Black Hills Corporation (BKH) Financial Ratios
30 years of historical data (1996–2025) · Utilities · Diversified Utilities
EV/EBITDA
↓
12.25
+1% vs avg
5yr avg: 12.10
30Y Low6.9·High14.0
P/FCF
N/A
—
5yr avg: 9.31
30Y Low9.3·High111.4
P/B Ratio
↓
1.37
+4% vs avg
5yr avg: 1.31
30Y Low0.9·High3.1
ROE
↓
7.8%
-5% vs avg
5yr avg: 8.2%
30Y Low-2%·High21%
Debt/EBITDA
↓
5.72
↓-8% vs avg
5yr avg: 6.22
30Y Low2.0·High7.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BKH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Black Hills Corporation trades at 18.3x earnings, 11% above its 5-year average of 16.6x, sitting at the 72nd percentile of its historical range. This is roughly in line with the Utilities sector median P/E of 19.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.5B | $5.1B | $4.1B | $3.6B | $4.6B | $4.5B | $3.8B | $4.8B | $3.5B | $3.3B | $3.3B |
| Enterprise Value | $10.1B | $9.6B | $8.5B | $7.9B | $9.2B | $9.0B | $7.6B | $8.3B | $6.6B | $6.6B | $6.6B |
| P/E Ratio → | 18.32 | 17.44 | 14.97 | 13.80 | 17.72 | 18.87 | 16.84 | 23.95 | 13.47 | 18.00 | 44.77 |
| P/S Ratio | 2.40 | 2.20 | 1.92 | 1.55 | 1.79 | 2.29 | 2.26 | 2.75 | 1.99 | 1.97 | 2.12 |
| P/B Ratio | 1.37 | 1.30 | 1.14 | 1.10 | 1.48 | 1.55 | 1.44 | 1.94 | 1.52 | 1.82 | 1.89 |
| P/FCF | — | — | — | 9.31 | — | — | — | — | 111.37 | 32.39 | — |
| P/OCF | 8.24 | 7.55 | 5.69 | 3.83 | 7.82 | — | 7.08 | 9.45 | 7.13 | 7.73 | 10.20 |
P/E links to full P/E history page with 30-year chart
BKH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Black Hills Corporation's enterprise value stands at 12.3x EBITDA, roughly in line with its 5-year average of 12.1x. This is roughly in line with the Utilities sector median of 11.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.16 | 3.98 | 3.40 | 3.61 | 4.62 | 4.48 | 4.76 | 3.77 | 3.94 | 4.27 |
| EV / EBITDA | 12.25 | 11.69 | 10.94 | 10.88 | 13.06 | 13.96 | 11.64 | 13.43 | 11.13 | 10.95 | 12.84 |
| EV / EBIT | 18.72 | 17.66 | 16.42 | 16.48 | 20.10 | 21.84 | 18.07 | 21.61 | 16.62 | 15.77 | 19.21 |
| EV / FCF | — | — | — | 20.41 | — | — | — | — | 211.13 | 64.77 | — |
BKH Profitability
Margins and return-on-capital ratios measuring operating efficiency
Black Hills Corporation earns an operating margin of 23.3%, above the Utilities sector average of 18.5%. Operating margins have expanded from 20.3% to 23.3% over the past 3 years, signaling improving operational efficiency. ROE of 7.8% is modest, trailing the sector median of 9.3%. ROIC of 4.9% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.5% | 38.5% | 39.5% | 34.2% | 30.3% | 36.2% | 41.8% | 38.5% | 36.9% | 39.4% | 39.8% |
| Operating Margin | 23.3% | 23.3% | 23.6% | 20.3% | 17.8% | 21.0% | 25.2% | 23.4% | 22.6% | 24.8% | 21.8% |
| Net Profit Margin | 12.6% | 12.6% | 12.8% | 11.2% | 10.1% | 12.1% | 13.4% | 11.5% | 14.7% | 10.5% | 4.7% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.8% | 7.8% | 7.9% | 8.2% | 8.6% | 8.5% | 8.9% | 8.4% | 12.6% | 10.0% | 4.6% |
| ROA | 2.8% | 2.8% | 2.8% | 2.7% | 2.8% | 2.7% | 2.9% | 2.7% | 3.8% | 2.7% | 1.3% |
| ROIC | 4.9% | 4.9% | 4.8% | 4.6% | 4.5% | 4.4% | 5.2% | 5.4% | 5.7% | 6.2% | 6.3% |
| ROCE | 5.5% | 5.5% | 5.7% | 5.8% | 5.6% | 5.2% | 6.1% | 6.2% | 6.4% | 6.9% | 6.6% |
BKH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Black Hills Corporation carries a Debt/EBITDA ratio of 5.7x, which is highly leveraged (10% above the sector average of 5.2x). Net debt stands at $4.5B ($4.7B total debt minus $183M cash). Interest coverage of just 2.6x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.20 | 1.20 | 1.22 | 1.33 | 1.51 | 1.57 | 1.42 | 1.42 | 1.37 | 1.83 | 1.92 |
| Debt / EBITDA | 5.72 | 5.72 | 5.67 | 6.03 | 6.61 | 7.05 | 5.78 | 5.68 | 5.30 | 5.50 | 6.48 |
| Net Debt / Equity | — | 1.16 | 1.22 | 1.31 | 1.50 | 1.57 | 1.41 | 1.41 | 1.36 | 1.82 | 1.91 |
| Net Debt / EBITDA | 5.50 | 5.50 | 5.65 | 5.91 | 6.58 | 7.03 | 5.77 | 5.67 | 5.26 | 5.47 | 6.45 |
| Debt / FCF | — | — | — | 11.10 | — | — | — | — | 99.77 | 32.38 | — |
| Interest Coverage | 2.63 | 2.63 | 2.64 | 2.68 | 2.82 | 2.68 | 2.90 | 2.74 | 2.81 | 3.04 | 2.51 |
BKH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.35x means Black Hills Corporation can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.70x to 1.35x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.35 | 1.35 | 0.97 | 0.70 | 0.64 | 0.90 | 0.71 | 0.58 | 0.78 | 0.88 | 0.88 |
| Quick Ratio | 1.11 | 1.11 | 0.77 | 0.56 | 0.52 | 0.73 | 0.54 | 0.44 | 0.60 | 0.70 | 0.68 |
| Cash Ratio | 0.25 | 0.25 | 0.02 | 0.07 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | 0.03 |
| Asset Turnover | — | 0.21 | 0.21 | 0.24 | 0.27 | 0.21 | 0.21 | 0.23 | 0.25 | 0.25 | 0.24 |
| Inventory Turnover | 8.24 | 8.24 | 8.36 | 9.54 | 8.58 | 8.24 | 8.41 | 9.10 | 9.44 | 8.99 | 8.63 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
BKH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Black Hills Corporation returns 3.7% to shareholders annually primarily through dividends. A payout ratio of 67.9% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 5.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | 3.9% | 4.5% | 4.6% | 3.4% | 3.2% | 3.5% | 2.6% | 3.1% | 2.9% | 2.7% |
| Payout Ratio | 67.9% | 67.9% | 66.8% | 64.1% | 60.6% | 61.3% | 59.5% | 62.5% | 41.2% | 54.6% | 120.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 5.7% | 6.7% | 7.2% | 5.6% | 5.3% | 5.9% | 4.2% | 7.4% | 5.6% | 2.2% |
| FCF Yield | — | — | — | 10.7% | — | — | — | — | 0.9% | 3.1% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.7% | 3.9% | 4.5% | 4.6% | 3.4% | 3.2% | 3.5% | 2.6% | 3.1% | 2.9% | 2.7% |
| Shares Outstanding | — | $73M | $70M | $67M | $65M | $63M | $62M | $61M | $56M | $55M | $53M |
Peer Comparison
Compare BKH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 BKHYou | $6B | 18.3 | 12.3 | — | 38.5% | 23.3% | 7.8% | 4.9% | 5.7 |
 NWE | $4B | 23.8 | 13.2 | — | 82.3% | 20.2% | 6.3% | 4.0% | 5.7 |
 AVA | $3B | 16.7 | 10.3 | — | 24.2% | 18.0% | 7.3% | 4.5% | 5.3 |
 OTTR | $4B | 13.5 | 9.5 | 37.8 | 27.8% | 26.5% | 15.6% | 10.4% | 2.4 |
 POR | $6B | 18.2 | 10.0 | — | 33.6% | 16.4% | 7.7% | 4.5% | 4.9 |
 MGEE | $3B | 20.4 | 13.1 | — | 97.3% | 22.9% | 10.7% | 6.1% | 3.3 |
 WEC | $37B | 23.4 | 15.3 | — | 50.5% | 24.2% | 11.6% | 5.1% | 5.8 |
 EVRG | $19B | 22.7 | 12.8 | — | 32.3% | 25.2% | 8.4% | 4.5% | 5.7 |
 ATO | $28B | 22.7 | 16.3 | — | 52.4% | 33.2% | 9.3% | 5.5% | 4.1 |
 SR | $4B | 17.4 | 11.8 | — | 78.1% | 21.2% | 8.2% | 4.7% | 6.4 |
 NWN | $2B | 17.6 | 7.8 | — | 39.6% | 31.4% | 7.9% | 8.1% | 4.5 |
| Utilities Median | — | 19.1 | 11.9 | 18.6 | 38.4% | 18.5% | 9.3% | 4.9% | 5.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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BKH — Frequently Asked Questions
Quick answers to the most common questions about buying BKH stock.
What is Black Hills Corporation's P/E ratio?
Black Hills Corporation's current P/E ratio is 18.3x. The historical average is 18.1x. This places it at the 72th percentile of its historical range.
What is Black Hills Corporation's EV/EBITDA?
Black Hills Corporation's current EV/EBITDA is 12.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
What is Black Hills Corporation's ROE?
Black Hills Corporation's return on equity (ROE) is 7.8%. The historical average is 9.9%.
Is BKH stock overvalued?
Based on historical data, Black Hills Corporation is trading at a P/E of 18.3x. This is at the 72th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Black Hills Corporation's dividend yield?
Black Hills Corporation's current dividend yield is 3.71% with a payout ratio of 67.9%.
What are Black Hills Corporation's profit margins?
Black Hills Corporation has 38.5% gross margin and 23.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Black Hills Corporation have?
Black Hills Corporation's Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.