BKV Corp BKV
BKV Corporation ("BKV," the "Company," "our," "we," and "us") is a forward-thinking, growth-driven energy company focused on creating long-term risk-adjusted stockholder value through the development of natural gas producing assets, the ownership and operation of natural gas-fired power generation assets, and selective accretive acquisitions. Our core businesses are the production of natural gas and the generation of natural gas-fired power from our owned and operated assets, supported by a closed-loop strategy enabled by our upstream, midstream, power, and CCUS businesses.
Our operations are supported by four business lines: natural gas production, natural gas midstream, power generation, and CCUS. Our operating approach is designed around a closed-loop model that aligns these business lines to support cost efficiency, commercial optimization, and operational reliability across the value chain. Through this approach, we retain operational control over the production, transportation, and processing of natural gas and provide multiple platforms for disciplined capital deployment, while meeting growing demand for low carbon natural gas and power.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $1.14B | $805.7M | $1.01B | $1.66B | — |
| SG&A | $131.6M | $110.0M | $133.6M | $148.6M | — |
| Total operating expenses | $1.23B | $1.10B | $1.06B | $726.0M | — |
| Operating income | $303.7M | -$64.2M | $241.1M | $304.6M | — |
| Pre-tax income | $225.2M | -$175.8M | $162.1M | $472.8M | — |
| Income tax | $36.9M | $42.4M | $30.1M | $62.7M | — |
| Net income | $179.2M | -$138.7M | $123.6M | $410.1M | — |
| EPS, basic | 2.05 | -1.94 | 2.03 | 6.99 | — |
| EPS, diluted | 2.05 | -1.94 | 1.92 | 6.62 | — |
| Shares, diluted (wtd. avg.) | $86.8M | $71.3M | $64.4M | $62.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $248.4M | $81.2M | $105.0M | $166.5M | $134.7M |
| Receivables | — | — | $3.3M | — | — |
| Inventory | $20.0M | $20.1M | $9.9M | — | — |
| Total current assets | $511.4M | $235.0M | $312.2M | — | — |
| Goodwill | $18.4M | $18.4M | $18.4M | — | — |
| Total assets | $3.94B | $3.10B | $2.68B | — | — |
| Accounts payable | $100.4M | $75.2M | $3.2M | — | — |
| Short-term debt | $200.4M | $9.4M | — | — | — |
| Total current liabilities | $564.6M | $236.7M | $412.3M | — | — |
| Long-term debt | $937.7M | $849.8M | $579.0M | — | — |
| Total liabilities | $1.87B | $1.55B | $1.21B | — | — |
| Retained earnings | $309.1M | $131.3M | $259.9M | — | — |
| Total equity | $1.99B | $1.50B | $1.27B | $1.01B | $663.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | $280.4M | $115.4M | $260.3M | $349.2M | — |
| Depreciation and amortisation | $197.2M | $255.9M | $256.2M | $130.0M | — |
| Stock-based compensation | $12.8M | $16.3M | $25.8M | $31.9M | — |
| Capital expenditure | $305.1M | $105.4M | $201.5M | — | — |
| Investing cash flow | -$576.4M | $34.3M | -$663.1M | -$865.6M | — |
| Financing cash flow | $463.3M | -$314.8M | $498.5M | $534.8M | — |
| Buybacks | — | $0 | $600.0K | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-098821.
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