Black Hills Corp (BKH) valuation
Black Hills P/E ratio history
Black Hills trades at 20.7 times its earnings over the last twelve months and 18.3 times the earnings analysts expect over the next twelve. At its last 10 fiscal year ends its P/E ranged from 13.5 (year to Dec 2018) to 44.8 (year to Dec 2016), with a median of 17.6.
| Fiscal year ended | Price | EPS | P/E | Forward P/E |
|---|---|---|---|---|
| Dec 31, 2025 | $69.42 | $3.98 | 17.4 | 16.2 |
| Dec 31, 2024 | $58.52 | $3.91 | 15.0 | 14.4 |
| Dec 31, 2023 | $53.95 | $3.91 | 13.8 | — |
| Dec 31, 2022 | $70.34 | $3.97 | 17.7 | — |
| Dec 31, 2021 | $70.57 | $3.74 | 18.9 | 17.5 |
| Dec 31, 2020 | $61.45 | $3.65 | 16.8 | — |
| Dec 31, 2019 | $78.54 | $3.29 | 23.9 | — |
| Dec 31, 2018 | $62.78 | $4.66 | 13.5 | — |
| Dec 31, 2017 | $60.11 | $3.21 | 18.7 | — |
| Dec 31, 2016 | $61.34 | $1.37 | 44.8 | — |
n/m: not meaningful (a loss, or earnings close to zero). The daily P/E line is a chart indicator in the app.
Black Hills valuation against its peers
| Company | Market value | P/E | Forward P/E | Price / sales |
|---|---|---|---|---|
| Black HillsBKH | $6.24B | 20.7 | 18.3 | 2.7 |
| Txnm EnergyTXNM | $6.46B | 41.4 | 19.1 | 2.9 |
| Southwest GasSWX | $6.74B | 12.3 | 20.0 | 3.9 |
| Ormat TechORA | $5.51B | 44.0 | 34.2 | 4.6 |
| New Jersey ResourcesNJR | $5.37B | 14.7 | 15.5 | 2.4 |
| Portland General ElectricPOR | $5.22B | 19.1 | 12.7 | 1.5 |
| SpireSR | $5.20B | 9.8 | 17.2 | 2.1 |
| One GasOGS | $4.93B | 16.9 | 15.8 | 2.1 |
| Northwestern Energy GroupNWE | $4.91B | 28.8 | 20.7 | 2.9 |
| Peer median | 18.0 | 18.2 | 2.7 |
Reading these multiples
The P/E divides the share price by earnings per share over the last twelve months; the forward P/E divides it by the earnings analysts expect over the next twelve. Price to sales compares the company's market value with its revenue over the last twelve months. A multiple reads differently from one industry to the next, so the peer group above is the fairer comparison.
See also: BKH financials · BKH returns
No forecast, no recommendation. This page describes Black Hills Corp from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.