# Black Hills Corporation (BKH) fundamentals

Data as of 2026-11-04. NYSE, United States. Sector: Utilities / Multi-Utilities. Price $82.20, market value $6.3 billion.

## Valuation
- **P/E (trailing): 20.7×** (5-yr avg 14.9×, 3-yr avg 14.5×). Black Hills Corporation trades at 20.7× trailing earnings, well above its own five-year average of 14.9×: investors are paying up relative to the company's past. The Utilities median in the September 2026 study was 21.2×. Forward P/E is 17.8×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 9.94**. A PEG of 9.94 means the P/E is high relative to expected earnings growth; the price already assumes a lot.
- **Price / sales: 2.8×**. Each dollar of revenue is priced at 2.8×.
- **Price / book: 1.6×**. The shares trade at 1.6× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 12.8×**. Enterprise value is 12.8× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: -4.9%** (5-yr avg -2.4%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 4.8%**. The inverse of the P/E: 4.8% of the price is earned each year.

## Profitability
- **Operating margin: 24.2%**. 24.2% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 12.8%**. 12.8% of each dollar of sales reaches the bottom line.
- **Return on equity: 7.6%**. 7.6% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 5.2%**. Return on all capital, debt included, is 5.2%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 2.8%**. Each dollar of assets produces 2.8% of profit.

## Growth
- **Revenue growth (1 yr): 9.0%** (3-yr -3.5%/yr, 5-yr 6.3%/yr). Revenue grew 9.0% over the last year, against 6.3% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 1.8%** (3-yr 0.1%/yr, 5-yr 1.7%/yr). Earnings per share rose 1.8%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 1.23**. Debt is 1.23 times equity, a leveraged balance sheet, which is normal for utilities.
- **Net debt / EBITDA: 5.4×**. It would take 5.4 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Current ratio: 1.35** (quick 1.35). Current assets cover the next year's liabilities 1.35 times.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 3.42%** ($2.76 per share, trailing). Black Hills Corporation yields 3.42%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 68%**. 68% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 26**. 26 straight years of increases (the data covers 26 years, so this may be longer): a record very few companies hold.
- **Dividend growth (5 yr): 4.5%/yr** (1-yr 4.0%). The dividend has grown 4.5% a year over five years.

## Analyst view
- **Analyst consensus: strong_buy** (7 analysts). 7 analysts cover Black Hills Corporation; the consensus is strong_buy, with an average price target of $87.07 (+6% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 33.9%** (YTD 21.1%, 3-mo 15.8%). The shares are up 33.9% over twelve months including dividends.
- **From 52-week high: -0.9%** (28.9% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 75**. An RSI of 75 is in overbought territory; short-term pullbacks are common from here.
- **Beta (1 yr): 0.07** (volatility 24%). Beta of 0.07 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=BKH · Page: https://foliofundamentals.com/stocks/bkh

Not investment advice.