Stocks BKV Financial statements
Financial statementsBKV Corp financial statements
Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data BKV Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2022 | FY2024 | FY2024 | FY2025 | |
|---|---|---|---|---|
| Revenue | 1,660 | 1,303 | 1,038 | 1,141 |
| General and administrative | 149 | 134 | 110 | 132 |
| Operating expenses | 726 | 1,062 | 1,102 | 1,227 |
| Operating income | 305 | 241 | -64.2 | 304 |
| Interest income | 1.14 | 4.72 | 7.35 | 4.11 |
| Pre-tax income | 473 | 162 | -176 | 225 |
| Income tax | 62.7 | 30.1 | -42.4 | 36.9 |
| Net income to minority interests | 8.47 | 5.27 | 9.16 | |
| Net income | 410 | 124 | -139 | 179 |
| EBITDA | 435 | 497 | 192 | 501 |
| EPS, basic | 7.37 | 2.03 | -1.94 | 2.05 |
| EPS, diluted | 6.98 | 1.92 | -1.94 | 2.05 |
| Shares, basic (weighted) | 55.6 | 60.7 | 71.3 | 86.6 |
| Shares, diluted (weighted) | 58.8 | 64.4 | 71.3 | 86.8 |
Balance sheet
| FY2022 | FY2024 | FY2024 | FY2025 | |
|---|---|---|---|---|
| Cash and equivalents | 166 | 105 | 81.2 | 248 |
| Inventory | 9.94 | 20.1 | 20 | |
| Other current assets | 0.22 | 6.72 | 8.15 | |
| Total current assets | 312 | 235 | 511 | |
| Goodwill | 18.4 | 18.4 | 18.4 | |
| Other non-current assets | 19.9 | 13.3 | 17.1 | |
| Total assets | 2,683 | 3,099 | 3,939 | |
| Accounts payable | 47.5 | 75.2 | 100 | |
| Accrued liabilities | 18.2 | 25 | 31.1 | |
| Deferred revenue | 21.8 | 17.9 | 36.3 | |
| Short-term debt | 9.39 | 200 | ||
| Total current liabilities | 412 | 237 | 565 | |
| Long-term debt | 75 | 850 | 938 | |
| Other non-current liabilities | 11.7 | 5.47 | 5.22 | |
| Total liabilities | 1,205 | 1,546 | 1,873 | |
| Total debt | 579 | 859 | 1,138 | |
| Paid-in capital | 1,034 | 1,375 | 1,682 | |
| Retained earnings | 260 | 131 | 309 | |
| Treasury stock | -4.58 | -6.66 | -6.66 | |
| Shareholders' equity | 1,037 | 1,291 | 1,501 | 1,986 |
| Minority interests | 51.8 | 68 | ||
| Total equity | 1,015 | 1,274 | 1,553 | 2,054 |
| Total liabilities and equity | 2,683 | 3,099 | 3,939 | |
| Shares outstanding | 63.9 | 84.6 | 96.9 |
Cash flow statement
| FY2022 | FY2024 | FY2024 | FY2025 | |
|---|---|---|---|---|
| Net income | 410 | 132 | -133 | 188 |
| Depreciation and amortization | 130 | 256 | 256 | 197 |
| Stock-based compensation | 31.9 | 25.8 | 16.3 | 12.8 |
| Deferred income tax | 89.1 | 34.3 | -43.6 | 37.9 |
| Change in receivables | -39.4 | 86.1 | -13 | -46.8 |
| Change in payables | 62.5 | -90.9 | -27.9 | 28.3 |
| Cash from operations | 349 | 260 | 115 | 280 |
| Capital expenditures | -202 | -105 | -305 | |
| Acquisitions | -619 | 0 | 0 | |
| Cash from investing | -866 | -663 | 34.3 | -576 |
| Debt repaid | -43.8 | -19 | ||
| Stock issued | 0 | 150 | 0 | 171 |
| Share buybacks | -0.6 | 0 | ||
| Cash from financing | 535 | 498 | -315 | 463 |
| Net change in cash | 18.5 | 95.6 | -165 | 167 |
| Free cash flow | 58.8 | 10 | -24.7 | |
| Interest paid | 32.1 | 68.5 | 60.5 | 16.4 |
| Income taxes paid | 0.4 | 1.55 | 0.01 | 0.23 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Operating margin | 34.7% | Operating income / revenue. |
| EBITDA margin | 50.7% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 27.8% | Pre-tax income / revenue. |
| Net margin | 21.0% | Net income / revenue. |
| FCF margin | -1.4% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 27.4% | Cash from operations / revenue. |
| Effective tax rate | 19.3% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 11.9% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 6.5% | Net income / average total assets. |
| Return on invested capital (ROIC) | 10.7% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| Stock-based pay / revenue | 1.3% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 28.8% | Capital expenditures / revenue. |
| D&A / revenue | 16.0% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 9.9% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -11.8% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 3y | -0.1% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 161.4% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 4.8% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 3y | -24.1% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 3y | -33.5% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 142.9% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -7.1% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -346.2% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Book value growth, 1y | 32.3% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 24.2% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets growth, 1y | 27.1% | Total assets vs the same period a year earlier. Only from a positive base. |
| Share count change, 1y | 21.8% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 13.9% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.15x | Current assets / current liabilities. |
| Quick ratio | 0.38x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.38x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.54x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 29.5% | Total debt / total assets. |
| Liabilities / assets | 43.3% | Total liabilities / total assets. |
| Net debt | $1.10B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 1.67x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Working capital | $59.1M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 0.4% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $2.28B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.31x | Revenue / average total assets. |
| FCF conversion | -6.6% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 105.1% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $2.49 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $11.83 | Revenue / diluted weighted shares. |
| FCF per share | -$0.16 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $3.25 | Cash from operations / diluted weighted shares. |
| Book value per share | $20.99 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $20.83 | Tangible book value / shares outstanding. |
| Cash per share | $1.39 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $2.39B | Share price x shares outstanding. |
| Enterprise value | $3.48B | Market cap + total debt - cash - short-term investments. |
| P/E | 8.74x | Market cap / net income. Only when net income is positive. |
| P/S | 1.84x | Market cap / revenue. |
| P/B | 1.04x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 1.05x | Market cap / tangible book value, when positive. |
| P/OCF | 6.70x | Market cap / cash from operations, when positive. |
| EV/Sales | 2.68x | Enterprise value / revenue. |
| EV/EBIT | 7.74x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 5.29x | Enterprise value / EBITDA, when both are positive. |
| FCF yield | -0.8% | Free cash flow / market cap. |
| Earnings yield | 11.4% | Net income / market cap (the inverse of P/E). |
What was BKV Corp's revenue in fiscal 2025?
BKV Corp reported revenue of $1.14B for fiscal 2025, 9.9% higher than the year before.
Was BKV Corp profitable in fiscal 2025?
Yes. Net income was $179.2M, a net margin of 15.7%.
How much free cash flow did BKV Corp generate in fiscal 2025?
Cash from operations of $280.4M minus capital expenditures of $305.1M left free cash flow of -$24.7M.