What is the 13F Pro Quality Score for BKH?

13F Pro ranks BLACK HILLS CORP /SD/ (BKH) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View BKH's current score at https://13fpro.ai/company/BKH (free sign-up required for the full ranking).

Which hedge funds own the most BKH stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of BKH include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, STATE STREET. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/BKH as soon as new 13F filings post.

Where does 13F Pro source BKH data?

All BLACK HILLS CORP /SD/ fundamentals and ownership data come directly from SEC EDGAR. BLACK HILLS CORP /SD/ files with the SEC under CIK 1130464. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is BKH in?

BLACK HILLS CORP /SD/ (BKH) is classified in the Utilities sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/utilities.

What drives BKH's revenue?

Per BLACK HILLS CORP /SD/'s latest 10-Q filed with the SEC on 2026-08-06, the biggest revenue drivers are: Electric Utilities ($226.3M, +2.9% YoY); Gas Utilities ($230.5M, +3.4% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/BKH.

What are BKH's largest expenses?

BLACK HILLS CORP /SD/'s latest 10-Q reports these as the largest expense items: Fuel, purchased power and cost of natural gas sold ($113.5M, -8.6% YoY); Operations and maintenance ($150.5M, +1.9% YoY); Depreciation and amortization ($75.3M, +7.9% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 2026).

How often is BKH research updated on 13F Pro?

BKH's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

BLACK HILLS CORP /SD/(BKH)Stock Analysis

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Utilities →NYSEmid

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SEC EDGAR: CIK 1130464 BKH stock profile & AI dashboard →

13F Pro Quality Score

53.3/100

Rank #1,398 of 2,960 stocksTOP 50%

View Utilities peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

55.5/100

Profitability

70.4/100

Balance Sheet

58.6/100

Earnings Quality

43.4/100

Free Cash Flow

15.3/100

Institutional Flow

43.1/100

Revenue Scale

65.5/100

Dilution Risk

74.7/100

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Why BKH Scores 53/100

exact factor attribution · 2026-09-11

BKH's composite is driven by profitability and scale, held back by free cash flow. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Profitability

+3.1 pts

70th pct

Scale

+2.3 pts

66th pct

Shareholder dilution

+1.2 pts

75th pct

Revenue growth

+1.1 pts

56th pct

Earnings growth

+1.0 pts

70th pct

Capital efficiency

+0.9 pts

59th pct

Institutional flow

-0.3 pts

43th pct

Earnings quality

-0.7 pts

43th pct

Free cash flow

-5.2 pts

15th pct

Latest change (2026-08-06): 53 → 44 · ↓ Profit margin 76→46; ↓ Capital efficiency 58→44

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

Unusual Activity in BKH

Events flagged as statistical outliers against BKH's own multi-year baseline — not fixed dollar thresholds.

Score shock2026-08-06
BKH quality score dropped 9 points (53→44) on a new filing
View source filing →

BKH Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for BLACK HILLS CORP /SD/ (BKH), a Utilities sector company. 13F Pro's AI-powered ranking engine scores BKH at 53.3/100 on a 32-signal composite quality model, placing it at rank #1,398 of 2,960 stocks — the top half of the AI-ranked universe. Areas of concern include free cash flow (15.3), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), BLACK HILLS CORP /SD/ reports quarterly revenue of $452.8M, net income of $38.2M, an operating margin of 21.4%. Top institutional holders of BKH by reported 13-F value include BlackRock, VANGUARD PORTFOLIO MANAGEMENT, STATE STREET, based on the most recent SEC filings. BKH trades on the NYSE exchange and files with the SEC under CIK 1130464. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate BKH daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for BLACK HILLS CORP /SD/ directly from SEC EDGAR. BLACK HILLS CORP /SD/'s 13F Pro composite quality score has ranged between 39 and 64 since 2021, currently 53.3 — an improving long-term trajectory across 68 quarterly and live scoring snapshots.

What's Driving BKH's Business? Latest 10-Q Breakdown

AI-extracted from BLACK HILLS CORP /SD/'s 10-Q filed 2026-08-06 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Q2 revenue of $440.6M, up from $439.0M YoY, driven by new rate recovery in Electric and Gas Utilities partially offset by lower customer usage and unfavorable weather.

Biggest Revenue Drivers

Electric Utilities$226.3M+2.9% YoY

New rates and rider recovery from Ready Wyoming project and improved industrial loads under LPCS tariff

Gas Utilities$230.5M+3.4% YoY

New rates from Nebraska Gas and Kansas Gas settlements offset by unfavorable weather and lower retail usage

Biggest Revenue Drivers

Total revenue: $440.6M+0.4% YoY

Electric Utilities$226.3M+2.9% YoY

New rates and rider recovery from Ready Wyoming project and improved industrial loads under LPCS tariff

Gas Utilities$230.5M+3.4% YoY

New rates from Nebraska Gas and Kansas Gas settlements offset by unfavorable weather and lower retail usage

Largest Expense Items

Fuel, purchased power and cost of natural gas sold$113.5M-8.6% YoY

Lower natural gas prices and commodity costs; reduced generation fuel needs

Operations and maintenance$150.5M+1.9% YoY

Lower outside services and prior-year unplanned outages offset by higher compensation and office costs

Depreciation and amortization$75.3M+7.9% YoY

Higher asset base from capital expenditures including Ready Wyoming and Lange II projects

Interest expense, net$52.7M+5.4% YoY

Higher interest rates and increased debt balances

Watch Items from the Filing

Wyoming Electric data center customer concentration risk: $377M refundable advances maturing August 31, 2026 for 1.8 GW capacity contingent on definitive agreement execution; failure to close would require alternate financing.
Pending NorthWestern merger approval: FERC approved May 29, 2026; NPSC and SDPUC approved; MPSC hearings held Q2 2026 awaiting settlement approval; transaction expected to close by end-2026.
Capital expenditure acceleration: First half 2026 capex of $583M vs. $370M YoY; full-year forecast $905M driven by Lange II generation project and Wyoming transmission upgrades.
Wyoming Electric system peak demand reached record 439 MW on July 20, 2026, up from 379 MW prior all-time high June 20, 2025, driven by large LPCS customers.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$452.8M

Net Income

Q2 2026

$38.2M

Free Cash Flow

Q2 2026

$-23.0M

Operating Margin

Q2 2026

21.4%

ROIC

Q2 2026

4.6%

D/E Ratio

Q2 2026

1.14

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+8.6% YoY

$2.31BFY 2025

FY22 $2.55BFY23 $2.33BFY24 $2.13BFY25 $2.31B

Net Income

+6.8% YoY

$291.6MFY 2025

FY22 $258.4MFY23 $262.2MFY24 $273.1MFY25 $291.6M

Operating Income

+6.8% YoY

$537.5MFY 2025

FY22 $455.2MFY23 $472.7MFY24 $503.1MFY25 $537.5M

EPS (Diluted)

+1.8% YoY

$3.98FY 2025

FY22 $3.97FY23 $3.91FY24 $3.91FY25 $3.98

Total Assets

+8.5% YoY

$10.87BFY 2025

FY22 $9.62BFY23 $9.62BFY24 $10.02BFY25 $10.87B

Total Debt

+7.2% YoY

$4.70BFY 2025

FY22 $4.67BFY23 $4.40BFY24 $4.38BFY25 $4.70B

Op. Cash Flow

-6.4% YoY

$673.4MFY 2025

FY22 $584.8MFY23 $944.4MFY24 $719.3MFY25 $673.4M

Free Cash Flow

-488.0% YoY

$-146.4MFY 2025

FY22 $-19.6MFY23 $388.8MFY24 $-24.9MFY25 $-146.4M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$2.31B +8.6%	$2.13B -8.7%	$2.33B -8.6%	$2.55B +30.9%	$1.95B +14.9%	$1.70B
Net Income	$291.6M +6.8%	$273.1M +4.2%	$262.2M +1.5%	$258.4M +9.2%	$236.7M +4.0%	$227.6M
Operating Income	$537.5M +6.8%	$503.1M +6.4%	$472.7M +3.8%	$455.2M +11.2%	$409.4M -4.4%	$428.3M
EPS (Diluted)	$3.98 +1.8%	$3.91 +0.0%	$3.91 -1.5%	$3.97 +6.1%	$3.74 +2.5%	$3.65
Total Assets	$10.87B +8.5%	$10.02B +4.2%	$9.62B +0.0%	$9.62B +5.3%	$9.13B +12.9%	$8.09B
Total Debt	$4.70B +7.2%	$4.38B -0.4%	$4.40B -5.7%	$4.67B +2.7%	$4.55B +20.6%	$3.77B
Operating Cash Flow	$673.4M -6.4%	$719.3M -23.8%	$944.4M +61.5%	$584.8M +1005.3%	$-64.6M -111.9%	$541.9M
Free Cash Flow	$-146.4M -488.0%	$-24.9M -106.4%	$388.8M +2083.7%	$-19.6M +97.4%	$-742.1M -229.0%	$-225.5M

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Available Research

13F Pro tracks comprehensive data for BLACK HILLS CORP /SD/ including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of BKH

BlackRock, Inc.
$928.7M12,482,189 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$382.5M5,141,103 sh
STATE STREET CORP
$284.2M3,819,510 sh
VANGUARD CAPITAL MANAGEMENT LLC
$255.1M3,428,442 sh
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.
$185.8M2,496,967 sh
AQR CAPITAL MANAGEMENT LLC
$166.1M2,232,003 sh
Point72 Asset Management, L.P.
$160.8M2,161,197 sh
GEODE CAPITAL MANAGEMENT, LLC
$158.6M2,131,386 sh
FRANKLIN RESOURCES INC
$146.1M1,963,191 sh
Capital Research Global Investors
$135.9M1,825,961 sh

Fund	Value	Shares
BlackRock, Inc.	$928.7M	12,482,189
VANGUARD PORTFOLIO MANAGEMENT LLC	$382.5M	5,141,103
STATE STREET CORP	$284.2M	3,819,510
VANGUARD CAPITAL MANAGEMENT LLC	$255.1M	3,428,442
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$185.8M	2,496,967
AQR CAPITAL MANAGEMENT LLC	$166.1M	2,232,003
Point72 Asset Management, L.P.	$160.8M	2,161,197
GEODE CAPITAL MANAGEMENT, LLC	$158.6M	2,131,386
FRANKLIN RESOURCES INC	$146.1M	1,963,191
Capital Research Global Investors	$135.9M	1,825,961

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Is BKH a good stock to buy?

13F Pro's AI-powered analysis of BLACK HILLS CORP /SD/ (BKH) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Utilities sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for BKH are available on the BKH stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. BKH is classified as a mid company.

Which hedge funds own BKH?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling BKH. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of BLACK HILLS CORP /SD/'s investment landscape.