Sifting through countless of stocks in the Multi-Utilities industry can be tedious, and sometimes two stocks are just too similar to judge which is the better investment. If you’re on the fence about investing in Black Hills Corporation or Algonquin Power & Utilities Corp. because you’re not sure how they measure up, it’s important to compare them on a few factors before making your decision.

Read on to learn how Black Hills Corporation and Algonquin Power & Utilities Corp. compare based on key financial metrics to determine which better meets your investment needs.

About Black Hills Corporation and Algonquin Power & Utilities Corp.

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates through the Electric Utilities and Gas Utilities segments. The Electric Utilities segment engages in the generation, transmission, and distribution of electricity to electric utility customers in Colorado, Montana, South Dakota, and Wyoming; ownership and operation of 1,386 megawatts of generation capacity, and 9,478 miles of electric transmission and distribution lines; sale of excess power to other utilities and marketing companies; and ownership and operation of non-regulated power generation and mining assets. Its Gas Utilities segment is involved in the distribution of natural gas to approximately 1,138,000 natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming; ownership and operation of 4,581 miles of intrastate gas transmission pipelines; 44,840 miles of gas distribution mains and service lines; seven natural gas storage sites; and approximately 50,000 horsepower of compression and 494 miles of gathering lines. The company also provides non-regulated services to its retail customers, including Service Guard Comfort Plan, which provides home appliance repair services through on-going monthly service agreements to residential utility customers; Tech Services, which include construction and maintenance of customer-owned gas infrastructure facilities, as well as electrical system construction services; and HomeServe, which are additional home repair service plans for natural gas residential customers. In addition, the company produces electric power through wind, natural gas, and coal-fired generating plants, as well as coal at its coal mine located near Gillette, Wyoming. Black Hills Corporation was incorporated in 1941 and is headquartered in Rapid City, South Dakota.

Algonquin Power & Utilities Corp. operates in the power and utility industries. It owns and operates a portfolio of regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations. As of December 31, 2025, it operated a portfolio of regulated utility systems in the United States, Canada, Bermuda, and Chile, serving approximately 1,272,000 customer connections. Its regulated electrical distribution utility systems and related transmission and generation assets are located in the states of Arkansas, California, Kansas, Missouri, Nevada, New Hampshire, and Oklahoma, as well as in Bermuda with approximately 311,000 electric customer connections. Its regulated water distribution and wastewater utility systems are located in the states of Arizona, Arkansas, California, Illinois, Missouri, New York, and Texas, as well as in Chile with approximately 583,000 customer connections. It’s regulated natural gas distribution utility systems are located in the states of Georgia, Illinois, Iowa, Massachusetts, Missouri, New Hampshire, and New York; and in the Canadian province of New Brunswick with approximately 378,000 natural gas customer connections. It also owns and operates generating assets with a gross capacity of approximately 2.0 gigawatt (GW) and has investments in generating assets with approximately 0.3 GW of net generation capacity. It generates and sells hydroelectric energy in Canada, and capacity and renewable attributes are produced by its portfolio of 14 hydroelectric power generation facilities located in the provinces of Alberta, Ontario, New Brunswick, and Quebec. As of December 31, 2025, it had a combined gross generating capacity of approximately 112 megawatts (MW) and a combined net generating capacity of approximately 105 MW. The company was formerly known as Traduction Militech Translation Inc. in October 2009. The company was incorporated in 1988 and is headquartered in Oakville, Canada.

Latest Multi-Utilities and Black Hills Corporation, Algonquin Power & Utilities Corp. Stock News

As of September 11, 2026, Black Hills Corporation had a $5.4 billion market capitalization, compared to the Multi-Utilities median of $25.8 million. Black Hills Corporation’s stock is up 2.7% in 2026, down 2.7% in the previous five trading days and up 21.42% in the past year.

Currently, Black Hills Corporation’s price-earnings ratio is 17.9. Black Hills Corporation’s trailing 12-month revenue is $2.3 billion with a 13.0% net profit margin. Year-over-year quarterly sales growth most recently was 3.1%. Analysts expect adjusted earnings to reach $4.338 per share for the current fiscal year. Black Hills Corporation currently has a 3.9% dividend yield.

As of September 11, 2026, Algonquin Power & Utilities Corp. had a $4.1 billion market cap, putting it in the 64th percentile of all stocks. Algonquin Power & Utilities Corp.’s stock is down 13.7% in 2026, down 5.2% in the previous five trading days and down 5.18% in the past year.

Currently, Algonquin Power & Utilities Corp.’s price-earnings ratio is 22.1. Algonquin Power & Utilities Corp.’s trailing 12-month revenue is $2.5 billion with a 5.9% net profit margin. Year-over-year quarterly sales growth most recently was 3.1%. Analysts expect adjusted earnings to reach $0.356 per share for the current fiscal year. Algonquin Power & Utilities Corp. currently has a 4.9% dividend yield.

How We Compare Black Hills Corporation and Algonquin Power & Utilities Corp. Stock Grades

Stock evaluation requires access to huge amounts of data and the knowledge and time to sift through it all, make sense of financial ratios, read income statements and analyze recent stock movements. AAII created A+ Investor, a robust data suite that condenses data research in an actionable and customizable way suitable for investors of all knowledge levels, to help investors streamline and work through such data.

AAII’s proprietary stock grades come with A+ Investor. These offer intuitive A‐F grades for each of five key investing factors: value, growth, momentum, earnings estimate revisions and quality. Here, we’ll take a closer look at Black Hills Corporation and Algonquin Power & Utilities Corp.’s stock grades to see how they measure up against one another.

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Black Hills Corporation and Algonquin Power & Utilities Corp. Growth Grades

Company	Ticker	Growth
Black Hills Corporation	BKH	C
Algonquin Power & Utilities Corp.	AQN	B

The foundation of growth investing is seeking out stocks of companies exhibiting strong, consistent and prolonged growth that is expected to continue into the future.

In order to compute the growth score and assign it a letter grade, the percentile ranks for each of three components‐consistency of annual sales growth, five-year sales growth rankings adjusted for extreme levels, and consistency of positive annual cash from operations‐must be determined. These three rank figures are added together, and the sum is ranked against the entire stock universe to arrive at a company’s Growth Score to create an equal distribution of grades.

The companies in the bottom 20% of the stock universe receive Growth Grades of F, considered to be very weak, while those in the top 20% receive A grades, which are considered very strong.

Black Hills Corporation has a Growth Score of 47, which is Average. Algonquin Power & Utilities Corp. has a Growth Score of 77, which is Strong.

The Growth Grade Winner: Algonquin Power & Utilities Corp.

As you can clearly see from the Growth Grade breakdown above, Algonquin Power & Utilities Corp. has a more attractive growth grade than Black Hills Corporation. For investors who focus solely on how a company is growing relative to other companies in the same industry, Algonquin Power & Utilities Corp. could be a good stock to add to their portfolio. However, it’s important for investors to analyze multiple factors based on a wide range of metrics before deciding whether to buy.

Black Hills Corporation and Algonquin Power & Utilities Corp.’s Quality Grades

Company	Ticker	Quality
Black Hills Corporation	BKH	D
Algonquin Power & Utilities Corp.	AQN	D

Like the Value Grade, AAII’s A+ Investor Quality Grade comes from the percentile rank of key metrics. Specifically, the Quality Score is the percentile rank of the average of the percentile ranks of return on assets (ROA), return on invested capital (ROIC), gross profit relative to assets, buyback yield, change in total liabilities to assets, accruals, Z double prime bankruptcy risk (Z) score and the F-Score.

The score is variable, meaning it can consider all eight measures or, should any of the eight measures not be valid, the remaining measures that are valid. To be assigned a Quality Score, stocks must have a valid (non-null) measure and corresponding ranking for at least four of the eight quality measures.

The Quality Score is used to assess the underlying “quality” of a particular stock. A higher-quality stock possesses traits associated with upside potential and reduced downside risk. Backtesting of the Quality Grade shows that stocks with higher grades, on average, outperformed stocks with lower grades over the period of 1998 through 2019.

Stocks receive better grades (higher scores) for having higher scores for the quality subcomponents and worse grades (lower scores) for lower scores for the subcomponents.

Black Hills Corporation has a Quality Score of 29, which is Weak. Algonquin Power & Utilities Corp. has a Quality Score of 28, which is Weak.

The Quality Stock Winner: No Clear Winner

Neither Black Hills Corporation or Algonquin Power & Utilities Corp. has a high enough Quality Grade to be considered a “winner.” Investors who are considering these companies should do additional due diligence and research to see if either could be a good addition to their portfolios. It’s important to look at a wide range of financial metrics in order to determine if Black Hills Corporation or Algonquin Power & Utilities Corp. is the better investment when it comes to quality.

Black Hills Corporation and Algonquin Power & Utilities Corp.’s Momentum Grades

Company	Ticker	Momentum
Black Hills Corporation	BKH	C
Algonquin Power & Utilities Corp.	AQN	D

Momentum grades help to uncover stocks experiencing anomalously high rates of return; research finds that stocks with high relative levels of momentum tend to outperform, whereas those with low levels of momentum tend to continue underperforming. Momentum is based on the price change of a stock over a specified period relative to all other stocks.

Typically, AAII looks at the weighted relative strength over the trailing four quarters. The weighted four-quarter relative strength rank is the relative price change for each of the past four quarters. The most recent quarterly price change is given a weight of 40% and each of the three previous quarters are given a weighting of 20%.

Black Hills Corporation has a Momentum Score of 56, which is Average. Algonquin Power & Utilities Corp. has a Momentum Score of 34, which is Weak.

The Momentum Stock Winner: No Clear Winner

Neither Black Hills Corporation or Algonquin Power & Utilities Corp. has a strong enough Momentum Grade to be considered a “winner.” Investors considering these companies should do additional due diligence and research to see if either could be a good addition to their portfolios. It’s important to look at a wide range of financial metrics in order to determine if Black Hills Corporation or Algonquin Power & Utilities Corp. is the better investment when it comes to momentum.

Other Black Hills Corporation and Algonquin Power & Utilities Corp. Grades

In addition to Quality, Growth and Momentum, A+ Investor also provides grades for Value and Estimate Revisions.

Earnings estimate revisions scores take into account the magnitude of a company’s earnings surprise in its last two reported fiscal quarters. Often, surprises beget further surprises‐or at least continued sales growth (the exact opposite is generally true, too).

Successful stock investing involves buying low and selling high, so stock valuation is an important consideration for stock selection. Buying stocks that are going to go up typically means buying stocks that are undervalued in the first place, although momentum investors may argue that point.

These 2 key factors, when combined with the above, provide a holistic view into a particular stock. Further, by joining A+ Investor you can see whether Black Hills Corporation and Algonquin Power & Utilities Corp. pass any of our 60+ stock screens that have outperformed the market since their creation.

So, Which Is the Better Investment, Black Hills Corporation or Algonquin Power & Utilities Corp. Stock?

Overall, Black Hills Corporation stock has a Growth Score of 47, Momentum Score of 56 and Quality Score of 29.

Algonquin Power & Utilities Corp. stock has a Growth Score of 77, Momentum Score of 34 and Quality Score of 28.

Comparing Black Hills Corporation and Algonquin Power & Utilities Corp.’s grades, scores and metrics can act as a solid basis to determine whether they may be a good investment or not. You’ll also want to look at your portfolio’s asset allocation as well as your risk tolerance and financial goals to see if either of these stocks would make a good fit for you. AAII can help you figure out which investments align with your individual needs and preferences.

Investors are encouraged to do their own due diligence and research. In this way, individuals can effectively become managers of their own assets‐without having to rely on others for financial independence. You can count on AAII for timeless articles on financial planning and stock-picking, unbiased research and actionable analysis.

A+ Investor adds to our qualitative teaching with a powerful data suite to help you whittle down investment choices to find stocks, exchange-traded funds (ETFs) or mutual funds that meet your needs.

AAII Disclaimer

We make no representations or warranties that any investor will, or is likely to, achieve profits similar to those shown, because past, hypothetical or simulated performance is not necessarily indicative of future results. Before making an investment decision, you should consider your circumstances and whether the information on our content is applicable to your situation. This information was prepared in good faith, and we accept no liability for any errors or omissions. The full disclaimer can be read here.