BLACK HILLS CORP /SD/
BKH · Electric Services · 76.1M shares · +5%/yr ↑ shares · EDGAR filings ↗
Reference price $74.22 · est. market cap ~$5.7B — last insider sale, 2026-05-27 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C64Solid but unremarkable regulated electric utility with mid-pack returns and no standout metric.
Strengths
- Above-average margins (operating 68th, net 63rd pct) and good liquidity (current ratio 79th pct)
- Reasonable interest coverage (2.7x, 64th pct) and modest leverage (35th pct)
Risks
- ROE only 7.6% (34th pct) — below-average returns on equity
- Negative FCF and ROIC ~5% (42nd pct) limit upside
Notable findings
- Cash burnNegative free cash flow (-146.4M)
- Insider sellingInsider selling — 1 open-market sale(s) by 1 insider(s) (~$304,970, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
23.3%
Net margin
12.6%
Return on equity
7.6%
Return on assets
2.7%
ROIC
5.0%
Revenue growth (QoQ)
22.8%
Net-income growth
6.8%
Debt / equity
1.2×
Net debt / EBITDA
5.5×
Interest coverage
2.7×
Current ratio
1.3×
Free cash flow
-$146M
EBITDA
$821M
Tangible book value
$2.5B
Cash & investments
$183M
Cash runway
5q
Stock comp / revenue
0.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-27 | Otto Robert P | Sell | 4.1K | $74.22 |
| 2026-05-01 | Taylor Teresa | Grant | 1.9K | — |
| 2026-05-01 | Prochazka Scott M | Grant | 1.9K | — |
| 2026-05-01 | Otto Robert P | Grant | 1.9K | — |
| 2026-05-01 | MILLS STEVEN RICHARD | Grant | 1.9K | — |
| 2026-05-01 | McAllister Kathleen S | Grant | 1.9K | — |
| 2026-05-01 | Jensen Tony A | Grant | 1.9K | — |
| 2026-05-01 | Granger Barry M | Grant | 1.9K | — |
| 2026-05-01 | Beard Robert F. | Grant | 1.9K | — |
| 2026-05-01 | Waleski Anne G | Grant | 1.9K | — |
| 2026-02-17 | Evans Linden R | Gift | 2.6K | — |
| 2026-02-17 | Evans Linden R | Gift | 3.7K | — |
| 2026-02-12 | Jones Marne M | Tax withheld | 334 | $73.21 |
| 2026-02-12 | Jones Marne M | Grant | 835 | $73.21 |
| 2026-02-12 | Nooney Kimberly F | Grant | 2.0K | $73.21 |
| 2026-02-12 | Nooney Kimberly F | Tax withheld | 806 | $73.21 |
| 2026-02-12 | Evans Linden R | Grant | 9.0K | $73.21 |
| 2026-02-12 | Evans Linden R | Tax withheld | 3.6K | $73.21 |
| 2026-02-09 | Jones Marne M | Tax withheld | 276 | $71.48 |
| 2026-02-09 | Evans Linden R | Tax withheld | 1.4K | $71.48 |
| 2026-02-09 | Nooney Kimberly F | Tax withheld | 377 | $71.48 |
| 2026-02-09 | Jones Marne M | Tax withheld | 104 | $71.48 |
| 2026-02-09 | Nooney Kimberly F | Tax withheld | 250 | $71.48 |
| 2026-02-09 | Evans Linden R | Tax withheld | 1.1K | $71.48 |
| 2026-02-07 | Wiltse Sarah | Tax withheld | 201 | $72.30 |
| 2026-02-07 | Evans Linden R | Tax withheld | 1.6K | $72.30 |
| 2026-02-07 | Jones Marne M | Tax withheld | 1.4K | $72.30 |
| 2026-02-07 | Nooney Kimberly F | Tax withheld | 1.8K | $72.30 |
| 2026-02-06 | Evans Linden R | Grant | 18K | — |
| 2026-02-06 | Jones Marne M | Grant | 4.1K | — |
| 2026-02-06 | Nooney Kimberly F | Grant | 4.7K | — |
| 2026-02-06 | Wiltse Sarah | Grant | 2.3K | — |
| 2026-02-06 | Nakata Darren T. | Grant | 2.9K | — |
| 2026-02-06 | Redden Donald Lee JR | Grant | 1.6K | — |
| 2025-12-01 | Evans Linden R | Other | 8 | $72.45 |
| 2025-11-10 | Nooney Kimberly F | Sell | 14K | $70.70 |
| 2025-11-07 | Nakata Darren T. | Grant | 4.6K | — |
| 2025-08-01 | Redden Donald Lee JR | Grant | 5.3K | — |
| 2025-05-01 | Otto Robert P | Grant | 2.2K | — |
| 2025-05-01 | Prochazka Scott M | Grant | 2.2K | — |
| 2025-05-01 | McAllister Kathleen S | Grant | 2.2K | — |
| 2025-05-01 | Granger Barry M | Grant | 2.2K | — |
| 2025-05-01 | Jensen Tony A | Grant | 2.2K | — |
| 2025-05-01 | MILLS STEVEN RICHARD | Grant | 2.2K | — |
| 2025-05-01 | Taylor Teresa | Grant | 2.2K | — |
| 2025-05-01 | Waleski Anne G | Grant | 2.2K | — |
| 2025-05-01 | Beard Robert F. | Grant | 2.2K | — |
| 2025-02-18 | Evans Linden R | Gift | 4.9K | — |
| 2025-02-18 | Evans Linden R | Gift | 3.2K | — |
| 2025-02-12 | Evans Linden R | Grant | 2.4K | $60.10 |
| 2025-02-12 | Evans Linden R | Tax withheld | 944 | $60.10 |
| 2025-02-12 | Nooney Kimberly F | Grant | 254 | $60.10 |
| 2025-02-12 | Nooney Kimberly F | Tax withheld | 108 | $60.10 |
| 2025-02-12 | Erik Keller D | Grant | 306 | $60.10 |
| 2025-02-12 | Erik Keller D | Tax withheld | 120 | $60.10 |
| 2025-02-12 | Jones Marne M | Grant | 254 | $60.10 |
| 2025-02-12 | Jones Marne M | Tax withheld | 107 | $60.10 |
| 2025-02-11 | Evans Linden R | Tax withheld | 1.1K | $60.04 |
| 2025-02-11 | Nooney Kimberly F | Tax withheld | 120 | $60.04 |
| 2025-02-11 | Jones Marne M | Tax withheld | 144 | $60.04 |
| 2025-02-11 | Erik Keller D | Tax withheld | 178 | $60.04 |
| 2025-02-09 | Erik Keller D | Tax withheld | 174 | $59.46 |
| 2025-02-09 | Erik Keller D | Tax withheld | 125 | $59.46 |
| 2025-02-09 | Jones Marne M | Tax withheld | 276 | $59.46 |
| 2025-02-09 | Jones Marne M | Tax withheld | 104 | $59.46 |
| 2025-02-09 | Nooney Kimberly F | Tax withheld | 350 | $59.46 |
| 2025-02-09 | Nooney Kimberly F | Tax withheld | 250 | $59.46 |
| 2025-02-09 | Evans Linden R | Tax withheld | 1.4K | $59.46 |
| 2025-02-09 | Evans Linden R | Tax withheld | 950 | $59.46 |
| 2025-02-07 | Nooney Kimberly F | Grant | 22K | $59.46 |
| 2025-02-07 | Casey Phillip A | Grant | 3.0K | $59.46 |
| 2025-02-07 | Erik Keller D | Grant | 2.0K | $59.46 |
| 2025-02-07 | Casey Phillip A | Grant | 3.8K | $59.46 |
| 2025-02-07 | Jones Marne M | Grant | 4.4K | $59.46 |
| 2025-02-07 | Jones Marne M | Grant | 16K | $59.46 |
| 2025-02-07 | Wiltse Sarah | Grant | 2.0K | $59.46 |
| 2025-02-07 | Evans Linden R | Grant | 20K | $59.46 |
| 2025-02-07 | Nooney Kimberly F | Grant | 4.7K | $59.46 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-15 | OtherExhibits | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-05-01 | Shareholder vote | filing ↗ |
| 2026-04-02 | Shareholder voteReg FDExhibits | filing ↗ |
| 2026-02-19 | OtherExhibits | filing ↗ |
| 2026-02-04 | ResultsExhibits | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
| 2025-10-02 | Material agreementDebt obligationOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-15 | 2026-05-15 | 0001193125-26-226896 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-211037 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001193125-26-209210 ↗ |
| 8-K | 2026-05-01 | 2026-04-29 | 0001193125-26-198223 ↗ |
| 8-K | 2026-04-02 | 2026-04-02 | 0001193125-26-140217 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0001193125-26-059379 ↗ |
| 10-K | 2026-02-11 | 2025-12-31 | 0001193125-26-046028 ↗ |
| 8-K | 2026-02-04 | 2026-02-04 | 0001193125-26-037663 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-268567 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001193125-25-267138 ↗ |
| 8-K | 2025-10-02 | 2025-10-02 | 0001104659-25-096060 ↗ |
| 8-K | 2025-09-29 | 2025-09-25 | 0001104659-25-094481 ↗ |