BKV Corp. Financials
This page shows BKV Corp. (BKV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
BKV’s earnings engine rebounded in FY2025, but cash generation is still ruled by heavy reinvestment rather than reported profit.
Between the last two annual periods, net income moved from-$143M to$173M . Yet free cash flow went the other way, shifting from$18M to-$57M even though operating cash stayed positive, which shows capital spending rather than day-to-day operations is driving what cash is left over.
The recent recovery looks like fixed-cost absorption more than simple sales growth: revenue reached
The year-end balance sheet looked more liquid, with cash at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of BKV Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
BKV Corp. has an operating margin of 24.3%, meaning the company retains $24 of operating profit per $100 of revenue. This results in a moderate score of 42/100, indicating healthy but not exceptional operating efficiency. This is up from -25.6% the prior year.
BKV Corp.'s revenue surged 47.8% year-over-year to $893.8M, reflecting rapid business expansion. This strong growth earns a score of 50/100.
BKV Corp. carries a low D/E ratio of 0.47, meaning only $0.47 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.
BKV Corp.'s current ratio of 0.91 is below the typical benchmark, resulting in a score of 13/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While BKV Corp. generated $242.7M in operating cash flow, capex of $300.2M consumed most of it, leaving -$57.5M in free cash flow. This results in a low score of 15/100, reflecting heavy capital investment rather than weak cash generation.
BKV Corp. generates a 8.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 19/100. This is up from -9.2% the prior year.
BKV Corp. scores 1.50, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.1B) relative to total liabilities ($1.9B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
BKV Corp. passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, BKV Corp. generates $1.40 in operating cash flow ($242.7M OCF vs $173.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
BKV Corp. generated $893.8M in revenue in fiscal year 2025. This represents an increase of 47.8% from the prior year.
BKV Corp.'s EBITDA was $376.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 496.9% from the prior year.
BKV Corp. reported $173.1M in net income in fiscal year 2025. This represents an increase of 221.2% from the prior year.
BKV Corp. earned $1.98 per diluted share (EPS) in fiscal year 2025. This represents an increase of 199.0% from the prior year.
Cash & Balance Sheet
BKV Corp. generated -$57.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 426.1% from the prior year.
BKV Corp. held $248.4M in cash against $937.7M in long-term debt as of fiscal year 2025.
BKV Corp. had 97M shares outstanding in fiscal year 2025. This represents an increase of 14.5% from the prior year.
Margins & Returns
BKV Corp.'s operating margin was 24.3% in fiscal year 2025, reflecting core business profitability. This is up 50.0 percentage points from the prior year.
BKV Corp.'s net profit margin was 19.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 43.0 percentage points from the prior year.
BKV Corp.'s ROE was 8.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 17.9 percentage points from the prior year.
Capital Allocation
BKV Corp. invested $300.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 197.4% from the prior year.
BKV Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $376.5M+75.6% | $214.4M+7.3% | $199.8M-3.6% | $207.1M-24.0% | $272.5M+50.2% | $181.5M+35.9% | $133.5M-0.3% | $134.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $42.1M+23.8% | $34.0M+10.7% | $30.7M+0.7% | $30.5M+5.0% | $29.1M-6.0% | $30.9M-8.0% | $33.6M+74.1% | $19.3M |
| Operating Income | $86.0M-19.6% | $107.0M+30.0% | $82.3M-35.9% | $128.4M+228.3% | -$100.1M-77.9% | -$56.3M-168.1% | -$21.0M+51.4% | -$43.2M |
| Interest Expense | $22.8M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $11.5M-37.0% | $18.2M-9.0% | $20.0M-28.3% | $27.9M+191.0% | -$30.7M-126.6% | -$13.5M-219.7% | $11.3M+139.8% | -$28.4M |
| Net Income | $44.1M-40.2% | $73.7M-4.1% | $76.8M-26.5% | $104.6M+227.6% | -$82.0M-42.7% | -$57.5M-546.5% | $12.9M+121.6% | -$59.7M |
| EPS (Diluted) | $0.42 | N/A | $0.90-26.8% | $1.23+226.8% | $-0.97 | N/A | $0.18+120.0% | $-0.90 |
BKV Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.2B+5.9% | $3.9B+36.2% | $2.9B+25.5% | $2.3B-26.2% | $3.1B+40.0% | $2.2B-1.6% | $2.3B | N/A |
| Current Assets | $568.0M+11.1% | $511.4M+153.7% | $201.5M+104.7% | $98.4M-6.3% | $105.1M+11.1% | $94.6M-24.8% | $125.7M | N/A |
| Cash & Equivalents | $288.5M+16.1% | $248.4M+198.9% | $83.1M+287.9% | $21.4M+40.0% | $15.3M+2.9% | $14.9M-52.5% | $31.3M+240.5% | $9.2M |
| Inventory | $18.8M-6.4% | $20.0M+212.0% | $6.4M-7.7% | $7.0M+14.5% | $6.1M-2.8% | $6.3M | N/A | N/A |
| Accounts Receivable | $141.7M+9.8% | $129.1M | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $18.4M0.0% | $18.4M0.0% | $18.4M0.0% | $18.4M0.0% | $18.4M0.0% | $18.4M0.0% | $18.4M | N/A |
| Total Liabilities | $1.9B-0.6% | $1.9B+72.4% | $1.1B+51.6% | $716.4M-56.4% | $1.6B+144.5% | $671.5M+0.5% | $668.3M | N/A |
| Current Liabilities | $432.6M-23.4% | $564.6M+139.1% | $236.1M+35.1% | $174.7M-31.1% | $253.6M+52.6% | $166.2M+19.6% | $139.0M | N/A |
| Long-Term Debt | $1.1B+15.3% | $937.7M+92.7% | $486.6M+143.3% | $200.0M0.0% | $200.0M+21.2% | $165.0M-13.2% | $190.0M | N/A |
| Total Equity | $2.2B+11.7% | $2.0B+10.5% | $1.8B+12.8% | $1.6B+7.3% | $1.5B-5.0% | $1.6B-2.5% | $1.6B+34.2% | $1.2B |
| Retained Earnings | $352.4M+14.0% | $309.1M+41.1% | $219.0M+53.5% | $142.7M+271.7% | $38.4M-67.2% | $117.1M-35.7% | $182.0M | N/A |
BKV Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $72.0M+3.7% | $69.4M-6.9% | $74.5M-9.5% | $82.3M+400.4% | $16.5M-62.4% | $43.8M-32.7% | $65.0M+786.4% | -$9.5M |
| Capital Expenditures | $106.5M+16.8% | $91.2M-54.7% | $201.5M+502.0% | -$50.1M-187.0% | $57.6M+19.7% | $48.1M-8.8% | $52.8M | N/A |
| Free Cash Flow | -$34.5M-58.4% | -$21.8M+82.8% | -$126.9M-494.0% | $32.2M+178.3% | -$41.2M-839.7% | -$4.4M-135.8% | $12.2M | N/A |
| Investing Cash Flow | -$232.8M-79.3% | -$129.9M+57.5% | -$305.4M-316.0% | -$73.4M-30.5% | -$56.2M-26.2% | -$44.6M-112.2% | -$21.0M-117.3% | $121.5M |
| Financing Cash Flow | $201.1M+13.7% | $176.8M-39.6% | $292.5M+4687.9% | $6.1M-80.5% | $31.3M+300.1% | -$15.6M+28.4% | -$21.9M+91.8% | -$265.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | -$2.1M | N/A | N/A |
BKV Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 22.9%-27.1pp | 49.9%+8.7pp | 41.2%-20.8pp | 62.0%+98.7pp | -36.7%-5.7pp | -31.0%-15.3pp | -15.7%+16.5pp | -32.2% |
| Net Margin | 11.7%-22.7pp | 34.4%-4.1pp | 38.5%-12.0pp | 50.5%+80.6pp | -30.1%+1.6pp | -31.7%-41.3pp | 9.6%+54.2pp | -44.6% |
| Return on Equity | 2.0%-1.7pp | 3.7%-0.6pp | 4.3%-2.3pp | 6.6%+12.1pp | -5.5%-1.8pp | -3.7%-4.5pp | 0.8%+5.8pp | -5.0% |
| Return on Assets | 1.1%-0.8pp | 1.9%-0.8pp | 2.7%-1.9pp | 4.5%+7.2pp | -2.6%-0.0pp | -2.6%-3.1pp | 0.6% | N/A |
| Current Ratio | 1.31+0.4 | 0.91+0.1 | 0.85+0.3 | 0.56+0.1 | 0.41-0.2 | 0.57-0.3 | 0.90 | N/A |
| Debt-to-Equity | 0.49+0.0 | 0.47+0.2 | 0.27+0.1 | 0.130.0 | 0.14+0.0 | 0.11-0.0 | 0.12 | N/A |
| FCF Margin | -9.2%+1.0pp | -10.2%+53.4pp | -63.5%-79.1pp | 15.6%+30.6pp | -15.1%-12.7pp | -2.4%-11.6pp | 9.2% | N/A |
Note: The current ratio is below 1.0 (0.91), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is BKV Corp.'s annual revenue?
BKV Corp. (BKV) reported $893.8M in total revenue for fiscal year 2025. This represents a 47.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is BKV Corp.'s revenue growing?
BKV Corp. (BKV) revenue grew by 47.8% year-over-year, from $604.5M to $893.8M in fiscal year 2025.
Is BKV Corp. profitable?
Yes, BKV Corp. (BKV) reported a net income of $173.1M in fiscal year 2025, with a net profit margin of 19.4%.
What is BKV Corp.'s EBITDA?
BKV Corp. (BKV) had EBITDA of $376.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does BKV Corp. have?
As of fiscal year 2025, BKV Corp. (BKV) had $248.4M in cash and equivalents against $937.7M in long-term debt.
What is BKV Corp.'s operating margin?
BKV Corp. (BKV) had an operating margin of 24.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is BKV Corp.'s net profit margin?
BKV Corp. (BKV) had a net profit margin of 19.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is BKV Corp.'s return on equity (ROE)?
BKV Corp. (BKV) has a return on equity of 8.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is BKV Corp.'s free cash flow?
BKV Corp. (BKV) generated -$57.5M in free cash flow during fiscal year 2025. This represents a -426.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is BKV Corp.'s operating cash flow?
BKV Corp. (BKV) generated $242.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are BKV Corp.'s total assets?
BKV Corp. (BKV) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are BKV Corp.'s capital expenditures?
BKV Corp. (BKV) invested $300.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is BKV Corp.'s current ratio?
BKV Corp. (BKV) had a current ratio of 0.91 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is BKV Corp.'s debt-to-equity ratio?
BKV Corp. (BKV) had a debt-to-equity ratio of 0.47 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is BKV Corp.'s return on assets (ROA)?
BKV Corp. (BKV) had a return on assets of 4.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is BKV Corp.'s Altman Z-Score?
BKV Corp. (BKV) has an Altman Z-Score of 1.50, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is BKV Corp.'s Piotroski F-Score?
BKV Corp. (BKV) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are BKV Corp.'s earnings high quality?
BKV Corp. (BKV) has an earnings quality ratio of 1.40x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is BKV Corp.?
BKV Corp. (BKV) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.