BKH
Black Hills Corporation
BKH's fundamentals are mixed, but it looks expensive: trading at 21x earnings, above its usual 17x. Analysts expect earnings growth.
BKH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Weak | |
| Weak |
BKH's profitability is currently healthy, and its revenue is stable, but its cash flow and balance sheet are weak.
BKH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 15x | $61.07 | -30% |
| Fair | 17x | $71.87 | -18% |
| Expensive | 19x | $78.89 | -9.9% |
| Forward | 19x | $87.53 | — |
| Current | 21x | $87.53 | — |
Historical ranges are pointers, not guarantees.
BKH's PE is in its expensive range at 21x. If earnings grow as analysts expect, today's price would be 19x next year's earnings.
BKH Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for BKH, but weaker profitability.
BKH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.66 | +12% |
| Q3 2026 | $4.16 | +5.3% |
| Q2 2026 | $3.96 | 0% |
| Q1 2026 | $3.84 | -1.8% |
| Q4 2025 | $3.98 | +1.8% |
| Q3 2025 | $3.95 | +6.5% |
| Q2 2025 | $3.96 | -1.7% |
| Q1 2025 | $3.91 | -3.5% |
| Q4 2024 | $3.91 | 0% |
BKH earned $4.16 per share over the past year, up 5.3% from the year before.
BKH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $466.1M | +8.3% |
| Q2 2026 | $452.8M | +3.1% |
| Q1 2026 | $780.7M | -3% |
| Q4 2025 | $635.5M | +6.4% |
| Q3 2025 | $430.2M | +7.1% |
| Q2 2025 | $439M | +9% |
| Q1 2025 | $805.2M | +11% |
| Q4 2024 | $597.1M | +0.9% |
BKH's revenue is recovering but still below its 2023 peak: $466M last quarter, up 8.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 21% | +2.8 points |
| Q2 2026 | 21% | +2.6 points |
| Q1 2026 | 26% | +0.4 points |
| Q4 2025 | 27% | -0.4 points |
| Q3 2025 | 18% | -0.6 points |
| Q2 2025 | 19% | +1.3 points |
| Q1 2025 | 25% | -1.1 points |
| Q4 2024 | 27% | +4.3 points |
BKH's operating margin was 21% last quarter, up 2.8 points from the same quarter a year ago.
BKH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$99.2M | -$9.7M |
| Q2 2026 | -$23M | +$7.3M |
| Q1 2026 | -$91.2M | -222% |
| Q4 2025 | -$101.5M | -$41M |
| Q3 2025 | -$89.5M | -$3.5M |
| Q2 2025 | -$30.3M | -147% |
| Q1 2025 | $74.9M | +31% |
| Q4 2024 | -$60.5M | -211% |
BKH has burned cash in most quarters: −$315M over the past year, against −$105M the year before.
BKH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +300K shares |
| 1 year | +4.8% | +3.5M shares |
| 3 years | +13% | +9M shares |
| 5 years | +20% | +13M shares |
| Available history | +26% | +15.6M shares |
BKH has 76M diluted shares, up 4.8% from a year ago.
BKH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.1x | High |
| Q2 2026 | 5.2x | High |
| Q1 2026 | 5.6x | High |
| Q4 2025 | 5.5x | High |
| Q3 2025 | 5.4x | High |
| Q2 2025 | 5.4x | High |
| Q1 2025 | 5.5x | High |
| Q4 2024 | 5.7x | High |
BKH's net debt is about 5.1 years of its operating earnings (EBITDA), down from 5.4 years a year ago.
BKH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 74.3 | Overbought |
| Stochastic | 95.4 | Overbought |
BKH's weekly RSI is 74 (overbought) and its Stochastic is 95 (overbought).
BKH PE vs Utilities Sector
| Metric | BKH | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 20x | 3.1% above |
| PE % | 96 | 44 | 52 pts above |
BKH is trading at 21x earnings, in line with the Utilities sector's median of 20x.
BKH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $78.5 | 12% above |
| 20 week MA | $75.3 | 16% above |
| 50 week MA | $73.6 | 19% above |
| 100 week MA | $66.9 | 31% above |
| 200 week MA | $62.3 | 41% above |
BKH is in an uptrend: it's above all five of its weekly moving averages, and 41% above its 200-week average.
BKH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $78.0 | $60.0 | -23% |
| 2021 | $60.0 | $68.7 | +15% |
| 2022 | $68.7 | $69.8 | +1.7% |
| 2023 | $69.8 | $54.0 | -23% |
| 2024 | $54.0 | $58.6 | +8.5% |
| 2025 | $58.6 | $69.3 | +18% |
| 2026 YTD | $69.3 | $87.5 | +26% |
BKH has finished higher in four of the last six years. It's up 26% so far in 2026.