At a glance
Black Hills Corporation is worth $6.16B, about 20 times its fiscal 2025 earnings. Revenue grew 8.6% to $2.31B in fiscal 2025, with 12.6% kept as profit; over 5 years it has grown 6.4% a year. It pays a 3.44% dividend yield, raised every year for at least 9 years, and returned $850.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +28.4% over the past year with dividends reinvested and +8.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.0% in the 2020 crash (S&P 500: 33.7%) and 20.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 25 months and 37 months after the lows.
The business in plain English
Black Hills Corporation, based in Rapid City, South Dakota, delivers natural gas and electricity to homes and businesses through two segments. Gas Utilities is the larger. It served about 1,138,000 customers in Arkansas, Colorado, Iowa, Kansas, Nebraska and Wyoming and brought in $1.38 billion, about 60% of 2025 revenue of $2.31 billion. Electric Utilities served about 227,000 customers, mostly households, in Colorado, Montana, South Dakota and Wyoming. It brought in $943 million, about 41%.
It earns money through rates approved by federal and eight state regulators. These rates are meant to cover reasonable costs plus a return on money invested in pipelines, power lines and plants. Its growth plan therefore centers on building and upgrading that equipment. The electric side owns 1,386 megawatts of coal, natural gas and wind generating capacity. It generated about 62% of its power in 2025 and bought the rest. A company-owned coal mine near Gillette, Wyoming, sells nearly all its output to the company's adjacent power plants.
In August 2025, Black Hills agreed to merge with NorthWestern in a deal paid entirely in stock. As of its 10-K filed February 11, 2026, the deal was expected to close in the second half of 2026, pending regulatory and shareholder approvals. The combined company would serve about 0.7 million electric and 1.5 million gas customers in eight states.
Price history
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BKH +28.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Gas Utilities | $1.38B | 59.9% |
| Electric Utilities | $942.8M | 40.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $452.8M, up 3.1% from a year earlier, and net income was $38.2M (+38.9%).
- For fiscal 2025, revenue was $2.31B (+8.6% year over year; +6.4% a year from FY2020 to FY2025) with a 12.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.4% good |
|---|---|
| Operating margin | 23.3% good |
| Free cash flow margin | -6.3% weak |
| Return on equity (FY2025) | 7.6% weak |
| Return on assets (FY2025) | 2.7% weak |
| Net cash (cash minus debt) | $-4.42B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.70B | $227.6M | $-225.5M |
| FY2021 | $1.95B | $236.7M | $-742.1M |
| FY2022 | $2.55B | $258.4M | $-19.6M |
| FY2023 | $2.33B | $262.2M | $388.8M |
| FY2024 | $2.13B | $273.1M | $-24.9M |
| FY2025 | $2.31B | $291.6M | $-146.4M |
Valuation snapshot
| Market value | $6.16B |
|---|---|
| P/E ratio | 20.3 |
| Dividend yield | 3.44% |
Rank among 1514 US companies
Market value at each year end
Black Hills’s market value went from $3.26B at the end of 2016 to $6.16B on Oct 28, 2026, up 89%; since the end of 2025 it is up 18%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.16B | +17.6% |
| 2025 | $5.24B | +25.1% |
| 2024 | $4.19B | +14.2% |
| 2023 | $3.67B | -19.9% |
| 2022 | $4.58B | +1.6% |
| 2021 | $4.50B | +16.8% |
| 2020 | $3.86B | -20.1% |
| 2019 | $4.83B | +28.2% |
| 2018 | $3.77B | +17.1% |
| 2017 | $3.21B | -1.4% |
| 2016 | $3.26B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BKH price data to Oct 28, 2026 | +19.7% | +28.4% | +24.0% | +8.2% | +6.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +19.8% |
| 2025 | +23.9% |
| 2024 | +13.5% |
| 2023 | -19.9% |
| 2022 | +3.1% |
| 2021 | +18.9% |
| 2020 | -19.1% |
| 2019 | +28.6% |
| 2018 | +8.0% |
| 2017 | +0.8% |
| 2016 | +36.1% |
| 2015 | -9.3% |
| 2014 | +4.0% |
| 2013 | +49.1% |
| 2012 | +13.2% |
| 2011 | +17.4% |
| 2010 | +18.3% |
| 2009 | +5.2% |
| 2008 | -36.1% |
| 2007 | +23.5% |
| 2006 | +10.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 64% over that stretch · deepest drop along the way 65.5%, back to its old high 42.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.7% over that stretch · deepest drop along the way 40%, back to its old high 25 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.2% over that stretch · deepest drop along the way 20.9%, back to its old high 36.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (22 read): 0 open-market purchases and 2 sales ($1.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Nov 10, 2025 | Kimberly F Nooney SVP & CFO | sell | $1.0M |
| May 27, 2026 | Robert P Otto Director | sell | $305K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.6% | Mar 31, 2025 |
| Vanguard Portfolio Management | 6.66% | Mar 31, 2026 |
| Vanguard Capital Management | 5.22% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Jun 30, 2026 |
ETFs with the most weight in BKH
| REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF | 2.11% |
| PEY Invesco High Yield Equity Dividend Achievers™ ETF | 2.05% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 1.78% |
| TMDV ProShares Russell U.S. Dividend Growers ETF | 1.65% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 1.11% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.76% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.73% |
| HEJD VictoryShares Hedged Equity Income ETF | 0.64% |
What could go wrong
- NorthWestern merger may not pay off. The stock-for-stock deal may not add to earnings per share, carries significant costs, and could be delayed or blocked. The 10-K also says there is no guarantee about dividends after the merger.
- Regulators decide what it can earn. Federal and eight state commissions set its rates. They may reject some costs, delay or limit rate increases, lower allowed returns, or end mechanisms that pass higher fuel costs through to customers.
- Big spending plans depend on borrowing. Projects such as Lange II and a Colorado battery storage facility need outside money. After capital spending, cash flow was negative $146 million in 2025. Debt was $4.49 billion as of June 30, 2026.
- A wildfire could bring large claims. Black Hills could face large claims if a fire is linked to its equipment. The 10-K warns its safety protocols may not prevent such liability, and insurance may be unavailable or insufficient.
- Coal and climate rules could raise costs. Coal fueled 25.5% of its electricity supply in 2025, from plants fed by its own mine. Stricter air, water, waste and climate rules could require costly upgrades, and recovery of those costs is not assured.
- Cities could take over local service. Cities can refuse to renew its franchise, the local permission to operate, and force a sale of its assets to start their own utility. Fair payment is required, but full recovery is not assured.
Recent events
- Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Shareholder vote results; Investor presentation or announcement
- Other company announcement
- Quarterly results released
For income and retirement investors
SEC data show at least nine straight annual dividend increases through 2025; the true streak may be longer. Dividends per share grew from $2.17 in 2020 to $2.70 in 2025, roughly 4.5% a year. The 2025 dividend was about 68% of earnings. But free cash flow (cash left after capital spending) was negative in every year from 2020 to 2025 except 2023, so the company has leaned on debt and new shares. It did no buybacks in 2021–2025, and its share count rose 19.5% from October 2021 to August 2026. The yield was 3.44% as of October 28, 2026. Post-merger dividends are not guaranteed, the 10-K warns.
In the 2008 financial crisis, the stock fell 65.5% and took about 42 months to recover. It fell 40% in the 2020 COVID crash, recovering in about 25 months. It lost 20.9% in late 2022 and did not regain that peak until November 2025. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Black Hills Corp make money?
Black Hills makes money by selling regulated natural gas and electricity. Of its $2.31 billion in 2025 revenue, Gas Utilities brought in $1.38 billion (about 60%), serving about 1,138,000 customers in Arkansas, Colorado, Iowa, Kansas, Nebraska and Wyoming. Electric Utilities brought in $943 million (about 41%), serving about 227,000 customers in Colorado, Montana, South Dakota and Wyoming. Regulators approve its rates, which are meant to cover reasonable costs plus a return on what it invests in plants, pipelines and power lines.
Does Black Hills Corp raise its dividend every year?
Yes, through 2025. SEC data show at least nine consecutive annual increases through 2025, and the true streak may be longer. Dividends per share rose from $2.17 in 2020 to $2.70 in 2025, about 4.5% a year. The 2025 dividend was about 68% of earnings per share of $3.98. The 10-K warns there is no guarantee about dividends after the planned merger with NorthWestern, so past increases may not continue.
What is Black Hills Corp's dividend yield?
The dividend yield was 3.44% as of October 28, 2026. Yield is the yearly dividend divided by the share price, so it falls when the price rises faster than the dividend. On that date the stock traded at about 20.3 times 2025 earnings, and the 2025 dividend of $2.70 per share used about 68% of earnings per share. Total dividends paid from 2021 to 2025 came to about $850 million.
What is the Black Hills and NorthWestern merger?
Black Hills agreed on August 18, 2025, to combine with NorthWestern in an all-stock deal, paid in shares rather than cash. As of its 10-K filed February 11, 2026, closing was expected in the second half of 2026, subject to approvals from federal regulators, state regulators in Montana, Nebraska and South Dakota, and both companies' shareholders. The combined company would serve about 0.7 million electric and 1.5 million gas customers across eight states. Black Hills shareholders would own a smaller stake in the larger company.
How much debt does Black Hills Corp have?
Black Hills had total debt of $4.49 billion and $71.5 million in cash and investments as of June 30, 2026, against shareholders' equity of $3.94 billion. Heavy borrowing is common for utilities, which pay for long-lived plants and pipelines with debt. Free cash flow, the cash left after capital spending, was negative $146 million in 2025. The 10-K warns that a cut to its credit rating below investment grade could make borrowing harder, and that the merger could hurt its rating.