Latest Ratios: P/E Ratio 11.9x · EV/EBITDA 8.9x · ROE 9.6%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $2.5B | $2.5B | $1.7B | — | — | — | — |
| Enterprise Value | $2.8B | $2.8B | $1.8B | — | — | — | — |
| P/E Ratio → | 11.93 | 13.92 | — | — | — | — | — |
| P/S Ratio | 2.84 | 2.81 | 2.78 | — | — | — | — |
| P/B Ratio | 1.04 | 1.22 | 1.08 | — | — | — | — |
| P/FCF | — | — | 95.32 | — | — | — | — |
| P/OCF | 10.49 | 10.37 | 14.17 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.13 | 3.03 | — | — | — | — |
| EV / EBITDA | 8.90 | 8.81 | 29.00 | — | — | — | — |
| EV / EBIT | 17.78 | 11.08 | — | — | — | — | — |
| EV / FCF | — | — | 103.84 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 31.7% | 31.7% | 64.0% | 69.8% | 92.8% | 89.6% | 28.7% |
| Operating Margin | 17.8% | 17.8% | -25.6% | 21.3% | 18.3% | 2.3% | -8.1% |
| Net Profit Margin | 19.3% | 19.3% | -23.6% | 15.8% | 24.7% | -15.5% | -35.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 9.6% | 9.6% | -9.4% | 8.7% | 42.0% | -15.9% | -4.4% |
| ROA | 6.5% | 6.5% | -5.8% | 4.3% | 19.0% | -9.3% | -3.2% |
| ROIC | 5.9% | 5.9% | -6.3% | 6.5% | 18.6% | 1.7% | -0.7% |
| ROCE | 6.4% | 6.4% | -7.1% | 7.2% | 19.1% | 1.7% | -0.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.11 | 0.37 | 0.52 | 0.24 | 0.04 |
| Debt / EBITDA | 1.53 | 1.53 | 2.62 | 1.42 | 1.42 | 1.52 | 0.44 |
| Net Debt / Equity | — | 0.14 | 0.10 | 0.35 | 0.39 | 0.06 | 0.02 |
| Net Debt / EBITDA | 0.90 | 0.90 | 2.38 | 1.35 | 1.07 | 0.39 | 0.22 |
| Debt / FCF | — | — | 8.52 | — | 4.59 | 0.16 | — |
| Interest Coverage | 5.91 | 5.91 | -2.67 | 2.88 | 13.72 | -81.00 | -1.55 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.78 | 1.78 | 0.57 | 0.76 | 0.54 | 0.49 | 2.45 |
| Quick Ratio | 1.75 | 1.75 | 0.53 | 0.73 | 0.54 | 0.48 | 2.39 |
| Cash Ratio | 0.92 | 0.92 | 0.09 | 0.06 | 0.26 | 0.25 | 0.36 |
| Asset Turnover | — | 0.29 | 0.27 | 0.28 | 0.61 | 0.55 | 0.09 |
| Inventory Turnover | 100.78 | 100.78 | 34.78 | 22.48 | — | 18.55 | 30.35 |
| Days Sales Outstanding | — | 45.65 | 39.76 | 24.22 | 31.65 | 44.17 | 236.67 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.4% | 7.2% | — | — | — | — | — |
| FCF Yield | — | — | 1.0% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $93M | $71M | $84M | $84M | $84M | $84M |
Includes 30+ ratios · 6 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BKV stock.
BKV Corporation's current P/E ratio is 11.9x. The historical average is 13.9x.
BKV Corporation's current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.9x.
BKV Corporation's return on equity (ROE) is 9.6%. The historical average is 5.1%.
Based on historical data, BKV Corporation is trading at a P/E of 11.9x. Compare with industry peers and growth rates for a complete picture.
BKV Corporation has 31.7% gross margin and 17.8% operating margin. Operating margin between 10-20% is typical for established companies.
BKV Corporation's Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Extreme margin volatility from commodity prices
Metrics are mathematically derived from official filings.
Valuation Discount to Growth Peers
BKV trades at a forward EV/EBITDA of 6.75x, a significant discount to the peer median of 7.28x, suggesting the market is not fully pricing in its recent operational acceleration and potential for a more stable, integrated earnings stream.
The current forward P/E of 14.54x is also below the peer median of 15.13x, indicating a valuation gap that may stem from BKV's higher perceived commodity risk or its status as a consolidator of mature assets. However, the company's recent Q2 2026 EPS beat and the strategic integration of midstream and CCS assets could argue for a re-rating closer to peers like Coterra Energy, which trades at a 5.94x forward EV/EBITDA but has a more diversified asset base. The lack of a dividend yield, unlike peers such as EQT and Range Resources, may also be suppressing its valuation multiple among income-focused investors.
Margin Whiplash Obscures Core Earning Power
Gross margins have swung wildly from 23.6% in Q1 2026 to 100% in Q2 2026, a pattern that makes the reported 19.33% net margin an unreliable indicator of sustainable, core operational profitability for this commodity-exposed business.
The extreme volatility in gross margin, as highlighted in prior analysis, suggests that non-cash items like derivative mark-to-market gains or one-time cost adjustments are heavily distorting the income statement. The operating margin of 26.1% in Q2 2026 appears more reflective of the current favorable commodity environment but remains below the 62.9% peak in Q2 2025, indicating that cost structures have not fully adjusted to the new revenue scale. Investors should focus on the underlying lease operating expense trends and midstream fee margins to gauge true earning power, rather than headline margins that are highly sensitive to commodity price swings.
ROIC Recovery Masked by Asset Base Expansion
ROIC has recovered to 2.7% in Q2 2026 from negative levels in early 2025, but this remains well below the peer median of 9.0%, suggesting the company's aggressive asset accumulation has not yet translated into efficient capital deployment.
The low ROIC is a direct consequence of the massive expansion in the asset base, with PPE now constituting 83% of total assets. While the recent profitability improvement is a positive step, the return on the invested capital is still dilutive to the overall business. The ROE of 3.2% is similarly depressed compared to the peer median of 11.3%, indicating that the equity base has grown faster than earnings. This dynamic will need to reverse for the company to demonstrate it is creating value beyond simply consolidating assets.
Leverage Rise Remains Comfortable
Despite total debt surging to $1.2B, the debt-to-equity ratio of 0.52 remains below the peer median of 0.32, and the interest coverage ratio of 4.92x indicates debt service is manageable given current earnings.
The increase in leverage from a D/E of 0.11 in Q4 2024 to 0.52 in Q2 2026 is a significant shift, but it appears to be a strategic choice to fund asset growth rather than a sign of financial distress. The interest coverage ratio, while down from its peak, is still healthy and suggests the company can comfortably service its debt at current operating income levels. However, the volatility in operating income means this coverage could deteriorate quickly in a downturn, warranting close monitoring of commodity price trends and their impact on EBITDA.
Liquidity Position Volatile but Adequate
The current ratio of 1.15 in Q2 2026 indicates adequate short-term liquidity, but the sharp decline in cash from $304.5M to $152.2M in a single quarter highlights the inherent volatility in the company's cash position.
The quick ratio of 1.10 is nearly identical to the current ratio, confirming that inventory is not a significant component of current assets, which is typical for an E&P company. The improvement in the current ratio from a low of 0.41 in Q1 2025 is positive, but the erratic cash balance suggests that liquidity is heavily influenced by the timing of capital expenditures, working capital swings, and commodity receipts. In a severe stress scenario, the company's ability to generate cash from operations would be the primary buffer, as the asset base is illiquid and the debt load has increased.
The Misleading 100% Gross Margin
The reported 100% gross margin in Q2 2026 is the single most commonly misapplied metric for this business model, as it obscures the true, capital-intensive cost structure of operating mature gas wells and integrated midstream infrastructure.
This anomaly likely results from the accounting treatment of certain costs, such as the capitalization of lease operating expenses or the timing of derivative settlements, rather than reflecting a zero-cost production environment. For a company like BKV, with high fixed costs for well maintenance and water handling, a sustainable gross margin in the 25-35% range is more realistic, as seen in other quarters. Analysts should instead focus on the cash cost per BOE and the midstream segment's fee-based margin to assess operational efficiency, as the headline gross margin provides a distorted view of the company's true cost of goods sold.