BKH vs NI: Black Hills and NiSource compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- NiSource is the larger company, worth $19.7B, about 3.5 times Black Hills.
- NiSource grew revenue faster over the last year (+3.5% vs +3.1%).
- Black Hills keeps more of each dollar of revenue as operating profit (23.9% vs 16.4%).
- On earnings, Black Hills is the cheaper stock (19.5x vs 20.4x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BKH | NI |
|---|---|---|
| Market cap | $5.7B | $19.7B |
| Share price | $76.08 | $40.76 |
| Revenue (last fiscal year) | $2.3B | $6.5B |
| Free cash flow (last fiscal year) | -$146M | -$420M |
| Revenue growth, last year | +3.1% | +3.5% |
| Revenue growth per year, last 5 fiscal years | +4.3% | +8.4% |
| Operating margin | 23.9% | 16.4% |
| Net margin | 13.0% | 8.0% |
| Return on equity | 7.6% | 9.4% |
| P/E (trailing) | 19.5x | 20.4x |
| Price / free cash flow | — | — |
| EV / EBITDA | 12.4x | 11.3x |
| FCF growth the price implies | — | — |
| Dividend yield | 3.6% | 2.1% |
| Debt / equity | 1.78x | 2.68x |
| Fundamental grade | C | D |
| Superinvestors holding it | 0 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Black Hills
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.9B | -$742M | 21.0% |
| 2022 | $2.6B | -$20M | 17.8% |
| 2023 | $2.3B | $389M | 20.3% |
| 2024 | $2.1B | -$25M | 23.6% |
| 2025 | $2.3B | -$146M | 23.3% |
NiSource
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.7B | -$620M | 21.3% |
| 2022 | $5.7B | -$794M | 22.1% |
| 2023 | $5.3B | -$711M | 24.2% |
| 2024 | $5.3B | -$832M | 27.6% |
| 2025 | $6.5B | -$420M | 28.1% |
Where the revenue comes from
Black Hills · by segments, 2025
Gas Utilities$1.4B60%
Electric Utilities$933M40%
NiSource · by segments, 2025
Columbia Operations$3.3B51%
NIPSCO Operations$3.2B49%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BKH in InvestinglyQuestions
Which is bigger, Black Hills or NiSource?
NiSource (NI), at $19.7B against $5.7B.
Is BKH or NI cheaper?
By trailing P/E, Black Hills (19.5x) is cheaper than NiSource (20.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, BKH or NI?
NiSource: revenue grew +3.5% over the last year, against +3.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.