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BKV Corporation

BKV Corporation

NYSE•BKV
CEO: Mr. Christopher Pungya Kalnin
Sector: Energy
Industry: Oil & Gas Exploration & Production
Listing Date: 2014-07-24
BKV Corporation engages in the acquisition, development, and operation of natural gas and natural gas liquid properties located in the Barnett Shale in the Fort Worth Basin of Texas and in the Marcellus Shale in the Appalachian Basin of Northeastern Pennsylvania. It is also involved in the gathering, processing, and transportation of natural gas; power generation; and carbon capture, utilization, and sequestration. The company was founded in 2015 and is headquartered in Denver, Colorado. BKV Corporation is a subsidiary of Banpu North America Corporation.
Contact Information
1200 17th Street, Suite 2100, Denver, CO, 80202, United States
720-375-9680
bkv.com
Market Cap
$2.26B
P/E (TTM)
49.1
16.5
Dividend Yield
--
52W High
$29.65
52W Low
$15.00
52W Range
80%
Rank69Top 93.9%
1.6
F-Score
Modified Piotroski Analysis
Based on 5-year fundamentals
Weak • 1.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2020-2024

Financial Dashboard

Q3 2025 Data

Revenue

$202.97M+47.31%
4-Quarter Trend

EPS

$0.90+373.68%
4-Quarter Trend

FCF

-$18.27M-141.67%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Month Revenue Surge Total revenues reached $678.7M for nine months ended September 2025, marking a 47.2% increase from $461.2M last year.
Profitability Reversal Achieved Net income attributable to BKV swung to $102.8M for nine months 2025, compared to a net loss of $85.4M previously.
Operating Cash Flow Doubles Net cash provided by operating activities was $173.3M for nine months 2025, significantly increasing from $74.8M in 2024.
Bedrock Acquisition Closed Completed Bedrock Acquisition on September 29, 2025, adding 99,000 net acres and 1,121 producing locations.

Risk Factors

Internal Control Material Weakness Material weakness persists in internal control over financial reporting, specifically related to income tax provision and liability controls.
BKV-BPP Power Transaction Risk BKV-BPP Power JV closing is subject to Banpu Power stockholder approval, creating timing uncertainty into Q1 2026.
Commodity Price Volatility Business highly dependent on volatile natural gas and NGL prices; derivative use provides partial economic hedge protection.
ERP System Implementation Paused Management paused ERP system implementation, writing off $5.6M in capitalized software costs as of September 30, 2025.

Outlook

Finalizing BKV-BPP Power Expect closing BKV-BPP Power JV in Q1 2026, resulting in 75% ownership consolidation post-transaction completion.
Funding Capital Expenditures 2025 full year accrued capital expenditures estimated between $290M and $350M, funded by operations and debt.
CCUS Funding Strategy Majority of CCUS business funding expected from joint ventures, debt financing, and federal grants, not operations cash.
RBL Credit Facility Capacity RBL Credit Agreement has $785.0M available capacity as of November 10, 2025, for future borrowings and letters of credit.

Peer Comparison

Revenue (TTM)

Par Pacific Holdings, Inc.PARR
$7.48B
-10.1%
Calumet, Inc.CLMT
$4.05B
-4.0%
Crescent Energy CompanyCRGY
$3.59B
+32.3%

Gross Margin (Latest Quarter)

Baytex Energy Corp.BTE
36.6%
+7.0pp
Calumet, Inc.CLMT
34.7%
+34.2pp
BKV CorporationBKV
33.4%
-25.0pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
BTE$2.37B8.99.0%28.1%
BKV$2.26B49.12.9%16.8%
CRGY$2.05B56.90.9%578.6%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
5.2%
Steady Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 25, 2026
|
EPS:$0.27
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 10, 2025|
    Revenue: $202.97M+47.3%
    |
    EPS: $0.90+373.7%
    Meet

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 12, 2025|
    Revenue: $204.27M+48.4%
    |
    EPS: $1.23-273.2%
    Meet

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 9, 2025|
    Revenue: $227.70M+47.0%
    |
    EPS: $-0.93+102.2%
    Miss

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 31, 2025|
    Revenue: $604.53M-18.2%
    |
    EPS: $-2.10-251.1%
    Miss

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 13, 2024|
    Revenue: $137.78M-24.3%
    |
    EPS: $0.19-13.6%
    Meet