Stocktoria

BLACK HILLS CORP /SD/ BKH

NYSE · stock · Electric Services · website · IPO 1980-03-17

BLACK HILLS CORP /SD/ statistics & valuation

Market cap$5.8B
P / E19.9×
P / S2.5×
P / B1.5×
Dividend yield3.42%
Net margin12.6%
Return on equity7.5%
FCF margin-6.3%
Net debt$4.5B
Net debt / EBITDA5.5×
Enterprise value USD$10.3B
EV / EBITDA12.5×
Earnings yield EBIT/EV5.2%
Return on capital5.3%
Graham number -7%$68.06

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($68.06); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
4.70% 10.50% 14.70% 11.50% 13.40% 12.10% 10.10% 11.20% 12.80% 12.60% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
21.80% 24.80% 22.60% 23.40% 25.20% 21.00% 17.80% 20.30% 23.60% 23.30% 2016201720182019202020212022202320242025
Return on equity (%)
4.20% 9.70% 11.30% 8.10% 8.50% 8.20% 8.40% 7.90% 7.60% 7.50% 2016201720182019202020212022202320242025
Shares outstanding
53.3M 55.1M 55.5M 60.8M 62.4M 63.3M 73.2M 68.0M 71.7M 75.5M 2016201720182019202020212022202320242025
Net debt ($)
$3.20B $3.09B $2.93B $3.13B $3.52B $4.12B $3.59B $3.71B $4.23B $4.52B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
1.10% 2.70% 3.70% 2.60% 2.80% 2.60% 2.70% 2.70% 2.70% 2.70% 2016201720182019202020212022202320242025
Free cash flow margin (%)
-8.70% 6.10% 2.10% -18.00% -13.30% -38.10% -0.80% 16.70% -1.20% -6.30% 2016201720182019202020212022202320242025
Debt / equity (×)
1.86× 1.71× 1.29× 1.27× 1.33× 1.43× 1.17× 1.15× 1.19× 1.20× 2016201720182019202020212022202320242025
EPS ($)
$1.37 $3.21 $4.66 $3.28 $3.65 $3.74 $3.97 $3.91 $3.91 $3.98 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

BLACK HILLS CORP /SD/ trades at about 18.4× earnings — near its 10-year norm (10-year range 13.2×–45.7×, median 18.1×).

13.2× 45.7×

Shaded band = 10-year range (13.2×–45.7×); dot = today's 18.4×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin23.3%23.6%20.3%17.8%21.0%25.2%23.4%22.6%24.8%21.8%
Net margin12.6%12.8%11.2%10.1%12.1%13.4%11.5%14.7%10.5%4.7%
FCF margin-6.3%-1.2%16.7%-0.8%-38.1%-13.3%-18.0%2.1%6.1%-8.7%
Return on assets2.7%2.7%2.7%2.7%2.6%2.8%2.6%3.7%2.7%1.1%
Return on equity7.5%7.6%7.9%8.4%8.2%8.5%8.1%11.3%9.7%4.2%
Debt / equity1.20×1.19×1.15×1.17×1.43×1.33×1.27×1.29×1.71×1.86×
Current ratio1.350.970.700.640.900.710.580.780.880.88

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.