# Black Hills Corporation (BKH)

> Source: Nexqual · https://nexqual.com/BKH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Black Hills Corporation (BKH), nexqual.com/BKH" · informational, not investment advice.

**Price:** USD 79.31 (+0.97% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 78.55 · day 78.67–79.65 · 52w 62.27–79.65 · market cap $6.05B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.30B, net income $299M (13.0% margin), free cash flow -$305M (SEC filings).
- Valuation: P/E 20.2x (avg 15.4x at the last 3 fiscal year-ends), EV/EBITDA 12.3x, net debt $4.33B.
- Earnings quality: non-operating income -$197M vs operating income $549M over the last four quarters; P/E excluding non-operating income ≈12.8x (estimate: non-operating income taxed at the company's 12.5% effective rate).
- 2 of 80 tracked superinvestors hold BKH (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Analysts: Buy (mean 1.86 on a 1–5 scale) (7 analysts), mean target USD 87.07 (range 78–91).
- Total return with dividends: 1Y +25.9% vs S&P 500 +14.9%; 5Y +46.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.46, revenue estimate $482M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.95B | $2.55B | $2.33B | $2.13B | $2.31B | $2.30B |
| Operating income | $409M | $455M | $473M | $503M | $538M | $549M |
| Net income | $237M | $258M | $262M | $273M | $292M | $299M |
| EPS (diluted) | $3.74 | $3.97 | $3.91 | $3.91 | $3.98 | — |
| Free cash flow | -$742M | -$19.6M | $389M | -$24.9M | -$146M | -$305M |
| Operating margin | 21.0% | 17.8% | 20.3% | 23.6% | 23.3% | 23.9% |
| Net margin | 12.1% | 10.1% | 11.2% | 12.8% | 12.6% | 13.0% |
| Revenue growth | +14.9% | +30.9% | -8.6% | -8.7% | +8.6% | — |
| Cash + short-term investments | $8.9M | $21.4M | $86.6M | $16.1M | $183M | — |
| Total debt | $4.13B | $4.13B | $4.40B | $4.25B | $4.70B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.2x · P/E ex non-operating (est.) ≈12.8x · P/S 2.6x · EV/EBITDA 12.3x · EV/Sales 4.5x · P/B 1.5x · FCF yield -5.05% · Earnings yield 4.95% · Dividend yield (paid, TTM) 3.42% · Net debt $4.33B · EV $10.4B
P/E at fiscal year-ends: Dec 2025 17.4x, Dec 2024 15.0x, Dec 2023 13.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold BKH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.07% | $7.3M | Unchanged |
| First Eagle Investment | First Eagle Investment Management | 0.02% | $13.2M | Added +38.2% |

## Analysts
Consensus Buy (mean 1.86 on a 1–5 scale), 7 analysts; mean target USD 87.07 (low 78, high 91).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Jefferies | Initiated | Buy | $87 |
| 2026-10-08 | BMO Capital | Target raised | Outperform | $83 → $86 |
| 2026-10-07 | Freedom Broker | Upgrade | Hold → Buy | $69 → $78 |
| 2026-09-30 | Freedom Broker | Initiated | Hold | $69 |
| 2026-09-21 | B of A Securities | Target raised | Buy | $87 → $97 |
| 2026-07-22 | BMO Capital | Target lowered | Outperform | $86 → $85 |
| 2026-07-10 | B of A Securities | Target raised | Buy | $78 → $87 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +25.9% | +46.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +26.0% | +7.9% |
| Volatility (annualized) | 23.7% | 22.9% |
| Max drawdown | -10.9% (Apr 2026→Jun 2026) | -36.5% (Aug 2022→Oct 2023) |

## Peers (Utilities - Regulated Gas)
SWX (Southwest Gas Holdings, Inc.) USD 91.08 +3.01% · NJR (NewJersey Resources Corporation) USD 53.63 +2.94% · SR (Spire Inc.) USD 85.56 +3.70% · OGS (ONE Gas, Inc.) USD 78.25 +3.57% · BIPC (Brookfield Infrastructure Corpo) USD 37.63 +2.53% · UGI (UGI Corporation) USD 38.61 +0.13%

## More
Full page: https://nexqual.com/BKH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.46 | $0.62 | -26.7% | $481.8M | 3 |
| Next quarter (ends 2026-12-31) | $1.61 | $1.27 | +27.1% | $791.5M | 3 |
| Current fiscal year (ends 2026-12-31) | $4.35 | $4.34 | +0.4% | $2.45B | 6 |
| Next fiscal year (ends 2027-12-31) | $4.62 | $4.61 | +0.3% | $4.33B | 2 |