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Regulated electric and natural gas utility holding company serving customers across several Western/Midwestern states.
Regulated electric and natural gas utility holding company serving customers across several Western/Midwestern states.
Earns an allowed return on the money it invests in lines, pipes and plants, called the rate base, with rates and returns set in proceedings before state regulators, so growth comes from investing and winning rate cases. Its 2016 purchase of SourceGas greatly expanded its gas distribution.
Moat: wide (regulatory licence, installed base). Regulated monopoly service territories with guaranteed rate-of-return infrastructure investment.
Headquarters: Rapid City, South Dakota, US · Founded: 1941 · Employees: 2,795
Size Black Hills (BKH) is a United States Utilities company (Gas Distributors) with a market value of $6.47B, the 1006th largest of 3,117 United States companies the cockpit tracks. Shares closed at $84.87 on 6 Nov 2026.
Performance Over six months the shares gained 12.8%, against +1.4% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 2.5% over the last twelve months (peer median +2.6%); the operating margin is 23.9% (peer median 21.1%).
Valuation It trades at 18.2× forward earnings against a peer median of 16.6× (9th most expensive of 21).
Capital Return on invested capital runs 3.9 points above its cost of capital (6.9% WACC).
Credit Black Hills has 9 bonds outstanding ($3.60B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 92 bp.
Short interest Short interest is 15.8% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.30B | $2.31B | $2.13B | $2.33B | $2.55B |
| Revenue growth | — | +9% | -9% | -9% | — |
| Gross profit | $618M | $606M | $573M | $547M | $520M |
| EBITDA | $843M | $823M | $776M | $737M | $704M |
| Net income | $299M | $292M | $273M | $262M | $258M |
| Free cash flow | -$305M | -$146M | -$24.9M | $389M | -$19.6M |
| Capital expenditure | $934M | $820M | $744M | $556M | $604M |
| Total debt | $4.78B | $4.70B | $4.38B | $4.40B | $4.67B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Black Hills BKH | $6.47B | +13% | +3% | 24% | 18.2× | n/a |
| NorthWestern Energy NWE | $5.09B | +14% | +11% | 19% | 20.6× | n/a |
| NiSource NI | $21.2B | -6% | +10% | 27% | 20.3× | n/a |
| Xcel Energy XEL | $51.1B | +1% | +4% | 22% | 18.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BKH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.9% | +4.9% | 4th highest of 21 |
| 6-month return | +12.8% | +1.4% | highest of 21 |
| Distance from 52-week high | -1.9% | -13.6% | 2nd highest of 21 |
| Revenue growth (TTM) | +2.5% | +2.6% | 11th highest of 21 |
| Operating margin | 23.9% | 21.1% | 7th highest of 20 |
| Forward P/E | 18.2× | 16.6× | 9th most expensive of 21 |
| ROIC minus cost of capital | +3.9 pp | -0.9 pp | 4th highest of 20 |
| EV / EBITDA | 7.7× | 11.9× | 6th cheapest of 20 |
| Net debt / EBITDA | 5.6× | 4.4× | 6th most indebted of 20 |
| Bond spread | 92 bp | 81 bp | 4th widest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |
| Enagas ENG.MC | Spain | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% | -2.2% |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| Beijing Enterprises 0392.HK | Hong Kong | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% | +6.7% |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |
| ENN Natural Gas 600803.SS | China | $9.83B | +5% | -1% | n/a | 11.8× | -6.1% | +8.4% |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |
| Canadian Utilities CU.TO | Canada | $10.1B | +9% | +1% | 16% | 18.9× | 20.1% | +2.7% |
| APA APA.AX | Australia | $10.4B | +7% | -6% | 38% | 49.3× | 12.5% | +3.1% |
| Italgas IG.MI | Italy | $10.4B | -12% | +9% | 49% | 12.3× | 2.4% | +11.3% |
| MDU Resources MDU | United States | $3.92B | -17% | -30% | 17% | 18.9× | n/a | n/a |
| Transportadora de Gas del Sur SA Sponsored ADR Class B RegS TGS | United States | $3.80B | -27% | +11% | 44% | 8.2× | -14.6% | +11.8% |
| AltaGas ALA.TO | Canada | $11.8B | +4% | +18% | 9% | 22.5× | n/a | n/a |
Black Hills has 9 bonds outstanding with $3.60B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.60%, a spread of 92 bp over government bonds.