BKHBLACK HILLS CORP /SD/

Electric Services

Revenue: $2.3B; 9.0% YoY
Operating margin: 23.5%; 2.0% YoY
EBITDA: $821M; 6.2% YoY
Market cap: $6.2B
Employees: —
Net debt / EBITDA: 2.2×; $1.8B net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
231% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
29% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 31st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.9B	$2.5B	$2.3B	$2.1B	$2.3B	9.0%
Operating income	$409M	$455M	$473M	$503M	$538M	6.8%
Net income	$237M	$258M	$262M	$273M	$292M	6.8%
Operating cash flow	−$65M	$585M	$944M	$719M	$673M	6.4%
Capex	$678M	$604M	$556M	$744M	$820M	10%
Stock-based comp	$10M	$9M	$7M	$11M	$12M	11%
Dividends	$145M	$157M	$168M	$182M	$198M	8.6%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 2
Net: −$1M

Pay vs performance

No pay-versus-performance disclosure yet.