Question 1

What is Black Hills's P/E ratio?

Accepted Answer

Black Hills (BKH) P/E ratio is 19.1× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

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

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Black Hills specifically, the relevant sector benchmark is the current sector median of 21.4×.

Question 5

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

Accepted Answer

Black Hills's P/E ratio of 19.1× is above its own 5-year average of 16.3× and below the sector median of 21.4×. That places the current reading at the 91th 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/E ratio range?

Accepted Answer

In the available daily series, Black Hills (BKH) P/E ratio has ranged from a low of 5.2× in 2008 to a high of 196.2× in 2016. The 5-year average is 16.3× and the 5-year median is 16.4×.

Question 7

What was Black Hills's P/E ratio in 2025?

Accepted Answer

Black Hills (BKH) P/E ratio at the end of 2025 was 17.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$291.60M	17.9×	+2.6×	Dec 31, 2025
2024	$4.18B	$273.20M	15.3×	+1.3×	Dec 31, 2024
2023	$3.66B	$262.28M	14.0×	-3.8×	Dec 31, 2023
2022	$4.59B	$258.39M	17.8×	-1.3×	Dec 31, 2022
2021	$4.52B	$236.74M	19.1×	+2.2×	Dec 31, 2021
2020	$3.85B	$227.61M	16.9×	-7.2×	Dec 31, 2020
2019	$4.81B	$199.31M	24.1×	+10.2×	Dec 31, 2019
2018	$3.62B	$258.44M	14.0×	-4.1×	Dec 31, 2018
2017	$3.20B	$177.03M	18.1×	-26.4×	Dec 31, 2017
2016	$3.24B	$72.97M	44.5×	—	Dec 31, 2016
2015	$2.38B	−$32.11M	—	—	Dec 31, 2015
2014	$2.37B	$130.36M	18.2×	-2.1×	Dec 31, 2014
2013	$2.33B	$114.96M	20.2×	+0.6×	Dec 31, 2013
2012	$1.60B	$81.53M	19.6×	-9.9×	Dec 31, 2012
2011	$1.47B	$49.73M	29.5×	+12.5×	Dec 31, 2011
2010	$1.17B	$68.69M	17.1×	+4.4×	Dec 31, 2010
2009	$1.03B	$81.56M	12.7×	+2.8×	Dec 31, 2009
2008	$1.04B	$105.08M	9.9×	-7.0×	Dec 31, 2008
2007	$1.67B	$98.77M	16.9×	+0.9×	Dec 31, 2007
2006	$1.30B	$81.02M	16.0×	-18.3×	Dec 31, 2006
2005	$1.15B	$33.42M	34.3×	+17.1×	Dec 31, 2005
2004	$995.38M	$58.00M	17.2×	+1.4×	Dec 31, 2004
2003	$963.24M	$61.22M	15.7×	+3.9×	Dec 31, 2003
2002	$717.13M	$60.70M	11.8×	+1.6×	Dec 31, 2002
2001	$903.32M	$88.08M	10.3×	—	Dec 31, 2001


Alliant Energy (LNT)	22.5×
American States Water (AWR)	22.1×
Middlesex Water (MSEX)	21.8×
Evergy (EVRG)	21.4×
H2O America (HTO)	21.2×
CMS Energy (CMS)	21.1×
Essential Utilities (WTRG)	20.5×
Ameren (AEE)	19.9×
Duke Energy (DUK)	19.8×
MGE Energy (MGEE)	19.8×
American Electric Power Company (AEP)	19.4×
Consolidated Edison (ED)	19.1×
Pinnacle West Capital (PNW)	18.7×
Dominion Energy (D)	18.3×
Exelon (EXC)	18.1×
Public Service Enterprise Group (PEG)	17.8×
Northwest Natural Holding (NWN)	17.7×
New Jersey Resources (NJR)	16.2×
Avista (AVA)	16.0×
Eversource Energy (ES)	14.9×
Artesian Resources (ARTNA)	14.1×
PG&E (PCG)	13.1×
UGI (UGI)	12.2×
Edison International (EIX)	7.6×
AES (AES)	7.5×

P/E Ratio for Black Hills (BKH)

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

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

About P/E Ratio at Black Hills (BKH)

Black Hills P/E Ratio by Year

Black Hills P/E Ratio 2025: 17.9×

Black Hills P/E Ratio 2024: 15.3×

Black Hills P/E Ratio 2023: 14.0×

Black Hills P/E Ratio 2022: 17.8×

Black Hills P/E Ratio 2021: 19.1×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Black Hills (BKH) Key Financials

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

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

About P/E Ratio at Black Hills (BKH)

Black Hills P/E Ratio by Year

Black Hills P/E Ratio 2025: 17.9×

Black Hills P/E Ratio 2024: 15.3×

Black Hills P/E Ratio 2023: 14.0×

Black Hills P/E Ratio 2022: 17.8×

Black Hills P/E Ratio 2021: 19.1×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

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

+How is the P/E ratio calculated?

+What is the P/E ratio?

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

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

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

+What was Black Hills's P/E ratio in 2025?

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

Black Hills (BKH) Key Financials