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Black Hills Corporation

BKH

Utilities · 72.30 -0.8% today

Isolated · not yet confirmedMarket checked 10 Sept, 15:55 GMT-4

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.

Company-0.8% todayVolume comparison unavailable
Market group0 of 2 activeRegulated Utilities · unavailable
Disclosed network0 of 3 confirmingNo filing-linked name is confirming now
What would change this read
  • 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.

Watch this read

Research brief

The story so far

Utilities · Utilities - Regulated Gas

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.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • 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

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements101
Verified relationships2
Evidence supporting the case
  • Latest annual revenue changed +9.0% year over year.
  • Capital investment and capacity has repeated favorable evidence across 5 filings.
Evidence challenging the case
  • Diluted shares increased 4.7% in the latest annual period.
  • Energy and commodity prices has repeated adverse evidence across 4 filings.
Questions before a position
  • EV/sales is 30% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 10, 2026

72.30
6m+3.1%12m+23.3%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.9B+14.9%$3.74+1.4%
2022-12-31$2.5B+31.7%$3.97+15.6%
2023-12-31$2.3B-9.5%$3.91-8.3%
2024-12-31$2.1B-8.8%$3.91+4.2%
2025-12-31$2.3B+9.0%$3.98+4.7%

What management says matters

Persistent and emerging business drivers

Capital investment and capacitypositive · 5 filings
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
Credit and interest ratesmixed · 5 filings
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
Energy and commodity pricesmixed · 4 filings
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
Tariffs and trade policymixed · 4 filings
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.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

72.30-0.8% today

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.