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BKV Corporation
(NYSE:BKV)
BKV Corporation (BKV) vs. SPDR S&P 500 ETF (SPY)
BKV Corporation Business Overview & Revenue Model
BKV Corporation Earnings Call Summary
BKV Corporation Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 895.64M | 604.53M | 739.28M | 1.66B | 889.53M |
| Gross Profit | 283.70M | 387.00M | 515.91M | 1.54B | 797.25M |
| EBITDA | 412.01M | 82.18M | 446.59M | 640.00M | -74.02M |
| Net Income | 173.13M | -142.87M | 116.92M | 410.14M | -138.21M |
Balance Sheet | |||||
| Total Assets | 3.13B | 2.23B | 2.68B | 2.70B | 1.62B |
| Cash, Cash Equivalents and Short-Term Investments | 199.41M | 14.87M | 25.41M | 153.13M | 134.67M |
| Total Debt | 486.78M | 165.00M | 541.66M | 617.04M | 181.41M |
| Total Liabilities | 1.06B | 671.51M | 1.21B | 1.51B | 865.89M |
| Stockholders Equity | 2.04B | 1.56B | 1.42B | 1.13B | 705.10M |
Cash Flow | |||||
| Free Cash Flow | -57.46M | 17.62M | -69.53M | 101.10M | 289.42M |
| Operating Cash Flow | 242.71M | 118.54M | 123.08M | 349.19M | 358.13M |
| Investing Cash Flow | -564.90M | 36.07M | -177.85M | -865.57M | -161.86M |
| Financing Cash Flow | 506.74M | -304.81M | 66.71M | 534.83M | -79.05M |
BKV Corporation Technical Analysis
BKV Corporation Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $1.76B | 11.74 | 12.05% | 13.84% | -2.71% | -113.80% | |
70 Outperform | $2.32B | 4.96 | 8.09% | 17.48% | 9.33% | ― | |
68 Neutral | $4.09B | 15.28 | 3.06% | 5.78% | 32.31% | -122.30% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
61 Neutral | $2.40B | -3.89 | -20.26% | ― | -0.02% | -473.61% | |
59 Neutral | $3.11B | 14.44 | 10.00% | ― | 31.67% | ― | |
47 Neutral | $1.84B | -4.51 | -46.94% | ― | ― | ― |
BKV Corporation Corporate Events
On March 10, 2026, BKV Corporation and selling stockholder Bedrock Energy Partners, LLC entered into an underwriting agreement with RBC Capital Markets, LLC for a public offering of 5,550,000 primary shares and 4,142,089 secondary shares of BKV common stock at $26.58 per share. The underwriter received a 30‑day option to purchase an additional 1,453,813 shares on the same terms, which it exercised in full on March 11, 2026.
The offering, registered on Form S‑3 with the SEC, closed on March 12, 2026, after which BKV received approximately $185.2 million in net proceeds from the primary share sale, while the company received no proceeds from the secondary shares sold by the stockholder. BKV plans to use the funds for general corporate purposes such as working capital, operating expenses, and capital expenditures, underscoring its ongoing reliance on capital markets and established banking relationships for financing and corporate flexibility.
In connection with the transaction, BKV and the selling stockholder agreed to customary indemnification and other standard underwriting provisions, reflecting prevailing market practice for such equity offerings. The company also filed a legal opinion from Baker Botts L.L.P. to be incorporated into the registration statements, further formalizing the completion of the capital raise and associated regulatory documentation.
The most recent analyst rating on (BKV) stock is a Buy with a $32.00 price target. To see the full list of analyst forecasts on BKV Corporation stock, see the BKV Stock Forecast page.
On March 10, 2026, BKV Corporation launched an underwritten public offering of 9,692,089 shares of common stock, comprising 5,550,000 new shares from the company and 4,142,089 shares from selling stockholder Bedrock Energy Partners, LLC. The company also granted the underwriter, RBC Capital Markets, LLC, a 30-day option to purchase up to an additional 1,453,813 shares on the same terms.
BKV plans to use the net proceeds from its portion of the offering for general corporate purposes, including working capital, operating expenses and capital expenditures, while receiving no proceeds from the selling stockholder’s share sale. The deal, executed off an effective shelf registration and marketed through multiple channels including the NYSE, is set to bolster BKV’s balance sheet and fund ongoing growth initiatives without altering cash flows from the Bedrock-owned stake, potentially broadening its investor base and reinforcing its capital markets profile.
The most recent analyst rating on (BKV) stock is a Buy with a $36.00 price target. To see the full list of analyst forecasts on BKV Corporation stock, see the BKV Stock Forecast page.
On February 25, 2026, BKV Corporation reported fourth-quarter and full-year 2025 results, highlighting net income of $70.4 million for the quarter and $173.1 million for the year, alongside strong production of 939.7 MMcfe/d in Q4 and 835.5 MMcfe/d for 2025. The company generated $1.0 billion in annual revenue, modest positive adjusted free cash flow for the year, and solid contributions from its Power JV, which produced 7,611 GWh in 2025 while its Barnett Zero project sequestered about 138,300 metric tons of CO2.
Management framed 2025 as a pivotal first full year as a public company, citing milestone transactions including the Bedrock acquisition, a CCUS joint venture with Copenhagen Infrastructure Partners, a larger stake in the Power JV, and capital-raising via bond and equity offerings. BKV also closed an additional 25% Power JV interest in January 2026 and issued guidance for 2026, positioning the company for disciplined growth across its integrated gas-to-power and carbon management platform and reinforcing its long-term value proposition for shareholders.
The most recent analyst rating on (BKV) stock is a Buy with a $36.00 price target. To see the full list of analyst forecasts on BKV Corporation stock, see the BKV Stock Forecast page.
On February 19, 2026, BKV Corporation’s board approved the 2025 annual performance-based bonuses for its named executive officers, finalizing compensation figures that had been pending when the company filed its February 3, 2026 information statement for the fiscal year ended December 31, 2025. The board set Chief Executive Officer Christopher P. Kalnin’s non-equity incentive compensation at $1,676,401 for total 2025 pay of $5,903,801, while President – Upstream Eric S. Jacobsen received $816,354 for total compensation of $4,306,883 and Chief Commercial Officer Dilanka Seimon, whose award was prorated from his April 3, 2025 start date, received $497,537 for total compensation of $3,445,756.
The 2025 bonuses were structured around a scorecard that tied 50% of each award to company key performance indicators and 50% to individual goals, reinforcing BKV’s focus on adjusted EBITDAX, free cash flow, cost efficiency, production growth, sustainability metrics, and the advancement of carbon-focused and power retail businesses. Kalnin’s payout was further linked to strategic initiatives such as mergers and acquisitions, CCUS expansion and organizational restructuring, while Jacobsen and Seimon were measured on upstream delivery, commercial strategy, cost management, new product development and support for midstream and power operations, signaling a compensation design closely aligned with both financial performance and long-term strategic execution for stakeholders.
The most recent analyst rating on (BKV) stock is a Buy with a $36.00 price target. To see the full list of analyst forecasts on BKV Corporation stock, see the BKV Stock Forecast page.
On January 30, 2026, BKV Corporation closed its acquisition of one-half of Banpu Power US Corporation’s interest in their BKV-BPP Power joint venture, raising BKV’s stake in the entity to 75% from 50% for consideration of approximately $115.1 million in cash and 5,315,390 newly issued BKV shares. The deal, funded with cash on hand and proceeds from a recent equity offering and structured partly via a private placement exempt from SEC registration, gives BKV majority control over the Temple I and II combined-cycle gas plants in ERCOT’s North Zone, allows it to consolidate the joint venture’s financials, and is intended to streamline governance, sharpen focus on BKV’s power operations and better position the company to capture rising power demand in Texas driven by data centers and other energy-intensive growth sectors.
The most recent analyst rating on (BKV) stock is a Hold with a $31.00 price target. To see the full list of analyst forecasts on BKV Corporation stock, see the BKV Stock Forecast page.
On October 29, 2025, BKV Corporation entered into a Membership Interest Purchase Agreement with Banpu Power US Corporation, a subsidiary of Banpu Power Public Company Limited, to acquire one-half of the limited liability company interests in BKV-BPP Power, LLC, which are currently held by Banpu Power US Corporation. On January 29, 2026, Banpu Power convened an extraordinary general meeting of shareholders at which at least 75% of disinterested shareholders present approved the transaction under applicable Thai law, marking a key regulatory and shareholder milestone that advances BKV’s planned expansion of its stake in the U.S. power venture and clarifies deal certainty for both companies’ stakeholders.
The most recent analyst rating on (BKV) stock is a Buy with a $31.00 price target. To see the full list of analyst forecasts on BKV Corporation stock, see the BKV Stock Forecast page.
On December 17, 2025, BKV Corporation’s board of directors approved, subject to stockholder consent, an amended and restated version of its 2024 Equity and Incentive Compensation Plan, and on January 22, 2026, majority owner Banpu North America Corporation, which holds about 66% of BKV’s outstanding common stock, provided written consent to adopt the revised plan. The amended plan increases the pool of common shares available for equity awards by 2.5 million and continues to authorize a broad range of stock- and performance-based incentives for directors, officers and employees, reinforcing BKV’s use of equity compensation while underscoring the control exerted by its majority stockholder; the plan will become effective at least 20 days after the company distributes an SEC-filed information statement to stockholders of record as of January 20, 2026, formalizing approval under Delaware corporate law.
The most recent analyst rating on (BKV) stock is a Buy with a $32.00 price target. To see the full list of analyst forecasts on BKV Corporation stock, see the BKV Stock Forecast page.
On December 18, 2025, BKV Corporation announced that its board had authorized a two-year share repurchase program of up to $100 million of its outstanding common stock, with purchases to be executed through a variety of methods including open market and privately negotiated transactions. The program, which may be funded with available cash or borrowings under BKV’s reserve-based lending facility, is discretionary in both timing and size, can be suspended or discontinued at any time, and underscores management’s confidence in the company’s closed-loop energy strategy and commitment to shareholder value, signalling a potentially more shareholder-friendly capital allocation stance for investors while leaving flexibility to respond to market and liquidity conditions.
The most recent analyst rating on (BKV) stock is a Buy with a $36.00 price target. To see the full list of analyst forecasts on BKV Corporation stock, see the BKV Stock Forecast page.