Black Hills Corporation

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. It operates in two segments, Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 218,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming; and owns and operates 1,481.5 megawatts of generation capacity and 8,892 miles of electric transmission and distribution lines. The Gas Utilities segment distributes natural gas to approximately 1,094,000 natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming; owns and operates 4,732 miles of intrastate gas transmission pipelines; 41,644 miles of gas distribution mains and service lines; six natural gas storage sites; and approximately 50,000 horsepower of compression and 515 miles of gathering lines. The company also constructs and maintains gas infrastructure facilities for gas transportation customers; and provides appliance repair services to residential utility customers, as well as electrical system construction services to large industrial customers. In addition, it produces electric power through wind, natural gas, and coal-fired generating plants; and coal at its coal mine located near Gillette, Wyoming. The company was incorporated in 1941 and is headquartered in Rapid City, South Dakota.

Black Hills Corporation trades as BKH on NYSE. The company is classified in Utilities / Diversified Utilities and reports in USD.

The current profile places the business in Diversified Utilities. This section is intended to summarize the operating segments, products, geographies, and main revenue lines from official filings.

Latest available fiscal data shows $2.31B of revenue and $291.60M of net income.

Use this area for management strategy, capital allocation priorities, target markets, and measurable goals from the latest annual report or investor presentation.

The app now provides the structure, but exact strategic claims should come from official company documents before being treated as a finished investment thesis.

Black Hills Corporation can be compared against peers such as ALLETE, Inc., Avista Corporation, DTE Energy Company JR SUB DB 2017 E, New Jersey Resources Corporation, Northwestern Energy Group Inc, ONE Gas, Inc..

A complete thesis should compare growth, margins, balance-sheet risk, valuation multiples, and market position against direct competitors.

Current signals to investigate include market capitalization of $5.54B, beta of 0.70, and return on equity of +7.6%.

This section should be validated with evidence such as durable margins, brand strength, regulation, switching costs, cost advantage, distribution, or technology.

Key risks should include financial leverage, cyclicality, customer concentration, regulatory exposure, currency risk, and execution risk.

BKH currently shows total debt of $4.70B and beta of 0.70. Missing data should be treated as a research gap, not as low risk.

Production-capacity detail is not available as structured data yet. For industrial, defense, semiconductor, or real-estate companies, this should be reviewed from annual reports and investor presentations.

No structured backlog field is available yet. If the company reports backlog, review the relevant filing section before adding it to the thesis.

Use this section for major contracts, product launches, construction projects, acquisitions, or strategic programs that can materially affect valuation.

Recent filings to review: 4 (2026-05-28 00:00:00), 424B5 (2026-05-19 00:00:00), S-3ASR (2026-05-19 00:00:00), 8-K (2026-05-15 00:00:00).

Customer concentration is not available as structured data here. Add it from official filings when a company discloses material customers or revenue concentration.

Supplier concentration and critical supply-chain dependencies are not available as structured data here. This should be researched from annual reports and risk disclosures.

Company website: https://www.blackhillscorp.com

For US-listed stocks, verify the thesis against official filings, earnings call transcripts, and company investor relations materials.