Black Hills (STU:BHI) ROCE %: 8.27% (As of Mar. 2026)

What is Black Hills ROCE %?

Black Hills STU:BHI -0.23% 73 ROCE % is 8.27% as of Mar. 2026. GuruFocus rates STU:BHI with a GF Score™ of 73/100 and a GF Value™ of €51.25 (Modestly Overvalued). The stock has 10 warning signs investors should review.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Black Hills's annualized ROCE % for the quarter that ended in Mar. 2026 was 8.27%.

Black Hills (STU:BHI) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

Black Hills ROCE % Related Terms

Black Hills ROCE % Historical Data

* Premium members only.

The historical data trend for Black Hills's ROCE % 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.

Black Hills ROCE % Chart

Black Hills Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

ROCE %

Get a 7-Day Free Trial

5.46

5.85

5.80

5.94

5.37

Black Hills Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
ROCE %	Get a 7-Day Free Trial															8.83	3.52	3.41	7.33	8.27

73GF Score

Black Hills Corp STU:BHI

ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Black Hills ROCE % Calculation

Black Hills's annualized ROCE % for the fiscal year that ended in Dec. 2025 is calculated as:

ROCE %	=	EBIT	/	( (Capital Employed	+	Capital Employed)	/ count )
		(A: Dec. 2025 )		(A: Dec. 2024 )		(A: Dec. 2025 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(A: Dec. 2025 )		(A: Dec. 2024 )		(A: Dec. 2025 )
	=	470.042	/	( ( (9571.583 - 729.047)	+	(9282.809 - 631.96) )	/ 2 )
	=	470.042	/	( (8842.536	+	8650.849)	/ 2 )
	=	470.042	/	8746.6925
	=	5.37 %

Black Hills's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %	=	EBIT ⁽¹⁾	/	( (Capital Employed	+	Capital Employed)	/ count )
		(Q: Mar. 2026 )		(Q: Dec. 2025 )		(Q: Mar. 2026 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(Q: Mar. 2026 )		(Q: Dec. 2025 )		(Q: Mar. 2026 )
	=	700.996	/	( ( (9282.809 - 631.96)	+	(9359.3 - 1056.078) )	/ 2 )
	=	700.996	/	( ( 8650.849	+	8303.222 )	/ 2 )
	=	700.996	/	8477.0355
	=	8.27 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

Frequently Asked Questions Learn more about ROCE % →

What does a ROCE % of 8.27% mean?

Black Hills (STU:BHI) has a ROCE % of 8.27% as of Mar. 2026.

Is Black Hills' ROCE % too high?

Black Hills' current ROCE % is 8.27%. The Utilities - Regulated industry median ROCE % is 6.96. Black Hills' value of 8.27% is 18.9% above this industry median. Overall, Black Hills has a GF Score™ of 73/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Black Hills' ROCE % compare to NJR and OGS?

Black Hills' ROCE % of 8.27% can be compared against companies in the Utilities - Regulated industry. The industry median ROCE % is 6.96. Black Hills' value of 8.27% is 18.9% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good ROCE % for an Utilities - Regulated company?

The median ROCE % among Utilities - Regulated companies is 6.96, based on 504 companies in the industry. Companies in the top quartile (top 25%) have a ROCE % significantly above this median, while those in the bottom quartile fall well below. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Black Hills's current ROCE % of 8.27% is 18.9% above 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 ROCE % mean?

A high ROCE % can signal that a stock is expensive relative to its fundamentals. For the Utilities - Regulated industry, the median ROCE % is 6.96 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Black Hills's current ROCE % is 8.27%. 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?

Based on GuruFocus' analysis, Black Hills (STU:BHI) is currently considered Modestly Overvalued. The stock's GF Value™ is €51.25, compared to a current price of €64.20 — trading 25.3% above its estimated fair value. The current ROCE % is 8.27% and 18.9% above the Utilities - Regulated industry median of 6.96. Black Hills' overall GF Score™ is 73/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is ROCE % calculated?

ROCE % is calculated from a company's financial statements. For Black Hills (STU:BHI), the current ROCE % is 8.27% 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 (STU:BHI) Overvalued in 2026?

Based on GuruFocus' analysis, Black Hills stock appears to be overvalued. The current stock price of €64.20 is trading 25.3% above its estimated GF Value™ of €51.25. GuruFocus considers Black Hills to be Modestly Overvalued.

Key valuation signals for STU:BHI:

ROCE %: 8.27%
GF Value™: €51.25 vs. price of €64.20 (25.3% above fair value)
GF Score™: 73/100 with 10 warning signs
Industry Position: 18.9% above the Utilities - Regulated median

No single metric tells the full story. See the STU:BHI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Black Hills Business Description

Industry Utilities Utilities - Regulated

Comparable Companies NJR OGS SWX SR MDU UGI CTRI CPK NWN SPH XMAD:NTGY ATO MIL:SRG NI XTER:UN0 HKSE:00003 TSE:9532 TSE:9531 MIL:IG BOM:532155

Other Exchanges BKH:USA

Address 7001 Mount Rushmore Road, Rapid City, SD, USA, 57702

Website https://www.blackhillscorp.com

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.

73GF Score

Get the complete analysis for STU:BHI

ROCE % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€64.20

Price

€51.25

GF Value

View STU:BHI Analysis

See ROCE % data for all stocks →