What is Black Hills's EV / EBITDA?

Black Hills (BKH) reported EV / EBITDA of 11.5× in Q1 2026.

How has Black Hills's EV / EBITDA changed year-over-year?

Black Hills's EV / EBITDA increased by 8.5% year-over-year, from 10.6× to 11.5×.

What is the long-term trend for Black Hills's EV / EBITDA?

Over 5 years (2020 to 2025), Black Hills's EV / EBITDA has grown at a 0.2% compound annual growth rate (CAGR), from 11.8× to 11.9×.

What does EV / EBITDA mean?

Enterprise value (market cap plus total debt minus cash) at the quarter end divided by trailing-twelve-month EBITDA. A capital-structure-neutral valuation multiple.

Black Hills BKH EV / EBITDA

EV / EBITDA at other companies

Xcel EnergyXEL

15.4×+1.6×

EVR

EvergyEVRG

11.8×+0.8×

CMS

CMS EnergyCMS

14×+0.3×

PG&EPCG

10.3×-0.2×

Duke EnergyDUK

11.2×-0.1×

ExelonEXC

10.9×0.0×

Other financials

Income statement

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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

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Operating cash flow$176.2M-22.7%

CapEx$267.4M+74.9%

Free cash flow-$91.2M-222%

Valuation

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Market cap$5.54B+20.7%

Enterprise value$9.76B+13.4%

P/E19.2×+2.8×

P/S2.4×+0.3×

Profitability

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Operating margin23.4%+0.1pp

Net margin12.6%-0.1pp

FCF margin-13.7%-14.0pp

Returns & leverage

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Return on equity7.6%-0.4pp

Debt / equity1.1×0.0×

Current ratio0.6×-0.1×

Where this comes from

Calculated from Black Hills’s reported figures.

enterprise value/ebitda=11.5×

Based on the most recent quarter.

The official record: Black Hills’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Black Hills's EV / EBITDA?: Black Hills (BKH) reported EV / EBITDA of 11.5× in Q1 2026.
How has Black Hills's EV / EBITDA changed year-over-year?: Black Hills's EV / EBITDA increased by 8.5% year-over-year, from 10.6× to 11.5×.
What is the long-term trend for Black Hills's EV / EBITDA?: Over 5 years (2020 to 2025), Black Hills's EV / EBITDA has grown at a 0.2% compound annual growth rate (CAGR), from 11.8× to 11.9×.
What does EV / EBITDA mean?: Enterprise value (market cap plus total debt minus cash) at the quarter end divided by trailing-twelve-month EBITDA. A capital-structure-neutral valuation multiple.