profit from every $100 of sales.
$0$100
Black Hills
$86.70-0.95% today
+23.3% in 1 year
1-year low $67.501-year high $87.53
Trading close to its highest price of the past year.
The essentials
Four questions every investor asks, answered in one line each.
more sales each year, on average, 2020 to 2025.
0%20% a year
You pay $22.75 for every $1 of profit it makes in a year.
CheapExpensive
of earnings would pay off all its debt.
No debt5 years
Money in, money out
What Black Hills sold, what it kept, and what it did with the cash.
Sales went from $2.55 billion in 2022 to $2.31 billion in 2025, with $292 million of profit last year.
SalesProfit
Black Hills vs. similar companies
Black Hills grows in the middle of these 5 and is priced in the middle for its profits.
| Company | Profit from $100 of sales | Sales growth a year | Price per $1 of profit |
|---|---|---|---|
| Black Hills | 22.8× · Fair price | ||
 Naturgy Energy Group | 14.2× · Cheap | ||
 Snam | 16.6× · Fair price | ||
 The Hong Kong and China Gas | 24.2× · Fair price | ||
 Osaka Gas | 16.6× · Fair price |
AI analysis
An AI analyst reads Black Hills's last five years, its segments, earnings, insiders and peers, and writes the bull case, the bear case and what the price expects.
Run the AI analysisFull statementsIncome, balance sheet and cash flow, year by year
Income statement
| In millions of USD | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| 1,697 | 1,949 | 2,552 | 2,331 | 2,128 | 2,310 | |
| – | – | 773 | 796 | 840 | 889 | |
| 428 | 409 | 455 | 473 | 503 | 538 | |
| 644 | 647 | 710 | 738 | 785 | 834 | |
| 228 | 237 | 258 | 262 | 273 | 292 | |
| 3.65 | 3.74 | 3.97 | 3.91 | 3.91 | 3.98 | |
| – | – | 30.3% | 34.2% | 39.5% | 38.5% | |
| 25.2% | 21.0% | 17.8% | 20.3% | 23.6% | 23.3% | |
| 13.4% | 12.1% | 10.1% | 11.2% | 12.8% | 12.6% |
Balance sheet
| In millions of USD | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Total assets | 8,089 | 9,132 | 9,618 | 9,620 | 10,023 | 10,870 |
| Cash | 6 | 9 | 21 | 87 | 16 | 183 |
| Total debt | 3,771 | 4,547 | 4,668 | 4,401 | 4,384 | 4,701 |
| Total liabilities | – | – | 6,528 | 6,315 | 6,437 | 6,964 |
| 2,561 | 2,787 | 2,995 | 3,215 | 3,502 | 3,824 | |
| 62 | 63 | 65 | 67 | 70 | 73 | |
| 5.2% | 4.4% | 4.7% | 5.0% | 5.2% | 5.1% | |
| 8.9% | 8.5% | 8.6% | 8.2% | 7.8% | 7.6% |
Cash flow
| In millions of USD | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| 542 | -65 | 585 | 944 | 719 | 673 | |
| 767 | 678 | 604 | 556 | 744 | 820 | |
| -226 | -742 | -20 | 389 | -25 | -146 | |
| Dividends paid | 135 | 145 | 157 | 168 | 182 | 198 |
| – | – | – | – | – | – | |
| 5 | 10 | 9 | 7 | 11 | 12 |
Valuation
- 22.8×
- 19.9×
- 13.03
- 1.7×
- 2.9×
- –
- 13.4×
- -2.2%
- 4.4%
- 3.7%
Profitability
- 38.5%
- 23.3%
- 12.6%
- 36.2%
- 5.2%
- 5.1%
- 7.6%
- -115.2%
- -36.2%
- –
Growth
- +6.4%
- +1.7%
- −488.0%
- +4.5%
- +4.0%
Financial health
- 5.4×
- 1.23
- -1,860.4%
- 2.7×
- 1.35
- 0.01
- -9.13
How it ranks in Utilities
Each dot is where the company stands among every company over $300M in the sector. Further right is better.
Bottom 47%of 397
Top 36%of 392
Bottom 35%of 363
Top 41%of 397
Bottom 36%of 396
What analysts expect
- Average price target
- $86.00
- Range
- $81.00 – $91.00
- 2 analysts
These targets were collected on May 20, 2026 and our analyst feed has not updated since, so we no longer compare them with today's price.
Recent earnings
Our results feed has not updated since May 21, 2026. Results reported after that are not in this table yet.
| Date | EPS | Expected | Surprise |
|---|---|---|---|
| May 6, 2026 | 1.79 | 1.88 | −4.8% |
| Feb 4, 2026 | 1.41 | 1.37 | +2.9% |
| Nov 5, 2025 | 0.45 | 0.45 | +0.0% |
| Jul 30, 2025 | 0.38 | 0.38 | +0.0% |
| May 7, 2025 | 1.87 | 1.92 | −2.6% |
| Feb 5, 2025 | 1.37 | 1.20 | +14.2% |
| Nov 6, 2024 | 0.35 | 0.48 | −27.1% |
| Jul 31, 2024 | 0.33 | 0.29 | +13.8% |
3.7%of the share price, paid each year
On $1,000 invested$37a year at today's yield, before tax
+4.5%2020 to 2025
Raised10 yearsin a row, in our data
Paid per share, each year
$1.62 in 2015 → $2.70 in 2025
How safe it looks
67.9% of its profit
Room to growStretchedMore than it earnsNews
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Our insider feed has not updated since May 26, 2026. Trades filed after that are not listed yet.
No insider trades on file.
The seven classic investing rulebooks
0/7Passes 0 of 7. Each bar is how well the company fits that investor's published rules, from 0 to 100; 60 or more counts as a pass.
Warren Buffett
32No pass
Benjamin Graham
57No pass
Philip Fisher
33No pass
Peter Lynch
19No pass
Joel Greenblatt
22No pass
Charlie Munger
24No pass
Terry Smith
20No pass
Questions about Black Hills
Is Black Hills a good stock to buy?
A business with weak numbers at a fair price. 0 of the 7 famous investors' published rulebooks we apply pass it. Whether it suits you depends on your goals and the price you pay; invest-like never tells anyone to buy or sell. The AI analysis lays out the case for and against. Read the Black Hills AI analysis
What does Black Hills do?
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. It is in Utilities - Regulated Gas, based in Rapid City, SD, United States, with 2,795 employees.
Does Black Hills pay a dividend?
Yes. At today's price the dividend is 3.7% a year, about 68% of its yearly profit. In 2025 it paid out $198 million in dividends.
Is Black Hills stock halal?
No. Black Hills does not pass our halal screen: its debt is 71% of its market value, at or above the 33% limit. How we check
How has Black Hills stock done over the past year?
Up 23.3% over the past twelve months, to $86.70. It traded between $67.50 and $87.53, close to its high.
Who are Black Hills's competitors?
The largest listed companies in the same industry are Naturgy Energy Group, Snam, The Hong Kong and China Gas and Osaka Gas. The peers table on this page compares their profit, growth and price with Black Hills's.
Prices: daily closes to Nov 13, 2026. Fundamentals: company reports via invest-like data.