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Black Hills Valuation Multiples
Discover revenue and EBITDA valuation multiples for Black Hills and similar public comparables like INA-Industrija Nafte, Guanghui Energy, Royal Vopak, Harbour Energy and more.
Black Hills Overview
About Black Hills
Black Hills Corp is a U.S.-based energy company that operates through its Electric Utilities and Gas Utilities segment. These segments operate in states in the Midwest and mountain regions in the U.S. The company's customers include residential, commercial, industrial, and municipal consumers. These customers are residential. Black Hills derives the majority of its revenue from its utility business group, specifically from gas utilities.
Founded
1941
HQ
Employees
2.8K
Website
Financials (LTM)
EV
$10B
Black Hills Financials
Black Hills reported last 12-month revenue of $2B and EBITDA of $864M.
In the same LTM period, Black Hills generated $2B in gross profit, $864M in EBITDA, and $304M in net income.
Revenue (LTM)
Black Hills P&L
In the most recent fiscal year, Black Hills reported revenue of $2B and EBITDA of $834M.
Black Hills expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $2B | XXX | $2B | XXX | XXX | XXX |
| Gross Profit | $2B | XXX | $889M | XXX | XXX | XXX |
| Gross Margin | 64% | XXX | 38% | XXX | XXX | XXX |
| EBITDA | $864M | XXX | $834M | XXX | XXX | XXX |
| EBITDA Margin | 37% | XXX | 36% | XXX | XXX | XXX |
| EBIT Margin | 24% | XXX | 24% | XXX | XXX | XXX |
| Net Profit | $304M | XXX | $292M | XXX | XXX | XXX |
| Net Margin | 13% | XXX | 13% | XXX | XXX | XXX |
| Net Debt | — | — | $5B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Black Hills Stock Performance
Black Hills has current market cap of $6B, and enterprise value of $10B.
Market Cap Evolution
Black Hills' stock price is $76.07.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $10B | $6B | 0.0% | XXX | XXX | XXX | $3.83 |
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Start Free TrialBlack Hills Valuation Multiples
Black Hills trades at 4.4x EV/Revenue multiple, and 11.9x EV/EBITDA.
EV / Revenue (LTM)
Black Hills Financial Valuation Multiples
As of April 20, 2026, Black Hills has market cap of $6B and EV of $10B.
Equity research analysts estimate Black Hills' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Black Hills has a P/E ratio of 19.0x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $6B | XXX | $6B | XXX | XXX | XXX |
| EV (current) | $10B | XXX | $10B | XXX | XXX | XXX |
| EV/Revenue | 4.4x | XXX | 4.5x | XXX | XXX | XXX |
| EV/EBITDA | 11.9x | XXX | 12.4x | XXX | XXX | XXX |
| EV/EBIT | 18.4x | XXX | 18.9x | XXX | XXX | XXX |
| EV/Gross Profit | 6.9x | XXX | 11.6x | XXX | XXX | XXX |
| P/E | 19.0x | XXX | 19.8x | XXX | XXX | XXX |
| EV/FCF | — | XXX | (70.4x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Black Hills Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Black Hills Margins & Growth Rates
Black Hills' revenue in the last 12 month grew by 10%.
Black Hills' revenue per employee in the last FY averaged $0.8M, while opex per employee averaged $0.1M for the same period.
Black Hills' rule of 40 is 43% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Black Hills' rule of X is 49% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Black Hills Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 10% | XXX | 4% | XXX | XXX | XXX |
| EBITDA Margin | 37% | XXX | 36% | XXX | XXX | XXX |
| EBITDA Growth | 17% | XXX | 13% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 43% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 49% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.8M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 15% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Black Hills Public Comps
See public comps and valuation multiples for other Utilities and Energy Services comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Black Hills | XXX | XXX | XXX | XXX | XXX | XXX |
| INA-Industrija Nafte | XXX | XXX | XXX | XXX | XXX | XXX |
| Guanghui Energy | XXX | XXX | XXX | XXX | XXX | XXX |
| Royal Vopak | XXX | XXX | XXX | XXX | XXX | XXX |
| Harbour Energy | XXX | XXX | XXX | XXX | XXX | XXX |
| Sinopec Oilfield Service | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Black Hills M&A Activity
Black Hills acquired XXX companies to date.
Last acquisition by Black Hills was on XXXXXXXX, XXXXX. Black Hills acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Black Hills
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialBlack Hills Investment Activity
Black Hills invested in XXX companies to date.
Black Hills made its latest investment on XXXXXXXX, XXXXX. Black Hills invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Black Hills
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Black Hills
| When was Black Hills founded? | Black Hills was founded in 1941. |
| Where is Black Hills headquartered? | Black Hills is headquartered in United States. |
| How many employees does Black Hills have? | As of today, Black Hills has over 2K employees. |
| Who is the CEO of Black Hills? | Black Hills' CEO is Linden R. Evans. |
| Is Black Hills publicly listed? | Yes, Black Hills is a public company listed on NYSE. |
| What is the stock symbol of Black Hills? | Black Hills trades under BKH ticker. |
| When did Black Hills go public? | Black Hills went public in 1972. |
| Who are competitors of Black Hills? | Black Hills main competitors are INA-Industrija Nafte, Guanghui Energy, Royal Vopak, Harbour Energy. |
| What is the current market cap of Black Hills? | Black Hills' current market cap is $6B. |
| What is the current revenue of Black Hills? | Black Hills' last 12 months revenue is $2B. |
| What is the current revenue growth of Black Hills? | Black Hills revenue growth (NTM/LTM) is 10%. |
| What is the current EV/Revenue multiple of Black Hills? | Current revenue multiple of Black Hills is 4.4x. |
| Is Black Hills profitable? | Yes, Black Hills is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Black Hills? | Black Hills' last 12 months EBITDA is $864M. |
| What is Black Hills' EBITDA margin? | Black Hills' last 12 months EBITDA margin is 37%. |
| What is the current EV/EBITDA multiple of Black Hills? | Current EBITDA multiple of Black Hills is 11.9x. |
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