BLACK HILLS CORP /SD/ · Electric Services

BKH

Low riskNext report: Around Nov 4 (est.)

View price ↗

The short version

A profitable company with steady sales. Institutions are adding.

Going well

Raised its dividend (3.4% yield)
Profitable every year for 10 years

Money moves

No insider buying or selling in the last 30 days
Institutions added 2.8% to their holdings in the quarter ending June 2026 (256 bought, 182 sold)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$80.28+1.1% that day

Company value: $6.1B; Share price times all shares
Price vs profit (P/E): 20.2x; You pay about $20 for each $1 of yearly profit
Price vs sales: 2.7x; Company value is 2.7 times a year of sales
Dividend yield: 3.4%; Yearly dividend as a share of today's price
Cash vs value: 1%; Cash as a share of company value
Debt vs value: 77%; Debt as a share of company value

From BKH's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$452.8M+3.1% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $2.3B, up 2.5% from the 12 months before. Over 5 years, sales grew about 6.4% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of BKH. Starting points are the company's recent numbers.

Sales growth+3% a yearRecently: +2.5% a yearProfit margin13%Last 12 months: 13.0%P/E at the end20xToday: 20.2x. Many steady companies trade at 12x to 25xShare count change0% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$2.7B

Profit in 5 years$347M

Price these guesses point to$90.88+13% vs $80.28 todayAbout +2.5% a year, before dividends

What today's price needs: with a 13% margin and a 20x P/E, sales would have to grow about 0.5% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

3/6Mixed

MissReturn on equity 15%+Earns a lot on the money owners have in the business.8.0%
MissDebt under half of equityNot relying on borrowed money.1.23x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.12.6%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$146.4M
PassShare count not growingNot diluting owners. Falling means buybacks.0.0% in 3 years

Revenue: $2.3B; +8.6% vs prior year
5-year growth: +6.4%/yr; revenue, per year
Total debt: $4.7B; 1.23x equity
Current ratio: 1.35x; short-term assets / bills due

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Aug 5

Revenue: $452.8M; +3.1% YoY
EPS: $0.50; vs $0.38
Op. margin: 21.4%; +2.6 pts
Free cash flow: -$23.0M
Share count: +5.1%; vs a year ago

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

67/ 100

This week: 1
Normal week: 0.5
vs normal: 2.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Accumulating+2.8%

Institutions added 2.8% to their holdings. 256 bought, 182 sold. 7 quarters of net buying in a row.

Shares held by institutions78.5M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

+4.3%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

1.1x · $4.4B debt

Shares outstandingLatest reported

76M

Earnings reports

Last 12

Next reportAround Nov 4 (est.)Estimated from the same quarter last year

Results filedAug 5
Results filedMay 6
Results filedFeb 4
Results filedNov 5, 2025
Results filedJul 30, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

New 5%+ holder (passive)Aug 7 · View filing ↗Big holder Offering prospectusMay 19 · View filing ↗Offering

Insider trades

Open-market buys and sells, last 90 days

No open-market buys or sells in 90 days. Grants and option exercises are left out.

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

Investor disclosureOct 23 · Form 8-K ↗Investor disclosureOct 6 · Form 8-K ↗Other company newsAug 17 · Form 8-K ↗New 5%+ holder (passive)Aug 7 · Form SCHEDULE 13G ↗Quarterly reportAug 6 · Form 10-Q ↗Earnings resultsAug 5 · Form 8-K ↗11-KJun 18 · Form 11-K ↗

SoldRobert P OttoDirector

4,109 shares at $74.22 · $305K

-27% of holdings
Now owns 10,886 shares
Not a pre-planned sale
Filed 1 day after trade

May 27Form 4 ↗

Shelf offering registrationMay 19 · Form S-3ASR ↗Offering prospectusMay 19 · Form 424B5 ↗Other company newsMay 15 · Form 8-K ↗New 5%+ holder (passive)May 12 · Form SCHEDULE 13G ↗Quarterly reportMay 7 · Form 10-Q ↗Earnings resultsMay 6 · Form 8-K ↗

Stock awardRobert F. BeardDirector

1,921 shares

+83% of holdings
Now owns 4,237 shares
Filed 3 days after trade

May 1Form 4 ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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