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Black Hills

BKH

Black Hills Corporation is a diversified energy company that provides essential electric and natural gas utility services to customers across eight states in the U.S. Great Plains and Rocky Mountain regions.

Market cap
$5.68B+37.3%
Revenue$2.3B+3.6%
Net income$288.4M+3.2%
Free cash flow-$312.5M-4,240%
EPS (diluted)$3.85-2.3%
Trailing twelve months · change vs. prior year

Earnings

Next report

Aug 5, 2026 (In 1 week)
Revenue estimate$490.9M
EPS estimate$0.41

Financials

Q1 2026

Income statement

See full
Revenue$780.7M-3.0%
Operating income$201.9M-1.5%
Net income$131.0M-2.5%
EPS (diluted)$1.73-7.5%

Balance sheet

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Cash & equivalents$23.6M+258%
Total debt$4.2B+5.8%
Total equity$3.9B+8.5%
Total assets$10.8B+7.5%

Cash flow

See full
Operating cash flow$176.2M-22.7%
CapEx$267.4M+74.9%
Free cash flow-$91.2M-222%

Valuation & ratios

Valuation

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Market cap$5.68B+37.3%
Enterprise value$9.9B+22.0%
P/E19.7×+5.5×
P/S2.5×+0.7×

Profitability

See full
Operating margin23.4%+0.1pp
Net margin12.6%-0.1pp
FCF margin-13.7%-14.0pp

Returns & leverage

See full
Return on equity7.6%-0.4pp
Debt / equity1.1×0.0×
Current ratio0.6×-0.1×

Segments

By segment

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Gas Utilities$543.1M-5.1%
Electric Utilities$241.6M+2.1%

Competitors

Profile

Black Hills Corporation is a diversified energy company that provides essential electric and natural gas utility services to customers across eight states in the U.S. Great Plains and Rocky Mountain regions. The company operates a vertically integrated business model, owning generation, transmission, and distribution assets, as well as a coal mine that supplies its power plants. Its core value proposition centers on delivering reliable, regulated energy services while advancing clean energy goals through infrastructure modernization and a transition toward lower-carbon resources.

Competitive position

The company maintains a dominant, regulated position in its service territories with limited direct competition for retail distribution, though it faces competitive bidding for new generation resources.

GeographiesArkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, Wyoming
Customer segmentsResidential, Commercial, Industrial, Municipal
Business modelRegulated Utility, Vertically Integrated Energy, Non-regulated Energy Services
SuppliersNatural Gas Producers, Power Plant Equipment Manufacturers, Interstate Pipeline Operators, Renewable Energy Technology Providers
CustomersResidential Households, Commercial Businesses, Industrial Manufacturers, Wholesale Energy Marketers
Listed1972
Employees2.9K
CEOLinden R. Evans
SectorUtilities
FilingsSEC EDGAR

Questions, answered.

What is Black Hills's market cap?
Black Hills (BKH) has a market capitalization of $5.7B and trades on NYSE.
What is Black Hills's revenue and profitability?
Black Hills generated $2.3B in trailing twelve-month revenue with net income of $288.4M, representing a net margin of 12.6%, with free cash flow of -$312.5M. These figures are based on the Q1 2026 filing.
Who are Black Hills's competitors?
Black Hills's key competitors include Xcel Energy, Evergy, CMS Energy Corporation, and others. These companies compete in similar markets and product categories.
Who does Black Hills partner with?
Black Hills's notable partners include NorthWestern Energy, Basin Electric Power Cooperative, Powder River Energy Corporation, and others.
What subsidiaries does Black Hills have?
Black Hills's subsidiaries include Wyodak Resources Development Corp, Black Hills Service Company, Rocky Mountain Natural Gas.
Where is Black Hills headquartered?
Black Hills is headquartered in United States of America and employs approximately 2,874 people. It has been publicly traded since 1972.