Black Hills Corporation (BKH) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Black Hills Corporation stock $51.34, price $84.87, that is 39.5% below the price, quality 39 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
- Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with one Yes, for free
Black Hills Corporation
BKH · USOur calculation puts a fair price 40% below what the stock costs today.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $42.08 – $84.87 · fair‑value band $41.92 – $74.29 · the $84.87 price screens above the $51.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
Every Wednesday you see whether Black Hills is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Company profile
Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates through the Electric Utilities and Gas Utilities segments.
Show moreShow less
The Electric Utilities segment engages in the generation, transmission, and distribution of electricity to electric utility customers in Colorado, Montana, South Dakota, and Wyoming; ownership and operation of 1,386 megawatts of generation capacity, and 9,478 miles of electric transmission and distribution lines; sale of excess power to other utilities and marketing companies; and ownership and operation of non-regulated power generation and mining assets.
Its Gas Utilities segment is involved in the distribution of natural gas to approximately 1,138,000 natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming; ownership and operation of 4,581 miles of intrastate gas transmission pipelines; 44,840 miles of gas distribution mains and service lines; seven natural gas storage sites; and approximately 50,000 horsepower of compression and 494 miles of gathering lines.
The company also provides non-regulated services to its retail customers, including Service Guard Comfort Plan, which provides home appliance repair services through on-going monthly service agreements to residential utility customers; Tech Services, which include construction and maintenance of customer-owned gas infrastructure facilities, as well as electrical system construction services; and HomeServe, which are additional home repair service plans for natural gas residential customers.
In addition, the company produces electric power through wind, natural gas, and coal-fired generating plants, as well as coal at its coal mine located near Gillette, Wyoming. Black Hills Corporation was incorporated in 1941 and is headquartered in Rapid City, South Dakota.
Stock analysis
Black Hills Corporation (BKH) currently trades at $84.87, while our model-based Fair Value estimate is $51.34, 40% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of $65.03 per share, and 1 of the 16 models we run sit above the $84.87 price.
Bear case: the Asset-Based group reads lowest at $22.12, and 15 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: $41.92 (bear) to $74.29 (bull), the price of $84.87 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 39/100 (below-average quality), in the Utilities sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Black Hills Corporation reported revenue of $2.3B in FY2025 versus $1.9B in FY2021, a compound +4.3%/yr. Reported net income was $292M in FY2025, compounding +5.4%/yr from FY2021.
Key figures
Market cap $6.5B Mid · P/E ratio 20.9 · P/S ratio 2.81 · EPS (TTM) $4.07 · Dividend yield 3.2% · Net margin 13.0% · Return on equity 8.0% · Return on assets (EBIT) 4.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 30% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −21% fair-value upside, at −40%, BKH screens richer than that median.
Fair Value models
All 16 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Insider trades
In the last 6 months, one officer or director sold shares worth $304,970 and none bought.
- SaleRobert P OttoDirector4,109 shares at $74.22$304,970May 27, 2026
- SaleKimberly F NooneySVP & CFO14,500 shares at $70.70$1.0MNov 10, 2025
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗
Revenue & earnings trend
BKH screens overvalued: fair value 40% below the price. Compare with Naturgy Energy Group →
Earlier news
- Black Hills Corp. Announces Quarterly Dividend
- Subject to Receipt of Satisfactory Final Regulatory Approval and Completion of Proposed Merger, Black Hills Corp. to be Renamed Bright Horiz
- Black Hills Corp. Gas Utility Receives Approval for New Rates in Arkansas
Compare Black Hills Corporation with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Gas · 107 stocks
Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Utilities sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Price/FCF by industry
- Debt-to-equity by industry
- Piotroski F-Score screener with fair value
- Undervalued stocks: Utilities
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| ENN Natural Gas Co 600803 | ¥21.31 | ¥24.00 | +13% | vs BKH |
| Italgas S.p.A IG | €9.12 | €10.07 | +10% | vs BKH |
| Uniper SE UN0 | €44.00 | €45.97 | +4% | vs BKH |
| Naturgy Energy Group NTGY | €29.54 | €30.62 | +4% | vs BKH |
| UGI Corporation UGI | $37.04 | $29.40 | −21% | vs BKH |
| The Hong Kong and China Gas Company 0003 | HK$7.40 | HK$4.93 | −33% | vs BKH |
| GAIL (India) Limited GAIL | ₹185.79 | ₹116.94 | −37% | vs BKH |
| Snam S.p.A SRG | €6.20 | €3.65 | −41% | vs BKH |
| NiSource Inc NI | $44.15 | $19.87 | −55% | vs BKH |
| Atmos Energy Corporation ATO | $173.22 | $77.35 | −55% | vs BKH |
Explore undervalued stocks
More undervalued Utilities stocks →
Try a ready-made strategy
Pick a strategy and jump into the live analysis with that exact screen applied.
Discover tools
Frequently asked questions
Is Black Hills Corporation (BKH) overvalued or undervalued?
What is the fair value of BKH?
What is the quality score of BKH?
What is the price target for Black Hills Corporation (BKH)?
What is the Black Hills Corporation stock forecast for 2026?
What is the revenue of Black Hills Corporation (BKH)?
Does Black Hills Corporation pay a dividend?
How much is the dividend of Black Hills Corporation (BKH) and when is the ex-dividend date?
What is the intrinsic value of Black Hills Corporation (BKH)?
Is Black Hills Corporation stock overvalued or undervalued in 2026?
Is fair value the same as the market price of BKH?
How much is Black Hills Corporation worth?
What do the bullish and bearish scenarios say about BKH?
What is the P/E ratio of BKH?
What is the PEG ratio of BKH?
How solid is the balance sheet of Black Hills Corporation (BKH)?
How far is BKH from its 52-week high?
Which stocks are comparable to Black Hills Corporation?
Is Black Hills Corporation stock attractive at the current price?
How is the fair value of BKH calculated?
Is it still worth investing in stocks now?
What is the share price of Black Hills Corporation (BKH)?
What should I pay attention to with Black Hills Corporation right now?
Where does the earnings growth of Black Hills Corporation (BKH) come from?
Key figures of Black Hills Corporation
How large is the market capitalisation of Black Hills Corporation (BKH)?
What is the P/S ratio of Black Hills Corporation (BKH)?
What are the earnings per share of Black Hills Corporation (BKH)?
What is the dividend yield of Black Hills Corporation (BKH)?
What is the net margin of Black Hills Corporation (BKH)?
What is the return on equity of Black Hills Corporation (BKH)?
What is the EBIT return on assets of Black Hills Corporation (BKH)?
What is the operating margin of Black Hills Corporation (BKH)?
How fast is revenue growing at Black Hills Corporation (BKH)?
How fast are earnings growing at Black Hills Corporation (BKH)?
How much free cash flow does Black Hills Corporation (BKH) generate?
How much net debt does Black Hills Corporation (BKH) carry?
Watch Black Hills Corporation in the live analysis
One click puts Black Hills Corporation on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Watch for free →Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.