Are Primordial Black Holes a Natural Dark Matter Candidate?

Abstract

Primordial black holes (PBHs) in the asteroid-mass window ($10^{17}$-$10^{22}$ g) can account for all of the dark matter without violating any observational constraint, yet are routinely dismissed as fine-tuned. I put that dismissal to the test by applying three complementary fine-tuning measures uniformly across a broad landscape: three non-inflationary PBH production mechanisms, six classes of inflationary PBH models, and seven particle dark matter benchmarks, all evaluated against the same observable target. Three distinct naturalness universality classes emerge, determined entirely by the analytic structure of the abundance map rather than by the nature of the dark matter candidate. Biased-domain-wall PBHs are as natural as off-resonance weakly interacting massive particles and freeze-in particles; early-matter-domination and first-order phase transition PBH mechanisms occupy an intermediate tier alongside coannihilating WIMPs, unified by a structural identity in which the fine-tuning measure equals the logarithm of the ratio of the formation scale to the matter-radiation equality scale; and single-field ultra-slow-roll inflationary collapse is severely tuned for a distinct reason: a double exponential in which the power spectrum amplitude is itself exponentially sensitive to the inflaton potential coefficients, on top of the exponential collapse sensitivity of the abundance map. My main conclusion is that {\em the claim that PBH dark matter is generically fine-tuned conflates the worst case with a landscape spanning every naturalness tier}. The three-measure protocol also resolves a tension in the recent literature: the Barbieri-Giudice and Iovino-Riotto fine-tuning measures answer complementary questions and are reconciled within the two-layer decomposition developed here.