BKV Corporation
- Open
- 27.24
- Day high
- 27.38
- Day low
- 26.59
- Prev close
- 27.36
- Volume
- 355K
- Mkt cap
- $3.0B
- P/E (TTM)
- 8.2
- EPS (TTM)
- $3.31
- P/B
- 1.3
- P/S
- 2.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.4M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
BKV Corporation (BKV) is a Energy company listed on NYSE. The stock is up 23% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
BKV Corporation (BKV) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BKV earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.36 | $0.22 | -38.9% | $433M | +28.2% |
| Feb 25, 2026 | $0.37 | $0.29 | -21.6% | $241M | -29.1% |
| Aug 12, 2025 | $0.15 | $0.39 | +160.0% | $204M | -17.0% |
| May 9, 2025 | $0.15 | $0.41 | +173.3% | $231M | +3.1% |
| Feb 26, 2025 | $-0.10 | $0.01 | +110.0% | $174M | -18.6% |
| Jun 30, 2024 | — | $-0.71 | — | $138M | — |
| Mar 31, 2024 | — | $-0.46 | — | $155M | — |
| Dec 31, 2023 | — | $0.35 | — | $739M | — |
| Sep 30, 2023 | — | $0.22 | — | $182M | — |
| Jun 30, 2023 | — | $-0.42 | — | $151M | — |
| Dec 31, 2022 | — | $1.22 | — | $1.7B | — |
| Sep 30, 2022 | — | $0.88 | — | $573M | — |
BKV insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | Limpaphayom Kiranadirector | Grant | 7,128 | — |
| Jun 12, 2026 | MILLER CHARLES C IIIdirector | Grant | 7,128 | — |
| Jun 12, 2026 | MASHINSKI CARLA Sdirector | Grant | 7,128 | — |
| Jun 12, 2026 | PATEL SUNIT Sdirector | Grant | 7,128 | — |
| Jun 12, 2026 | Davis Joseph Rdirector | Grant | 7,128 | — |
| Jun 1, 2026 | Jacobsen Eric Sofficer: President, Upstream | Sell | 25,000 | $26.89 |
| May 14, 2026 | Seimon Dilankaofficer: Chief Commercial Officer | Tax | 2,152 | $27.76 |
| May 13, 2026 | Hinojosa Javierofficer: Senior Vice President of Power | Grant | 9,887 | — |
| May 4, 2026 | Jacobsen Eric Sofficer: President, Upstream | Sell | 25,000 | $30.96 |
| Mar 30, 2026 | Seimon Dilankaofficer: Chief Commercial Officer | Grant | 20,732 | — |
| Mar 27, 2026 | Tameron Davidofficer: Chief Financial Officer | Sell | 7,300 | $29.71 |
| Mar 25, 2026 | Kalnin Christopher Pdirector, officer: Chief Executive Officer | Sell | 100,000 | $30.06 |
| Mar 12, 2026 | Larrick Lindsay Bofficer: Chief Legal and Admin Officer | Grant | 23,496 | — |
| Mar 12, 2026 | Jacobsen Eric Sofficer: President, Upstream | Grant | 27,643 | — |
| Mar 12, 2026 | Ngo Ethanofficer: Chf Corporate Dev Officer | Grant | 15,203 | — |
Source: BKV SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full BKV insider & 13F page →BKV Corporation company profile
Overview
BKV Corporation (NYSE:BKV) is an energy company founded in 2015 and headquartered in Denver, Colorado, with additional operations in Pennsylvania and Texas. The company operates as a subsidiary of Banpu North America Corporation and went public in 2014. BKV has evolved from a traditional natural gas exploration and production company into a diversified energy enterprise with three distinct business segments: upstream natural gas operations, power generation, and carbon capture utilization and storage (CCUS) services.
Business
BKV Corporation operates in the energy sector with three primary business segments that work synergistically together: Upstream Operations form the foundation of BKV's business, involving the acquisition, development, and production of natural gas and natural gas liquids (NGLs) from shale formations. The company focuses primarily on the Barnett Shale in Texas and has operations in Pennsylvania. This segment produces approximately 774 million cubic feet equivalent per day of natural gas, which serves as feedstock for the company's other operations. Natural gas liquids are valuable byproducts extracted during natural gas processing, including ethane, propane, and butane. Power Generation represents BKV's downstream integration strategy, where the company operates natural gas-fired power plants with a total capacity of 1,500 megawatts. These combined-cycle power plants burn the company's own natural gas to generate electricity, which is sold into power markets, particularly the Electric Reliability Council of Texas (ERCOT) market. The power business achieved a 57% annual capacity factor in 2024, generating 7,400 gigawatt hours of electricity. Carbon Capture, Utilization and Storage (CCUS) is BKV's newest and most innovative segment, where the company captures carbon dioxide emissions from industrial sources and permanently stores them underground in depleted oil and gas reservoirs. The flagship Barnett Zero project injected 173,325 metric tons of CO2 in its first year of operation. This business addresses growing environmental regulations and corporate sustainability goals while generating revenue from carbon credits and storage fees. The revenue contribution breakdown is approximately 60-70% from upstream operations, 25-30% from power generation, and 5-10% from CCUS, though the CCUS segment is expected to grow significantly as new projects come online.
Revenue model
BKV Corporation generates revenue through multiple complementary business models across its three segments: Product Sales Revenue dominates the upstream segment, where BKV sells natural gas and NGLs at prevailing commodity prices to midstream companies, utilities, and industrial customers. Natural gas pricing is typically tied to regional hub prices like Henry Hub, while NGL pricing follows crude oil and petrochemical feedstock markets. This segment generated approximately $400-450 million in annual revenue based on recent performance. Power Sales Revenue comes from selling electricity into wholesale power markets, primarily ERCOT in Texas. The company receives payments based on energy prices, capacity payments, and ancillary services. Power generation revenue is influenced by electricity demand, natural gas input costs, and grid reliability needs. This segment contributes roughly $150-200 million annually. Service Fee Revenue is generated through the CCUS business, where BKV charges industrial customers fees for capturing, transporting, and permanently storing their CO2 emissions. The company typically earns $40-60 per metric ton of CO2 stored, with additional revenue potential from selling carbon credits in voluntary and compliance markets. Several factors significantly impact BKV's profitability margins. Natural gas price volatility directly affects upstream margins, with higher prices improving profitability while low prices can compress margins severely. Power market dynamics in ERCOT, including seasonal demand patterns, renewable energy penetration, and grid stability issues, influence electricity pricing and capacity factors. Environmental regulations create both opportunities and costs - stricter carbon policies increase demand for CCUS services but may impose compliance costs on operations. Interest rates and capital costs affect the company's ability to finance capital-intensive projects across all segments. Competition from renewable energy sources puts pressure on natural gas-fired power generation, while technological advances in carbon capture could improve CCUS economics or introduce competitive threats.
Competitive moat
BKV Corporation possesses a moderate competitive moat built primarily around operational integration and strategic positioning rather than dominant market share or technological barriers. The company's strongest moat element is its vertical integration strategy, where upstream natural gas production feeds directly into power generation operations, providing cost advantages and supply security that pure-play power generators lack. This integration allows BKV to capture margins across the entire value chain from wellhead to power grid, providing some insulation from commodity price volatility. Geographic concentration in Texas provides advantages through proximity to growing electricity demand from data centers and industrial development, particularly in the ERCOT market where renewable intermittency creates opportunities for reliable natural gas generation. The company's existing infrastructure and operational expertise in the Barnett Shale creates local competitive advantages. The CCUS business represents a potential future moat as BKV develops expertise and infrastructure in an emerging market with high barriers to entry. Early-mover advantages in securing storage sites, developing capture technologies, and building customer relationships could create sustainable competitive positions. However, BKV faces significant competitive threats. Renewable energy expansion continues to pressure natural gas power generation economics, particularly as battery storage costs decline. Large integrated oil companies like ExxonMobil and Chevron are aggressively entering the CCUS market with superior capital resources and technical capabilities. In upstream operations, BKV competes against numerous well-capitalized shale producers with similar cost structures and drilling technologies. The company's moat is relatively narrow and vulnerable to technological disruption, regulatory changes favoring renewables, and competition from larger, better-capitalized energy companies. Success depends heavily on execution excellence and strategic positioning rather than insurmountable competitive barriers.
Risks & safety
BKV Corporation presents moderate financial risk with concerning liquidity metrics but manageable debt levels. Liquidity and Cash Flow Concerns: - Current ratio of 0.41, indicating potential short-term liquidity stress - Cash and short-term investments of only $15.3 million against $253.6 million current liabilities - Free cash flow negative $34.8 million in Q1 2025, though positive $17.6 million for full year 2024 - Operating cash flow positive at $22.6 million quarterly, showing operational cash generation capability Debt and Leverage Metrics: - Net leverage ratio of 0.65x, which is conservative for the energy sector - Total liquidity of $436 million including credit facilities provides adequate financial flexibility - Debt-to-equity ratio near zero, indicating minimal financial leverage risk Valuation Considerations: - Trading at 1.2x book value, reasonable for an asset-heavy energy company - Negative earnings and EBITDA in recent quarters make traditional valuation metrics unreliable - Enterprise value reflects significant asset base of $2.25 billion in total assets Other Risk Factors: - High capital intensity with $320-380 million annual capex guidance - Commodity price exposure creates earnings volatility - Regulatory and environmental risks in all business segments
Recent development
Over the past few years, BKV Corporation has undergone a significant strategic transformation from a traditional upstream natural gas producer to an integrated energy company with three distinct business lines. The most significant development has been the expansion into carbon capture, utilization and storage (CCUS), with the successful launch of the Barnett Zero project that injected over 173,000 metric tons of CO2 in its first year of operation. The company recently reached final investment decision (FID) on a new CCUS project in the Eagle Ford Shale and is targeting over 1 million tons of annual CO2 injection capacity by the end of 2027. Management is actively pursuing a joint venture partnership for the CCUS platform, with exclusive negotiations underway and a targeted timeline of 90-120 days for completion. The power generation business has become increasingly strategic as BKV capitalizes on growing electricity demand in Texas, particularly from data centers and artificial intelligence applications. The company operates 1,500 megawatts of natural gas-fired generation capacity and is exploring power purchase agreements (PPAs) with hyperscale data center operators, with management comfortable dedicating up to 750 megawatts to a single long-term contract. Additional combined-cycle power plant construction is under consideration to meet growing demand. In the upstream segment, BKV has maintained a disciplined capital allocation approach while optimizing production from its Barnett Shale assets. The company has achieved low base decline rates and efficient well development, with production reaching 774 million cubic feet equivalent per day. Management indicates potential for increased capital expenditures in the second half of 2025 if natural gas prices remain strong, and expects more consolidation opportunities in the Barnett Basin if commodity price strips stabilize. Financial strategy has focused on maintaining flexibility while funding growth initiatives, with 2024 adjusted free cash flow of $92 million and total capital expenditure guidance of $320-380 million for 2025. The company has maintained a conservative net leverage ratio of 0.65x while building total liquidity to $436 million.
BKV company profile · for informational purposes only — not investment advice.
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