NYSE : BKV
BKV Corporation — Financial statements
Energy · Oil & Gas Exploration & Production · United States
Last price 20.93 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.29B
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Financial statements
BKV Corporation (BKV) reported revenue of 1.05B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 1.04B | 1.13B | 799.07M | 1.01B | 1.66B | 889.28M |
| Other Revenue | 11.50M | 11.66M | 6.63M | 3.96M | 2.80M | 251.00K |
| Revenue | 1.05B | 1.14B | 805.70M | 1.01B | 1.66B | 889.53M |
| Cost of Revenue | 482.48M | 776.49M | 667.44M | 577.98M | 340.25M | 260.42M |
| Gross Profit | 567.31M | 364.28M | 138.25M | 431.62M | 1.32B | 629.11M |
| Selling, General & Admin | 143.01M | 131.57M | 110.03M | 133.57M | 130.26M | 85.74M |
| Other Operating Expenses | -140.90M | -275.04M | -152.44M | -196.01M | 747.94M | 430.77M |
| Operating Expenses | 168.22M | 52.27M | 213.10M | 192.68M | 997.10M | 608.79M |
| Operating Income | 399.09M | 312.01M | -74.84M | 238.94M | 322.86M | 20.32M |
| Interest Expense | -42.07M | -91.98M | -123.72M | -127.54M | -37.17M | -2.13M |
| Interest & Investment Income | 3.79M | 4.11M | 7.35M | 4.72M | 1.14M | 8.00K |
| Earnings From Equity Investments | 14.89M | 8.49M | 910.00K | |||
| Other Non Operating Income (Expenses) | 6.14M | 9.34M | 8.99M | 5.44M | 1.41M | 872.00K |
| EBT Excluding Unusual Items | 381.84M | 233.47M | -182.22M | 121.56M | 296.74M | 19.98M |
| Merger & Restructuring Charges | -23.80M | -6.50M | -18.30M | |||
| Gain (Loss) on Sale of Assets | -1.80M | -1.80M | 10.60M | 2.21M | ||
| Legal Settlements | 16.87M | |||||
| Other Unusual Items | -2.30M | -4.20M | 38.38M | 177.49M | -194.97M | |
| Pretax Income | 346.79M | 225.17M | -175.81M | 162.15M | 472.79M | -174.99M |
| Income Tax Expense | 68.47M | 36.85M | -42.43M | 30.12M | 62.65M | -40.53M |
| Earnings From Continuing Operations | 278.31M | 188.32M | -133.38M | 132.02M | 410.14M | -134.46M |
| Minority Interest in Earnings | -11.09M | -9.16M | -5.27M | -8.47M | ||
| Net Income | 267.22M | 179.16M | -138.65M | 123.56M | 410.14M | -134.46M |
| Preferred Dividends & Other Adjustments | 3.68M | 1.42M | 36.25M | |||
| Net Income to Common | 263.54M | 177.73M | -138.65M | 123.56M | 410.14M | -170.71M |
| Shares Outstanding (Basic) | 97.09M | 86.58M | 71.29M | 60.73M | 58.66M | 58.50M |
| Shares Outstanding (Diluted) | 97.46M | 86.82M | 71.29M | 64.38M | 61.99M | 58.50M |
| EPS (Basic) | 2.71 | 2.05 | -1.94 | 2.03 | 6.99 | -2.92 |
| EPS (Diluted) | 2.71 | 2.05 | -1.94 | 1.92 | 6.62 | -2.92 |
| Free Cash Flow | -592.59M | -296.84M | 10.05M | -421.51M | 101.10M | 289.42M |
| Free Cash Flow Per Share | -6.08 | -3.42 | 0.14 | -6.55 | 1.63 | 4.95 |
| Gross Margin | 54.04% | 31.93% | 17.16% | 42.75% | 79.51% | 70.72% |
| Operating Margin | 38.02% | 27.35% | -9.29% | 23.67% | 19.45% | 2.28% |
| Profit Margin | 25.10% | 15.58% | -17.21% | 12.24% | 24.70% | -19.19% |
| Free Cash Flow Margin | -56.45% | -26.02% | 1.25% | -41.75% | 6.09% | 32.54% |
| EBITDA | 568.91M | 509.24M | 181.02M | 495.12M | 452.90M | 119.16M |
| EBITDA Margin | 54.19% | 44.64% | 22.47% | 49.04% | 27.28% | 13.40% |
| D&A For EBITDA | 169.82M | 197.22M | 255.86M | 256.18M | 130.04M | 98.83M |
| EBIT | 399.09M | 312.01M | -74.84M | 238.94M | 322.86M | 20.32M |
| EBIT Margin | 38.02% | 27.35% | -9.29% | 23.67% | 19.45% | 2.28% |
| Effective Tax Rate | 19.74% | 16.37% | 18.58% | 13.25% | ||
| Revenue as Reported | 1.27B | 1.53B | 1.04B | 1.30B | 1.03B | 505.68M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 152.19M | 248.43M | 81.22M | 25.41M | 153.13M | 134.67M |
| Cash & Short-Term Investments | 152.19M | 248.43M | 81.22M | 25.41M | 153.13M | 134.67M |
| Receivables | 111.89M | 128.89M | 77.89M | 49.06M | 143.95M | 107.64M |
| Inventory | 17.97M | 20.04M | 20.13M | 9.94M | ||
| Prepaid Expenses | 10.03M | 14.72M | 15.69M | 3.84M | ||
| Restricted Cash | 16.07M | 15.85M | 15.78M | 139.66M | ||
| Other Current Assets | 149.69M | 83.43M | 24.27M | 84.26M | 23.06M | 19.07M |
| Total Current Assets | 457.83M | 511.36M | 234.98M | 312.16M | 320.14M | 261.38M |
| Property, Plant & Equipment | 3.52B | 3.35B | 2.83B | 2.21B | 2.25B | 1.20B |
| Long-Term Investments | 104.75M | 97.89M | 89.32M | |||
| Goodwill | 18.42M | 18.42M | 18.42M | 18.42M | 18.42M | 18.42M |
| Long-Term Deferred Tax Assets | 35.50M | |||||
| Long-Term Deferred Charges | 6.60M | |||||
| Other Long-Term Assets | 234.00M | 57.74M | 20.30M | 38.45M | 10.15M | 17.97M |
| Total Assets | 4.24B | 3.94B | 3.10B | 2.68B | 2.70B | 1.62B |
| Accounts Payable | 114.04M | 100.43M | 75.15M | 47.50M | 74.96M | 32.24M |
| Accrued Expenses | 79.14M | 104.35M | 83.48M | 101.67M | 95.79M | 68.17M |
| Short-Term Debt | 127.00M | 90.00M | 166.00M | |||
| Current Portion of Long-Term Debt | 185.39M | 200.39M | 9.39M | 112.37M | 112.00M | |
| Current Portion of Leases | 6.99M | 7.67M | ||||
| Current Income Taxes Payable | 810.00K | 1.44M | 864.00K | 5.23M | 30.66M | |
| Other Current Liabilities | 13.15M | 150.95M | 67.25M | 22.85M | 218.66M | 233.30M |
| Total Current Liabilities | 398.70M | 564.59M | 236.71M | 412.26M | 596.63M | 530.37M |
| Long-Term Debt | 1.06B | 937.72M | 849.82M | 414.66M | 527.04M | |
| Long-Term Leases | 7.86M | 5.22M | ||||
| Long-Term Deferred Tax Liabilities | 160.29M | 128.84M | 92.75M | 143.97M | 104.13M | |
| Other Long-Term Liabilities | 230.83M | 236.14M | 366.99M | 421.49M | 430.73M | 419.37M |
| Total Liabilities | 1.86B | 1.87B | 1.55B | 1.39B | 1.66B | 949.74M |
| Common Stock | 1.76M | 1.64M | 1.51M | 1.28M | 1.13M | 1.13M |
| Additional Paid-In Capital | 1.88B | 1.68B | 1.37B | 1.03B | 896.43M | 933.62M |
| Retained Earnings | 426.39M | 309.05M | 131.32M | 259.92M | 150.45M | -259.69M |
| Treasury Stock | -6.66M | -6.66M | -6.66M | -4.58M | -3.97M | -3.97M |
| Total Common Equity | 2.30B | 1.99B | 1.50B | 1.29B | 1.04B | 671.09M |
| Minority Interest | 75.94M | 80.93M | 51.83M | |||
| Shareholders' Equity | 2.37B | 2.07B | 1.55B | 1.29B | 1.04B | 671.09M |
| Total Liabilities & Equity | 4.24B | 3.94B | 3.10B | 2.68B | 2.70B | 1.62B |
| Total Debt | 1.26B | 1.15B | 859.20M | 654.04M | 729.04M | 166.00M |
| Net Cash (Debt) | -1.11B | -902.57M | -777.98M | -628.63M | -575.91M | -31.33M |
| Net Cash Per Share | -11.42 | -10.40 | -10.91 | -9.76 | -9.29 | -0.54 |
| Filing Date Shares Outstanding | 109.22M | 102.07M | 84.49M | 63.66M | 58.46M | 56.18M |
| Total Common Shares Outstanding | 109.20M | 96.66M | 84.39M | 63.66M | 58.46M | 56.18M |
| Working Capital | 59.13M | -53.24M | -1.72M | -100.10M | -276.49M | -268.99M |
| Book Value Per Share | 21.04 | 20.54 | 17.78 | 20.28 | 17.86 | 11.95 |
| Tangible Book Value | 2.28B | 1.97B | 1.48B | 1.27B | 1.03B | 652.67M |
| Tangible Book Value Per Share | 20.87 | 20.35 | 17.57 | 19.99 | 17.54 | 11.62 |
| Land | 127.77M | 8.09M | 4.59M | 3.09M | 3.09M | 3.09M |
| Buildings | 6.75M | 6.75M | 15.71M | 15.71M | 16.79M | 12.68M |
| Machinery | 26.45M | 953.74M | 949.32M | 15.10M | 14.37M | 6.55M |
| Construction In Progress | 35.57M | 6.35M | 3.58M | 76.00K | 9.85M | |
| Leasehold Improvements | 1.69M | 1.69M | 1.69M | 1.69M | 1.63M | 1.57M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 267.22M | 179.16M | -138.65M | 123.56M | 410.14M | -134.46M |
| Depreciation & Amortization | 169.82M | 197.22M | 255.86M | 256.18M | 130.04M | 98.83M |
| Loss (Gain) From Sale of Assets | 2.88M | 1.80M | -10.60M | -2.05M | ||
| Asset Writedown & Restructuring Costs | 5.64M | 5.64M | ||||
| Loss (Gain) on Equity Investments | -14.89M | -8.49M | -910.00K | |||
| Stock-Based Compensation | 17.02M | 12.85M | 16.32M | 25.76M | 31.95M | 30.39M |
| Other Operating Activities | -125.38M | -98.91M | 47.70M | -131.52M | -191.62M | 237.42M |
| Change in Accounts Receivable | -32.79M | -43.02M | -27.77M | 85.98M | -36.31M | -28.19M |
| Change in Accounts Payable | 34.07M | 28.26M | -27.88M | -90.90M | 62.54M | 137.55M |
| Change in Other Net Operating Assets | -4.90M | -2.63M | 438.00K | -6.73M | -49.04M | 17.50M |
| Operating Cash Flow | 318.69M | 280.37M | 115.41M | 260.27M | 349.19M | 358.13M |
| Capital Expenditures | -911.28M | -577.22M | -105.36M | -681.77M | -248.10M | -68.71M |
| Sale of Property, Plant & Equipment | 6.09M | 6.88M | 5.06M | 3.31M | ||
| Cash Acquisitions | 2.08M | 2.08M | -619.44M | |||
| Divestitures | 132.57M | |||||
| Investment in Securities | -88.41M | |||||
| Other Investing Activities | -1.59M | -8.10M | 2.00M | 15.36M | 1.97M | -4.74M |
| Investing Cash Flow | -904.70M | -576.36M | 34.27M | -663.11M | -865.57M | -161.86M |
| Short-Term Debt Issued | 44.00M | 385.50M | 190.00M | |||
| Long-Term Debt Issued | 1.08B | 580.00M | 560.00M | 645.00M | 166.00M | |
| Total Debt Issued | 1.34B | 1.08B | 624.00M | 945.50M | 835.00M | 166.00M |
| Short-Term Debt Repaid | -171.00M | -348.50M | -100.00M | |||
| Long-Term Debt Repaid | -785.48M | -956.00M | -221.44M | -166.00M | -24.00M | |
| Total Debt Repaid | -921.88M | -785.48M | -1.13B | -569.93M | -266.00M | -24.00M |
| Net Debt Issued (Repaid) | 416.12M | 291.52M | -503.00M | 375.56M | 569.00M | 142.00M |
| Issuance of Common Stock | 356.42M | 170.63M | 265.66M | 150.00M | 78.00K | |
| Repurchase of Common Stock | -4.00K | -1.22M | ||||
| Preferred Dividends Paid | -10.33M | |||||
| Dividends Paid | -10.33M | |||||
| Other Financing Activities | -106.08M | 1.10M | -77.47M | -27.08M | -34.24M | -22.71M |
| Financing Cash Flow | 666.45M | 463.26M | -314.81M | 498.49M | 534.83M | -79.05M |
| Net Cash Flow | 80.44M | 167.28M | -165.13M | 95.65M | 18.46M | 117.22M |
| Free Cash Flow | -592.59M | -296.84M | 10.05M | -421.51M | 101.10M | 289.42M |
| Free Cash Flow Margin | -56.45% | -26.02% | 1.25% | -41.75% | 6.09% | 32.54% |
| Free Cash Flow Per Share | -6.08 | -3.42 | 0.14 | -6.55 | 1.63 | 4.95 |
| Levered Free Cash Flow | -697.88M | -209.58M | 230.14M | -671.70M | 82.41M | 392.97M |
| Unlevered Free Cash Flow | -671.59M | -152.08M | 307.46M | -591.98M | 105.64M | 394.31M |
| Cash Interest Paid | 28.96M | 79.59M | 133.76M | 119.98M | 32.09M | 393.00K |
| Cash Income Tax Paid | 1.01M | 232.00K | 6.00K | 1.54M | 400.00K | |
| Change in Working Capital | -3.62M | -17.39M | -55.21M | -11.65M | -22.82M | 126.86M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.20B | 2.63B | 2.01B | |||
| Enterprise Value | 3.31B | 3.06B | 2.17B | |||
| Last Close Price | 20.93 | 27.15 | 23.78 | |||
| PE Ratio | 7.43 | 14.80 | ||||
| Forward PE | 12.30 | 14.08 | 36.53 | |||
| PS Ratio | 2.12 | 2.31 | 2.49 | |||
| PB Ratio | 0.99 | 1.27 | 1.29 | |||
| P/TBV Ratio | 0.98 | 1.34 | 1.35 | |||
| P/FCF Ratio | 199.69 | |||||
| P/OCF Ratio | 6.99 | 9.38 | 17.39 | |||
| EV/Sales Ratio | 3.18 | 2.68 | 2.70 | |||
| EV/EBITDA Ratio | 5.87 | 6.01 | 12.01 | |||
| EV/EBIT Ratio | 8.37 | 9.81 | ||||
| EV/FCF Ratio | 216.38 | |||||
| Debt / Equity Ratio | 0.53 | 0.56 | 0.55 | 0.51 | 0.70 | 0.25 |
| Debt / EBITDA Ratio | 2.22 | 2.26 | 4.75 | 1.32 | 1.61 | 1.39 |
| Debt / FCF Ratio | 85.50 | 7.21 | 0.57 | |||
| Net Debt / Equity Ratio | 0.47 | 0.44 | 0.50 | 0.49 | 0.55 | 0.05 |
| Net Debt / EBITDA Ratio | 1.96 | 1.77 | 4.30 | 1.27 | 1.27 | 0.26 |
| Net Debt / FCF Ratio | -1.88 | -3.04 | 77.42 | -1.49 | 5.70 | 0.11 |
| Asset Turnover | 0.32 | 0.32 | 0.28 | 0.38 | 0.77 | 0.60 |
| Inventory Turnover | 38.71 | 38.66 | 44.40 | |||
| Quick Ratio | 0.66 | 0.67 | 0.67 | 0.18 | 0.50 | 0.46 |
| Current Ratio | 1.15 | 0.91 | 0.99 | 0.76 | 0.54 | 0.49 |
| Return on Equity (ROE) | 14.05% | 10.41% | -9.38% | 11.31% | 47.83% | -15.74% |
| Return on Assets (ROA) | 7.63% | 5.54% | -1.62% | 5.55% | 9.34% | 0.86% |
| Return on Invested Capital (ROIC) | 9.43% | 9.85% | -3.52% | 10.99% | 24.12% | 2.31% |
| Return on Capital Employed (ROCE) | 10.40% | 9.20% | -2.60% | 10.50% | 15.30% | 1.90% |
| Earnings Yield | 13.46% | 6.81% | -6.91% | |||
| FCF Yield | -26.60% | -11.29% | 0.50% | |||
| Buyback Yield / Dilution | -21.10% | -21.79% | -10.73% | -3.85% | -5.97% | -11.13% |