Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%

Low stock price volatility
Vol 12M is 22%

Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Battery Storage & Grid Modernization, Show more.

Trading close to highs
Dist 52W High is -3.7%, Dist 3Y High is -3.7%

Weak multi-year price returns
3Y Excs Rtn is -31%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.2%, Rev Chg QQuarterly Revenue Change % is -3.0%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14%

Key risks
BKH key risks include [1] regulatory hurdles in recovering capital costs, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%
2 Low stock price volatility
Vol 12M is 22%
3 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Battery Storage & Grid Modernization, Show more.
4 Trading close to highs
Dist 52W High is -3.7%, Dist 3Y High is -3.7%
5 Weak multi-year price returns
3Y Excs Rtn is -31%
6 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
7 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%
8 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.2%, Rev Chg QQuarterly Revenue Change % is -3.0%
9 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14%
10 Key risks
BKH key risks include [1] regulatory hurdles in recovering capital costs, Show more.

BKH in ETFs

Weight = BKH's share of each fund

VTI0.01%
ITOT0.01%
IWM0.18%
IJH0.16%
VYM0.02%
VB0.07%
DVY0.46%
IWN0.37%
+15 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

Black Hills (BKH) stock has gained about 5% since 3/31/2026 because of the following key factors:

1. Reaffirmation of 2026 Earnings Guidance and Long-Term Growth Outlook. Despite reporting adjusted earnings per share (EPS) of $1.79 for fiscal Q1 2026 (ending March 31, 2026), which missed analyst expectations of $1.86 due to unseasonably warm winter weather, Black Hills reaffirmed its full-year 2026 adjusted EPS guidance in the range of $4.25 to $4.45. The company also reiterated its confidence in achieving the upper half of its 4% to 6% long-term EPS growth target. This reassurance to investors on its financial trajectory, despite short-term weather impacts, helped support the stock price.

2. Significant Progress on the NorthWestern Energy Merger. The all-stock merger with NorthWestern Energy, which is expected to expand Black Hills' asset footprint and enhance its growth profile, received overwhelming shareholder approval on April 2, 2026. Furthermore, the transaction successfully cleared the Hart-Scott-Rodino antitrust waiting period on April 20, 2026. This progress keeps the merger on track for completion in the second half of 2026, signaling a positive strategic advancement for the company.

Show more
Updated on 7/1/2026

Black Hills (BKH) stock has gained about 5% since 3/31/2026 because of the following key factors:

1. Reaffirmation of 2026 Earnings Guidance and Long-Term Growth Outlook. Despite reporting adjusted earnings per share (EPS) of $1.79 for fiscal Q1 2026 (ending March 31, 2026), which missed analyst expectations of $1.86 due to unseasonably warm winter weather, Black Hills reaffirmed its full-year 2026 adjusted EPS guidance in the range of $4.25 to $4.45. The company also reiterated its confidence in achieving the upper half of its 4% to 6% long-term EPS growth target. This reassurance to investors on its financial trajectory, despite short-term weather impacts, helped support the stock price.

2. Significant Progress on the NorthWestern Energy Merger. The all-stock merger with NorthWestern Energy, which is expected to expand Black Hills' asset footprint and enhance its growth profile, received overwhelming shareholder approval on April 2, 2026. Furthermore, the transaction successfully cleared the Hart-Scott-Rodino antitrust waiting period on April 20, 2026. This progress keeps the merger on track for completion in the second half of 2026, signaling a positive strategic advancement for the company.

3. Growing Opportunities in Data Center and Large Load Demand. Black Hills has been actively pursuing and securing opportunities related to the increasing electricity demand from data centers and other large-load customers. The company is managing a pipeline of over 3 gigawatts (GW) of potential data center demand, with 600 megawatts (MW) by 2030 included in its current five-year capital plan. Notably, Black Hills executed a reservation agreement for a 1.8 GW Cheyenne project in Wyoming and received a $201 million refundable contribution in aid of construction (CIAC) to secure long-lead generation equipment. This positions Black Hills to capitalize on a significant industry trend.

4. Positive Analyst Sentiment and Upgraded Price Targets. During the period, Black Hills saw an increase in positive analyst coverage and price target revisions. For example, BMO Capital Markets raised its price target for Black Hills to $91.00 on April 15, 2026. Additionally, Bank of America upgraded Black Hills from a "Neutral" to a "Buy" rating and increased its price target to $78.00 on June 11, 2026, citing the merger's growth potential. The consensus analyst rating for the stock moved towards "Buy" or "Strong Buy," with an average price target ranging from $81.17 to $83.40.

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Stock Movement Drivers

Fundamental Drivers

The 6.6% change in BKH stock from 3/31/2026 to 7/9/2026 was primarily driven by a 8.2% change in the company's P/E Multiple.
(LTM values as of)33120267092026Change
Stock Price ($)68.7573.286.6%
Change Contribution By: 
Total Revenues ($ Mil)2,3102,285-1.1%
Net Income Margin (%)12.6%12.6%-0.1%
P/E Multiple17.719.28.2%
Shares Outstanding (Mil)7575-0.4%
Cumulative Contribution6.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/9/2026
ReturnCorrelation
BKH6.6% 
Market (SPY)15.6%-6.2%
Sector (XLU)-1.7%41.8%

Fundamental Drivers

The 7.6% change in BKH stock from 12/31/2025 to 7/9/2026 was primarily driven by a 10.0% change in the company's P/E Multiple.
(LTM values as of)123120257092026Change
Stock Price ($)68.1173.287.6%
Change Contribution By: 
Total Revenues ($ Mil)2,2722,2850.6%
Net Income Margin (%)12.5%12.6%0.6%
P/E Multiple17.419.210.0%
Shares Outstanding (Mil)7375-3.4%
Cumulative Contribution7.6%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/9/2026
ReturnCorrelation
BKH7.6% 
Market (SPY)10.5%-4.4%
Sector (XLU)6.5%41.8%

Fundamental Drivers

The 35.9% change in BKH stock from 6/30/2025 to 7/9/2026 was primarily driven by a 38.8% change in the company's P/E Multiple.
(LTM values as of)63020257092026Change
Stock Price ($)53.9173.2835.9%
Change Contribution By: 
Total Revenues ($ Mil)2,2062,2853.6%
Net Income Margin (%)12.7%12.6%-0.4%
P/E Multiple13.819.238.8%
Shares Outstanding (Mil)7275-5.0%
Cumulative Contribution35.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/9/2026
ReturnCorrelation
BKH35.9% 
Market (SPY)22.7%3.7%
Sector (XLU)12.9%43.0%

Fundamental Drivers

The 38.7% change in BKH stock from 6/30/2023 to 7/9/2026 was primarily driven by a 40.1% change in the company's P/E Multiple.
(LTM values as of)63020237092026Change
Stock Price ($)52.8273.2838.7%
Change Contribution By: 
Total Revenues ($ Mil)2,6492,285-13.7%
Net Income Margin (%)9.6%12.6%31.1%
P/E Multiple13.719.240.1%
Shares Outstanding (Mil)6675-12.5%
Cumulative Contribution38.7%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/9/2026
ReturnCorrelation
BKH38.7% 
Market (SPY)75.6%20.8%
Sector (XLU)50.0%62.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BKH Return19%3%-20%14%24%7%48%
Peers Return12%5%-5%17%16%13%71%
S&P 500 Return27%-19%24%23%16%9%99%

Monthly Win Rates [3]
BKH Win Rate58%42%50%67%67%57% 
Peers Win Rate53%65%58%57%62%63% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
BKH Max Drawdown-14%-23%-33%-11%-9%-11% 
Peers Max Drawdown-11%-24%-20%-14%-12%-9% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: WEC, XEL, DUK, AEP, SO. See BKH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/9/2026 (YTD)

How Low Can It Go

EventBKHS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-20.3%-9.5%
  % Gain to Breakeven25.5%10.5%
  Time to Breakeven288 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-10.5%-24.5%
  % Gain to Breakeven11.7%32.4%
  Time to Breakeven29 days427 days
2020 COVID-19 Crash
  % Loss-40.0%-33.7%
  % Gain to Breakeven66.6%50.9%
  Time to Breakeven762 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-12.1%-12.2%
  % Gain to Breakeven13.8%13.9%
  Time to Breakeven24 days62 days
2014-2016 Oil Price Collapse
  % Loss-28.2%-6.8%
  % Gain to Breakeven39.4%7.3%
  Time to Breakeven151 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-13.7%-17.9%
  % Gain to Breakeven15.9%21.8%
  Time to Breakeven21 days123 days

Compare to WEC, XEL, DUK, AEP, SO

In The Past

Black Hills's stock fell -4.1% during the 2025 US Tariff Shock. Such a loss loss requires a 4.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventBKHS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-20.3%-9.5%
  % Gain to Breakeven25.5%10.5%
  Time to Breakeven288 days24 days
2020 COVID-19 Crash
  % Loss-40.0%-33.7%
  % Gain to Breakeven66.6%50.9%
  Time to Breakeven762 days140 days
2014-2016 Oil Price Collapse
  % Loss-28.2%-6.8%
  % Gain to Breakeven39.4%7.3%
  Time to Breakeven151 days15 days
2008-2009 Global Financial Crisis
  % Loss-65.5%-53.4%
  % Gain to Breakeven189.6%114.4%
  Time to Breakeven1288 days1085 days

Compare to WEC, XEL, DUK, AEP, SO

In The Past

Black Hills's stock fell -4.1% during the 2025 US Tariff Shock. Such a loss loss requires a 4.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Black Hills (BKH)

Black Hills Corporation (BKH) operates as a diversified utility company primarily focused on providing essential electric and natural gas services across multiple U.S. states. The company manages its operations through two main segments: Electric Utilities and Gas Utilities. This structure allows Black Hills to serve both residential and industrial customers with critical energy infrastructure and supply.

The Electric Utilities segment is responsible for generating, transmitting, and distributing electricity. It serves approximately 218,000 electric customers across Colorado, Montana, South Dakota, and Wyoming, utilizing its own generation facilities and extensive network of transmission and distribution lines. Its power generation portfolio includes wind, natural gas, and coal-fired plants, and the company also operates a coal mine to support its operations.

Complementing its electric services, the Gas Utilities segment distributes natural gas to a larger customer base of about 1,094,000 customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming. This segment maintains a vast network of intrastate gas transmission pipelines, distribution mains, and service lines, along with natural gas storage sites. Beyond direct utility services, Black Hills also constructs and maintains gas infrastructure facilities for other transportation customers and provides appliance repair services to residential customers, as well as electrical system construction services for large industrial clients.

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1. A regional Duke Energy, supplying electricity and natural gas across several states.

2. Like a smaller, multi-state Southern Company, managing power plants, the electric grid, and natural gas distribution.

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  • Electricity Utility Services: Generates, transmits, and distributes electricity to residential, commercial, and industrial customers.
  • Natural Gas Utility Services: Distributes natural gas to residential, commercial, and industrial customers.
  • Gas Infrastructure Services: Constructs and maintains gas infrastructure facilities for gas transportation customers.
  • Appliance Repair Services: Provides repair services for appliances to residential utility customers.
  • Electrical System Construction Services: Offers construction services for electrical systems to large industrial customers.

AI Analysis | Feedback

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Black Hills Corporation (BKH) primarily sells its services directly to a broad base of individual and business customers as an electric and natural gas utility company. Its major customers fall into the following categories:

  • Residential Customers: This category includes individual households that utilize electricity and natural gas for heating, cooling, lighting, cooking, and other domestic needs. The company explicitly mentions providing appliance repair services to "residential utility customers."
  • Commercial Customers: This category encompasses various businesses, such as retail stores, offices, restaurants, and other small to medium-sized enterprises that require electricity and natural gas for their operations.
  • Industrial Customers: This category includes large manufacturing plants, production facilities, and other industrial operations that consume significant amounts of electricity and natural gas. The company also provides "electrical system construction services to large industrial customers."
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Linden R. Evans
President & CEO

Linden R. Evans was appointed President and CEO of Black Hills Corporation in January 2019. He previously served as President and Chief Operating Officer from January 2016 to January 2019, and as President and Chief Operating Officer of the company's utilities from 2004 to 2015. Earlier in his career, he was Vice President and General Manager of the company's former telecommunication subsidiary from 2003 to 2004, and Associate Counsel from 2001 to 2003.

Kimberly F. Nooney
Senior Vice President, Chief Financial Officer and Principal Accounting Officer

Kimberly F. Nooney has served as Senior Vice President and Chief Financial Officer of Black Hills Corporation since April 1, 2023. Prior to this role, she was Vice President – Treasurer from 2015 to 2023 and Corporate Controller from 2018 to 2022. She possesses over 28 years of experience with Black Hills across various capacities, including internal audit, corporate development, accounting systems, treasury, and financial planning and analysis.

Marne Jones
Senior Vice President Utilities

Marne Jones has held the position of Senior Vice President Utilities since June 15, 2023. She joined Black Hills Corporation in 2001 and has progressed through roles of increasing responsibility in finance, accounting, corporate services, regulatory, and utility operations. Her previous roles include VP Electric Utilities from 2021 to 2023, Vice President Regulatory and Finance from 2018 to 2021, and Vice President Regulatory from 2016 to 2018. Ms. Jones is responsible for electric and natural gas utility operations, transmission and resource planning, customer service, and safety. She brings 21 years of utility experience and prior banking experience to her current role.

Erik D. Keller
Senior Vice President and Chief Information Officer

Erik D. Keller serves as the Senior Vice President and Chief Information Officer. He has over 25 years of experience in IT leadership, having previously served as Vice President of Information Technology at Otter Tail Corporation and leading teams at Crary Industries, Microsoft, and the City of Moorhead.

Darren Nakata
Senior Vice President and Chief Legal Officer, Corporate Secretary and Chief Compliance Officer

Darren Nakata has been the Senior Vice President and Chief Legal Officer, Corporate Secretary, and Chief Compliance Officer since October 2025.

AI Analysis | Feedback

Here are the key risks to Black Hills Corporation (BKH):

  1. Regulatory and Political Uncertainty: As a regulated utility company, Black Hills Corporation's operations and financial performance are highly dependent on regulatory approvals for rate adjustments, environmental compliance, and infrastructure projects. Delays or unfavorable rulings from state commissions can impact the company's ability to recover costs in a timely manner, leading to "regulatory lag" and affecting the predictability of cash flows. The evolving regulatory landscape, including policy shifts related to environmental targets and stricter standards, can also increase operating expenses and necessitate significant capital outlays for compliance.
  2. Capital Intensive Operations and Financing Costs: The utility sector is inherently capital-intensive, requiring substantial ongoing investments for maintaining, modernizing, and expanding infrastructure, including grid modernization and integrating renewable energy sources. Black Hills Corporation has significant capital expenditure programs. These large-scale investments expose the company to financial risks, particularly from fluctuations in interest rates, which can increase borrowing costs and put pressure on the company's balance sheet and profitability. The need for external financing to fund these projects can also lead to shareholder dilution.
  3. Market Volatility and Energy Prices: Black Hills Corporation is exposed to volatility in energy markets, particularly regarding natural gas and electricity prices. Fluctuations in these commodity prices can significantly impact the company's cost structure for power generation and natural gas distribution, affecting overall profitability. While the company may use hedging strategies to mitigate some of these risks, persistent or sharp price changes can still pose a financial challenge.

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  • The increasing proliferation of distributed generation technologies, such as rooftop solar and battery storage, which allows customers to generate and store their own electricity, potentially reducing demand for Black Hills' centralized electric utility services and impacting revenue.
  • The growing trend towards the electrification of heating, cooking, and transportation, driven by environmental concerns and policy, which could lead to a long-term decline in demand for natural gas, thereby impacting the revenue and asset utilization of Black Hills' Gas Utilities segment.
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AI Analysis | Feedback

Black Hills Corporation operates within the U.S. electric and natural gas utility markets. For its Electric Utilities segment, the addressable market for the U.S. electricity sector earned an estimated $491 billion in revenue in 2023. Specifically, the U.S. electric power transmission and distribution market was valued at approximately $89.9 billion in 2024 and is projected to grow to $110.4 billion by 2032. This market size is for the United States. For its Gas Utilities segment, the addressable market for natural gas distribution in the U.S. was valued at $170.0 billion in 2024 and is expected to increase to $186.0 billion by 2032. Another estimate places the market size of Natural Gas Distribution in the U.S. at $222.5 billion in 2025, projected to reach $225.5 billion in 2026. This market size is for the United States.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Black Hills Corporation (BKH) over the next 2-3 years:
  1. Strategic Capital Investment and Infrastructure Modernization: Black Hills Corporation plans a significant capital investment of $4.7 billion between 2026 and 2030, with a focus on enhancing customer reliability and service safety. This includes expanding electric transmission and generation capabilities, such as the 260-mile "Ready Wyoming" transmission project completed in December 2025, and constructing new natural gas infrastructure. These investments are expected to lead to rate base growth, enabling the company to recover costs and increase revenues through future rate adjustments.

  2. Growing Data Center Demand: The company is strategically positioned to benefit from the burgeoning demand from large data center customers. Black Hills has tripled its data center pipeline to over 3 gigawatts (GW), with plans to serve 600 megawatts (MW) by 2030 under a minimal capital investment model. Partnerships with major technology companies like Microsoft and Meta are expected to contribute significantly, with data centers projected to drive more than 10% of consolidated earnings per share (EPS) starting in 2028.

  3. Favorable Regulatory Outcomes and Rate Recovery: Black Hills actively pursues and achieves new rates and rider recovery through its regulatory efforts, which is a consistent driver of increased revenue and margins. The company successfully completed three rate reviews in 2025, adding over $52 million in new annual revenue, and continues to prioritize regulatory progress to recover investments in its utility systems.

  4. Organic Customer Growth and Economic Development: Ongoing customer growth within Black Hills' service territories and solid economic development contribute to increased energy demand. The Electric Utilities segment serves approximately 218,000 customers, while the Gas Utilities segment serves about 1,094,000 customers across multiple states, ensuring a steady foundation for revenue expansion.

  5. Proposed Merger with NorthWestern Energy: The planned all-stock, tax-free merger with NorthWestern Energy Group Inc. is anticipated to create a larger, more competitive utility company, enhancing financial strength and offering new opportunities. The combined entity is expected to serve around 2.1 million customers across eight states, providing advantages of increased scale and projected long-term EPS growth of 5% to 7%. The merger is expected to close in the second half of 2026.

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Share Issuance

  • In 2025, Black Hills completed its equity issuance program, raising $219.6 million in net proceeds through the issuance of 3.7 million shares via an at-the-market (ATM) offering.
  • The company's equity issuances in 2025 were between $215 million and $235 million, following $182 million in equity issuances completed in 2024.
  • Black Hills anticipates a significantly lower equity need of $50 million to $70 million for 2026, a reduction from $220 million in 2025.

Outbound Investments

  • Black Hills Corporation entered into an all-stock Merger Agreement with NorthWestern Energy Group, Inc. on August 18, 2025, in a transaction valued at approximately $4.4 billion.
  • Upon the merger's completion, NorthWestern will become a wholly-owned subsidiary of Black Hills, and the combined entity will be renamed Bright Horizon Energy Corporation.
  • The all-stock merger is expected to result in Black Hills shareholders owning approximately 56% of the combined company.

Capital Expenditures

  • Black Hills forecasts $4.7 billion in capital investments from 2025 to 2029, including $1 billion in 2025.
  • The company plans to invest $4.7 billion from 2026 through 2030, prioritizing customer growth, safety, integrity and modernization programs, and new generation and transmission to meet increasing demand, including from data centers.
  • Key projects include the completion of the $350 million Ready Wyoming electric transmission expansion project by the end of 2025, and the ongoing construction of the 99 MW Lange II generation project in South Dakota, slated for completion in the second half of 2026.

Better Bets vs. Black Hills (BKH)

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Peer Comparisons

Peers to compare with:

Financials

BKHWECXELDUKAEPSOMedian
NameBlack Hi.WEC Ener.Xcel Ene.Duke Ene.American.Southern  
Mkt Price73.28114.8979.02125.26133.8595.17105.03
Mkt Cap5.537.449.397.572.6107.060.9
Rev LTM2,28510,08514,78433,16622,43330,17418,608
Op Inc LTM5342,4172,9348,5815,4927,2934,213
FCF LTM-312-1,080-7,190-3,299-3,242-3,466-3,270
FCF 3Y Avg-2814-3,891-1,762-2,005-1,452-1,607
CFO LTM6223,4354,75211,6657,0139,7785,882
CFO 3Y Avg7283,3444,73711,5226,5209,1755,629

Growth & Margins

BKHWECXELDUKAEPSOMedian
NameBlack Hi.WEC Ener.Xcel Ene.Duke Ene.American.Southern  
Rev Chg LTM3.6%11.2%7.9%7.2%11.3%8.3%8.1%
Rev Chg 3Y Avg-4.2%2.1%-1.5%4.6%4.5%1.7%1.9%
Rev Chg Q-3.0%9.0%2.9%11.3%10.2%8.0%8.5%
QoQ Delta Rev Chg LTM-1.1%2.9%0.8%2.9%2.5%2.1%2.3%
Op Inc Chg LTM3.8%5.6%23.1%3.1%20.5%-1.1%4.7%
Op Inc Chg 3Y Avg5.4%9.3%6.6%9.4%15.1%12.3%9.4%
Op Mgn LTM23.4%24.0%19.8%25.9%24.5%24.2%24.1%
Op Mgn 3Y Avg23.2%25.0%18.9%25.9%22.8%25.2%24.1%
QoQ Delta Op Mgn LTM0.1%-0.3%0.2%-0.7%-0.1%-0.5%-0.2%
CFO/Rev LTM27.2%34.1%32.1%35.2%31.3%32.4%32.3%
CFO/Rev 3Y Avg33.1%36.1%33.7%37.0%31.6%33.0%33.4%
FCF/Rev LTM-13.7%-10.7%-48.6%-9.9%-14.5%-11.5%-12.6%
FCF/Rev 3Y Avg-1.0%0.7%-27.1%-5.6%-9.5%-5.0%-5.3%

Valuation

BKHWECXELDUKAEPSOMedian
NameBlack Hi.WEC Ener.Xcel Ene.Duke Ene.American.Southern  
Mkt Cap5.537.449.397.572.6107.060.9
P/S2.43.73.32.93.23.53.3
P/Op Inc10.315.516.811.413.214.713.9
P/EBIT10.114.115.110.012.412.912.6
P/E19.222.823.619.019.924.521.3
P/CFO8.910.910.48.410.310.910.4
Total Yield8.9%7.5%6.9%6.1%7.8%6.9%7.2%
Dividend Yield3.7%3.1%2.7%0.9%2.8%2.9%2.8%
FCF Yield 3Y Avg0.1%0.3%-8.9%-1.9%-3.3%-1.5%-1.7%
D/E0.80.60.80.90.70.70.8
Net D/E0.80.60.80.90.70.70.7

Returns

BKHWECXELDUKAEPSOMedian
NameBlack Hi.WEC Ener.Xcel Ene.Duke Ene.American.Southern  
1M Rtn8.1%1.6%2.2%1.2%4.8%2.4%2.3%
3M Rtn-0.0%-2.4%-3.8%-5.0%-1.7%-1.7%-2.1%
6M Rtn4.9%11.0%9.3%8.6%17.2%10.9%10.1%
12M Rtn34.3%13.9%20.1%10.6%31.8%6.9%17.0%
3Y Rtn46.1%44.6%39.7%57.6%77.3%50.8%48.4%
1M Excs Rtn-0.4%1.4%0.7%0.8%3.7%2.4%1.1%
3M Excs Rtn-11.0%-12.4%-13.5%-15.2%-11.1%-12.5%-12.4%
6M Excs Rtn-1.0%1.7%-0.9%-0.4%9.5%1.9%0.6%
12M Excs Rtn14.0%-6.6%-0.6%-9.7%11.7%-13.5%-3.6%
3Y Excs Rtn-30.9%-26.1%-30.4%-14.3%6.0%-19.5%-22.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Gas Utilities1,3831,2691,4841,6631,118
Electric Utilities943876865888831
Corporate and Other-16-18-18  
Total2,3102,1282,3312,5521,949


Operating Income by Segment
$ Mil20252024202320222021
Gas Utilities321271229244211
Electric Utilities222233249214203
Corporate and Other-6-1-5  
Corporate   3236
Inter-company Eliminations   -35-41
Total538503473455409


Net Income by Segment
$ Mil201820172016
Corporate449288143
Gas Utilities1606660
Electric Utilities7911086
Power Generation214626
Mining131410
Discontinued operations-7-17 
Inter-company Eliminations-457-331-180
Oil and Gas  -71
Total25817773


Assets by Segment
$ Mil20222021202020192018
Gas Utilities5,5785,2464,3764,0323,623
Electric Utilities3,9303,7973,1212,9012,896
Corporate and Other11089110130209
Mining  777781
Power Generation  404418154
Total9,6189,1328,0897,5586,963


Price Behavior

Price Behavior
Market Price$73.28 
Market Cap ($ Bil)5.5 
First Trading Date09/07/1984 
Distance from 52W High-3.7% 
   50 Days200 Days
DMA Price$73.33$69.69
DMA Trendupup
Distance from DMA-0.1%5.2%
 3M1YR
Volatility29.9%22.4%
Downside Capture-11.52-6.66
Upside Capture-7.0729.70
Correlation (SPY)-9.7%3.6%
BKH Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-0.48-0.35-0.08-0.060.080.30
Up Beta-0.160.120.11-0.080.190.30
Down Beta-1.64-0.90-0.88-0.24-0.150.18
Up Capture-3%-21%19%9%24%14%
Bmk +ve Days11244067140429
Stock +ve Days11223568147399
Down Capture-27%-31%-12%-10%-9%59%
Bmk -ve Days10172358112321
Stock -ve Days10192857105350

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BKH
BKH35.3%22.3%1.27-
Sector ETF (XLU)13.7%14.9%0.6543.0%
Equity (SPY)22.3%12.5%1.333.4%
Gold (GLD)24.4%27.8%0.778.1%
Commodities (DBC)23.6%18.7%1.00-11.7%
Real Estate (VNQ)13.2%13.9%0.6537.9%
Bitcoin (BTCUSD)-42.8%42.8%-1.18-2.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BKH
BKH6.4%22.4%0.23-
Sector ETF (XLU)10.5%17.3%0.4570.2%
Equity (SPY)13.4%17.1%0.6130.9%
Gold (GLD)18.0%18.3%0.8015.7%
Commodities (DBC)7.5%19.5%0.287.9%
Real Estate (VNQ)2.9%18.9%0.0657.8%
Bitcoin (BTCUSD)12.3%53.5%0.4210.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BKH
BKH5.4%25.5%0.23-
Sector ETF (XLU)9.2%19.3%0.4177.0%
Equity (SPY)15.8%17.9%0.7547.6%
Gold (GLD)11.7%16.1%0.5915.1%
Commodities (DBC)6.1%18.0%0.2714.9%
Real Estate (VNQ)5.2%20.7%0.2267.6%
Bitcoin (BTCUSD)58.0%66.2%0.9810.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity8.6 Mil
Short Interest: % Change Since 53120262.4%
Average Daily Volume1.4 Mil
Days-to-Cover Short Interest6.1 days
Basic Shares Quantity75.4 Mil
Short % of Basic Shares11.4%

Earnings Returns History

Updated 6/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/20261.8%0.2%-0.6%
2/4/20260.9%-1.5%0.6%
11/5/20254.6%11.5%9.4%
7/30/20251.2%4.7%5.8%
5/8/2025-0.6%-0.3%-1.4%
2/5/2025-0.3%0.0%1.2%
11/6/2024-1.3%4.6%3.7%
7/31/20240.4%-3.5%0.4%
...
SUMMARY STATS   
# Positive121415
# Negative12109
Median Positive2.0%2.0%3.7%
Median Negative-1.4%-1.5%-2.0%
Max Positive4.6%11.5%11.7%
Max Negative-9.3%-9.9%-13.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/20261.8%0.2%-0.6%
2/4/20260.9%-1.5%0.6%
11/5/20254.6%11.5%9.4%
7/30/20251.2%4.7%5.8%
5/8/2025-0.6%-0.3%-1.4%
2/5/2025-0.3%0.0%1.2%
11/6/2024-1.3%4.6%3.7%
7/31/20240.4%-3.5%0.4%
5/8/20242.2%0.9%-3.8%
2/7/20243.3%3.6%9.9%
11/1/20233.0%2.8%11.7%
8/2/2023-2.5%-1.0%-6.2%
5/3/20232.2%2.4%-2.4%
2/7/2023-9.3%-9.9%-13.3%
11/2/2022-2.4%-1.4%10.2%
8/3/2022-1.4%1.0%1.1%
5/4/2022-0.5%-0.6%0.5%
2/9/2022-0.2%1.4%7.1%
11/2/20211.8%-2.7%-0.7%
8/3/20210.0%0.4%3.1%
5/4/2021-1.8%-2.1%-0.3%
2/9/2021-0.8%-1.1%3.5%
11/2/20204.2%4.6%5.8%
8/4/2020-2.0%1.6%-2.0%
SUMMARY STATS   
# Positive121415
# Negative12109
Median Positive2.0%2.0%3.7%
Median Negative-1.4%-1.5%-2.0%
Max Positive4.6%11.5%11.7%
Max Negative-9.3%-9.9%-13.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202502/11/202610-K
09/30/202511/06/202510-Q
06/30/202507/31/202510-Q
03/31/202505/08/202510-Q
12/31/202402/12/202510-K
09/30/202411/07/202410-Q
06/30/202408/01/202410-Q
03/31/202405/09/202410-Q
12/31/202302/14/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/14/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202502/11/202610-K
09/30/202511/06/202510-Q
06/30/202507/31/202510-Q
03/31/202505/08/202510-Q
12/31/202402/12/202510-K
09/30/202411/07/202410-Q
06/30/202408/01/202410-Q
03/31/202405/09/202410-Q
12/31/202302/14/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/14/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202102/15/202210-K
09/30/202111/03/202110-Q
06/30/202108/04/202110-Q
03/31/202105/05/202110-Q
12/31/202002/26/202110-K
09/30/202011/03/202010-Q
06/30/202008/04/202010-Q
03/31/202005/05/202010-Q
12/31/201902/14/202010-K
09/30/201911/05/201910-Q
06/30/201908/06/201910-Q

Recent Forward Guidance

Updated 7/9/2026

Latest: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted EPS4.254.354.45  AffirmedGuidance: 4.35 for 2026
2026 Equity Issuance50.00 Mil60.00 Mil70.00 Mil0 AffirmedGuidance: 60.00 Mil for 2026
2026 Effective Tax Rate 14.0%  0AffirmedGuidance: 14.0% for 2026
2026 EPS Growth Target4.0%5.0%6.0%   
2026 Operations and Maintenance Expense Increase 0.04  0AffirmedGuidance: 0.04 for 2026

Prior: Q4 2025 Earnings Reported 2/4/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted EPS4.254.354.456.1% Higher NewActual: 4.1 for 2025
2026 Operations and Maintenance Expense Growth 3.5%  0Same NewActual: 3.5% for 2025
2026 Equity Issuance50.00 Mil60.00 Mil70.00 Mil-73.3% Lower NewActual: 225.00 Mil for 2025
2026 Effective Tax Rate 14.0%  1.0%Higher NewActual: 13.0% for 2025

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Adjusted EPS44.14.20 AffirmedGuidance: 4.1 for 2025
2025 Operations and Maintenance Expense Growth 3.5%  0AffirmedGuidance: 3.5% for 2025
2025 Equity Issuance215.00 Mil225.00 Mil235.00 Mil0 AffirmedGuidance: 225.00 Mil for 2025
2025 Effective Tax Rate 13.0%  0AffirmedGuidance: 13.0% for 2025

Insider Activity

Updated 5/28/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Otto, Robert P DirectSell528202674.224,109304,970807,955Form
2Nooney, Kimberly FSVP & CFODirectSell1112202570.7014,5001,025,1502,447,670Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Otto, Robert P DirectSell528202674.224,109304,970807,955Form
2Nooney, Kimberly FSVP & CFODirectSell1112202570.7014,5001,025,1502,447,670Form
Core Cache Last Updated: 7/9/2026