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BKV Corporation
(NYSE:BKV)
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Rating:70Outperform
Price Target:
$27.00
▲(12.31% Upside)
Action:Upgraded
Date:08/22/26
The score is driven primarily by improved financial performance and a solid balance sheet, supported by a constructive earnings update with raised production guidance and record adjusted results. Offsetting these positives are weaker technicals (price below key moving averages) and mixed cash-flow quality (negative TTM free cash flow), while valuation is favorable due to a low P/E.
Positive Factors
Improved profitability and revenue growth
The recovery from the 2024 loss year and strong TTM margins show that BKV’s operations can generate meaningful earnings. Continued revenue growth provides a broader base to fund development and support the company’s expanding energy platform.
Negative Factors
Weak free cash flow conversion
Positive operating cash flow has not translated into positive TTM free cash flow because investment and working-capital demands remain high. Persistently weak conversion could limit internally funded growth and increase reliance on debt or asset financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved profitability and revenue growth
The recovery from the 2024 loss year and strong TTM margins show that BKV’s operations can generate meaningful earnings. Continued revenue growth provides a broader base to fund development and support the company’s expanding energy platform.
Read all positive factors
BKV Corporation (BKV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.63B
Dividend YieldN/A
Average Volume (3M)825.57K
Price to Earnings (P/E)8.8
Beta (1Y)0.66
Revenue Growth84.28%
EPS GrowthN/A
CountryUS
Employees452
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)2.76
Shares Outstanding109,437,830
10 Day Avg. Volume660,658
30 Day Avg. Volume825,573
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)1.23
Price to Sales (P/S)2.79
P/FCF Ratio-43.51
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$33.44Price Target Upside39.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)1.67
Revenue Forecast (FY)$1.71B
BKV Corporation Business Overview & Revenue Model
Company Description
BKV Corporation's business encompasses the entire natural gas and natural gas liquids (NGLs) value chain. The company focuses on acquiring, developing, and managing energy-producing assets, and also provides essential midstream services including ...
How the Company Makes Money
BKV primarily makes money by producing and selling natural gas and, where applicable, natural gas liquids (NGLs) from its operated oil and gas properties. Revenue is generated from the sale of produced hydrocarbons to third-party purchasers under ...
BKV Corporation Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
The earnings call communicated strong, broad-based operational and financial outperformance: record adjusted EBITDAX and net income, improved upstream efficiency and well performance, meaningful progress and commercialization in carbon capture, and maturing power project development with material permits and site control. The principal negatives are higher near-term power capital needs, timing and interconnection uncertainty for grid-connected phases, and some margin exposure to wider gas differentials. Overall, the positives — including production upgrades, cost reductions, CCUS commercialization, power operational strength, and solid liquidity and hedging — materially outweigh the lowlights.Positive Updates
Record Financial Results
Record adjusted EBITDAX of $142 million and record adjusted net income of $51 million (more than double Q1), achieved despite lower natural gas prices.
Negative Updates
Increased Strategic Power Capital Requirement
Full-year 2026 strategic power CapEx guidance raised to $400 million–$475 million (an increase of ~$128 million at midpoint), reflecting accelerated long-lead equipment purchases and higher near-term spending for Jack County and Temple development.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Financial Results
Record adjusted EBITDAX of $142 million and record adjusted net income of $51 million (more than double Q1), achieved despite lower natural gas prices.
Read all positive updates
Company Guidance
BKV updated 2026 guidance raising Upstream production to a midpoint of 950 million cubic feet equivalent per day (a 1.6% increase) and now expects 3–4% year‑over‑year production growth, while noting slightly wider gas differentials with ethane rejection offset by higher NGL realizations; it also increased 2026 strategic power capital to $400–$475 million (an ~$128 million midpoint increase, Board‑subject) as it accelerates long‑lead equipment purchases. Q2 results that underpin the guide included record adjusted EBITDAX of $142 million, record adjusted net income of $51 million, total Q2 CapEx of $198 million (Upstream at the low end of guidance), and adjusted free cash flow of $40 million (H1 FCF ~$60 million before strategic investments). Balance sheet and hedge metrics: $170 million cash, $840 million total liquidity, net debt $1.1 billion, net leverage 1.8x; 66% of remaining 2026 gas hedged at $3.88/MMBtu, 56% of NGLs hedged at ~ $25/bbl, nearly 500 MMcf/d hedged for 2027 (over half swapped at ~ $4/MMBtu), 700 MW of 2026 power hedged (600 MW under ERCOT) and ~400 MW of 2027 spark‑spread swaps. Carbon guidance: three operating CCUS projects have injected ~400,000 tons of CO2 through Q2, and BKV targets a 1.5 million ton per annum injection run‑rate by 2028.BKV Corporation Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
84
Very Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.28B | 895.64M | 604.53M | 739.28M | 1.66B | 889.53M |
| Gross Profit | 781.40M | 283.70M | 387.00M | 515.91M | 1.54B | 797.25M |
| EBITDA | 604.20M | 412.01M | 82.18M | 446.59M | 640.00M | -74.02M |
| Net Income | 267.11M | 173.13M | -142.87M | 116.92M | 410.14M | -138.21M |
Balance Sheet | ||||||
| Total Assets | 4.24B | 3.13B | 2.23B | 2.68B | 2.70B | 1.62B |
| Cash, Cash Equivalents and Short-Term Investments | 168.26M | 199.41M | 14.87M | 25.41M | 153.13M | 134.67M |
| Total Debt | 1.25B | 486.78M | 165.00M | 541.66M | 617.04M | 181.41M |
| Total Liabilities | 1.86B | 1.06B | 671.51M | 1.21B | 1.51B | 865.89M |
| Stockholders Equity | 2.30B | 2.04B | 1.56B | 1.42B | 1.13B | 705.10M |
Cash Flow | ||||||
| Free Cash Flow | -178.17M | -57.46M | 17.62M | -69.53M | 101.10M | 289.42M |
| Operating Cash Flow | 325.65M | 242.71M | 118.54M | 123.08M | 349.19M | 358.13M |
| Investing Cash Flow | -892.15M | -564.90M | 36.07M | -177.85M | -865.57M | -161.86M |
| Financing Cash Flow | 648.47M | 506.74M | -304.81M | 66.71M | 534.83M | -79.05M |
BKV Corporation Risk Analysis
BKV Corporation disclosed 110 risk factors in its most recent earnings report. BKV Corporation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BKV Corporation Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $1.95B | 17.92 | 12.70% | 10.11% | 10.33% | ― | |
74 Outperform | $2.09B | 21.82 | 12.74% | 13.59% | 39.27% | -72.63% | |
70 Outperform | $2.63B | 8.78 | 12.81% | ― | 84.28% | ― | |
65 Neutral | $4.44B | 91.39 | 1.12% | 4.26% | 24.25% | ― | |
61 Neutral | $2.75B | -7.15 | -19.26% | ― | 2.44% | -144.04% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | $1.99B | -5.41 | -886.32% | ― | ― | -71.38% |
* General Sector Average
BKV
BKV Corporation
24.24
0.83
3.55%
KRP
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15.10
2.47
19.52%
NEXT
NextDecade
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TALO
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16.72
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CRGY
Crescent Energy Company Class A
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MNR
Mach Natural Resources LP
12.44
-0.03
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BKV Corporation Corporate Events
Executive/Board ChangesShareholder Meetings
BKV Shareholders Elect Directors and Ratify Auditor Appointment
Positive
Jun 12, 2026
BKV Corporation held its Annual Meeting of Stockholders on June 11, 2026, where shareholders elected four Class II directors, Akaraphong Dayananda, Thiti Mekavichai, Sunit S. Patel, and Carla Mashinski, to serve on the board until the 2029 annual ...
Business Operations and StrategyPrivate Placements and Financing
BKV Corporation Amends Credit Agreement for Greater Flexibility
Positive
May 22, 2026
On May 20, 2026, BKV Corporation, BKV Upstream Midstream, LLC, and certain subsidiaries entered into a Sixth Amendment to their reserve-based lending credit agreement with Citibank, N.A. and a syndicate of lenders. The amendment raises the maximum...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.