Last 48 quarters of trend data · Utilities · Electric & Multi-Utilities
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 20.58 | 32.44 | 37.20 | 10.03 | 12.49 | 45.29 | 36.91 | 8.11 | 10.68 | 43.66 | 41.20 | 7.30 | 11.53 | 18.88 | 43.04 | 9.12 | 15.84 | 31.36 | 34.99 | 10.58 | 15.89 |
| — | -28.4% | +0.8% | +23.7% | +16.9% | +3.7% | -10.4% | +11.1% | -7.4% | +131.3% | -4.3% | -19.9% | -27.2% | -39.8% | +23.0% | -13.8% | -0.3% | +39.9% | -14.7% | -2.4% | +27.3% | |
| P/S Ratio | 2.77 | 2.87 | 3.13 | 1.68 | 2.06 | 2.61 | 2.31 | 1.35 | 1.75 | 2.69 | 2.33 | 1.28 | 1.55 | 2.09 | 2.44 | 1.13 | 1.45 | 2.38 | 2.49 | 1.51 | 2.01 |
| — | +10.1% | +35.1% | +24.3% | +17.4% | -2.9% | -0.7% | +5.3% | +13.2% | +28.3% | -4.6% | +13.4% | +6.6% | -12.1% | -1.9% | -25.2% | -27.7% | -8.9% | -10.2% | -8.4% | +1.6% | |
| P/B Ratio | 1.59 | 1.33 | 1.41 | 1.30 | 1.34 | 1.17 | 1.09 | 1.17 | 1.17 | 1.22 | 1.09 | 1.09 | 1.11 | 1.05 | 1.25 | 1.31 | 1.49 | 1.48 | 1.58 | 1.68 | 1.57 |
| — | +13.9% | +28.9% | +11.2% | +14.7% | -4.6% | +0.2% | +7.5% | +5.3% | +16.8% | -13.1% | -16.6% | -25.5% | -29.2% | -20.7% | -22.1% | -5.0% | +3.9% | +5.8% | +9.2% | +8.4% | |
| P/FCF | 14.65 | 2.04 | — | — | — | — | — | 14.53 | — | — | 14.57 | 16.30 | 16.82 | — | 7.51 | 4.97 | — | — | 56.52 | 9.79 | — |
| — | — | — | — | — | — | — | -10.8% | — | — | +94.0% | +227.6% | — | — | -86.7% | -49.2% | — | — | — | — | — | |
| EV / EBITDA | 12.68 | 14.63 | 14.63 | 8.98 | 9.96 | 14.73 | 13.84 | 7.90 | 9.24 | 14.76 | 14.53 | 7.72 | 9.88 | 11.90 | 16.26 | 9.10 | 12.02 | 15.73 | 16.80 | 10.09 | 12.94 |
| — | -0.6% | +5.7% | +13.8% | +7.9% | -0.3% | -4.8% | +2.2% | -6.5% | +24.1% | -10.7% | -15.1% | -17.9% | -24.3% | -3.2% | -9.8% | -7.1% | +11.2% | -0.5% | -7.4% | +23.1% | |
| EV / EBIT | 20.43 | 25.66 | 25.94 | 12.15 | 13.83 | 27.89 | 25.39 | 10.50 | 13.03 | 26.81 | 26.03 | 10.29 | 14.14 | 19.21 | 32.71 | 12.22 | 17.86 | 28.03 | 30.90 | 13.53 | 19.85 |
| — | -8.0% | +2.2% | +15.7% | +6.1% | +4.0% | -2.4% | +2.0% | -7.8% | +39.5% | -20.4% | -15.7% | -20.8% | -31.5% | +5.8% | -9.7% | -10.0% | +22.4% | -1.7% | -11.8% | +30.1% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.5% | 74.0% | 74.9% | 27.9% | 41.2% | 38.9% | 38.1% | 36.2% | 41.7% | 40.2% | 38.2% | 38.0% | 37.0% | 44.0% | 35.1% | 27.6% | 26.5% | 34.5% | 32.3% | 30.4% | 33.7% |
| — | +90.1% | +96.5% | -22.9% | -1.0% | -3.2% | -0.2% | -4.7% | +12.5% | -8.6% | +9.0% | +38.0% | +39.8% | +27.6% | +8.6% | -9.4% | -21.5% | -20.0% | -14.6% | -8.5% | -16.0% | |
| Operating Margin | 23.3% | 21.0% | 21.4% | 25.6% | 27.0% | 18.3% | 18.8% | 25.5% | 27.3% | 18.9% | 17.5% | 26.6% | 23.1% | 24.0% | 15.4% | 19.0% | 16.4% | 17.2% | 15.3% | 21.0% | 20.3% |
| — | +15.0% | +14.0% | +0.6% | -1.4% | -3.1% | +7.2% | -4.3% | +18.5% | -21.4% | +13.6% | +40.2% | +40.4% | +39.8% | +1.1% | -9.8% | -18.9% | -27.2% | -15.4% | -3.6% | -21.8% | |
| Net Margin | 12.6% | 8.8% | 8.4% | 16.8% | 16.5% | 5.8% | 6.3% | 16.7% | 16.4% | 6.1% | 5.7% | 17.6% | 13.5% | 11.2% | 5.6% | 12.4% | 9.2% | 7.6% | 7.0% | 14.3% | 12.6% |
| — | +52.0% | +34.7% | +0.6% | +0.5% | -4.7% | +10.6% | -5.3% | +22.0% | -45.5% | +0.8% | +42.2% | +47.1% | +47.5% | -20.3% | -13.2% | -27.6% | -34.8% | +4.3% | -6.1% | -20.3% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.8% | 1.0% | 0.9% | 3.3% | 2.7% | 0.7% | 0.7% | 3.7% | 2.8% | 0.7% | 0.7% | 3.8% | 2.4% | 1.4% | 0.7% | 3.6% | 2.4% | 1.2% | 1.1% | 4.0% | 2.5% |
| — | +54.7% | +28.3% | -10.2% | -1.9% | -6.0% | +11.4% | -3.3% | +13.6% | -50.2% | -8.1% | +4.7% | +1.7% | +19.9% | -35.6% | -9.5% | -4.6% | -26.1% | +22.3% | +12.2% | -14.4% | |
| ROA | 2.8% | 0.4% | 0.3% | 1.2% | 1.0% | 0.2% | 0.3% | 1.3% | 1.0% | 0.2% | 0.2% | 1.3% | 0.8% | 0.5% | 0.2% | 1.2% | 0.8% | 0.4% | 0.4% | 1.3% | 0.8% |
| — | +51.6% | +28.1% | -9.7% | -0.4% | -0.5% | +18.9% | +0.9% | +22.0% | -47.8% | -6.2% | +10.8% | +6.5% | +23.9% | -33.1% | -7.1% | -3.0% | -24.2% | +26.8% | +12.2% | -18.7% | |
| ROIC | 4.9% | 0.8% | 0.9% | 1.8% | 1.5% | 0.7% | 0.8% | 1.9% | 1.6% | 0.7% | 0.7% | 1.9% | 1.3% | 1.0% | 0.6% | 1.7% | 1.3% | 0.8% | 0.7% | 1.8% | 1.2% |
| — | +17.2% | +10.8% | -8.8% | -0.7% | -1.5% | +11.5% | +1.7% | +15.6% | -24.2% | +9.7% | +10.8% | +5.9% | +22.4% | -14.0% | -2.5% | +9.1% | -15.5% | +2.7% | +13.9% | -21.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.20 | 1.21 | 1.12 | 1.16 | 1.20 | 1.14 | 1.18 | 1.16 | 1.22 | 1.21 | 1.41 | 1.29 | 1.33 | 1.51 | 1.40 | 1.40 | 1.51 | 1.55 | 1.50 | 1.50 | 1.57 |
| — | +6.1% | -5.1% | -0.3% | -1.6% | -5.9% | -16.4% | -9.8% | -8.2% | -20.1% | +0.6% | -8.3% | -11.9% | -2.7% | -6.5% | -6.7% | -4.1% | -2.5% | -5.4% | -5.8% | +11.2% | |
| Debt / EBITDA | 5.72 | 27.92 | 26.08 | 16.94 | 19.21 | 29.15 | 28.73 | 15.72 | 18.93 | 29.40 | 35.33 | 16.99 | 21.78 | 30.29 | 34.92 | 18.94 | 24.27 | 32.28 | 32.70 | 19.12 | 25.97 |
| — | -4.2% | -9.2% | +7.8% | +1.5% | -0.8% | -18.7% | -7.4% | -13.1% | -2.9% | +1.2% | -10.3% | -10.3% | -6.2% | +6.8% | -0.9% | -6.6% | +7.9% | -5.9% | -14.1% | +24.7% | |
| Current Ratio | 1.35 | 0.47 | 0.52 | 0.65 | 1.35 | 0.91 | 0.64 | 0.76 | 0.97 | 1.12 | 1.06 | 0.73 | 0.70 | 0.77 | 0.82 | 0.88 | 0.64 | 0.88 | 0.97 | 1.07 | 0.90 |
| — | -48.2% | -18.0% | -15.3% | +38.4% | -18.7% | -39.8% | +4.0% | +39.4% | +44.5% | +29.2% | -17.1% | +8.5% | -11.6% | -15.3% | -17.3% | -28.3% | +5.8% | +108.4% | +127.1% | +26.5% | |
| Quick Ratio | 1.11 | 0.34 | 0.41 | 0.53 | 1.11 | 0.67 | 0.49 | 0.62 | 0.77 | 0.83 | 0.94 | 0.61 | 0.56 | 0.67 | 0.68 | 0.76 | 0.52 | 0.65 | 0.77 | 0.93 | 0.73 |
| — | -48.8% | -15.2% | -15.9% | +44.4% | -18.7% | -48.3% | +1.9% | +37.2% | +23.8% | +37.8% | -19.2% | +8.3% | +3.6% | -12.0% | -18.6% | -28.8% | +1.6% | +108.1% | +140.9% | +35.0% | |
| Interest Coverage | 2.63 | 1.98 | 1.88 | 3.88 | 3.22 | 1.59 | 1.67 | 3.99 | 3.26 | 1.58 | 1.59 | 4.23 | 2.93 | 2.26 | 1.47 | 4.00 | 2.93 | 1.98 | 1.90 | 4.49 | 2.93 |
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Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying BKH stock.
Black Hills Corporation's current P/E is 20.6x. The average P/E over the last 4 quarters is 23.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Black Hills Corporation's current operating margin is 23.3%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Black Hills Corporation's business trajectory between earnings reports.