BKV Corp (BKV) stock analysis
Close on Nov 12, 2026Market cap $1.97BP/E 9.1Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed10 of 30 checks passed
BKV passes 10 of the 30 checks behind our score; 11 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 4/6
- Growth
- 0/6
- Past performance
- 4/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Trading below fair value
The share price of $19.24 is below our fair value estimate of $21.25.
Return on capital over 10%
Return on invested capital was 10.9%, above the 10% that usually covers the cost of capital.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 20.5% of total debt.
P/E below the industry
BKV's P/E of 9.1 is below the Crude Petroleum and Natural Gas median of 10.4.
What to watch
Margin of safety under 20%
The price is 9.5% below fair value, less than the 20% cushion we look for.
Return on equity under 15%
Return on equity was 10.9% over the last twelve months and averaged 14.8% over five years; we look for 15% on both.
High debt
Debt is 89.3% of shareholders' equity, above the 40% we consider low.
Revenue growing under 10% a year
Revenue grew -11.8% a year over the last three fiscal years, short of the 10% we look for.
Valuation4/6
P/E against its history
Not enough price and earnings history to compare.
P/E below the industry
BKV's P/E of 9.1 is below the Crude Petroleum and Natural Gas median of 10.4.
EV/EBITDA below its 5-year median
BKV's EV/EBITDA of 5.9 is below its 5-year median of 6.1.
P/B below the industry
BKV's price-to-book of 0.88 is below the Crude Petroleum and Natural Gas median of 1.33.
Trading below fair value
The share price of $19.24 is below our fair value estimate of $21.25.
Margin of safety under 20%
The price is 9.5% below fair value, less than the 20% cushion we look for.
Growth0/6
Revenue growing under 10% a year
Revenue grew -11.8% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -32.3% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew -2.7% over the last twelve months; the Crude Petroleum and Natural Gas median is 8.7%.
Guidance lowered
BKV lowered its FY 2026 General and administrative (stock comp) outlook on Aug 6, 2026.
Gross margin trend
This company does not report gross profit.
Past performance4/6
Return on equity under 15%
Return on equity was 10.9% over the last twelve months and averaged 14.8% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 10.9%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
BKV's return on equity of 10.9% is above the Crude Petroleum and Natural Gas median of 5.5%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 15.6% over the last twelve months, against a 5-year average of 9.1%.
Net margin above the industry
BKV's net margin of 15.6% is above the Crude Petroleum and Natural Gas median of 3.8%.
Financial health2/6
High debt
Debt is 89.3% of shareholders' equity, above the 40% we consider low.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 20.5% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 3.25 times current liabilities.
Elevated bankruptcy risk
The Altman Z-score is 1.25; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
BKV has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$21.25
The share price is 9% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 10.4× | – | 10.4× | $21.87 | 47% |
| EV/EBITDA | 5.5× | 6.1× | 5.3× | $18.47 | 41% |
| P/B | 1.3× | 1.2× | 1.3× | $28.55 | 12% |
| Earnings powerleft out, too far from the others | 9.1% cost of equity | – | – | $5.44 | – |
| Fair value | $21.25 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Crude Petroleum and Natural Gas median 10.4
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $40.64M
- Value traded per 1% price move
- $17.49M
Downside
Medium risk
- Typical loss in a bad month
- 20.1%
- Volatility (annualized)
- 43%
- Sharpe ratio, 1 year
- -0.69
- Beta to the S&P 500 (5Y)
- 0.85
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2021 to 2025
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.9% | -11.8% | – | – | |
| Operating income | – | -0.1% | – | – | |
| Net income | – | -24.1% | – | – | |
| EPS, diluted | – | -32.3% | – | – |
Returns and balance sheet
5 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2021 | FY2021 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 10.3% | |
| Return on assets | – | – | 5.1% | |
| Current ratio | – | – | 0.91 | |
| Debt to equity | – | – | 0.57 | |
| Net debt to EBITDA | – | – | 1.78× | |
| Capex to revenue | – | – | 26.7% | |
| Diluted shares | – | – | 87M |
Cash use needs five years of cash flow figures
BKV does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 15.7% | 0.32× | 2.02× | 10.3% |
| FY2024 | -13.4% | 0.36× | 2.07× | -9.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$179.16M
- Cash generatingOperating cash flow above zero$280.37M
- Return on assets improvedROA up on the prior year-5.2% → 5.8%
- Earnings backed by cashOperating cash flow above net income$280.37M vs $179.16M
- Less leverageLong-term debt to assets fell27.4% → 23.8%
- Better liquidityCurrent ratio rose0.99 → 0.91
- No dilutionShare count did not rise71M → 87M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.39 → 0.37
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