Black Hills Corp. /SD/ (BKH) intrinsic value & 10-year financials
Black Hills Corp. /SD/ (BKH) has a Graham intrinsic value of $115.58 per share. At $76.63 on Oct 17, 2026, the stock trades 34% below that value. Over the last 10 fiscal years revenue grew 4.5% a year to $2.3B, with an average return on invested capital of 6.1%.
- Graham intrinsic value
- $115.58
- Share price (Oct 17, 2026)
- $76.63
- Price vs Graham value
- 34% below
- Market cap
- $5.6B
- Revenue (FY2025)
- $2.3B
- Revenue growth (10-yr CAGR)
- 4.5%
- ROIC (10-yr avg)
- 6.1%
- Free cash flow (FY2025)
- -$146.4M
BKH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.3B | $291.6M | $3.98 | -$146.4M | 23.5% | 5.8% |
| FY2024 | $2.1B | $273.1M | $3.91 | -$24.9M | 24.0% | 5.8% |
| FY2023 | $2.3B | $262.2M | $3.91 | $388.8M | 20.5% | 5.9% |
| FY2022 | $2.5B | $258.4M | $3.97 | -$19.6M | 17.9% | 5.9% |
| FY2021 | $1.9B | $236.7M | $3.74 | -$742.1M | 21.2% | 6.1% |
| FY2020 | $1.7B | $227.6M | $3.65 | -$225.5M | 25.5% | 6.5% |
| FY2019 | $1.7B | $199.3M | $3.28 | -$312.9M | 23.5% | 6.7% |
| FY2018 | $1.7B | $258.4M | $4.66 | $31.3M | 22.7% | 8.0% |
| FY2017 | $1.7B | $177.0M | $3.21 | $102.3M | 24.8% | 6.1% |
| FY2016 | $1.5B | $73.0M | $1.37 | -$154.3M | 14.5% | 4.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BLACK HILLS CORP /SD/ has demonstrated mature, steady growth, with revenue compounding at 4.5% annually over the past decade.
BLACK HILLS CORP /SD/ has historically struggled to out-earn its cost of capital, averaging just 6.1% ROIC.
BLACK HILLS CORP /SD/ has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BLACK HILLS CORP /SD/ is modeled at 12.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $115.58 per share.