Black Hills (BKH)
Market Price (10/7/2026): $74.01 | Market Cap: $5.6 BilSector: Utilities | Industry: Multi-Utilities
Black Hills (BKH)
Market Price (10/7/2026): $74.01Market Cap: $5.6 BilSector: UtilitiesIndustry: Multi-Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, Dividend Yield is 3.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.2% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27% Low stock price volatilityVol 12M is 23% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Battery Storage & Grid Modernization, Show more. | Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -23% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.8, 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 14% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 82% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.3% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13% Key risksBKH key risks include [1] regulatory hurdles in recovering capital costs, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, Dividend Yield is 3.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.2% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27% |
| Low stock price volatilityVol 12M is 23% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Battery Storage & Grid Modernization, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -23% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.8, 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 14% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 82% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.3% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13% |
| Key risksBKH key risks include [1] regulatory hurdles in recovering capital costs, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Black Hills (BKH) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Rising interest rates and bond yields exerted macroeconomic pressure on the utility sector. Utilities, often considered bond proxies due to their stable dividends, faced competition from the increasing attractiveness of government bonds as the U.S. 10-year bond yield rose above five percent. This trend typically hurts long-duration, rate-sensitive assets like regulated utilities.
2. Fiscal Q2 2026 revenue missed analyst expectations, despite an earnings per share beat. Black Hills reported its fiscal Q2 2026 earnings on August 5, 2026, with an adjusted EPS of $0.54, surpassing consensus estimates of $0.41 to $0.42 per share. However, the company's revenue for the quarter was $452.8 million, falling short of analysts' projections, which ranged from $490.89 million to $510.8 million.
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Black Hills (BKH) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Rising interest rates and bond yields exerted macroeconomic pressure on the utility sector. Utilities, often considered bond proxies due to their stable dividends, faced competition from the increasing attractiveness of government bonds as the U.S. 10-year bond yield rose above five percent. This trend typically hurts long-duration, rate-sensitive assets like regulated utilities.
2. Fiscal Q2 2026 revenue missed analyst expectations, despite an earnings per share beat. Black Hills reported its fiscal Q2 2026 earnings on August 5, 2026, with an adjusted EPS of $0.54, surpassing consensus estimates of $0.41 to $0.42 per share. However, the company's revenue for the quarter was $452.8 million, falling short of analysts' projections, which ranged from $490.89 million to $510.8 million.
3. A new "Hold" rating and a lower price target from Freedom Broker influenced analyst sentiment. On September 30, 2026, Freedom Broker initiated coverage of Black Hills with a "Hold" rating and set a price target of $69.00. The firm cited that the increase in the risk-free rate limited valuation upside, supporting the more cautious rating.
4. Ongoing uncertainty surrounding the pending NorthWestern Energy merger introduced execution risk. While the all-stock merger with NorthWestern Energy is seen as a potential growth catalyst, it is still awaiting final approval from the Montana Public Service Commission, with a decision anticipated by the end of fiscal year 2026. This regulatory timing and the complexities of integration present execution risks regarding funding and delivering necessary infrastructure.
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Stock Movement Drivers
Fundamental Drivers
The -4.0% change in BKH stock from 6/30/2026 to 10/6/2026 was primarily driven by a -6.8% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.70 | 70.74 | -4.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,285 | 2,299 | 0.6% |
| Net Income Margin (%) | 12.6% | 13.0% | 3.1% |
| P/E Multiple | 19.3 | 18.0 | -6.8% |
| Shares Outstanding (Mil) | 75 | 76 | -0.7% |
| Cumulative Contribution | -4.0% |
Market Drivers
6/30/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| BKH | -4.0% | |
| Market (SPY) | 4.3% | 23.2% |
| Sector (XLU) | -9.2% | 61.6% |
Fundamental Drivers
The 3.9% change in BKH stock from 3/31/2026 to 10/6/2026 was primarily driven by a 3.0% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.10 | 70.74 | 3.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,310 | 2,299 | -0.5% |
| Net Income Margin (%) | 12.6% | 13.0% | 3.0% |
| P/E Multiple | 17.5 | 18.0 | 2.4% |
| Shares Outstanding (Mil) | 75 | 76 | -1.1% |
| Cumulative Contribution | 3.9% |
Market Drivers
3/31/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| BKH | 3.9% | |
| Market (SPY) | 20.1% | 5.6% |
| Sector (XLU) | -9.7% | 48.2% |
Fundamental Drivers
The 19.3% change in BKH stock from 9/30/2025 to 10/6/2026 was primarily driven by a 18.9% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 59.28 | 70.74 | 19.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,243 | 2,299 | 2.5% |
| Net Income Margin (%) | 12.7% | 13.0% | 2.6% |
| P/E Multiple | 15.1 | 18.0 | 18.9% |
| Shares Outstanding (Mil) | 72 | 76 | -4.6% |
| Cumulative Contribution | 19.3% |
Market Drivers
9/30/2025 to 10/6/2026| Return | Correlation | |
|---|---|---|
| BKH | 19.3% | |
| Market (SPY) | 17.9% | 4.8% |
| Sector (XLU) | -3.6% | 44.4% |
Fundamental Drivers
The 59.3% change in BKH stock from 9/30/2023 to 10/6/2026 was primarily driven by a 48.5% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.41 | 70.74 | 59.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,587 | 2,299 | -11.1% |
| Net Income Margin (%) | 9.5% | 13.0% | 37.5% |
| P/E Multiple | 12.1 | 18.0 | 48.5% |
| Shares Outstanding (Mil) | 67 | 76 | -12.3% |
| Cumulative Contribution | 59.3% |
Market Drivers
9/30/2023 to 10/6/2026| Return | Correlation | |
|---|---|---|
| BKH | 59.3% | |
| Market (SPY) | 88.5% | 20.4% |
| Sector (XLU) | 51.7% | 60.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BKH Return | 19% | 3% | -20% | 14% | 24% | 4% | 44% |
| Peers Return | 12% | 5% | -5% | 17% | 16% | 0% | 52% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 107% |
Monthly Win Rates [3] | |||||||
| BKH Win Rate | 58% | 42% | 50% | 67% | 67% | 60% | |
| Peers Win Rate | 53% | 65% | 58% | 57% | 62% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BKH Max Drawdown | -14% | -23% | -33% | -11% | -9% | -11% | |
| Peers Max Drawdown | -11% | -24% | -20% | -14% | -12% | -15% | |
| 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 10/6/2026 (YTD)
How Low Can It Go
| Event | BKH | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.3% | -9.5% |
| % Gain to Breakeven | 25.5% | 10.5% |
| Time to Breakeven | 288 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.5% | -24.5% |
| % Gain to Breakeven | 11.7% | 32.4% |
| Time to Breakeven | 29 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.0% | -33.7% |
| % Gain to Breakeven | 66.6% | 50.9% |
| Time to Breakeven | 762 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -12.1% | -12.2% |
| % Gain to Breakeven | 13.8% | 13.9% |
| Time to Breakeven | 24 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.2% | -6.8% |
| % Gain to Breakeven | 39.4% | 7.3% |
| Time to Breakeven | 151 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -13.7% | -17.9% |
| % Gain to Breakeven | 15.9% | 21.8% |
| Time to Breakeven | 21 days | 123 days |
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
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Asset Allocation
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| Event | BKH | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.3% | -9.5% |
| % Gain to Breakeven | 25.5% | 10.5% |
| Time to Breakeven | 288 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.0% | -33.7% |
| % Gain to Breakeven | 66.6% | 50.9% |
| Time to Breakeven | 762 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.2% | -6.8% |
| % Gain to Breakeven | 39.4% | 7.3% |
| Time to Breakeven | 151 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -65.5% | -53.4% |
| % Gain to Breakeven | 189.6% | 114.4% |
| Time to Breakeven | 1288 days | 1085 days |
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
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.
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Here are the key risks to Black Hills Corporation (BKH):
- 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.
- 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.
- 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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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.
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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.
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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.
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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.
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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.
Peer Outperformance in Multi-Utilities
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -13.3% | 121.9% | 186.3% | HNRG 296% · OKLO 293% · NRG 186% |
| Electric Utilities | 24 | -0.7% | 46.4% | 40.7% | VST 874% · GNE 180% · ETR 140% |
| Gas Utilities | 10 | 1.6% | 50.7% | 39.4% | ATO 101% · NJR 67% · NFG 62% |
| Multi-Utilities ← | 18 | -0.5% | 52.1% | 38.0% | NI 95% · MDU 91% · PNW 79% |
| Water Utilities | 11 | 0.4% | 2.5% | -16.1% | CWCO 191% · AWR 2% · ARTNA 2% |
| Renewable Electricity | 5 | -65.0% | -61.4% | -89.1% | ORA 36% · CWEN 24% · VGAS -89% |
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 93.95 |
| Mkt Cap | 55.9 |
| Rev LTM | 18,703 |
| Op Inc LTM | 4,203 |
| FCF LTM | -2,853 |
| FCF 3Y Avg | -1,811 |
| CFO LTM | 6,232 |
| CFO 3Y Avg | 5,782 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.4% |
| Rev Chg 3Y Avg | 3.2% |
| Rev Chg Q | 1.9% |
| QoQ Delta Rev Chg LTM | 0.4% |
| Op Inc Chg LTM | 4.6% |
| Op Inc Chg 3Y Avg | 10.0% |
| Op Mgn LTM | 24.0% |
| Op Mgn 3Y Avg | 24.2% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 34.3% |
| CFO/Rev 3Y Avg | 33.8% |
| FCF/Rev LTM | -13.1% |
| FCF/Rev 3Y Avg | -5.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Gas Utilities | 1,383 | 1,269 | 1,484 | 1,669 | 1,125 |
| Electric Utilities | 943 | 876 | 865 | 900 | 842 |
| Corporate and Other | -16 | -18 | -18 | -18 | -18 |
| Total | 2,310 | 2,128 | 2,331 | 2,552 | 1,949 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Gas Utilities | 321 | 271 | 229 | 244 | 211 |
| Electric Utilities | 222 | 233 | 249 | 214 | 203 |
| Corporate and Other | -6 | -1 | -5 | -3 | -4 |
| Total | 538 | 503 | 473 | 455 | 409 |
| $ Mil | 2018 | 2017 | 2016 |
|---|---|---|---|
| Corporate | 449 | 288 | 143 |
| Gas Utilities | 160 | 66 | 60 |
| Electric Utilities | 79 | 110 | 86 |
| Power Generation | 21 | 46 | 26 |
| Mining | 13 | 14 | 10 |
| Discontinued operations | -7 | -17 | |
| Inter-company Eliminations | -457 | -331 | -180 |
| Oil and Gas | -71 | ||
| Total | 258 | 177 | 73 |
| $ Mil | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|
| Gas Utilities | 5,578 | 5,246 | 4,376 | 4,032 | 3,623 |
| Electric Utilities | 3,930 | 3,797 | 3,602 | 2,901 | 2,896 |
| Corporate and Other | 110 | 89 | 110 | 130 | 209 |
| Mining | 77 | 81 | |||
| Power Generation | 418 | 154 | |||
| Total | 9,618 | 9,132 | 8,089 | 7,558 | 6,963 |
Price Behavior
| Market Price | $70.74 | |
| Market Cap ($ Bil) | 5.4 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -6.2% | |
| 50 Days | 200 Days | |
| DMA Price | $71.92 | $71.59 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -1.6% | -1.2% |
| 3M | 1YR | |
| Volatility | 18.2% | 22.9% |
| Downside Capture | 64.63 | 3.92 |
| Upside Capture | 38.08 | 25.51 |
| Correlation (SPY) | 27.1% | 5.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.85 | 0.70 | 0.39 | 0.11 | 0.08 | 0.29 |
| Up Beta | 1.65 | 0.67 | 0.33 | 0.20 | 0.14 | 0.29 |
| Down Beta | 0.02 | -0.03 | 0.55 | -0.47 | -0.10 | 0.19 |
| Up Capture | 70% | 71% | 22% | 19% | 16% | 13% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 20 | 30 | 64 | 136 | 401 |
| Down Capture | 119% | 94% | 59% | 29% | 4% | 52% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 22 | 34 | 62 | 116 | 349 |
[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 | |
|---|---|---|---|---|
| BKH | 22.2% | 22.9% | 0.80 | - |
| Sector ETF (XLU) | -5.5% | 15.5% | -0.57 | 45.1% |
| Equity (SPY) | 17.5% | 13.0% | 0.96 | 5.0% |
| Gold (GLD) | 6.9% | 29.6% | 0.23 | 5.7% |
| Commodities (DBC) | 46.1% | 20.8% | 1.71 | -14.7% |
| Real Estate (VNQ) | 2.1% | 13.7% | -0.10 | 38.4% |
| Bitcoin (BTCUSD) | -29.8% | 44.3% | -0.67 | -3.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BKH | |
|---|---|---|---|---|
| BKH | 6.9% | 22.4% | 0.24 | - |
| Sector ETF (XLU) | 8.4% | 17.4% | 0.33 | 69.7% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 30.4% |
| Gold (GLD) | 18.7% | 18.9% | 0.80 | 14.3% |
| Commodities (DBC) | 10.3% | 19.5% | 0.40 | 6.0% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.04 | 57.2% |
| Bitcoin (BTCUSD) | 16.0% | 52.2% | 0.47 | 9.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BKH | |
|---|---|---|---|---|
| BKH | 4.8% | 25.5% | 0.20 | - |
| Sector ETF (XLU) | 8.2% | 19.3% | 0.36 | 76.8% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 47.4% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | 14.2% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 13.5% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 67.4% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 10.1% |
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Returns Analyses
Earnings Returns History
Updated 10/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.4% | 2.0% | 3.2% |
| 5/6/2026 | 1.8% | 0.2% | -0.6% |
| 2/4/2026 | 0.9% | -1.5% | 0.6% |
| 11/5/2025 | 4.6% | 11.5% | 9.4% |
| 7/30/2025 | 1.2% | 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 16 |
| # Negative | 11 | 10 | 8 |
| Median Positive | 1.8% | 2.2% | 3.6% |
| Median Negative | -1.3% | -1.5% | -1.9% |
| Max Positive | 4.6% | 11.5% | 11.7% |
| Max Negative | -9.3% | -9.9% | -13.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.4% | 2.0% | 3.2% |
| 5/6/2026 | 1.8% | 0.2% | -0.6% |
| 2/4/2026 | 0.9% | -1.5% | 0.6% |
| 11/5/2025 | 4.6% | 11.5% | 9.4% |
| 7/30/2025 | 1.2% | 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% |
| 7/31/2024 | 0.4% | -3.5% | 0.4% |
| 5/8/2024 | 2.2% | 0.9% | -3.8% |
| 2/7/2024 | 3.3% | 3.6% | 9.9% |
| 11/1/2023 | 3.0% | 2.8% | 11.7% |
| 8/2/2023 | -2.5% | -1.0% | -6.2% |
| 5/3/2023 | 2.2% | 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% |
| 11/2/2021 | 1.8% | -2.7% | -0.7% |
| 8/3/2021 | 0.0% | 0.4% | 3.1% |
| 5/4/2021 | -1.8% | -2.1% | -0.3% |
| 2/9/2021 | -0.8% | -1.1% | 3.5% |
| 11/2/2020 | 4.2% | 4.6% | 5.8% |
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 16 |
| # Negative | 11 | 10 | 8 |
| Median Positive | 1.8% | 2.2% | 3.6% |
| Median Negative | -1.3% | -1.5% | -1.9% |
| Max Positive | 4.6% | 11.5% | 11.7% |
| Max Negative | -9.3% | -9.9% | -13.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/15/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | Reported | 4.25 | 4.35 | 4.45 | 0 | Affirmed | Guidance: 4.35 for 2026 | |
| 2026 EPS Growth | Reported | 4.0% | 5.0% | 6.0% | 0 | Affirmed | Guidance: 5.0% for 2026 | |
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Equity Issuance | Reported | 50.00 Mil | 60.00 Mil | 70.00 Mil | 0 | Affirmed | Guidance: 60.00 Mil for 2026 | |
| 2026 Operations and Maintenance Expense Increase | Reported | 0.04 | 0 | Affirmed | Guidance: 0.04 for 2026 | |||
| 2026 Effective Tax Rate | Reported | 14.0% | 0 | Affirmed | Guidance: 14.0% for 2026 | |||
| 2026 Adjusted EPS | Reported | 4.25 | 4.35 | 4.45 | Affirmed | Guidance: 4.35 for 2026 | ||
| 2026 EPS Growth Target | Reported | 4.0% | 5.0% | 6.0% | ||||
Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Operations and Maintenance Expense Growth | Reported | 3.5% | 0 | Same New | Actual: 3.5% for 2025 | |||
| 2026 Equity Issuance | Reported | 50.00 Mil | 60.00 Mil | 70.00 Mil | -73.3% | Lower New | Actual: 225.00 Mil for 2025 | |
| 2026 Effective Tax Rate | Reported | 14.0% | 1.0% | Higher New | Actual: 13.0% for 2025 | |||
| 2026 Adjusted EPS | Reported | 4.25 | 4.35 | 4.45 | 6.1% | Higher New | Actual: 4.1 for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Operations and Maintenance Expense Growth | Reported | 3.5% | 0 | Affirmed | Guidance: 3.5% for 2025 | |||
| 2025 Equity Issuance | Reported | 215.00 Mil | 225.00 Mil | 235.00 Mil | 0 | Affirmed | Guidance: 225.00 Mil for 2025 | |
| 2025 Effective Tax Rate | Reported | 13.0% | 0 | Affirmed | Guidance: 13.0% for 2025 | |||
| 2025 Adjusted EPS | Reported | 4 | 4.1 | 4.2 | 0 | Affirmed | Guidance: 4.1 for 2025 | |
Investor Activity (13F)
Updated Oct 7, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Multi-Utilities Resources |
| Public Utilities Fortnightly |
| Power Magazine |
| Energy Central |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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