Free cash flow remains negative at $161.0 million in 2026Q1, driven by a high CapEx/Revenue ratio of 61.4% that reflects significant ongoing capital intensity.
| Cash from Operations | 292.08M | 242.71M | 118.54M | 123.08M | 349.19M | 358.13M | -7.41M |
| Operating CF Margin % | - | 27.1% | 19.61% | 16.65% | 21.03% | 40.26% | -6.04% |
| Operating CF Growth % | 1195.83% | 104.75% | -3.69% | -64.75% | -2.5% | 4936.37% | - |
| Net Income | 295.87M | 173.13M | -142.87M | 116.92M | 410.14M | -134.46M | -43.35M |
| Depreciation & Amortization | 173.05M | 158.95M | 217.89M | 224.43M | 130.04M | 98.83M | 0 |
| Stock-Based Compensation | 10.78M | 12.85M | 16.32M | 25.76M | 31.95M | 30.39M | 0 |
| Deferred Taxes | 77.35M | 36.44M | -44.81M | 32.39M | 89.06M | -72.75M | 37.75M |
| Other Non-Cash Items | -263.02M | -151.41M | 126.02M | -257.98M | -289.18M | 309.27M | 72.73M |
| Working Capital Changes | -3.67M | 12.76M | -54.01M | -18.44M | -22.82M | 126.86M | -74.54M |
| Change in Receivables | -38.05M | -31.65M | -19.46M | 86.33M | -36.31M | -28.19M | -44.48M |
| Change in Inventory | 0 | 0 | 0 | 0 | -6.58M | -2.1M | -95K |
| Change in Payables | 10.87M | 46.72M | 0 | 0 | 62.54M | 94.3M | -25.22M |
| Cash from Investing | -724.38M | -564.9M | 36.07M | -177.85M | -865.57M | -161.86M | -513.99M |
| Capital Expenditures | -405.48M | -300.17M | -100.92M | -4.89M | -248.1M | -68.71M | -514.3M |
| CapEx % of Revenue | 39.67% | 33.51% | 16.69% | 0.66% | 14.94% | 7.72% | 419.72% |
| Acquisitions | 8.87M | 0 | 132.57M | 0 | -619.44M | -88.41M | 311K |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -327.77M | -264.74M | 4.41M | -172.96M | 1.97M | -4.74M | 0 |
| Cash from Financing | 656.66M | 506.74M | -304.81M | 66.71M | 534.83M | -79.05M | 442.72M |
| Debt Issued (Net) | 415.72M | 319.13M | -493M | -77M | 569M | 142M | 24M |
| Equity Issued (Net) | 357.09M | 170.63M | 265.66M | 150M | 0 | -243.66M | 418.72M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -98.46M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -122.38M | 0 |
| Other Financing | -116.15M | 16.97M | -77.47M | -6.29M | -34.17M | 121.06M | 0 |
| Net Change in Cash | 289.21M | 184.54M | -150.2M | 11.94M | 18.46M | 117.22M | -78.67M |
| Free Cash Flow | -198.71M | -57.46M | 17.62M | -69.53M | 101.1M | 289.42M | -521.71M |
| FCF Margin % | -19.44% | -6.42% | 2.92% | -9.4% | 6.09% | 32.54% | -425.77% |
| FCF Growth % | -1102.68% | -426.06% | 125.34% | -168.77% | -65.07% | 155.48% | - |
| FCF per Share | -1.94 | -0.62 | 0.25 | -0.83 | 1.20 | 3.44 | -6.20 |
| FCF Conversion (FCF/Net Income) | -0.67x | 1.40x | -0.83x | 1.05x | 0.85x | -2.59x | 0.17x |
| Interest Paid | 10.4M | 0 | 60.49M | 68.48M | 32.09M | 393K | 1.52M |
| Taxes Paid | 0 | 0 | 6K | 1.54M | 400K | 0 | 0 |
Capital intensity of CCS
Based on BKV's reported financial statements, the relationship between net income and operating cash flow remains highly inconsistent, with the OCF/NI ratio swinging from 5.05 in 2024Q3 to a negative 0.29 in 2025Q1, indicating that reported earnings are frequently decoupled from actual cash generation capabilities.
The wide variance in the OCF/NI ratio suggests that non-cash items and working capital swings are significantly distorting the company's core profitability metrics. Investors should monitor whether this divergence is a temporary byproduct of commodity hedging or a structural issue related to the high-fixed-cost nature of mature Barnett Shale assets.
As reported in recent quarterly filings, BKV has struggled to generate positive free cash flow, culminating in a significant outflow of $161.0 million in 2026Q1, which highlights the difficulty of funding aggressive capital expenditure programs through internal cash generation alone in the current commodity price environment.
The persistent negative FCF trajectory suggests that the company is currently in a heavy investment phase, likely prioritizing infrastructure and CCS development over immediate cash returns. This trend warrants further investigation into whether these capital outlays will eventually yield the expected efficiency gains or if they will continue to pressure the balance sheet.
According to the provided cash flow data, BKV's capital intensity has spiked significantly, with the CapEx/Revenue ratio reaching 61.4% in 2026Q1, a substantial increase from the 3.8% observed in 2025Q3, suggesting that the company is aggressively reinvesting to maintain production levels or fund new strategic initiatives.
This elevated level of capital expenditure appears to be the primary driver of the company's negative free cash flow, raising questions about the sustainability of such high reinvestment rates. Analysts should evaluate whether this spending is directed toward essential maintenance of aging wellbores or speculative growth projects that may not provide immediate returns.
Based on the quarterly cash flow statements, BKV has experienced erratic working capital movements, including a $37.3 million cash outflow in 2026Q1, which suggests that the company's ability to manage its operational cycle is currently being challenged by fluctuating production volumes and regional basis differentials.
The inconsistency in working capital changes may indicate inefficiencies in inventory management or delays in collections that are typical of integrated midstream and upstream operations. Investors should monitor these trends to determine if they represent a recurring operational friction or merely timing differences in the settlement of gas sales.
Quick answers to the most common questions about buying BKV stock.
BKV Corporation (BKV) generated $242.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BKV Corporation (BKV) reported negative free cash flow of $57.5M in 2025, indicating capital requirements exceeded cash from operations.
BKV Corporation (BKV) spent $300.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.