| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 50 | 18.0x | 17.8x | Around median | |
Growth | 32 | 2.2% | 7.1% | Bottom tier | |
Quality | 40 | 6.2% | 4.5% | Bottom tier | |
Safety | 37 | 5.0x | 2.6x | Bottom tier | |
Capital Return | 49 | 3.81% | 2.12% | Around median | |
Momentum | 67 | 25.0% | 2.9% | Top tier | |
Sentiment | 64 | 3 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Black Hills Corporation is an electric and natural gas utility serving 1.4 million customers across eight states. The company generates revenue from electricity and gas sales, recovering investments through rates and regulatory charges, and serving large loads; in Wyoming, service for the Microsoft expansion relies primarily on market power purchases, while the company plans to serve Meta and other data center projects through a mix of market power, contracted resources, and owned generation when needed.
In fiscal year 2026 Q2, Black Hills recorded revenue of $452.8 million, net income of $38.2 million, and generally accepted accounting principles earnings per share of $0.50, equivalent to a calculated net income margin of approximately 8.4%. Adjusted earnings per share were $0.54, compared with $0.38 in fiscal year 2025 Q2, after excluding $0.04 in merger costs; new rates and charge recoveries added $0.21 per share, compared with a combined negative impact of $0.12 from higher financing and depreciation costs.
Revenue for the twelve months ended fiscal year 2026 Q2 was approximately $2.3 billion, with net income of $288.4 million and earnings per share of approximately $3.81. The first half of fiscal year 2026 recorded generally accepted accounting principles earnings per share of $2.23 and adjusted earnings per share of $2.33, compared with adjusted earnings per share of $2.24 in the first half of fiscal year 2025; the data does not provide a numerical breakdown of the electricity and gas revenue mix, but management identified new rates, charge recoveries, and data center load growth as the primary earnings drivers.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is Buy, with an average target of $84.5 and a relatively wide range of $78 to $91; the average is above the 52-week high of $78.69, while the highest target exceeds it by approximately 15.6%. The data does not provide a published price-to-earnings multiple that can be relied upon, so the rationale for the targets is tied primarily to adjusted earnings per share guidance for fiscal year 2026 of between $4.25 and $4.45 and to the large-load opportunities, while non-final negotiations, Montana approval, and the January 2027 refinancing remain important constraints on this valuation.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
The primary drivers are new rates, charge recoveries, data center load growth, and capital projects. Rates and recoveries added $0.21 per share in fiscal year 2026 Q2 and $0.45 in the first half, partially offsetting higher financing and depreciation. Management also reaffirmed adjusted earnings per share guidance of between $4.25 and $4.45 for fiscal year 2026, equivalent to 6% growth at the midpoint compared with fiscal year 2025.
The data center opportunity pipeline exceeded 3 gigawatts as of August 6, 2026, but the financial plan through 2030 includes only approximately 600 megawatts led by Microsoft and Meta. The company is negotiating for more than 2.5 additional gigawatts, including a single 1.8-gigawatt project and a separate 75-megawatt opportunity. The Wyoming system peak load reached 439 megawatts in July 2026, up 16% from the 2025 peak, illustrating the impact of large demand on the existing system.
The data does not describe the project as a definitive service contract as of the August 6, 2026 call. An extended generation reservation agreement through August 31, 2026, allows refundable prepayments of up to $377 million, but it is one of several agreements required to complete the service model. The company was in advanced negotiations with a hyperscale end user and said that Crusoe's departure did not affect the course of those negotiations.
As of August 6, 2026, the transaction had received six of seven required approvals, including FERC approval and unanimously approved settlements in Nebraska and South Dakota. The Montana decision remained the final approval after the May 2026 hearing and the submission of final briefs on July 13, 2026. This began a ninety-day decision period with the possibility of a thirty-day extension, and management indicated mid-October 2026 or mid-November 2026 as potential decision windows.
The company had available liquidity of more than $650 million at the end of fiscal year 2026 Q2, with a target ratio of cash flow from operations to debt of between 14% and 15% and net debt to total capitalization below 55%. It also issued $50 million in shares during the first half to fund its investment plan of approximately $1 billion in fiscal year 2026, and $400 million in 3.15% notes mature in January 2027. In January 2026, it increased its dividend for the fifty-sixth consecutive year, while targeting a payout ratio of between 55% and 65%.
Lange II is a 99-megawatt generation project serving western South Dakota and northeastern Wyoming, and it was scheduled to enter service in fiscal year 2026 Q4. The final major long-lead-time component, the generator step-up transformer, arrived at the site before the August 6, 2026 call. Recovery of the Wyoming share was included in the rate review request, while the company filed to recover the South Dakota share through a generation charge.
