Reading the tape
NYSE: BKH
Black Hills Corporation
Utilities · Diversified Utilities
Market Cap
$5.62B
52w High
$78.69
52w Low
$55.49
P/E
19.04
Volume
520.19K
Outstanding Shares
76.05M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 22.43%Revenue (TTM): 8.56%FCF (TTM): -487.95%P/E: 64th pct
What changed
The stock rose 22.43% over the last year. Revenue grew 8.56% over the trailing twelve months. Operating margin moved from 23.64% to 23.27%. Free cash flow declined 487.95% over the trailing twelve months.
What the market seems to be pricing
The stock has moved higher with no clear directional signal from operating metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 23.27%. A decisive move in revenue — currently up 8.56% — would be the clearest signal to resolve the ambiguity.
Company profile
Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States.
CEOLinden R. Evans
SectorUtilities
IndustryDiversified Utilities
Employees2,841
IPO dateFeb 22, 1973
Valuation
Forward P/E—
EV/EBITDA11.59
Enterprise value$9.59B
Stock splits
Mar 11, 1998↑ Forward
Every 2 shares became 3
Mar 3, 1992↑ Forward
Every 2 shares became 3
Mar 3, 1986↑ Forward
Every 1 shares became 2
Jun 1, 1983↑ Forward
Every 1 shares became 2
Feb 2, 1976↑ Forward
Every 1 shares became 2
Profitability & growth
Revenue growth6.43%
Gross margin38.47%▼2.60%vs FY2024
Operating margin23.27%▼1.59%vs FY2024
ROE7.63%▼2.22%vs FY2024
Analyst consensus
RatingHold
Target price$86.00▲16.47%
7
Buy
8
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 6, 2026
Q2 FY26 · EPS est $1.88 · Revenue est $769.19M
View
Dividends
$2.76/shareQuarterlyDividend Aristocrat · 40yrEx-div May 15, 2026 · in 10dAt RiskBKH pays a dividend with a 3.73% declared yield, 40 consecutive years of growth, growing at 4.32% annually, covered -0.7× by free cash flow.
Declared Yield
3.73%
Annual Div / Share
$2.76
5yr CAGR
+4.32%
Doubles every ~16.4yr
Payout Ratio
67.87%
At Risk
Dividend Growth Rate
3yr CAGR
+3.71%
5yr CAGR
+4.32%
10yr CAGR
+5.26%
Dividend Safety
2/10At Risk
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$2.75+3.9%
2025$2.65+4.0%
2024$2.55+3.2%
2023$2.47+5.1%
2022$2.35+5.4%
2021$2.23+5.7%
2020$2.11+6.0%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$37/yr
$3/mo
In 5 yrs
$46/yr+24%
$4/mo
In 10 yrs
$57/yr+53%
$5/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$37/yr $3/mo | $46/yr+24% $4/mo | $57/yr+53% $5/mo |
Yield-on-cost grows from 3.73% → 5.69% over 10yr
Analysis
Dividend Strengths
Dividend Aristocrat
BKH has raised its dividend for 40 consecutive years — qualifying as a Dividend Aristocrat, demonstrating long-term commitment to shareholder income.
Risks to Watch
Dividend exceeds free cash flow
Free cash flow covers only -0.74× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.