BKV

MKT CAP:$3B

BKV Corporation

Market Cap

$3B

Energy·Oil & Gas Exploration & Production·🇺🇸 United States·NYSE

Energy·Oil & Gas Exploration & Production·🇺🇸·NYSE

Stock Price

$27.75+$0.31 (+1.13%)

Apr 17, 2026

Company Details

BKV 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 D...

CEO

Christopher Pungya Kalnin

IPO Date

Sep 26, 2024

Website

bkv.com

Key Metrics TTM

Revenue

$742M

+12.0% YoY

Net Income

-$19M

EPS (Diluted)

-$0.33

Free Cash Flow

$7M

Revenue / Share

$8.75

Gross Margin

75.2%

Operating Margin

-5.7%

Net Margin

-2.5%

FCF Margin

1.0%

P/S

4.2x

P/E

—

Earnings Reports

Q3 2025

May 8, 2026

PENDING

FY 2025

Mar 6, 2026

$896M+48.2%EPS $1.95

Q2 2025

Aug 12, 2025

$204M+48.4%EPS $1.23

Q1 2025

May 9, 2025

$226M+45.8%EPS -$0.93

FY 2024

Mar 31, 2025

$605M-18.2%EPS -$2.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$230M	$209M	-$223M
Q1 22	$279M	$258M	-$220M
Q2 22	$387M	$366M	$156M
Q3 22	$573M	$538M	$71M
Q1 23	$219M	$182M	$125M
Q2 23	$151M	$109M	-$20M
Q3 23	$182M	$130M	-$5M
Q4 23	$188M	$95M	$56M
Q1 24	$155M	$103M	-$35M
Q2 24	$138M	$78M	-$43M
Q3 24	$138M	$80M	-$21M
Q4 24	$174M	$126M	-$56M
Q1 25	$226M	$186M	-$94M
Q2 25	$204M	$166M	$128M

Valuation

Quarter	P/S	P/E
Q3 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	1.0x	—
Q1 23	1.1x	6.1x
Q2 23	1.2x	3.8x
Q3 23	1.4x	10.0x
Q4 23	2.1x	13.2x
Q1 24	2.3x	—
Q2 24	2.3x	—
Q3 24	2.5x	—
Q4 24	3.3x	—
Q1 25	2.6x	—
Q2 25	2.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$61M	$32M
Q2 22	$100M	$51M
Q3 22	$70M	$23M
Q1 23	$13M	-$76M
Q2 23	$67M	$26M
Q3 23	$35M	-$1M
Q4 23	$8M	-$19M
Q1 24	$19M	-$610.0K
Q2 24	-$9M	-$21M
Q3 24	$65M	$44M
Q4 24	$44M	-$4M
Q1 25	$23M	-$35M
Q2 25	$76M	$2M

Capital Expenditures

Quarter	CapEx
Q1 22	$29M
Q2 22	$49M
Q3 22	$47M
Q1 23	$89M
Q2 23	$41M
Q3 23	$36M
Q4 23	$27M
Q1 24	$20M
Q2 24	$12M
Q3 24	$21M
Q4 24	$48M
Q1 25	$57M
Q2 25	$74M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-4.7%	-79.3%
Q2 23	-46.0%	-65.7%
Q3 23	-53.0%	-18.9%
Q4 23	-67.2%	-73.8%
Q1 24	-29.2%	+102.5%
Q2 24	-8.7%	+5.7%
Q3 24	-24.3%	-15.3%
Q4 24	-7.2%	+75.5%
Q1 25	+45.8%	+68.2%
Q2 25	+48.4%	-58.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$11M	4.1%
Q2 22	$9M	2.3%
Q3 22	$0	0.0%
Q1 23	$4M	1.7%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$1M	0.7%
Q2 24	$1M	0.8%
Q3 24	$11M	7.7%
Q4 24	$3M	2.0%
Q1 25	$2M	0.9%
Q2 25	$4M	2.0%

OpEx Breakdown

Quarter	G&A
Q3 21	$48M
Q1 22	$47M
Q2 22	$50M
Q3 22	$96M
Q1 23	$69M
Q2 23	$64M
Q3 23	$62M
Q4 23	$70M
Q1 24	$55M
Q2 24	$53M
Q3 24	$67M
Q4 24	$66M
Q1 25	$60M
Q2 25	$65M

Revenue Segments

Quarter	Marketing	Natural Gas, Midstream	Natural Gas, NGL, And Oil	Other Revenue	Related Party Revenues
Q1 25	$6M	$3M	$216M	$2M	$426.0K
Q2 25	$1M	$3M	$200M	$3M	$425.0K

Revenue by Geography

Quarter	Pennsylvania	Texas
Q3 24	$5M	$133M
Q1 25	$25M	$206M
Q2 25	$15M	$192M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$167M	$0	$167M
Q4 22	$153M	$0	$153M
Q1 23	$41M	$0	$41M
Q2 23	$22M	$0	$22M
Q3 23	$54M	$0	$54M
Q4 23	$25M	$0	$25M
Q1 24	$22M	$0	$22M
Q2 24	$9M	$0	$9M
Q3 24	$31M	$0	$31M
Q4 24	$15M	$0	$15M
Q1 25	$15M	$0	$15M
Q2 25	$21M	$0	$21M
Q3 25	$83M	$0	$83M
Q4 25	$199M	$0	$199M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	84M	—	—
Q1 22	84M	0.0%	—
Q2 22	84M	0.0%	—
Q3 22	84M	0.0%	—
Q1 23	84M	0.0%	0.0%
Q2 23	84M	0.0%	0.0%
Q3 23	84M	0.0%	0.0%
Q4 23	84M	0.0%	0.0%
Q1 24	84M	0.0%	0.0%
Q2 24	84M	0.0%	0.0%
Q3 24	71M	-16.0%	-16.0%
Q4 24	71M	0.0%	-16.0%
Q1 25	85M	+19.9%	+0.7%
Q2 25	85M	+0.2%	+0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$476.1K	366
Q1 25	$617.0K	366
Q2 25	$558.1K	366

Revenue / Employee