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Black HillsMEX:BKH 75 ROC (Joel Greenblatt) % is 9.77% as of Mar. 2026, which is 37% above its 10-year median of 7.15. GuruFocus rates MEX:BKH with a GF Score™ of 75/100 and a GF Value™ of MXN867.54. The stock has 10 warning signs investors should review. Among 506 Utilities - Regulated companies, Black Hills ranks worse than 68.97% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Black Hills's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 9.77%.
The historical rank and industry rank for Black Hills's ROC (Joel Greenblatt) % or its related term are showing as below:
MEX:BKH'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 6.53 Med: 7.15 Max: 9.4
Current: 6.8
During the past 13 years, Black Hills's highest ROC (Joel Greenblatt) % was 9.40%. The lowest was 6.53%. And the median was 7.15%.
MEX:BKH's ROC (Joel Greenblatt) % is ranked worse than 68.97% of 506
companies
in the Utilities - Regulated industry
Industry Median: 10.845
vs MEX:BKH: 6.80
Black Hills's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -0.10% per year.
Black Hills (MEX:BKH) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Black Hills ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Black Hills's ROC (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MEX:BKH vs NJR, OGS, SWX: ROC (Joel Greenblatt) % Comparison
For the Utilities - Regulated Gas subindustry, Black Hills's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Black Hills ROC (Joel Greenblatt) % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Black Hills's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Black Hills's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a ROC (Joel Greenblatt) % of 9.77% mean?
Black Hills (MEX:BKH) has a ROC (Joel Greenblatt) % of 9.77% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Black Hills and its competitors. This is 37% above median its historical median of 7.15. Over the past decade, Black Hills' ROC (Joel Greenblatt) % has ranged from 6.53 to 9.40. According to the industry distribution chart, Black Hills ranks #349 out of 506 companies in the Utilities - Regulated industry, placing it in the top 69%.
Is Black Hills' ROC (Joel Greenblatt) % too high?
Black Hills' current ROC (Joel Greenblatt) % of 9.77% is 37% above median its 10-year median of 7.15. Over the past 10 years, this metric has ranged from a low of 6.53 to a high of 9.40. The Utilities - Regulated industry median ROC (Joel Greenblatt) % is 10.85. Black Hills' value of 9.77% is 9.9% below this industry median. Based on the distribution chart, Black Hills ranks #349 out of 506 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, Black Hills has a GF Score™ of 75/100, reflecting its overall financial health beyond just this single metric.
How does Black Hills' ROC (Joel Greenblatt) % compare to NJR and OGS?
According to the Utilities - Regulated industry distribution chart, Black Hills ranks #349 out of 506 companies for ROC (Joel Greenblatt) %. This places Black Hills in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 10.85. Black Hills' value of 9.77% is 9.9% below this benchmark. Historically, Black Hills' own ROC (Joel Greenblatt) % has ranged from 6.53 to 9.40 over the past decade. While the company's 10-year median is 7.15 vs. the industry median of 10.85, Black Hills has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for an Utilities - Regulated company?
The median ROC (Joel Greenblatt) % among Utilities - Regulated companies is 10.85, based on 506 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Black Hills's current ROC (Joel Greenblatt) % of 9.77% is 9.9% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Black Hills and its competitors. For the Utilities - Regulated industry, the median ROC (Joel Greenblatt) % is 10.85 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Black Hills's current ROC (Joel Greenblatt) % is 9.77%, which is 37% above median its own 10-year median of 7.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Black Hills stock overvalued right now?
Black Hills (MEX:BKH) has a current ROC (Joel Greenblatt) % of 9.77%. The stock's GF Value™ is MXN867.54, compared to a current price of MXN1,089.00 — trading 25.5% above its estimated fair value. The current ROC (Joel Greenblatt) % is 9.77%, which is 37% above median its 10-year median of 7.15 and 9.9% below the Utilities - Regulated industry median of 10.85. Black Hills' overall GF Score™ is 75/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Black Hills (MEX:BKH), the current ROC (Joel Greenblatt) % is 9.77% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Black Hills (MEX:BKH) Overvalued in 2026?
Based on GuruFocus' analysis, Black Hills stock appears to be overvalued.
The current stock price of MXN1,089.00 is trading 25.5% above its estimated GF Value™ of MXN867.54.
Key valuation signals for MEX:BKH:
ROC (Joel Greenblatt) %: 9.77% (37% above median its 10-year median of 7.15)
GF Value™: MXN867.54 vs. price of MXN1,089.00 (25.5% above fair value)
Industry Position: 9.9% below the Utilities - Regulated median (#349 of 506)
No single metric tells the full story. See the MEX:BKH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
75GF Score
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