BKH Black Hills Corporation Common Stock

NYSE · Utilities · View on SEC EDGAR ↗
$71.91
Price · Aug 24, 2026
Fundamentals as of Aug 6, 2026

About Black Hills Corporation Common Stock Company overview from Wikipedia

Black Hills Corporation is an American diversified energy company that is an electric and gas utility in South Dakota, Montana, Wyoming, Colorado, Arkansas, Kansas, Nebraska, and Iowa. The company sells power throughout the American West. The company is based in Rapid City, South Dakota. It derives its name from its home in the Black Hills of South Dakota.

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Black Hills Corporation is an American diversified energy company that is an electric and gas utility in South Dakota, Montana, Wyoming, Colorado, Arkansas, Kansas, Nebraska, and Iowa. The company sells power throughout the American West. The company is based in Rapid City, South Dakota. It derives its name from its home in the Black Hills of South Dakota.

History

The company traces its roots to 1883 and the organization of the Black Hills Electric Light Company of Deadwood. Merged with the Belt Light and Power Company of Lead in 1905, the company became Consolidated Power and Light Company of South Dakota. Meanwhile, to the south, the Dakota Power Company began serving Rapid City in 1910. Both of these companies were purchased by holding companies in the 1920s. With Roosevelt-era legislation to break up big national utility holding companies, Black Hills Power & Light Company was formed in 1941 by combining the assets of General Public Utilities, Inc. and Dakota Power Company which provided power for most of western South Dakota.

In 1956, the company completed its acquisition of the Wyodak Coal Company (now Wyodak Resources Development Corporation), from the Homestake Mining Company, setting the stage for the company's significant investments in mining, oil and gas.

In July 2002, Black Hills Corporation announced that a settlement was reached with the U.S. Commodity Futures Trading Commission (CFTC) relating to its marketing subsidiary, Enserco Energy, Inc. Based in Golden, Colorado, Enserco engages in natural gas marketing on the wholesale market and on behalf of independent producers. On November 25, 2002, Black Hills Corporation announced that its new independent public accountants, Deloitte & Touche LLP, had completed the audit of Black Hills Corporation's 2001, 2000 and 1999 financial statements that were originally audited by Arthur Andersen LLP.

In 2004, Black Hills acquired Cheyenne Light from Xcel Energy. Cheyenne Light continues to operate as a separate subsidiary.

In 2007, it announced an agreement to buy the natural gas utility in Colorado, Kansas, Nebraska and Iowa and its Colorado electric utility from Aquila, Inc. Completed in July 2008, the deal increased the company's customer base from 137,000 to 753,000 and increased its employee base from 916 to 2,000.

In July 2015, Black Hills announced it was purchasing SourceGas for $1.89 billion. The deal covers approximately 425,000 customers in Arkansas, Colorado, Nebraska and Wyoming and a 512-mile regulated intrastate natural gas transmission pipeline in Colorado.

In late 2016, Black Hills announced plans to invest $700 million to build a 1 million square foot drilling and pipe production plant in Norfolk, Nebraska. The facility was expected to employ 400 people. Black Hills said it would use 500,000 tons of steel per year from Nucor Steel.

In March 2018, Black Hills received, and turned down, an unsolicited $1.1 billion purchase offer from the San Isabel Electric Association in Colorado; it responded to the offer with a full-page newspaper ad in the Pueblo Chieftain.

In August 2025, Black Hills and NorthWestern Energy agreed to a merger in an all-stock deal valuing the combined entity at $15.4 billion. On completion, Black Hills shareholders will own about 54% of the combined company and will be run by NorthWestern's CEO, Brian Bird.

Pueblo, Colorado pushback

Since 2008, Black Hills Energy's operation in Pueblo has been challenged by various constituencies on numerous policies, most notably the four rate hikes between 2010 and 2018, in some cases amounting to 50% rate increases. Voters in 2010 approved a 20-year franchise agreement with the company.

Describing the company's vision for the future, Julie Rodriguez, program manager for community affairs and economic development for Black Hills Energy's Colorado electric operations, said, "Our primary goals are to identify an energy resource that is cost effective for our customers, while also generating sufficient renewable energy to comply with the Colorado… requirements." To achieve its goals, in June 2017, the company issued a request for proposals for up to 60 megawatts of renewable energy, including wind energy and other sources, along with those that are greenhouse gas-neutral or recycled energy. The Colorado Public Utilities Commission approved the request as part of the company's 2016 Electric Resource Plan and 2018-2021 Renewable Energy Standard Compliance Plan.

As of June 2017, Black Hills Energy in Colorado obtains 19 percent of its electricity from renewable resources, with the rest coming from natural gas. In attempts to meet customer demand and requirements set by the state, Black Hills Energy has established new natural gas facilities, wind farms, and solar energy systems. By 2020, in order to comply with Colorado state laws, the company must generate at least 30 percent of its electricity from renewable resources. Rodriguez, asserting her company's dedication to meeting this goal, said, "Developing renewable energy at a reasonable cost is important to the communities we serve and allows us to continue providing customers with the safe, reliable energy they've come to expect."

In August 2018, Pueblo city council unanimously voted to spend $122,000 on a consulting firm, selected by the Electric Utility Commission from eight proposals, to explore its options to prematurely exit the Black Hills franchise agreement by 2020, perhaps forming its own municipal energy operation. While study results are due in nine months, a draft could be delivered in November, and a final study as early as January.

Components

As of June 2026, the top-level, wholly owned subsidiaries of Black Hills Corp. are: Black Hills Power; Cheyenne Light, Fuel & Power; Black Hills Non-Regulated Holdings; Black Hills Electric Parent Holdings; Black Hills Utility Holdings; and Black Hills Service Company.[2] Most of these subsidiaries (and their subsidiaries' subsidiaries) do business under the common name of Black Hills Energy.

The company is the electric utility for 64,200 customers between Rapid City, South Dakota and Newcastle, Wyoming as well as southeastern Montana via its Black Hills Power subsidiary. Its Cheyenne Light, Fuel & Power Company subsidiary serves another 80,000 in Cheyenne, Wyoming and southeastern Wyoming. Via its Black Hills Energy component it has 1,000 Megawatts of generating capacity in Colorado, Nevada, Wyoming and California including two plants serving Las Vegas, Nevada. The company's bigger component is its wholesale energy wing.

The centerpiece of the operation is the Wyodak Mine near Gillette, Wyoming in the Powder River Basin, which is the oldest operating surface mine for coal in the United States. The mine has permitted reserves of 286 million tons. In addition it claims 169 billion cubic feet (4.8×109 m3) in oil and gas reserves (76% of which is natural gas) principally in New Mexico, Colorado and Wyoming.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

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BKH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$71.91
Market Cap
$5.48B
P/E (TTM)
18.2
EPS (TTM)
$3.98
Revenue (TTM)
$2.31B
Div Yield
3.6%
ROE
8.0%
Debt/Equity
1.2
52W Range
$58 – $79

BKH Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $2.31B
9-point trend, +37.5%
2017-12-31 2025-12-31
EPS $3.98
9-point trend, +24.0%
2017-12-31 2025-12-31
Free Cash Flow $-146M
9-point trend, -243.2%
2017-12-31 2025-12-31
Margins 12.6%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
BKH
Peer Median
P/E (TTM)
5-point trend, -7.6%
18.2
20.8
P/S (TTM)
5-point trend, -3.3%
2.4
2.7
P/B
5-point trend, -16.4%
1.4
1.6
EV / EBITDA
5-point trend, -15.8%
12.2
Price / FCF
5-point trend, -481.0%
-37.4

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
BKH
Peer Median
Operating Margin
5-point trend, +10.8%
23.3%
Net Profit Margin
5-point trend, +3.9%
12.6%
12.4%
ROA
5-point trend, +1.5%
2.8%
2.7%
ROE
5-point trend, -10.1%
8.0%
9.5%
ROIC
5-point trend, +1.3%
5.5%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
BKH
Peer Median
Debt / Equity
5-point trend, -24.6%
1.2
Current Ratio
5-point trend, +50.2%
1.3
0.8
Quick Ratio
5-point trend, +110.8%
0.8

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
BKH
Peer Median
Revenue YoY
5-point trend, +18.5%
8.6%
Revenue CAGR 3Y
5-point trend, +18.5%
-3.3%
Revenue CAGR 5Y
5-point trend, +18.5%
6.4%
EPS YoY
5-point trend, +6.4%
1.8%
Net Income YoY
5-point trend, +23.2%
6.8%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
BKH
Peer Median
EPS (Diluted)
5-point trend, +6.4%
$3.98

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
BKH
Peer Median
Payout Ratio
5-point trend, +10.8%
67.9%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
3.6%
Payout Ratio
67.9%
5Y Div CAGR
Ex-dateAmount
Aug. 17, 2026$0.7030
May 15, 2026$0.7030
Feb. 17, 2026$0.7030
Nov. 17, 2025$0.6760
Aug. 18, 2025$0.6760
May 16, 2025$0.6760
Feb. 18, 2025$0.6760
Nov. 18, 2024$0.6500
Aug. 19, 2024$0.6500
May 16, 2024$0.6500
Feb. 15, 2024$0.6500
Nov. 16, 2023$0.6250
Aug. 17, 2023$0.6250
May 17, 2023$0.6250
Feb. 13, 2023$0.6250
Nov. 16, 2022$0.6250
Aug. 17, 2022$0.5950
May 17, 2022$0.5950
Feb. 11, 2022$0.5950
Nov. 16, 2021$0.5950

BKH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 9 analysts
  • Strong Buy 4 44.4%
  • Buy 4 44.4%
  • Hold 1 11.1%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

5 analysts · 2026-08-24
Median target $86.00 +19.6%
Mean target $84.80 +17.9%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
-0.01%
Period EPS Actual EPS Est Surprise
June 30, 2026 $0.54 $0.40 0.14%
March 31, 2026 $1.79 $1.86 -0.07%
Dec. 31, 2025 $1.41 $1.42 -0.01%
Sept. 30, 2025 $0.34 $0.40 -0.06%
June 30, 2025 $0.38 $0.36 0.02%
March 31, 2025 $1.87 $1.96 -0.09%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
BKH $5.24B 17.4 8.6% 12.6% 8.0%
AEE $27.60B 18.7 15.4% 16.6% 11.5%
DTE
CNP $25.03B 24.0 8.3% 11.2% 9.5%
CMS $21.43B 19.8 13.6% 12.5% 12.3%
NI $19.98B 21.4 23.5% 14.2% 10.2%
NWE $3.96B 22.0 6.4% 11.2% 6.3%
AVA $3.17B 16.2 1.3% 9.8% 7.3%
NWE $3.96B 22.0 6.4% 11.2% 6.3%
UTL $868M 16.3 8.3% 9.4% 8.9%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 14
Annual Income Statement data for BKH
Metric Trend 2025202420232022202120202019201820172016
Revenue 10-point trend, +50.1% $2.31B $2.13B $2.33B $2.55B $1.95B $1.70B $1.73B $1.75B $1.68B $1.54B
Operating Expenses 10-point trend, +47.4% $1.77B $1.62B $1.86B $2.10B $1.54B $1.27B $1.33B $1.36B $1.26B $1.20B
Operating Income 10-point trend, +59.9% $538M $503M $473M $455M $409M $428M $406M $397M $417M $336M
Interest Expense 10-point trend, +47.0% $200M $182M $168M $161M $152M $143M $138M $140M $137M $136M
Interest Income 10-point trend, +375.9% $7M $14M $12M $2M $2M $1M $2M $2M $1M $1M
Other Non-op 10-point trend, +442.7% $6M $-1M $-3M $2M $1M $-2M $-6M $-1M $-213.0K $1M
Pretax Income 10-point trend, +66.8% $344M $320M $302M $296M $258M $276M $243M $256M $282M $206M
Income Tax 10-point trend, -26.1% $44M $36M $26M $25M $7M $33M $30M $-24M $73M $59M
Net Income 10-point trend, +299.6% $292M $273M $262M $258M $237M $228M $199M $258M $177M $73M
EPS (Basic) 10-point trend, +183.0% $3.99 $3.91 $3.91 $3.98 $3.74 $3.65 $3.29 $4.75 $3.33 $1.41
EPS (Diluted) 10-point trend, +190.5% $3.98 $3.91 $3.91 $3.97 $3.74 $3.65 $3.28 $4.66 $3.21 $1.37
Shares (Basic) 10-point trend, +40.6% 73,000,000 69,800,000 67,000,000 64,900,000 63,200,000 62,378,000 60,662,000 54,420,000 53,221,000 51,922,000
Shares (Diluted) 10-point trend, +37.4% 73,200,000 69,900,000 67,100,000 73,200,000 63,300,000 62,439,000 60,798,000 55,486,000 55,120,000 53,271,000
EBITDA 10-point trend, +99.5% $821M $773M $730M $706M $645M $653M $615M $593M $605M $412M
Balance Sheet 28
Annual Balance Sheet data for BKH
Metric Trend 2025202420232022202120202019201820172016
Cash & Equivalents 10-point trend, +1252.3% $183M $16M $87M $21M $9M $6M $10M $21M $15M $14M
Receivables 10-point trend, +50.0% $389M $351M $350M $508M $322M $266M $256M $269M $248M $259M
Inventory 10-point trend, +66.4% $172M $154M $161M $207M $151M $117M $117M $117M $113M $104M
Other Current Assets 10-point trend, +238.9% $81M $39M $28M $51M $29M $26M $26M $30M $25M $24M
Current Assets 10-point trend, +113.3% $996M $742M $827M $1.07B $808M $493M $473M $504M $571M $467M
PP&E (Net) 10-point trend, +87.7% $8.23B $7.63B $7.12B $6.80B $6.45B $6.02B $5.50B $4.85B $4.54B $4.39B
PP&E (Gross) 10-point trend, +94.6% $10.34B $9.57B $8.92B $8.37B $7.86B $7.31B $6.78B $6.00B $5.57B $5.32B
Accum. Depreciation 10-point trend, +127.2% $2.11B $1.94B $1.80B $1.58B $1.41B $1.29B $1.28B $1.15B $1.03B $929M
Goodwill 10-point trend, +0.0% $1.30B $1.30B $1.30B $1.30B $1.30B $1.30B $1.30B $1.30B $1.30B $1.30B
Intangibles 10-point trend, -23.7% $6M $8M $8M $10M $11M $12M $13M $14M $8M $8M
Other Non-current Assets 10-point trend, +584.7% $79M $70M $62M $47M $38M $38M $41M $14M $10M $12M
Total Assets 10-point trend, +66.2% $10.87B $10.02B $9.62B $9.62B $9.13B $8.09B $7.56B $6.96B $6.66B $6.54B
Accounts Payable 10-point trend, +104.9% $312M $229M $186M $310M $218M $183M $194M $211M $161M $152M
Accrued Liabilities 10-point trend, +37.0% $323M $302M $293M $244M $245M $244M $227M $216M $219M $236M
Short-term Debt 10-point trend, -100.0% $0 $134M $0 $536M $420M $234M $350M $186M $211M $97M
Current Liabilities 10-point trend, +40.2% $740M $763M $1.19B $1.67B $902M $697M $811M $648M $649M $528M
Deferred Tax 10-point trend, +24.2% $698M $625M $548M $509M $465M $409M $361M $311M $337M $562M
Other Non-current Liabilities 10-point trend, +84.2% $213M $201M $189M $156M $141M $135M $125M $109M $106M $116M
Long-term Debt 10-point trend, +46.1% $4.70B $4.25B $4.40B $4.13B $4.13B $3.54B $3.15B $2.96B $3.12B $3.22B
Total Debt 10-point trend, +41.9% $4.70B $4.38B $4.40B $4.67B $4.55B $3.77B $3.50B $3.14B $3.33B $3.31B
Common Stock 10-point trend, +41.4% $76M $72M $68M $66M $65M $63M $61M $60M $54M $53M
Paid-in Capital 10-point trend, +112.3% $2.42B $2.19B $2.01B $1.88B $1.78B $1.66B $1.55B $1.45B $1.15B $1.14B
Retained Earnings 10-point trend, +193.3% $1.34B $1.25B $1.16B $1.06B $962M $871M $779M $700M $549M $458M
Treasury Stock 10-point trend, +228.7% $3M $3M $4M $2M $4M $2M $267.0K $3M $2M $791.0K
AOCI 10-point trend, +72.2% $-10M $-9M $-15M $-16M $-20M $-27M $-31M $-27M $-41M $-35M
Stockholders' Equity 10-point trend, +136.8% $3.82B $3.50B $3.22B $2.99B $2.79B $2.56B $2.36B $2.18B $1.71B $1.61B
Liabilities + Equity 10-point trend, +66.2% $10.87B $10.02B $9.62B $9.62B $9.13B $8.09B $7.56B $6.96B $6.66B $6.54B
Shares Outstanding 10-point trend, +41.4% 75,520,234 71,676,756 68,265,042 66,140,396 64,793,095 62,827,179 61,480,658 60,048,567 53,579,986 53,397,467
Cash Flow 18
Annual Cash Flow data for BKH
Metric Trend 2025202420232022202120202019201820172016
D&A 10-point trend, +61.7% $284M $270M $257M $251M $236M $224M $209M $196M $188M $176M
Stock-based Comp 10-point trend, +8.4% $12M $11M $7M $9M $10M $5M $12M $12M $8M $11M
Deferred Tax 10-point trend, -34.3% $54M $52M $25M $26M $7M $38M $38M $-24M $81M $83M
Amort. of Intangibles 10-point trend, +135.3% $1M $1M $1M $1M $1M $1M $1M $824.0K $833.0K $510.0K
Other Non-cash 10-point trend, +1790.9% $32M $114M $393M $41M $-554M $46M $47M $46M $-26M $2M
Operating Cash Flow 10-point trend, +110.1% $673M $719M $944M $585M $-65M $542M $506M $489M $428M $320M
CapEx 10-point trend, +80.2% $820M $744M $556M $604M $678M $767M $818M $458M $326M $455M
Investing Cash Flow 10-point trend, +47.9% $-828M $-746M $-537M $-604M $-664M $-762M $-816M $-466M $-317M $-1.59B
Debt Issued 10-point trend, -74.5% $450M $450M $800M $0 $600M $400M $1.10B $700M $0 $1.77B
Net Debt Issued 10-point trend, -25.4% $450M $-150M $275M $0 $592M $391M $194M $-155M $-106M $603M
Stock Issued 10-point trend, +80.2% $219M $181M $118M $90M $119M $99M $101M $301M $4M $122M
Net Stock Activity 10-point trend, +80.2% $219M $181M $118M $90M $119M $99M $101M $301M $4M $122M
Dividends Paid 10-point trend, +126.0% $198M $182M $168M $157M $145M $135M $125M $107M $97M $88M
Financing Cash Flow 10-point trend, -61.7% $322M $-43M $-342M $32M $732M $217M $300M $-17M $-109M $841M
Net Change in Cash 2-point trend, +100.4% · · · · · · · · $2M $-427M
Taxes Paid 10-point trend, -861.2% $-9M $-14M $1M $-800.0K $-2M $-2M $-5M $15M $-2M $1M
Free Cash Flow 10-point trend, +5.1% $-146M $-25M $389M $-20M $-742M $-226M $-313M $31M $102M $-154M
Levered FCF 10-point trend, -17.0% $-321M $-186M $235M $-167M $-890M $-352M $-434M $-123M $99.6K $-274M
Profitability 7
Annual Profitability data for BKH
Metric Trend 2025202420232022202120202019201820172016
Operating Margin 10-point trend, +64.5% 23.3% 23.6% 20.3% 17.8% 21.0% 25.2% 23.4% 22.6% 24.8% 14.1%
Net Margin 10-point trend, +140.4% 12.6% 12.8% 11.2% 10.1% 12.2% 13.4% 11.5% 14.7% 10.5% 5.2%
Pretax Margin 10-point trend, +151.2% 14.9% 15.0% 12.9% 11.6% 13.3% 16.2% 14.0% 14.6% 16.8% 5.9%
EBITDA Margin 10-point trend, +35.8% 35.5% 36.3% 31.3% 27.7% 33.1% 38.5% 35.5% 33.8% 36.0% 26.2%
ROA 10-point trend, +118.0% 2.8% 2.8% 2.7% 2.8% 2.8% 2.9% 2.7% 3.8% 2.7% 1.3%
ROE 10-point trend, +55.2% 8.0% 8.1% 8.4% 8.9% 8.8% 9.2% 8.8% 12.9% 10.4% 5.1%
ROIC 10-point trend, +37.2% 5.5% 5.7% 5.7% 5.4% 5.4% 6.0% 6.1% 8.2% 6.1% 4.0%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for BKH
Metric Trend 2025202420232022202120202019201820172016
Current Ratio 10-point trend, +52.2% 1.3 1.0 0.7 0.6 0.9 0.7 0.6 0.8 0.9 0.9
Quick Ratio 10-point trend, +47.3% 0.8 0.5 0.4 0.3 0.4 0.4 0.3 0.4 0.4 0.5
Debt / Equity 10-point trend, -40.1% 1.2 1.3 1.4 1.6 1.6 1.5 1.5 1.4 1.9 2.1
LT Debt / Equity 10-point trend, -38.2% 1.2 1.2 1.2 1.2 1.5 1.4 1.3 1.4 1.8 2.0
Interest Coverage 10-point trend, +63.4% 2.7 2.8 2.8 2.8 2.7 3.0 2.9 2.8 3.0 1.6
Efficiency 2
Annual Efficiency data for BKH
Metric Trend 2025202420232022202120202019201820172016
Asset Turnover 10-point trend, -9.1% 0.2 0.2 0.2 0.3 0.2 0.2 0.2 0.3 0.3 0.2
Receivables Turnover 10-point trend, -17.1% 6.2 6.1 5.4 6.2 6.6 6.5 6.6 6.7 8.4 7.5
Per Share 6
Annual Per Share data for BKH
Metric Trend 2025202420232022202120202019201820172016
Book Value / Share 10-point trend, +67.5% $50.64 $48.84 $47.28 $45.28 $43.02 $40.77 $38.42 $36.33 $31.90 $30.24
Revenue / Share 10-point trend, +6.9% $31.56 $30.44 $34.74 $39.25 $30.78 $27.18 $28.54 $31.62 $30.48 $29.53
Cash Flow / Share 10-point trend, +52.9% $9.20 $10.29 $14.07 $8.99 $-1.02 $8.68 $8.31 $8.81 $7.77 $6.02
Cash / Share 10-point trend, +852.1% $2.42 $0.22 $1.27 $0.32 $0.14 $0.10 $0.16 $0.35 $0.29 $0.25
Dividend Paid / Share 10-point trend, +61.0% $3 $3 $2 $2 $2 $2 $2 $2 $2 $2
EPS (TTM) 10-point trend, +190.5% $3.98 $3.91 $3.91 $3.97 $3.74 $3.65 $3.28 $4.66 $3.21 $1.37
Growth Rates 10
Annual Growth Rates data for BKH
Metric Trend 2025202420232022202120202019201820172016
Revenue YoY 5-point trend, -42.3% 8.6% -8.7% -8.6% 30.9% 14.9% · · · · ·
Revenue CAGR 3Y 3-point trend, -129.2% -3.3% 3.0% 11.2% · · · · · · ·
Revenue CAGR 5Y 6.4% · · · · · · · · ·
EPS YoY 5-point trend, -27.5% 1.8% 0.00% -1.5% 6.2% 2.5% · · · · ·
EPS CAGR 3Y 3-point trend, -96.6% 0.08% 1.5% 2.3% · · · · · · ·
EPS CAGR 5Y 1.8% · · · · · · · · ·
Net Income YoY 5-point trend, +69.7% 6.8% 4.2% 1.5% 9.2% 4.0% · · · · ·
Net Income CAGR 3Y 3-point trend, -14.9% 4.1% 4.9% 4.8% · · · · · · ·
Net Income CAGR 5Y 5.1% · · · · · · · · ·
Dividend CAGR 5Y 7.9% · · · · · · · · ·
Valuation (TTM) 17
Annual Valuation (TTM) data for BKH
Metric Trend 2025202420232022202120202019201820172016
Revenue TTM 10-point trend, +50.1% $2.31B $2.13B $2.33B $2.55B $1.95B $1.70B $1.73B $1.75B $1.68B $1.54B
Net Income TTM 10-point trend, +299.6% $292M $273M $262M $258M $237M $228M $199M $258M $177M $73M
Market Cap 10-point trend, +60.0% $5.24B $4.20B $3.67B $4.65B $4.57B $3.86B $4.83B $3.77B $3.22B $3.28B
Enterprise Value 10-point trend, +48.4% $9.76B $8.56B $7.98B $9.30B $9.11B $7.62B $8.31B $6.89B $6.53B $6.58B
P/E 10-point trend, -61.0% 17.4 15.0 13.8 17.7 18.9 16.8 23.9 13.5 18.7 44.8
P/S 10-point trend, +6.6% 2.3 2.0 1.6 1.8 2.3 2.3 2.8 2.1 1.9 2.1
P/B 10-point trend, -32.4% 1.4 1.2 1.1 1.6 1.6 1.5 2.0 1.7 1.9 2.0
P / Tangible Book 6-point trend, -32.6% 2.1 1.9 1.9 2.8 3.1 3.1 · · · ·
P / Cash Flow 10-point trend, -23.8% 7.8 5.8 3.9 8.0 -70.8 7.1 9.6 7.7 7.5 10.2
P / FCF 10-point trend, -68.7% -35.8 -168.5 9.4 -237.8 -6.2 -17.1 -15.4 120.5 31.5 -21.2
EV / EBITDA 10-point trend, -25.6% 11.9 11.1 10.9 13.2 14.1 11.7 13.5 11.6 10.8 16.0
EV / FCF 10-point trend, -56.5% -66.7 -343.9 20.5 -475.3 -12.3 -33.8 -26.6 220.3 63.9 -42.6
EV / Revenue 10-point trend, -1.1% 4.2 4.0 3.4 3.6 4.7 4.5 4.8 3.9 3.9 4.3
Dividend Yield 10-point trend, +41.6% 3.8% 4.3% 4.6% 3.4% 3.2% 3.5% 2.6% 2.8% 3.0% 2.7%
Earnings Yield 10-point trend, +157.0% 5.7% 6.7% 7.2% 5.6% 5.3% 5.9% 4.2% 7.4% 5.3% 2.2%
Payout Ratio 10-point trend, -36.0% 67.9% 66.8% 64.1% 60.7% 61.3% 59.5% 62.5% 41.2% 54.6% 106.0%
Annual Payout 10-point trend, +126.0% $198M $182M $168M $157M $145M $135M $125M $107M $97M $88M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $2.31B$2.13B$2.33B$2.55B$1.95B
Operating Margin % 23.3%23.6%20.3%17.8%21.0%
Net Income $292M$273M$262M$258M$237M
Diluted EPS $3.98$3.91$3.91$3.97$3.74
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 1.21.31.41.61.6
Current Ratio 1.31.00.70.60.9
Quick Ratio 0.80.50.40.30.4
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $-146M$-25M$389M$-20M$-742M

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Institutional owners (13F) 511 filers · $3.9B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
60 (-12 vs prior Q) 49 (+7 vs prior Q) 189 (+6 vs prior Q) 131 (0 vs prior Q) +321K

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD PORTFOLIO MANAGEMENT LLC $382,498,063 5,141,103 9.90% Shares
STATE STREET CORP $284,171,544 3,819,510 7.35% Shares
VANGUARD CAPITAL MANAGEMENT LLC $255,076,085 3,428,442 6.60% Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $185,774,000 2,496,967 4.81% Shares
Point72 Asset Management, L.P. $160,793,057 2,161,197 4.16% Shares
Capital Research Global Investors $135,851,498 1,825,961 3.51% Shares
GEODE CAPITAL MANAGEMENT, LLC $130,301,825 1,750,896 3.37% Shares
TWO SIGMA INVESTMENTS, LP $123,740,443 1,663,178 3.20% Shares
Covalis Capital LLP $110,216,458 1,481,404 2.85% Shares
Engineers Gate Manager LP $107,289,562 1,442,064 2.78% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $90,309,770 1,213,841 2.34% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $88,165,786 1,185,024 2.28% Shares
DIMENSIONAL FUND ADVISORS LP $80,153,873 1,077,337 2.07% Shares
GOLDMAN SACHS GROUP INC $78,396,991 1,053,723 2.03% Shares
CITADEL ADVISORS LLC $74,058,206 995,406 1.92% Shares
VICTORY CAPITAL MANAGEMENT INC $69,879,382 939,239 1.81% Shares
TWO SIGMA ADVISERS, LP $67,906,644 978,200 1.76% Shares
Pictet Asset Management Holding SA $62,142,749 835,252 1.61% Shares
FULLER & THALER ASSET MANAGEMENT, INC. $55,636,896 747,808 1.44% Shares
GABELLI FUNDS LLC $38,611,740 518,975 1.00% Shares
CRAWFORD INVESTMENT COUNSEL INC $38,434,241 516,589 0.99% Shares
VANGUARD FIDUCIARY TRUST CO $37,554,739 504,768 0.97% Shares
MORGAN STANLEY $36,383,260 489,022 0.94% Shares
ProShare Advisors LLC $34,534,472 464,173 0.89% Shares
DUFF & PHELPS INVESTMENT MANAGEMENT CO $34,189,776 459,540 0.88% Shares
Yaupon Capital Management LP $34,107,192 458,430 0.88% Shares
Merewether Investment Management, LP $33,876,329 455,327 0.88% Shares
Bank of New York Mellon Corp $33,108,000 445,000 0.86% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $29,412,626 395,331 0.76% Shares
HighTower Advisors, LLC $29,356,191 394,572 0.76% Shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC $26,392,879 354,743 0.68% Shares
JANUS HENDERSON GROUP PLC $25,701,135 370,280 0.66% Shares
Connor, Clark & Lunn Investment Management Ltd. $25,097,501 337,332 0.65% Shares
D. E. Shaw & Co., Inc. $24,963,804 335,535 0.65% Shares
Nuveen, LLC $24,012,972 322,755 0.62% Shares
Freestone Grove Partners LP $22,493,278 302,329 0.58% Shares
Resolution Capital Ltd $19,193,935 257,983 0.50% Shares
RENAISSANCE TECHNOLOGIES LLC $18,436,320 247,800 0.48% Shares
RHUMBLINE ADVISERS $17,998,385 241,914 0.47% Shares
FRANKLIN RESOURCES INC $17,425,745 234,217 0.45% Shares
EVENTIDE ASSET MANAGEMENT, LLC $17,160,224 230,351 0.44% Shares
CONGRESS ASSET MANAGEMENT CO $16,347,019 219,718 0.42% Shares
Paradiem, LLC $16,323,732 219,405 0.42% Shares
Brandywine Global Investment Management, LLC $16,037,200 231,017 0.41% Shares
BW Gestao de Investimentos Ltda. $16,025,834 215,401 0.41% Shares
GAMCO INVESTORS, INC. ET AL $15,362,707 206,488 0.40% Shares
Zimmer Partners, LP $14,398,930 193,534 0.37% Shares
Squarepoint Ops LLC $14,180,491 190,598 0.37% Shares
Verbena Value LP $13,302,720 178,800 0.34% Shares
BlackRock, Inc. $12,389,534 166,526 0.32% Shares
Glenmede Investment Management, LP $12,180,777 197,772 0.32% Shares
GLENMEDE TRUST CO NA $11,719,190 157,516 0.30% Shares
Swiss National Bank $11,351,878 152,579 0.29% Shares
California Public Employees Retirement System $11,071,241 148,807 0.29% Shares
ALLIANCEBERNSTEIN L.P. $10,807,901 155,711 0.28% Shares
Leeward Investments, LLC - MA $10,073,016 135,390 0.26% Shares
Martin Capital Partners, LLC $9,158,912 123,104 0.24% Shares
BANK OF AMERICA CORP /DE/ $8,551,536 114,940 0.22% Shares
MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC $8,540,450 114,791 0.22% Shares
Phocas Financial Corp. $8,472,970 113,884 0.22% Shares
HITE Hedge Asset Management LLC $8,072,400 108,500 0.21% Shares
Verition Fund Management LLC $7,812,000 105,000 0.20% Shares
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS $7,793,846 104,756 0.20% Shares
Nuveen Asset Management, LLC $7,700,881 131,594 0.20% Shares
AMERIPRISE FINANCIAL INC $7,336,287 98,606 0.19% Shares
MAIRS & POWER INC $7,312,404 98,285 0.19% Shares
TUDOR INVESTMENT CORP ET AL $7,081,690 95,184 0.18% Shares
Legal & General Group Plc $6,932,964 93,185 0.18% Shares
IEQ CAPITAL, LLC $6,870,916 92,351 0.18% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $6,581,201 88,457 0.17% Shares
UBS Group AG $6,562,601 88,207 0.17% Shares
Magellan Asset Management Ltd $6,346,841 85,307 0.16% Shares
Hudson Bay Capital Management LP $6,331,514 85,101 0.16% Shares
Mariner, LLC $6,310,279 84,814 0.16% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $6,210,113 89,470 0.16% Shares
Lighthouse Investment Partners, LLC $6,100,576 81,997 0.16% Shares
Keeley-Teton Advisors, LLC $6,058,389 99,891 0.16% Shares
MetLife Investment Management, LLC $5,999,095 80,633 0.16% Shares
Retirement Systems of Alabama $5,858,182 78,739 0.15% Shares
ALTA CAPITAL MANAGEMENT LLC/ $5,530,598 74,336 0.14% Shares
Sagefield Capital LP $5,455,008 73,320 0.14% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $5,453,520 73,300 0.14% Call option
Quantinno Capital Management LP $5,357,212 72,005 0.14% Shares
BARCLAYS PLC $5,258,741 70,682 0.14% Shares
ENVESTNET ASSET MANAGEMENT INC $5,194,102 69,813 0.13% Shares
MACKENZIE FINANCIAL CORP $5,164,030 69,409 0.13% Shares
VANGUARD ASSET MANAGEMENT, Ltd $4,646,503 62,453 0.12% Shares
MILLENNIUM MANAGEMENT LLC $4,449,790 59,809 0.12% Shares
Waverly Advisors, LLC $4,381,094 58,886 0.11% Shares
Vanguard Investments Australia, Ltd. $4,374,869 58,802 0.11% Shares
LPL Financial LLC $4,267,551 57,360 0.11% Shares
Susquehanna Portfolio Strategies, LLC $4,183,735 56,233 0.11% Shares
CAPTRUST FINANCIAL ADVISORS $4,134,197 55,567 0.11% Shares
Ceredex Value Advisors LLC $4,106,880 55,200 0.11% Shares
Cubist Systematic Strategies, LLC $4,059,935 65,919 0.11% Shares
ALPS ADVISORS INC $4,010,309 53,902 0.10% Shares
Qube Research & Technologies Ltd $3,991,560 53,650 0.10% Shares
BURNEY CO/ $3,975,341 53,432 0.10% Shares
MACQUARIE GROUP LTD $3,817,538 51,311 0.10% Shares
COZAD ASSET MANAGEMENT INC $3,776,502 50,759 0.10% Shares

Company insiders 54 insiders · 26 officers · 29 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Linden R Evans President and CEO Dec. 1, 2025 J 168,781 0 0 $0
David R Emery CHAIRMAN, PRESIDENT & CEO Feb. 10, 2015 F 181,354 0 0 $0
Kimberly F Nooney SVP & CFO Feb. 12, 2026 F 38,691 0 1 $-1,025,150
Richard Kinzley Sr VP & CFO March 6, 2015 P 2,159 0 0 $0
Mark T Thies Executive Vice President & CFO Jan. 18, 2008 D 34,954 0 0 $0
Thomas M Ohlmacher PRES & COO NONREG ENERGY GROUP Feb. 1, 2011 F 45,150 0 0 $0
Marne M Jones SVP - Utilities Feb. 12, 2026 F 38,667 0 0 $0
Sarah Wiltse SVP and CHRO Feb. 7, 2026 F 7,532 0 0 $0
Darren T. Nakata Chief Legal Officer Feb. 6, 2026 A 7,495 0 0 $0
Donald Lee Redden JR CITO Feb. 6, 2026 A 6,910 0 0 $0
Jennifer C Landis Sr VP Human Resources March 9, 2018 A 8,188 0 0 $0
Brian Iverson Sr VP Regulatory & Govt Affair Feb. 27, 2015 A 17,919 0 0 $0
Scott Buchholz SR VP CHIEF INFO OFFICER Feb. 10, 2015 F 28,765 0 0 $0
Steven J Helmers SENIOR VP & GENERAL COUNSEL Feb. 10, 2015 F 62,374 0 0 $0
Anthony S Cleberg Executive Vice President Feb. 6, 2015 F 48,680 0 0 $0
Lynn Wilson SR VP-COMM & INVESTOR RELATION March 2, 2012 A 10,793 0 0 $0
Jeffrey B. Berzina VP & CORP CONTROLLER Feb. 1, 2011 F 5,833 0 0 $0
Perry S Krush VICE PRESIDENT - SUPPLY CHAIN Feb. 1, 2011 F 9,771 0 0 $0
Garner M Anderson VP TREASR & CHIEF RISK OFFCR Feb. 1, 2011 F 15,277 0 0 $0
Kyle D White VP REGULATORY & GOVT AFFAIRS Feb. 1, 2011 F 13,406 0 0 $0
Roxann R Basham VP-GOVERNANCE & CORP SEC Feb. 1, 2011 F 15,832 0 0 $0
James M Mattern VP - Administration Jan. 6, 2009 F 26,745 0 0 $0
Maurice Klefeker Sr VP Strategic Plan & Dev Feb. 12, 2008 A 20,373 0 0 $0
RUSSELL COHEN /BH/ Vice President - Risk Feb. 28, 2006 A 15,287 0 0 $0
LANDGUTH DANIEL P Chairman June 16, 2005 J 0 0 0 $0
John W Salyer JR Exec VP-Strat Plan and Develop Feb. 19, 2004 D 11,126 0 0 $0
Barry M Granger Director May 1, 2026 A 11,716 0 0 $0
Robert P Otto Director May 1, 2026 A 14,995 0 0 $0
Kathleen S Mcallister Director May 1, 2026 A 16,529 0 0 $0
Robert F. Beard Director May 1, 2026 A 4,237 0 0 $0
Scott M Prochazka Director May 1, 2026 A 11,716 0 0 $0
Anne G Waleski Director May 1, 2026 A 4,237 0 0 $0
Teresa Taylor Director May 1, 2026 A 13,646 0 0 $0
Tony A Jensen Director May 1, 2026 A 18,118 0 0 $0
Steven Richard Mills Director May 1, 2026 A 29,622 0 0 $0
Mark A Schober Director May 5, 2021 I 4,534 0 0 $0
Linda K Massman Director March 2, 2015 A 61 0 0 $0
Rebecca B Roberts Director March 2, 2015 A 4,793 0 0 $0
John B Vering Director March 2, 2015 A 10,884 0 0 $0
Michael Madison Director March 2, 2015 A 8,704 0 0 $0
Stephen D Newlin Director March 2, 2015 A 2,400 0 0 $0
Warren L Robinson Director March 2, 2015 A 7,108 0 0 $0
Thomas J Zeller Director March 2, 2015 A 8,904 0 0 $0
Gary L Pechota Director March 2, 2015 A 7,018 0 0 $0
EUGSTER JACK W Director March 2, 2015 A 17,000 0 0 $0
John R Howard Director June 1, 2012 A 0 0 $0
David C Ebertz Director June 1, 2012 A 6,596 0 0 $0
Kay S Jorgensen Director June 1, 2011 A 7,795 0 0 $0
Richard Korpan Director June 1, 2007 A 0 0 $0
William G Van Dyke Director June 21, 2006 M 965 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 100 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
TMDV · ProShares Trust 1.56% 945 NS May 31, 2026 N-PORT
REGL · ProShares Trust 1.56% 358,432 NS May 31, 2026 N-PORT
PEY · Invesco Exchange-Traded Fund Trust 1.41% 223,056 SH Aug. 21, 2026 Daily
XMLV · Invesco Exchange-Traded Fund Trust … 1.23% 123,171 SH Aug. 21, 2026 Daily
XMVM · Invesco Exchange-Traded Fund Trust 0.96% 66,407 SH Aug. 21, 2026 Daily
SMDV · ProShares Trust 0.94% 84,962 NS May 31, 2026 N-PORT
FTRI · First Trust Exchange-Traded Fund II 0.90% 14,696 NS June 30, 2026 N-PORT
HAPS · Harbor ETF Trust 0.57% 11,876 NS April 30, 2026 N-PORT
XMMO · Invesco Exchange-Traded Fund Trust 0.56% 557,652 SH Aug. 21, 2026 Daily
ESSC · Strategy Shares 0.55% 1,885 NS April 30, 2026 N-PORT
PSC · Principal Exchange-Traded Funds 0.53% 165,096 NS June 30, 2026 N-PORT
FNK · First Trust Exchange-Traded AlphaDE… 0.46% 13,174 NS April 30, 2026 N-PORT
DVY · iShares Trust 0.45% 1,451,428 SH Aug. 21, 2026 Daily
HSMV · First Trust Exchange-Traded Fund III 0.43% 1,718 NS April 30, 2026 N-PORT
RDIV · Invesco Exchange-Traded Fund Trust … 0.42% 79,755 SH Aug. 21, 2026 Daily
FVD · First Trust Exchange-Traded Fund 0.40% 429,824 NS June 30, 2026 N-PORT
HWSM · HOTCHKIS & WILEY FUNDS /DE/ 0.37% 138 NS June 30, 2026 N-PORT
IWN · iShares Trust 0.37% 737,076 SH Aug. 21, 2026 Daily
VTWV · VANGUARD SCOTTSDALE FUNDS 0.37% 67,812 SH Aug. 19, 2026 Daily
VPU · VANGUARD WORLD FUND 0.36% 520,678 SH Aug. 19, 2026 Daily
FUTY · FIDELITY COVINGTON TRUST 0.35% 115,778 NS April 30, 2026 N-PORT
MDIV · First Trust Exchange-Traded Fund VI 0.33% 18,649 NS June 30, 2026 N-PORT
IVOV · VANGUARD ADMIRAL FUNDS 0.33% 65,366 SH Aug. 19, 2026 Daily
FNX · First Trust Exchange-Traded AlphaDE… 0.30% 52,432 NS April 30, 2026 N-PORT
JPSE · J.P. Morgan Exchange-Traded Fund Tr… 0.29% 22,316 NS April 30, 2026 N-PORT
PAMC · Pacer Funds Trust 0.28% 2,379 NS April 30, 2026 N-PORT
EBIT · Harbor ETF Trust 0.28% 428 NS April 30, 2026 N-PORT
BKSE · BNY Mellon ETF Trust 0.25% 2,695 NS April 30, 2026 N-PORT
OUSM · ALPS ETF Trust 0.24% 28,330 NS May 31, 2026 N-PORT
FNDA · SCHWAB STRATEGIC TRUST 0.22% 272,002 NS May 31, 2026 N-PORT
MIDE · DBX ETF Trust 0.22% 101 NS May 29, 2026 N-PORT
IWM · iShares Trust 0.18% 1,999,250 SH Aug. 21, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS 0.18% 447,827 SH Aug. 19, 2026 Daily
ISCV · iShares Trust 0.18% 16,855 SH Aug. 21, 2026 Daily
QVMM · Invesco Exchange-Traded Fund Trust … 0.17% 10,199 SH Aug. 21, 2026 Daily
PTMC · Pacer Funds Trust 0.17% 8,661 NS April 30, 2026 N-PORT
FSMD · FIDELITY COVINGTON TRUST 0.15% 47,946 NS April 30, 2026 N-PORT
IVOO · VANGUARD ADMIRAL FUNDS 0.15% 122,828 SH Aug. 19, 2026 Daily
RB · ProShares Trust 0.14% 23 NS May 31, 2026 N-PORT
FDL · First Trust Exchange-Traded Fund 0.14% 139,227 NS June 30, 2026 N-PORT
GSSC · Goldman Sachs ETF Trust 0.14% 19,110 NS May 31, 2026 N-PORT
ITWO · ProShares Trust 0.14% 3,583 NS May 31, 2026 N-PORT
FAB · First Trust Exchange-Traded AlphaDE… 0.14% 2,531 NS April 30, 2026 N-PORT
DFAS · Dimensional ETF Trust 0.13% 233,860 NS April 30, 2026 N-PORT
VBR · VANGUARD INDEX FUNDS 0.12% 1,108,548 SH Aug. 19, 2026 Daily
MVV · ProShares Trust 0.12% 2,607 NS May 31, 2026 N-PORT
SCHA · SCHWAB STRATEGIC TRUST 0.12% 362,522 NS May 31, 2026 N-PORT
MIDU · Direxion Shares ETF Trust 0.11% 1,250 NS April 30, 2026 N-PORT
BBMC · J.P. Morgan Exchange-Traded Fund Tr… 0.11% 29,211 NS April 30, 2026 N-PORT
SCHM · SCHWAB STRATEGIC TRUST 0.10% 203,909 NS May 31, 2026 N-PORT