BKH
UtilitiesBlack Hills Corporation · Diversified Utilities · $6B
What is Black Hills Corporation?
Black Hills Corporation is a regulated electric and natural gas utility serving customers across eight U.S. states. Headquartered in Rapid City, South Dakota, the company has operated as a utility provider for decades, focusing on reliable energy delivery to residential, commercial, and industrial customers.
Black Hills operates through two core segments: Electric Utilities and Gas Utilities. The electric segment generates, transmits, and distributes power to customers in Colorado, Montana, South Dakota, and Wyoming using a mix of wind, natural gas, and coal generation. The gas segment distributes natural gas across Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming through an extensive pipeline and distribution network. The company also offers appliance repair services and electrical construction services to select customers.
Black Hills Corporation was incorporated in 1941 and is headquartered in Rapid City, South Dakota.
- Electric generation, transmission, and distribution across four states
- Natural gas distribution to over one million customers in six states
- Intrastate gas transmission pipelines and storage facilities
- Appliance repair services for residential utility customers
- Electrical system construction services for large industrial customers
Is BKH a Good Stock to Buy?
UQS Score rates BKH as Below Average overall, reflecting a mixed profile across its five quality pillars.
Valuation stands out as the relative bright spot in BKH's pillar profile, suggesting the stock may not be pricing in a premium relative to its fundamentals. Quality, Moat, and Growth all register at a Neutral level — consistent with the regulated utility model, where earnings are stable but growth opportunities are structurally limited.
Risk is the weakest pillar in BKH's profile, which warrants attention from investors who prioritize financial resilience — particularly given the capital-intensive nature of utility infrastructure.
Pro members can view the exact pillar scores and the full financial metrics behind BKH's Below Average rating at UQS Score. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does BKH pay dividends?
Yes — Black Hills Corporation pays a dividend.
Black Hills Corporation pays a regular dividend, a hallmark of regulated utility companies that generate predictable cash flows from rate-regulated operations. The company has a long history of dividend payments, making it a common holding for income-oriented investors. Its regulated revenue base supports consistent distributions, though the elevated Risk pillar score is worth monitoring alongside dividend sustainability.
When does BKH report earnings?
Black Hills Corporation reports earnings on a quarterly cadence, typical for U.S.-listed utility equities.
As a regulated utility, BKH's quarterly results tend to reflect rate-base growth, seasonal energy demand, and capital investment activity rather than dramatic swings. Performance is generally tied to regulatory outcomes and infrastructure spending across its eight-state service territory.
For the most recent quarter's results and guidance, visit Black Hills Corporation's investor relations page directly.
BKH Price History
+35.4% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Black Hills Corporation?
Based on Black Hills Corporation's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
BKH Long-term Outlook
Black Hills Corporation's Growth pillar registers at Neutral, consistent with the modest, rate-case-driven expansion typical of regulated utilities. The company's multi-state footprint provides geographic diversification, but the Weak Risk pillar suggests meaningful headwinds — including capital structure pressures and the cost burden of maintaining extensive transmission and distribution infrastructure. Valuation rated Good may offer a degree of downside cushion relative to peers, but investors should weigh that against the risk profile before drawing conclusions about long-term trajectory.
Growth drivers
- Rate base expansion through ongoing infrastructure investment across eight states
- Growing natural gas customer base in regulated service territories
- Renewable energy additions to the electric generation portfolio
Key risks
- Elevated financial risk relative to sector peers, as reflected in the Weak Risk pillar
- Regulatory lag between capital spending and approved rate recovery
- Capital-intensive operations requiring ongoing debt financing in a higher-rate environment
BKH vs Peers
Black Hills Corporation competes within the regulated utility space alongside regional and international peers that share similar rate-based business models.
ATCO is a Canadian utility conglomerate with a broader international footprint spanning energy infrastructure, housing, and logistics beyond pure utility operations.
Northwestern Energy serves a similarly rural, multi-state territory in the northern U.S., making it one of BKH's closest structural peers in scale and customer profile.
CIG operates as a large Brazilian electric utility, introducing emerging-market regulatory and currency dynamics that differ significantly from BKH's U.S.-regulated model.
Frequently Asked Questions
What does Black Hills Corporation do?
Black Hills Corporation is a regulated utility that generates, transmits, and distributes electricity and natural gas. It serves electric customers in four states and natural gas customers in six states, operating an extensive network of pipelines, power plants, and distribution infrastructure across the central and western United States.
Does BKH pay dividends?
Yes, Black Hills Corporation pays a regular dividend. The company's regulated utility model generates relatively predictable cash flows, which have historically supported consistent dividend payments. Income-focused investors often consider BKH for this reason, though the company's Risk pillar profile should be factored into any dividend sustainability assessment.
When does BKH report earnings?
Black Hills Corporation reports earnings quarterly, in line with standard U.S. equity reporting requirements. Exact dates vary each quarter. For the most current earnings schedule and recent results, check Black Hills Corporation's official investor relations page.
Is BKH a good stock to buy?
UQS Score rates BKH as Below Average, driven largely by a Weak Risk pillar alongside Neutral readings across Quality, Moat, and Growth. Valuation is rated Good, which may interest value-oriented investors. The full pillar breakdown and supporting metrics are available to Pro members on UQS Score.
Is BKH overvalued?
BKH's Valuation pillar is rated Good, suggesting the stock does not appear significantly overpriced relative to its fundamentals at the time of scoring. However, valuation alone does not determine investment merit — the Weak Risk pillar and Neutral growth profile are important context for any valuation assessment.
How does BKH compare to its competitors?
Among regional regulated utilities, BKH's closest peer is Northwestern Energy, which operates a similarly scaled rural service territory. ATCO offers a broader international and diversified infrastructure profile, while CIG introduces emerging-market exposure. UQS Score provides side-by-side pillar comparisons for Pro members looking to evaluate BKH against these peers.
What is BKH's market cap bracket?
Black Hills Corporation is classified as a mid-cap utility. This places it below the largest diversified U.S. utility conglomerates but above smaller regional operators, reflecting its multi-state footprint and customer base of over one million natural gas and electric customers combined.
Who founded Black Hills Corporation?
Black Hills Corporation traces its roots to 1941 when it was incorporated. The company's founding history and leadership evolution are publicly documented through its corporate history materials and investor relations resources.
Is BKH a long-term quality stock?
As a long-term quality indicator, BKH's UQS Score of Below Average reflects structural constraints — particularly a Weak Risk pillar — that may limit its appeal relative to higher-scoring utility peers. Regulated utilities can offer stability over time, but quality-focused investors should review the full pillar breakdown available to Pro members before drawing conclusions.
What is the main competitive advantage of Black Hills Corporation?
Black Hills operates as a regulated utility, meaning it holds government-granted service territory exclusivity across its eight-state footprint. This regulatory moat limits direct competition and provides a degree of revenue predictability, though UQS Score rates its Moat pillar at Neutral — suggesting this advantage is not exceptional relative to broader utility sector peers.
What sector does BKH belong to?
Black Hills Corporation belongs to the Utilities sector, specifically operating as a regulated electric and natural gas utility. Utilities are generally characterized by stable, rate-regulated revenues, capital-intensive infrastructure, and a tendency to pay regular dividends — all of which apply to BKH's business model.
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Pro Analysis
BKH — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 23, 2026 | 44.4 | 40.3 | 43.0 | 57.7 | 13.3 | 67.1 | 0.0 |
| May 22, 2026 | 44.4 | 40.3 | 43.0 | 57.7 | 13.3 | 67.2 | -0.1 |
| May 21, 2026 | 44.5 | 40.3 | 43.0 | 57.7 | 13.3 | 67.3 | 0.0 |
| May 20, 2026 | 44.5 | 40.3 | 43.0 | 57.7 | 13.3 | 67.6 | +0.1 |
| May 19, 2026 | 44.4 | 40.3 | 43.0 | 57.7 | 13.3 | 67.2 | -0.1 |
| May 16, 2026 | 44.5 | 40.3 | 43.0 | 57.7 | 13.3 | 67.8 | +0.1 |
| May 15, 2026 | 44.4 | 40.3 | 43.0 | 57.7 | 13.3 | 67.1 | -0.1 |
| May 14, 2026 | 44.5 | 40.3 | 43.0 | 57.7 | 13.3 | 67.2 | +0.1 |
| May 13, 2026 | 44.4 | 40.3 | 43.0 | 57.7 | 13.3 | 66.9 | -0.1 |
| May 12, 2026 | 44.5 | 40.3 | 43.0 | 57.7 | 13.3 | 67.4 | +0.2 |
BKH — Pillar Breakdown
Quality
— 40.3/100 (25%)Black Hills Corporation has average quality metrics, with room for improvement in margins or capital efficiency.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 57.7/100 (20%)Black Hills Corporation demonstrates healthy growth trends across revenue and earnings.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 13.3/100 (15%)Black Hills Corporation presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 68.6/100 (15%)Black Hills Corporation trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 43/100 (25%)Black Hills Corporation possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for BKH.
Score Composition
Financial Data
More Stock Analysis
How is the BKH UQS Score Calculated?
The UQS (Unified Quality Score) for Black Hills Corporation is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Black Hills Corporation's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Black Hills Corporation is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.