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Black Hills Corp
Black Hills Corp (BKH) is listed on NYSE and classified in Utilities - Regulated Gas, part of the Utilities sector. It is headquartered in Rapid City, United States and has 2,795 employees. The company is worth $6.05B and trades at 19.8x its earnings of the last twelve months; the median for its sector is 20.5x. Revenue was $2.31B in fiscal 2025, up 8.6% from the year before. Net income was $291.6M. The share price is within 3% of its 52-week high. It pays a dividend yielding 3.54%, and has raised its annual dividend for 28 years in a row in our records. 6 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Cliff Asness (AQR Capital Management), at $166.06M. In that quarter, 5 of them opened or added to the position and 1 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▲ +19.5% over 5Y.
today you would have $1,415.17▲ +41.5%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 18 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $69.42 | $58.52 | $53.95 | $70.34 | $70.57 | $61.45 | $78.54 | $62.78 | $60.11 | $61.34 | $46.43 | $53.04 | $52.51 | $36.34 | $33.58 | $30.00 | $26.63 | $26.96 |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 1.7% a year plus a 3.5% dividend yield. Growth capped at 25%.
Median P/E of 20.5 among peers in the sector.
Median P/E of 17.4 across this company’s own years on record.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Sector median of 13.3x operating profit, less net debt. Banks have no EBITDA.
Dividend growing 3.8% a year against a 7.3% required return, from the stock’s beta.
Companies of similar size in Utilities, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| ENICEnel Chile S.A. | $4.34 | 10.8x | 1.1x | 4.38% | 11.00% | $6B |
| TXNMTXNM Energy Inc | $58.73 | 33.8x | 1.8x | 2.88% | 6.25% | $6.47B |
| CIGEnergy Co of Minas Gerais | $2.28 | 7.4x | 1.1x | 6.58% | 15.94% | $6.52B |
| SWXSouthwest Gas Holdings, Inc. | $91.08 |
| P/E | 17.4x | 17.4x | 15.0x | 13.8x | 17.7x | 18.9x | 16.8x | 23.9x | 13.5x | 18.7x | 44.8x | — | 18.1x | 19.9x | 15.7x | 27.1x | 17.0x | 12.6x | 9.8x |
| P/S | 1.9x | 2.3x | 2.0x | 1.6x | 1.8x | 2.3x | 2.3x | 2.8x | 2.1x | 1.9x | 2.1x | 1.9x | 1.7x | 1.8x | 1.4x | 1.2x | 1.1x | 865.9x | 1.0x |
| P/B | 1.6x | 1.4x | 1.2x | 1.1x | 1.6x | 1.6x | 1.5x | 2.0x | 1.7x | 1.9x | 2.0x | 1.6x | 1.8x | 1.8x | 1.3x | 1.3x | 1.2x | 956.8x | 1.0x |
| EPS | $3.98 | $3.91 | $3.91 | $3.97 | $3.74 | $3.65 | $3.28 | $4.66 | $3.21 | $1.37 | -$0.71 | $2.93 | $2.64 | $2.32 | $1.24 | $1.76 | $2.11 | $2.75 |
| Dividend yield | 3.51% | 3.90% | 4.44% | 4.63% | 3.43% | 3.25% | 3.53% | 2.61% | 3.07% | 3.01% | 2.74% | 3.49% | 2.94% | 2.89% | 4.07% | 4.35% | 4.80% | 5.33% | 5.19% |
| Payout | 62.50% | 67.94% | 66.50% | 63.94% | 60.71% | 61.23% | 59.45% | 62.50% | 41.42% | 56.39% | 122.63% | — | 53.24% | 57.58% | 63.79% | 117.74% | 81.82% | 67.30% | 50.91% |
| Profit margin | 10.29% | 12.62% | 12.84% | 11.25% | 10.13% | 12.14% | 13.41% | 11.49% | 14.73% | 10.54% | 4.74% | -2.55% | 9.39% | 9.01% | 6.95% | 3.91% | 5.63% | 6.80% | 10.46% |
| ROE | 8.30% | 7.63% | 7.80% | 8.15% | 8.63% | 8.49% | 8.89% | 8.44% | 11.85% | 10.36% | 4.52% | -2.19% | 9.67% | 8.96% | 6.76% | 4.28% | 6.24% | 7.52% | 10.01% |
Median of the years shown; P/E years above 200x are left out.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
6 methods answered, across 3 families.
Room for errors in the reported numbers.
-5.2% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| 22.8x |
| 1.6x |
| 2.83% |
| 6.83% |
| $6.6B |
| BEPCBrookfield Renewable Corp | $29.36 | — | — | 5.35% | -45.46% | $5.45B |
| NJRNew Jersey Resources Corp | $53.63 | 14.4x | 2.1x | 3.73% | 14.45% | $5.44B |