • Beta vs S&P 500 (lower is better)Bottom 24%
  • Net debt / EBITDA (lower is better)Bottom 31%

What changed

Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).

MeasureBeforeNow
Revenue growth (YoY)3.6%2.5%↓
EPS growth (YoY)-2.0%-0.3%↑
Gross margin38.8%42.9%↑
Operating margin23.5%23.8%↑
FCF margin-4.5%-13.3%↓

Fundamental momentum

MeasureNow (TTM)Year / quarter beforeSector rank
Revenue growth (TTM, YoY)2.5%3.6%↓Bottom 19%
EPS growth (TTM, YoY)-0.3%-2.0%↑Bottom 41%
Gross margin42.9%38.8%↑Bottom 40%
Operating margin23.8%23.5%↑Top 39%
Net margin13.0%12.7%↑—
Free-cash-flow margin-13.3%-4.5%↓—
Return on invested capital4.7%—Top 23%
Revenue growth, 3-year CAGR-3.3%—Bottom 10%

Quality of earnings and balance sheet

Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
2.10×
Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
-3.0%
Stock-based compensation / revenueA cost to shareholders through dilution.
0.4%
Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
+6.3 pp
Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
5.72×
Interest cover (operating income / interest)How many times operating profit covers interest.
2.6×

Shareholder returns

Dividend yield (dividends paid, TTM)
3.83%
Net buyback yield (TTM)
-3.78%
Shareholder yield
0.05%
Share count change, 1 year
+5.1%
Share count change, 3-year CAGR
+4.5%

Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.

Based on the four quarters through Jun 30, 2026 (filed Aug 6, 2026).

Earnings and expectations

Earnings momentum

Consecutive EPS beats
1
Beats in the last 8 reports
3 of 8
Average EPS surprise, last 4
+7.8%
Average 2-day reaction, last 8
+0.6%
Positive 20 days after report
6 of 8

Analysts

Consensus price target
$84.50
Target vs current price
+19.1%
Analysts with a rating
15
Share rating Buy or Strong Buy
53%
Consensus rating
Buy

How the stock reacted to recent reports

Report dateEPS surprise2 days5 days20 days60 days
Aug 5, 2026+33.0%-0.7%+1.4%+0.2%—
May 6, 2026-4.8%+0.1%+0.6%-3.2%-3.6%
Feb 4, 2026+2.9%-0.4%-2.2%+2.3%+1.7%
Nov 5, 2025+0.0%+0.2%+11.4%+10.1%+12.1%
Jul 30, 2025+0.0%+1.0%+4.4%+5.7%+15.4%
May 7, 2025-2.6%+0.4%-6.1%-6.6%-6.0%
Feb 5, 2025+14.2%+1.5%+1.5%+1.6%+2.7%
Nov 6, 2024-27.1%+2.6%+5.0%+7.1%+0.6%

Returns from the close before each report. Past reactions do not determine future ones.

Earnings history

Report dateEPSEstimateSurpriseRevenue
Aug 5, 2026$0.54$0.41+33.0%$452.8M
May 6, 2026$1.79$1.88-4.8%$780.7M
Feb 4, 2026$1.41$1.37+2.9%$635.5M
Nov 5, 2025$0.45$0.45+0.0%$430.2M
Jul 30, 2025$0.38$0.38+0.0%$439.0M
May 7, 2025$1.87$1.92-2.6%$805.2M
Feb 5, 2025$1.37$1.20+14.2%$597.1M
Nov 6, 2024$0.35$0.48-27.1%$401.6M

Valuation in context

MultipleNow5-year median5-year percentileSector rank (cheapness)
P/E (trailing)17.9×16.0×71thTop 46%
P/E (forward)16.3×———
EV / EBITDA12.7×——Bottom 39%
EV / Sales4.27×——Top 47%
Free-cash-flow yield-5.65%——Bottom 46%
Earnings yield5.58%——Top 46%

P/E over the past five years

Range 12.9× – 19.6× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.

What moved the stock over the past year

Price return, 1 year
+17.3%
Earnings per share growth (TTM)
-0.3%
Change in P/E multiple
+26.3%

Most of the move came from a change in the valuation multiple.

Technical state

Trend checklist

  • ✗ Price above 20-day average
  • ✗ Price above 50-day average
  • ✗ Price above 200-day average
  • ✗ 50-day average above 200-day
  • ✓ MACD histogram positive

Trend quality

Days above the 50-day average
0
Days above the 200-day average
0
50-day average slope (20 days)
-1.8%
200-day average slope (20 days)
-0.0%
Distance from 50-day average
-1.8%
Distance from 200-day average
-2.3%
RSI (14)
47.9
Relative volume
0.77×

Risk and drawdowns

Volatility, 60 days (annualized)
18.8%
Volatility vs own 5-year history
18th percentile · Low for this stock
Beta vs S&P 500 (2 years, weekly)
0.34
Correlation with S&P 500
0.24
Current drawdown from 1-year high
-7.6%
Maximum drawdown, 3 years
-13.9%

Largest declines in the past six years

From peakTo lowDeclineLengthRecovery
Apr 20, 2022Oct 2, 2023-40.1%364 daysNot yet recovered
Aug 20, 2021Sep 28, 2021-14.2%26 days109 days (Mar 4, 2022)
Nov 16, 2020Dec 10, 2020-11.8%17 days60 days (Mar 10, 2021)

Declines of 10% or more from a closing high, measured on daily closes.

Financial statements

Market cap
$5.40B
P/E (TTM)
17.9
EPS, diluted (TTM)
$3.96
Revenue (TTM)
$2.30B
Dividend yield
3.92%
52-week range
$59.33 – $78.69
FY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.95B$2.55B$2.33B$2.13B$2.31B
Gross profit$705.5M$772.8M$796.4M$840.4M$888.7M
Operating income$409.4M$455.2M$472.7M$503.1M$537.5M
Net income$236.7M$258.4M$262.2M$273.1M$291.6M
EPS (diluted)$3.74$3.97$3.91$3.91$3.98
Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Revenue$401.6M$597.1M$805.2M$439.0M$430.2M$635.5M$780.7M$452.8M
Net income$24.4M$98.1M$134.3M$27.5M$24.9M$104.9M$131.0M$38.2M
EPS (diluted)$0.35$1.37$1.87$0.38$0.34$1.39$1.73$0.50
FY 2021FY 2022FY 2023FY 2024FY 2025
Operating cash flow-$64.6M$584.8M$944.4M$719.3M$673.4M
Capital expenditure-$677.5M-$604.4M-$555.6M-$744.2M-$819.8M
Free cash flow-$742.1M-$19.6M$388.8M-$24.9M-$146.4M
Dividends paid-$145.0M-$156.7M-$168.1M-$182.3M-$197.9M
Net share buybacks$119.0M$90.1M$118.3M$181.4M$219.2M

Cash outflows are shown as negative numbers.

Cash and short-term investments
$71.5M
Total assets
$11.04B
Total liabilities
$7.01B
Total debt
$4.49B
Net debt
$4.42B
Shareholders’ equity
$3.94B

As of Jun 30, 2026 (filed Aug 6, 2026).

Dividends

Ex-dateAmountPaid
Aug 17, 2026$0.70Sep 1, 2026
May 15, 2026$0.70Jun 1, 2026
Feb 17, 2026$0.70Mar 1, 2026
Nov 17, 2025$0.68Dec 1, 2025
Aug 18, 2025$0.68Sep 2, 2025
May 16, 2025$0.68Jun 1, 2025
Feb 18, 2025$0.68Mar 1, 2025
Nov 18, 2024$0.65Dec 1, 2024

Short interest

Shares sold short
10,827,316
Days to cover
12.80
Change vs previous report
+4.4%

FINRA short interest, settlement date Sep 15, 2026.

Stock splits

Mar 11, 1998
3-for-2
Mar 3, 1992
3-for-2
Mar 3, 1986
2-for-1
Jun 1, 1983
2-for-1
Feb 2, 1976
2-for-1