Question 1

What is Black Hills's P/FCF ratio?

Accepted Answer

Black Hills (BKH) P/FCF ratio is 47.0× as of February 11, 2025. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Black Hills?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Black Hills specifically, the relevant sector benchmark is the current sector median of 32.9×.

Question 5

Is Black Hills's P/FCF ratio high or low?

Accepted Answer

Black Hills's P/FCF ratio of 47.0× is above its own 5-year average of 28.0× and above the sector median of 32.9×. That places the current reading at the 80th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Black Hills's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Black Hills (BKH) P/FCF ratio has ranged from a low of 4.7× in 2003 to a high of 199.4× in 2017. The 5-year average is 28.0× and the 5-year median is 22.4×.

Question 7

What was Black Hills's P/FCF ratio in 2023?

Accepted Answer

Black Hills (BKH) P/FCF ratio at the end of 2023 was 9.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Black Hills's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$5.22B	−$146.40M	—	—	Dec 31, 2025
2024	$4.18B	−$24.90M	—	—	Dec 31, 2024
2023	$3.66B	$388.72M	9.4×	—	Dec 31, 2023
2022	$4.59B	−$19.56M	—	—	Dec 31, 2022
2021	$4.52B	−$742.06M	—	—	Dec 31, 2021
2020	$3.85B	−$225.54M	—	—	Dec 31, 2020
2019	$4.81B	−$312.86M	—	—	Dec 31, 2019
2018	$3.62B	$31.29M	115.6×	+84.2×	Dec 31, 2018
2017	$3.20B	$102.25M	31.3×	—	Dec 31, 2017
2016	$3.24B	−$154.32M	—	—	Dec 31, 2016
2015	$2.38B	−$27.48M	—	—	Dec 31, 2015
2014	$2.37B	−$75.04M	—	—	Dec 31, 2014
2013	$2.33B	−$30.12M	—	—	Dec 31, 2013
2012	$1.60B	−$32.16M	—	—	Dec 31, 2012
2011	$1.47B	−$216.99M	—	—	Dec 31, 2011
2010	$1.17B	−$324.93M	—	—	Dec 31, 2010
2009	$1.03B	−$76.37M	—	—	Dec 31, 2009
2008	$1.04B	−$183.28M	—	—	Dec 31, 2008
2007	$1.67B	−$9.29M	—	—	Dec 31, 2007
2006	$1.30B	−$48.76M	—	—	Dec 31, 2006
2005	$1.15B	$36.22M	31.6×	+9.9×	Dec 31, 2005
2004	$995.38M	$45.71M	21.8×	+9.8×	Dec 31, 2004
2003	$963.24M	$80.22M	12.0×	—	Dec 31, 2003
2002	$717.13M	−$14.30M	—	—	Dec 31, 2002
2001	$903.32M	−$201.08M	—	—	Dec 31, 2001


Eversource Energy (ES)	110.1×
Constellation Energy (CEG)	86.9×
NextEra Energy (NEE)	82.1×
American States Water (AWR)	77.8×
Middlesex Water (MSEX)	63.1×
Vistra (VST)	52.9×
UGI (UGI)	32.9×
GE Vernova (GEV)	31.2×
FirstEnergy (FE)	16.3×
Duke Energy (DUK)	15.4×
Consolidated Edison (ED)	14.6×
American Electric Power Company (AEP)	11.5×
Avista (AVA)	7.9×

P/FCF Ratio for Black Hills (BKH)

P/FCF Ratio daily chart for Black Hills (BKH)

Historical P/FCF Ratio for Black Hills (BKH) from 2001 to 2025

About P/FCF Ratio at Black Hills (BKH)

Black Hills P/FCF Ratio by Year

Black Hills P/FCF Ratio 2023: 9.4×

Black Hills P/FCF Ratio 2018: 115.6×

Black Hills P/FCF Ratio 2017: 31.3×

Black Hills P/FCF Ratio 2005: 31.6×

Black Hills P/FCF Ratio 2004: 21.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Black Hills (BKH) Key Financials

P/FCF Ratio daily chart for Black Hills (BKH)

Historical P/FCF Ratio for Black Hills (BKH) from 2001 to 2025

About P/FCF Ratio at Black Hills (BKH)

Black Hills P/FCF Ratio by Year

Black Hills P/FCF Ratio 2023: 9.4×

Black Hills P/FCF Ratio 2018: 115.6×

Black Hills P/FCF Ratio 2017: 31.3×

Black Hills P/FCF Ratio 2005: 31.6×

Black Hills P/FCF Ratio 2004: 21.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Black Hills's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Black Hills?

+Is Black Hills's P/FCF ratio high or low?

+What is Black Hills's historical P/FCF ratio range?

+What was Black Hills's P/FCF ratio in 2023?

+Why does Black Hills's P/FCF ratio change over time?

Black Hills (BKH) Key Financials