“Investing Activities: Six Months Ended June 30, 2026 2025 2026 vs 2025 Variance (in millions) Capital expenditures $ (485.5 ) $ (371.8 ) $ (113.7 ) Other investing activities (6.6 ) (4.4 ) (2.2 ) Net cash (used in) investing activities $ (492.1 ) $ (376.2 ) $…”10-Q · Aug 6, 2026 ↗
Black Hills Corporation
BKH
Market read
Black Hills Corporation's current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 2 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
- Net interest expense increased as higher rates applied to increased debt balances, adding to the cost of the company’s investment program.
- Repayment of $300 million 3.95% senior unsecured notes matured Jan 15, 2026, cited as a driver of net cash outflows change this quarter.
Invalidation: The isolated read changes if BKH's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 2 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
No thresholded supportive filing evidence is available yet.
No thresholded adverse filing evidence is available yet.
- Net interest expense increased as higher rates applied to increased debt balances, adding to the cost of the company’s investment program.
- Repayment of $300 million 3.95% senior unsecured notes matured Jan 15, 2026, cited as a driver of net cash outflows change this quarter.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Latest annual revenue changed +9.0% year over year.
- Capital investment and capacity has repeated favorable evidence across 5 filings.
- Diluted shares increased 4.7% in the latest annual period.
- Energy and commodity prices has repeated adverse evidence across 4 filings.
- EV/sales is 30% above the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 10, 2026
72.30Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“Six Months Ended June 30, 2026, Compared to the Six Months Ended June 30, 2025: • Interest expense, net, increased compared to the same period in the prior year due to higher interest expense primarily driven by higher debt balances partially offset by higher…”10-Q · Aug 6, 2026 ↗
“Three Months Ended June 30, 2026, Compared to the Three Months Ended June 30, 2025: • Gas Utility margin increased as a result of the following: (in millions) New rates and rider recovery $ 10.4 Mark-to-market on non-utility natural gas commodity contracts 0.…”10-Q · Aug 6, 2026 ↗
“5 4,033.7 3,956.0 (a) As discussed in footnote (a) in the Quantities Generated and Purchased by Fuel Type table above, the increase in Wyoming Electric's purchases for the three and six months ended June 30, 2026, compared to the same periods in 2025, is prim…”10-Q · Aug 6, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 2.3× · EV/sales 4.3×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for BKH. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for BKH. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind BKH
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
RMGLFiling-linked namepartnerMay 7, 2026 ▾
“We conduct our utility operations under the name Black Hills Energy predominantly in rural areas of the Rocky Mountains and Midwestern states.”
CHCOCity Holding CompanycustomerFeb 11, 2026 ▾
“BUSINESS History and Organization Black Hills Corporation, a South Dakota corporation (together with its subsidiaries, referred to herein as the “Company,” "BHC," “we,” “us”, or “our”), is a customer-focused, growth-oriented utility company headquartered in R…”
DCDakota Gold Corp.customerFeb 11, 2026 ▾
“BUSINESS History and Organization Black Hills Corporation, a South Dakota corporation (together with its subsidiaries, referred to herein as the “Company,” "BHC," “we,” “us”, or “our”), is a customer-focused, growth-oriented utility company headquartered in R…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
BKH is currently a Leader in the organic co-movement group Regulated Utilities. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.