debt_leverage_profile
0.68x Total Debt / Equity (Moderate leverage)
High
SEC-XBRL
interest_rate_sensitivity
A 200bps rate increase adds ~$40-60M annual interest expense; BKH carries ~$4B long-term debt at ~4.5% avg rate, compressing equity returns meaningfully
Inferred
Agent_Inference
geopolitical_supply_exposure
High intensity; European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
Natural gas pipeline infrastructure chokepoints: Permian Basin/Rockies production disruption and FERC-regulated interstate pipeline capacity constraints
Inferred
Agent_Inference
international_expansion_readiness
null
Inferred
Agent_Inference
geographic_footprint
Purely domestic U.S. utility operating in SD, WY, CO, NE, KS, IA, MN, AR, OK; zero sovereign currency devaluation exposure
Inferred
Agent_Inference
commodity_exposure_profile
High intensity; commodities: Natural Gas, Coal, Uranium, Crude Oil, Copper (grid), Lithium (storage); geopolitical: European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
Moderate; no single vendor exceeds 30% of input costs, but regional natural gas suppliers and transmission grid operators represent non-substitutable dependencies
Inferred
Agent_Inference
business_model_type_primary
Cloud infrastructure termination would have minimal operational impact; core utility operations run on regulated on-premise SCADA and grid management systems
Inferred
Agent_Inference
business_model_type_secondary
Regulated electric and natural gas utility; secondary revenue from non-regulated energy services and construction
Inferred
Agent_Inference
switching_cost_profile
Negligible API coupling risk; BKH is a regulated utility with proprietary operational technology systems, not reliant on third-party API ecosystems
Inferred
Agent_Inference
howey_test_risk_index
Very low; revenue derives from regulated utility rate recovery approved by state PUCs—clearly a service, not an investment contract
Inferred
Agent_Inference
regulatory_burden_tier
Very High
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Low GDPR exposure (no EU operations); CCPA exposure limited to ~residential customer billing data in applicable states; compliance costs manageable
Inferred
Agent_Inference
antitrust_exposure_flag
Low; operates as state-sanctioned regulated monopoly in service territories—antitrust framework explicitly exempts regulated utilities under filed-rate doctrine
Inferred
Agent_Inference
regulatory_exposure_profile
Very High burden; regimes: FERC, NERC, EPA, NRC, State PUCs, DOE; Rate-case lag and clean-energy mandates compress returns on regulated asset base.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~95%+ recurring via rate-regulated tariff revenues under multi-year rate cases; transactional revenue is minimal (<5%)
Inferred
Agent_Inference
monetization_vector
Regulated rate recovery: customers pay fixed monthly utility rates set by state utility commissions, providing highly predictable recurring cash flows
Inferred
Agent_Inference
pricing_architecture
Prices set by state PUC rate cases every 3-5 years; inflation pass-through via fuel adjustment clauses; rate base growth drives revenue expansion
Inferred
Agent_Inference
pricing_power_rating
Moderate-high; pricing constrained by regulatory approval but allowed ROE of ~9-10% provides stable returns; fuel cost pass-through limits commodity risk
Inferred
Agent_Inference
target_gross_margin_bracket
33.5% Gross Margin (Moderate (20-40%))
High
SEC-XBRL
churn_vulnerability_index
No free-rider problem; captive customer base within exclusive service territories; churn effectively zero due to geographic monopoly status
Inferred
Agent_Inference
headcount_cost_structure
Sublinear growth; capital investment drives revenue via rate base expansion, not headcount; utility operations have high fixed labor costs (~30% of O&M)
Inferred
Agent_Inference
marginal_cost_of_growth
Capital-intensive but not headcount-linear; incremental revenue generated through rate base additions (grid/pipeline capex) with modest incremental labor needs
Inferred
Agent_Inference
franchise_compliance_risk
null
Inferred
Agent_Inference
customer_acquisition_metric
At 10x scale, regulated monopoly model breaks down; current model not designed for scale—growth limited to organic territory expansion and acquisitions
Inferred
Agent_Inference
network_effect_present
No meaningful network effects; utility value does not increase with more users; grid infrastructure has natural monopoly characteristics but no demand-side network effects
Inferred
Agent_Inference
asset_efficiency_ratio
3.2% Return on Assets (Excellent)
High
SEC-XBRL
recession_resistance_tier
Tier 1; essential utility service with inelastic demand; regulated revenues provide stability—BKH maintained dividends through 2008-09 and COVID-19 downturns
Inferred
Agent_Inference
customer_segment_primary
Residential customers (~45% of revenue); no single customer represents meaningful concentration risk given millions of end-users across 8 states
Inferred
Agent_Inference
customer_segment_secondary
Commercial and industrial customers (~40% of revenue); some concentration risk from large industrial accounts in mining/agriculture sectors in WY and SD
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "23-0000 Legal Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.34 (HIL — ~34% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
35.9% CapEx / Revenue (High-CapEx Infrastructure)
High
SEC-XBRL
sec_cik
0001130464
High
SEC-EDGAR
ticker
BKH
High
SEC-EDGAR