BKV Corporation (BKV) 10-Year Financial Performance & Capital Metrics

BKV • • Industrial / General

EnergyOil & Gas E&PUnconventional Shale E&PAppalachian Basin Gas Focused

AboutBKV Corporation engages in the acquisition, operation, and development of natural gas and NGL properties. It is also involved in the gathering, processing, and transportation of natural gas. The company was founded in 2015 and is based in Denver, Colorado with additional offices in Tunkhannock, Pennsylvania and Fort Worth, Texas. BKV Corporation, LLC operates as a subsidiary of Banpu North America Corporation.Show more

Revenue $605M -18.2%
EBITDA $63M -83.5%
Net Income -$143M -222.2%
EPS (Diluted) -2.02 -245.3%
Gross Margin 64.02% -8.3%
EBITDA Margin 10.44% -79.8%
Operating Margin -25.61% -220.1%
Net Margin -23.63% -249.4%
ROE -9.41% -207.6%
ROIC -6.27% -196.9%
Debt/Equity 0.11 -71.1%
Interest Coverage -3.05 -249.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Share count reduced 16.0% through buybacks
✓Trading at only 1.2x book value

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-12.08%

TTM30.61%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM193.5%

EPS CAGR

10Y-

5Y-

3Y-

TTM172.22%

ROCE

10Y Avg4.01%

5Y Avg4.01%

3Y Avg6.37%

Latest-7.14%

Peer Comparison

Appalachian Basin Gas Focused

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ARAntero Resources Corporation	9.8B	31.78	176.56	-3.75%	11.13%	7.29%	7.62%	0.56
EQTEQT Corporation	31.15B	49.92	121.76	3%	20.69%	6.65%	1.84%	0.39
EPSNEpsilon Energy Ltd.	134.52M	4.50	51.19	2.58%	12.86%	5.87%		0.00
RRCRange Resources Corporation	7.96B	33.60	30.83	-7.65%	20%	13.65%	3.97%	0.46
INRInfinity Natural Resources, Inc.	216M	13.82	3.72	60.16%	-0.58%	-0.2%		0.51
BKVBKV Corporation	2.47B	25.50	-12.62	-18.23%	5.54%	2.48%	0.71%	0.11
EXEExpand Energy Corporation	23.7B	99.52	-21.87	-45.71%	7.99%	4.78%	0.03%	0.33
CNXCNX Resources Corporation	5.18B	35.90	-59.83	-7.99%	14.17%	7.1%	5.32%	0.56

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	122.53M	889.53M	1.66B	739.28M	604.53M
Revenue Growth %	-	6.26%	0.87%	-0.55%	-0.18%
Cost of Goods Sold+	87.34M	92.28M	118.91M	223.37M	217.53M
COGS % of Revenue	0.71%	0.1%	0.07%	0.3%	0.36%
Gross Profit+	35.19M	797.25M	1.54B	515.91M	387M
Gross Margin %	0.29%	0.9%	0.93%	0.7%	0.64%
Gross Profit Growth %	-	21.65%	0.93%	-0.67%	-0.25%
Operating Expenses+	45.1M	776.93M	1.24B	358.29M	541.8M
OpEx % of Revenue	0.37%	0.87%	0.74%	0.48%	0.9%
Selling, General & Admin	60.7M	172.57M	280.06M	265.33M	241.46M
SG&A % of Revenue	0.5%	0.19%	0.17%	0.36%	0.4%
Research & Development	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-
Other Operating Expenses	-15.6M	604.36M	956.69M	92.95M	300.33M
Operating Income+	-9.91M	20.32M	304.56M	157.62M	-154.8M
Operating Margin %	-0.08%	0.02%	0.18%	0.21%	-0.26%
Operating Income Growth %	-	3.05%	13.99%	-0.48%	-1.98%
EBITDA+	80.28M	119.16M	434.6M	382.05M	63.09M
EBITDA Margin %	0.66%	0.13%	0.26%	0.52%	0.1%
EBITDA Growth %	-	0.48%	2.65%	-0.12%	-0.83%
D&A (Non-Cash Add-back)	90.19M	98.83M	130.04M	224.43M	217.89M
EBIT	-2.65M	-172.85M	509.96M	222.16M	-135.71M
Net Interest Income+	-1.59M	-2.13M	-36.02M	-73.88M	-46.9M
Interest Income	121K	8K	1.14M	3.14M	3.86M
Interest Expense	1.71M	2.13M	37.17M	77.02M	50.76M
Other Income/Expense	5.54M	-195.31M	168.23M	-12.48M	-31.67M
Pretax Income+	-4.36M	-174.99M	472.79M	145.14M	-186.47M
Pretax Margin %	-0.04%	-0.2%	0.28%	0.2%	-0.31%
Income Tax+	38.98M	-40.53M	62.65M	28.23M	-43.6M
Effective Tax Rate %	9.93%	0.79%	0.87%	0.81%	0.77%
Net Income+	-43.35M	-138.21M	410.14M	116.92M	-142.87M
Net Margin %	-0.35%	-0.16%	0.25%	0.16%	-0.24%
Net Income Growth %	-	-2.19%	3.97%	-0.71%	-2.22%
Net Income (Continuing)	-43.35M	-134.46M	410.14M	116.92M	-142.87M
Discontinued Operations	0	0	0	0	0
Minority Interest	42.29M	49.84M	62.71M	59.99M	0
EPS (Diluted)+	-0.52	-2.03	4.88	1.39	-2.02
EPS Growth %	-	-2.9%	3.4%	-0.72%	-2.45%
EPS (Basic)	-0.52	-2.03	4.88	1.39	-2.10
Diluted Shares Outstanding	84.13M	84.13M	84.13M	84.13M	70.64M
Basic Shares Outstanding	84.13M	84.13M	84.13M	84.13M	68.02M
Dividend Payout Ratio	-	-	-	-	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	119.03M	261.38M	320.14M	312.16M	94.61M
Cash & Short-Term Investments	17.45M	134.67M	153.13M	25.41M	14.87M
Cash Only	17.45M	134.67M	153.13M	25.41M	14.87M
Short-Term Investments	0	0	0	0	0
Accounts Receivable	79.45M	107.64M	143.95M	49.06M	65.85M
Days Sales Outstanding	236.67	44.17	31.65	24.22	39.76
Inventory	2.88M	4.97M	0	9.94M	6.25M
Days Inventory Outstanding	12.03	19.68	-	16.23	10.5
Other Current Assets	15.48M	9.99M	23.06M	223.92M	0
Total Non-Current Assets+	1.22B	1.36B	2.38B	2.37B	2.14B
Property, Plant & Equipment	1.2B	1.2B	2.25B	2.21B	1.99B
Fixed Asset Turnover	0.10x	0.74x	0.74x	0.33x	0.30x
Goodwill	18.42M	18.42M	18.42M	18.42M	18.42M
Intangible Assets	0	0	0	0	0
Long-Term Investments	15K	89.32M	97.89M	104.75M	115.17M
Other Non-Current Assets	2.7M	17.97M	16.75M	38.45M	17.31M
Total Assets+	1.34B	1.62B	2.7B	2.68B	2.23B
Asset Turnover	0.09x	0.55x	0.61x	0.28x	0.27x
Asset Growth %	-	0.21%	0.67%	-0.01%	-0.17%
Total Current Liabilities+	48.68M	530.37M	596.63M	412.26M	166.21M
Accounts Payable	8.71M	32.24M	74.96M	47.5M	53.24M
Days Payables Outstanding	36.38	127.51	230.09	77.62	89.33
Short-Term Debt	24M	166M	90M	127M	0
Deferred Revenue (Current)	0	0	0	0	0
Other Current Liabilities	0	91.16M	163.93M	115.22M	23.4M
Current Ratio	2.45x	0.49x	0.54x	0.76x	0.57x
Quick Ratio	2.39x	0.48x	0.54x	0.73x	0.53x
Cash Conversion Cycle	212.32	-63.67	-	-37.17	-39.08
Total Non-Current Liabilities+	308.67M	335.52M	910.02M	793.16M	505.31M
Long-Term Debt	0	0	527.04M	414.66M	165M
Capital Lease Obligations	4.6M	4.69M	0	0	0
Deferred Tax Liabilities	37.25M	0	104.13M	143.97M	88.69M
Other Non-Current Liabilities	266.81M	330.83M	278.85M	234.53M	251.62M
Total Liabilities	357.35M	865.89M	1.51B	1.21B	671.51M
Total Debt+	35.14M	181.41M	617.04M	541.66M	165M
Net Debt	17.69M	46.74M	463.91M	516.26M	150.13M
Debt / Equity	0.04x	0.24x	0.52x	0.37x	0.11x
Debt / EBITDA	0.44x	1.52x	1.42x	1.42x	2.62x
Net Debt / EBITDA	0.22x	0.39x	1.07x	1.35x	2.38x
Interest Coverage	-5.78x	9.52x	8.19x	2.05x	-3.05x
Total Equity+	985.14M	754.94M	1.2B	1.48B	1.56B
Equity Growth %	-	-0.23%	0.58%	0.24%	0.06%
Book Value per Share	11.71	8.97	14.22	17.57	22.08
Total Shareholders' Equity	942.86M	705.1M	1.13B	1.42B	1.56B
Common Stock	1.13M	1.13M	1.13M	1.28M	1.51M
Retained Earnings	-26.77M	-259.69M	150.45M	259.92M	117.05M
Treasury Stock	0	-3.97M	-3.97M	-4.58M	-6.66M
Accumulated OCI	0	0	0	0	0
Minority Interest	42.29M	49.84M	62.71M	59.99M	0

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-7.41M	358.13M	349.19M	123.08M	118.54M
Operating CF Margin %	-0.06%	0.4%	0.21%	0.17%	0.2%
Operating CF Growth %	-	49.36%	-0.02%	-0.65%	-0.04%
Net Income	-43.35M	-134.46M	410.14M	116.92M	-142.87M
Depreciation & Amortization	0	98.83M	130.04M	224.43M	217.89M
Stock-Based Compensation	0	30.39M	31.95M	25.76M	16.32M
Deferred Taxes	37.75M	-72.75M	89.06M	32.39M	-44.81M
Other Non-Cash Items	72.73M	309.27M	-289.18M	-257.98M	126.02M
Working Capital Changes	-74.54M	126.86M	-22.82M	-18.44M	-54.01M
Change in Receivables	-44.48M	-28.19M	-36.31M	86.33M	-19.46M
Change in Inventory	-95K	-2.1M	-6.58M	0	0
Change in Payables	-25.22M	94.3M	62.54M	0	0
Cash from Investing+	-513.99M	-161.86M	-865.57M	-177.85M	36.07M
Capital Expenditures	-514.3M	-68.71M	-248.1M	-4.89M	-100.92M
CapEx % of Revenue	4.2%	0.08%	0.15%	0.01%	0.17%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	0	-4.74M	1.97M	-172.96M	4.41M
Cash from Financing+	442.72M	-79.05M	534.83M	66.71M	-304.81M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	-98.46M	0	0	0
Share Repurchases	-	-	-	-	-
Other Financing	0	121.06M	-34.17M	-6.29M	-77.47M
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	-521.71M	289.42M	101.1M	-69.53M	17.62M
FCF Margin %	-4.26%	0.33%	0.06%	-0.09%	0.03%
FCF Growth %	-	1.55%	-0.65%	-1.69%	1.25%
FCF per Share	-6.20	3.44	1.20	-0.83	0.25
FCF Conversion (FCF/Net Income)	0.17x	-2.59x	0.85x	1.05x	-0.83x
Interest Paid	1.52M	393K	32.09M	68.48M	60.49M
Taxes Paid	0	0	400K	1.54M	6K

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.4%	-15.89%	42.05%	8.75%	-9.41%
Return on Invested Capital (ROIC)	-0.74%	1.69%	18.56%	6.47%	-6.27%
Gross Margin	28.72%	89.63%	92.84%	69.79%	64.02%
Net Margin	-35.37%	-15.54%	24.7%	15.82%	-23.63%
Debt / Equity	0.04x	0.24x	0.52x	0.37x	0.11x
Interest Coverage	-5.78x	9.52x	8.19x	2.05x	-3.05x
FCF Conversion	0.17x	-2.59x	0.85x	1.05x	-0.83x
Revenue Growth	-	625.94%	86.64%	-55.47%	-18.23%

Revenue by Segment

	2024
Natural Gas, NGL, And Oil	557.57M
Natural Gas, NGL, And Oil Growth	-
Natural Gas	385.46M
Natural Gas Growth	-
Natural Gas, Midstream	12.56M
Natural Gas, Midstream Growth	-
Marketing	10.67M
Marketing Growth	-
Oil	6.61M
Oil Growth	-

Revenue by Geography

	2024
TEXAS	563.72M
TEXAS Growth	-
PENNSYLVANIA	40.81M
PENNSYLVANIA Growth	-

Frequently Asked Questions

Growth & Financials

BKV Corporation (BKV) reported $807.3M in revenue for fiscal year 2024. This represents a 559% increase from $122.5M in 2020.

BKV Corporation (BKV) saw revenue decline by 18.2% over the past year.

Yes, BKV Corporation (BKV) is profitable, generating $44.8M in net income for fiscal year 2024 (-23.6% net margin).

Dividend & Returns

BKV Corporation (BKV) has a return on equity (ROE) of -9.4%. Negative ROE indicates the company is unprofitable.

BKV Corporation (BKV) had negative free cash flow of $55.0M in fiscal year 2024, likely due to heavy capital investments.

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