BLACK HILLS CORP (BKH) Stock Fundamental Analysis

NYSE:BKH • US0921131092

73.07 USD
-0.5 (-0.68%)
At close: Feb 18, 2026
73.07 USD
0 (0%)
After Hours: 2/18/2026, 8:16:14 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to BKH. BKH was compared to 26 industry peers in the Multi-Utilities industry. There are concerns on the financial health of BKH while its profitability can be described as average. BKH is valued expensive and it does not seem to be growing.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • BKH had positive earnings in the past year.
  • In the past year BKH had a positive cash flow from operations.
  • BKH had positive earnings in 4 of the past 5 years.
  • In multiple years BKH reported negative operating cash flow during the last 5 years.
BKH Yearly Net Income VS EBIT VS OCF VS FCFBKH Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M

1.2 Ratios

  • BKH's Return On Assets of 2.76% is amongst the best of the industry. BKH outperforms 80.77% of its industry peers.
  • BKH has a Return On Equity of 7.56%. This is in the lower half of the industry: BKH underperforms 69.23% of its industry peers.
  • The Return On Invested Capital of BKH (4.91%) is better than 96.15% of its industry peers.
  • BKH had an Average Return On Invested Capital over the past 3 years of 4.90%. This is in line with the industry average of 3.88%.
  • The 3 year average ROIC (4.90%) for BKH is below the current ROIC(4.91%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 2.76%
ROE 7.56%
ROIC 4.91%
ROA(3y)2.71%
ROA(5y)2.71%
ROE(3y)8.19%
ROE(5y)8.39%
ROIC(3y)4.9%
ROIC(5y)4.81%
BKH Yearly ROA, ROE, ROICBKH Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

  • BKH has a Profit Margin of 12.54%. This is in the better half of the industry: BKH outperforms 65.38% of its industry peers.
  • In the last couple of years the Profit Margin of BKH has grown nicely.
  • The Operating Margin of BKH (23.31%) is better than 76.92% of its industry peers.
  • In the last couple of years the Operating Margin of BKH has remained more or less at the same level.
Industry RankSector Rank
OM 23.31%
PM (TTM) 12.54%
GM N/A
OM growth 3Y4.03%
OM growth 5Y0.21%
PM growth 3Y1.86%
PM growth 5Y2.24%
GM growth 3YN/A
GM growth 5YN/A
BKH Yearly Profit, Operating, Gross MarginsBKH Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20 25

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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so BKH is destroying value.
  • There is no outstanding debt for BKH. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
BKH Yearly Shares OutstandingBKH Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M
BKH Yearly Total Debt VS Total AssetsBKH Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

2.2 Solvency

  • BKH has an Altman-Z score of 1.06. This is a bad value and indicates that BKH is not financially healthy and even has some risk of bankruptcy.
  • With an excellent Altman-Z score value of 1.06, BKH belongs to the best of the industry, outperforming 80.77% of the companies in the same industry.
  • BKH has a Debt/Equity ratio of 1.16. This is a high value indicating a heavy dependency on external financing.
  • BKH's Debt to Equity ratio of 1.16 is amongst the best of the industry. BKH outperforms 80.77% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.16
Debt/FCF N/A
Altman-Z 1.06
ROIC/WACC0.76
WACC6.42%
BKH Yearly LT Debt VS Equity VS FCFBKH Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B 3B 4B

2.3 Liquidity

  • BKH has a Current Ratio of 0.91. This is a bad value and indicates that BKH is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a decent Current ratio value of 0.91, BKH is doing good in the industry, outperforming 69.23% of the companies in the same industry.
  • A Quick Ratio of 0.67 indicates that BKH may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.67, BKH is in the better half of the industry, outperforming 69.23% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.91
Quick Ratio 0.67
BKH Yearly Current Assets VS Current LiabilitesBKH Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. Growth

3.1 Past

  • The Earnings Per Share has been growing slightly by 1.53% over the past year.
  • Measured over the past 5 years, BKH shows a small growth in Earnings Per Share. The EPS has been growing by 1.91% on average per year.
EPS 1Y (TTM)1.53%
EPS 3Y-0.08%
EPS 5Y1.91%
EPS Q2Q%1.46%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%6.43%

3.2 Future

  • The Earnings Per Share is expected to grow by 6.95% on average over the next years.
  • BKH is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.67% yearly.
EPS Next Y9.58%
EPS Next 2Y7.51%
EPS Next 3Y7.39%
EPS Next 5Y6.95%
Revenue Next Year3.2%
Revenue Next 2Y-2%
Revenue Next 3Y4.29%
Revenue Next 5Y5.67%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
BKH Yearly Revenue VS EstimatesBKH Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1B 2B 3B
BKH Yearly EPS VS EstimatesBKH Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1 2 3 4 5

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Find the best growth stocksShow best growing peers

3

4. Valuation

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 18.36 indicates a rather expensive valuation of BKH.
  • The rest of the industry has a similar Price/Earnings ratio as BKH.
  • Compared to an average S&P500 Price/Earnings ratio of 27.27, BKH is valued a bit cheaper.
  • A Price/Forward Earnings ratio of 16.75 indicates a correct valuation of BKH.
  • 61.54% of the companies in the same industry are more expensive than BKH, based on the Price/Forward Earnings ratio.
  • BKH is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 28.16, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 18.36
Fwd PE 16.75
BKH Price Earnings VS Forward Price EarningsBKH Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of BKH is on the same level as its industry peers.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 12.06
BKH Per share dataBKH EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30 40

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • BKH has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)1.92
PEG (5Y)9.59
EPS Next 2Y7.51%
EPS Next 3Y7.39%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 3.84%, BKH has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 4.51, BKH has a dividend in line with its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.85, BKH pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.84%

5.2 History

  • The dividend of BKH has a limited annual growth rate of 4.92%.
  • BKH has paid a dividend for at least 10 years, which is a reliable track record.
  • BKH has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)4.92%
Div Incr Years26
Div Non Decr Years26
BKH Yearly Dividends per shareBKH Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5 2 2.5

5.3 Sustainability

  • BKH pays out 67.87% of its income as dividend. This is not a sustainable payout ratio.
  • The dividend of BKH is growing, but earnings are growing more, so the dividend growth is sustainable.
DP67.87%
EPS Next 2Y7.51%
EPS Next 3Y7.39%
BKH Yearly Income VS Free CF VS DividendBKH Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M -400M -600M
BKH Dividend Payout.BKH Dividend Payout, showing the Payout Ratio.BKH Dividend Payout.PayoutRetained Earnings

More info and screens

Find the best dividend stocksShow peers with best dividend

BLACK HILLS CORP

NYSE:BKH (2/18/2026, 8:16:14 PM)

After market: 73.07 0 (0%)

73.07

-0.5 (-0.68%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryMulti-Utilities
Earnings (Last)02-04
Earnings (Next)05-05
Inst Owners88.93%
Inst Owner Change-4.25%
Ins Owners0.24%
Ins Owner Change2.37%
Market Cap5.51B
Revenue(TTM)N/A
Net Income(TTM)284.80M
Analysts80
Price Target80.83 (10.62%)
Short Float %8.31%
Short Ratio6.15
Dividend
Industry RankSector Rank
Dividend Yield 3.84%
Yearly Dividend2.61
Dividend Growth(5Y)4.92%
DP67.87%
Div Incr Years26
Div Non Decr Years26
Ex-Date02-17
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-5.13%
Min EPS beat(2)-14.78%
Max EPS beat(2)4.51%
EPS beat(4)2
Avg EPS beat(4)-3.43%
Min EPS beat(4)-14.78%
Max EPS beat(4)4.51%
EPS beat(8)5
Avg EPS beat(8)-1.47%
EPS beat(12)7
Avg EPS beat(12)0.25%
EPS beat(16)9
Avg EPS beat(16)1.17%
Revenue beat(2)0
Avg Revenue beat(2)-3.09%
Min Revenue beat(2)-4.39%
Max Revenue beat(2)-1.79%
Revenue beat(4)1
Avg Revenue beat(4)-6.55%
Min Revenue beat(4)-32.92%
Max Revenue beat(4)12.91%
Revenue beat(8)2
Avg Revenue beat(8)-10.48%
Revenue beat(12)4
Avg Revenue beat(12)-2.38%
Revenue beat(16)8
Avg Revenue beat(16)2.5%
PT rev (1m)3.59%
PT rev (3m)15.69%
EPS NQ rev (1m)-2.76%
EPS NQ rev (3m)-0.7%
EPS NY rev (1m)-0.18%
EPS NY rev (3m)-0.41%
Revenue NQ rev (1m)1.77%
Revenue NQ rev (3m)2.64%
Revenue NY rev (1m)-0.09%
Revenue NY rev (3m)-0.17%
Valuation
Industry RankSector Rank
PE 18.36
Fwd PE 16.75
P/S 2.43
P/FCF N/A
P/OCF 8.37
P/B 1.46
P/tB 2.24
EV/EBITDA 12.06
EPS(TTM)3.98
EY5.45%
EPS(NY)4.36
Fwd EY5.97%
FCF(TTM)-1.4
FCFYN/A
OCF(TTM)8.73
OCFY11.94%
SpS30.1
BVpS49.93
TBVpS32.62
PEG (NY)1.92
PEG (5Y)9.59
Graham Number66.87
Profitability
Industry RankSector Rank
ROA 2.76%
ROE 7.56%
ROCE 5.52%
ROIC 4.91%
ROICexc 4.92%
ROICexgc 5.68%
OM 23.31%
PM (TTM) 12.54%
GM N/A
FCFM N/A
ROA(3y)2.71%
ROA(5y)2.71%
ROE(3y)8.19%
ROE(5y)8.39%
ROIC(3y)4.9%
ROIC(5y)4.81%
ROICexc(3y)4.93%
ROICexc(5y)4.82%
ROICexgc(3y)5.8%
ROICexgc(5y)5.71%
ROCE(3y)5.59%
ROCE(5y)5.51%
ROICexgc growth 3Y3.74%
ROICexgc growth 5Y-2.38%
ROICexc growth 3Y4.23%
ROICexc growth 5Y-1.3%
OM growth 3Y4.03%
OM growth 5Y0.21%
PM growth 3Y1.86%
PM growth 5Y2.24%
GM growth 3YN/A
GM growth 5YN/A
F-Score7
Asset Turnover0.22
Health
Industry RankSector Rank
Debt/Equity 1.16
Debt/FCF N/A
Debt/EBITDA 5.42
Cap/Depr 274%
Cap/Sales 33.63%
Interest Coverage 2.68
Cash Conversion 81.47%
Profit Quality N/A
Current Ratio 0.91
Quick Ratio 0.67
Altman-Z 1.06
F-Score7
WACC6.42%
ROIC/WACC0.76
Cap/Depr(3y)244.26%
Cap/Depr(5y)272.34%
Cap/Sales(3y)27.5%
Cap/Sales(5y)32.5%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)1.53%
EPS 3Y-0.08%
EPS 5Y1.91%
EPS Q2Q%1.46%
EPS Next Y9.58%
EPS Next 2Y7.51%
EPS Next 3Y7.39%
EPS Next 5Y6.95%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%6.43%
Revenue Next Year3.2%
Revenue Next 2Y-2%
Revenue Next 3Y4.29%
Revenue Next 5Y5.67%
EBIT growth 1Y11.19%
EBIT growth 3Y7.11%
EBIT growth 5Y4.38%
EBIT Next Year74.74%
EBIT Next 3Y23.15%
EBIT Next 5Y17.5%
FCF growth 1Y-136.76%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-22.22%
OCF growth 3YN/A
OCF growth 5Y7.31%

BLACK HILLS CORP / BKH FAQ

What is the fundamental rating for BKH stock?

ChartMill assigns a fundamental rating of 4 / 10 to BKH.


What is the valuation status of BLACK HILLS CORP (BKH) stock?

ChartMill assigns a valuation rating of 3 / 10 to BLACK HILLS CORP (BKH). This can be considered as Overvalued.


Can you provide the profitability details for BLACK HILLS CORP?

BLACK HILLS CORP (BKH) has a profitability rating of 6 / 10.


What are the PE and PB ratios of BLACK HILLS CORP (BKH) stock?

The Price/Earnings (PE) ratio for BLACK HILLS CORP (BKH) is 18.36 and the Price/Book (PB) ratio is 1.46.


Is the dividend of BLACK HILLS CORP sustainable?

The dividend rating of BLACK HILLS CORP (BKH) is 7 / 10 and the dividend payout ratio is 67.87%.