Start here if you're new
what it is
BKV makes natural gas, moves it through pipes, makes power, and traps carbon underground.
how it gets paid
Last year Bkv made $894M in revenue. Natural gas production was the main engine at $650M, or 73% of sales.
why it's growing
Revenue grew 47.8% last year. That quarter was almost absurd in size. $636M is 71% of last year's full-year revenue in one quarter.
what just happened
Revenue hit $636M, up 218% vs. prior year, while EPS was $1.20.
At a glance
n/a balance sheet
58.5x trailing p/e — you're paying up for this one
-$2.00 fy2024 eps est
$2B fy2026 rev est
24.3% operating margin
What they do
BKV makes natural gas, moves it through pipes, makes power, and traps carbon underground.
BKV controls 481,000 net acres. That is a huge drilling pantry, and 3,132 Bcfe of proved reserves (booked fuel in the ground) gives you inventory. It averaged 788.0 MMcfe/d in 2024, so your gas is already moving at scale.
How they make money
$894M
annual revenue · their business grew +47.8% last year
Natural gas production
$650M
Gathering, processing & transportation
$130M
Power generation
$65M
CCUS
$49M
The products that matter
drills and sells natural gas
upstream production
$894M · +47.8%
it generated the full $894M of 2025 revenue, up 47.8% from the prior year. this is the business paying for everything else.
core cash engine
gas-fired power generation
power joint venture
75% control
BKV moved to 75% control in january 2026. in plain english: management wants more of the value chain, not just wellhead economics.
integration bet
gathering and processing systems
midstream infrastructure
supports 935 MMcfe/d target
this infrastructure matters because management is targeting about 935 MMcfe per day in 2026. higher volumes mean nothing if the system cannot move them.
execution watch
Key numbers
$894M
annual revenue
EDGAR says BKV sold $894M in a year. That is the whole sales pile, and it rose 47.8% from last year.
58.5x
trailing P/E
P/E → price versus past profit → 58.5x means you pay 58.5 years of trailing earnings for the stock's recent profit trail.
24.3%
operating margin
Operating margin → core profit after direct costs → 24.3% means a quarter of sales survives before interest and taxes.
$487M
long-term debt
Debt → borrowed money → $487M is 13% of capital, so the balance sheet is serviceable, not pristine.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $487M (13% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for BKV right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $636M, up 218% vs. prior year, while EPS was $1.20.
That quarter was almost absurd in size. $636M is 71% of last year's full-year revenue in one quarter. EPS also rose 33% from a year ago.
$224M
revenue
$1.20
eps
+218.0%
revenue growth
the number that mattered
The $636M quarter mattered because it was 71% of last year's full-year revenue. That is what 218% growth looks like.
source: company earnings report, 2026
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What could go wrong
the #1 risk is equity-funded growth in a commodity business. BKV already raised $257.6M by selling 9.7M shares at a 7% discount, then filed for another 5.55M-share offering in march 2026.
high
dilution can outpace operating progress
selling 9.7M shares at $26.58 raised real money, but it also reduced your slice of the company. the follow-on filing for another 5.55M shares says this may not be a one-off.
if growth keeps needing discounted equity, per-share upside gets harder even when revenue rises.
high
natural gas prices still decide most of the story
2025 revenue reached $894M and grew 47.8%, but this is still a commodity business. pricing power belongs to the market, not to BKV.
with one core revenue engine disclosed, weak gas prices would hit a very large share of the business at once.
med
the premium multiple leaves little room for a stumble
58.5x trailing earnings and 13.6x trailing cash flow versus a 9.2x peer average is rich for an operator still proving out scale.
miss the 935 MMcfe per day production target, and the stock stops looking like a growth story fast.
med
integration adds complexity before the base business is mature
taking 75% control of the power joint venture could improve margins and monetization. it also adds another layer of execution risk on top of the upstream growth plan.
more moving pieces can create more value. they can also create more places to miss.
a forced choice is coming: either production, cash flow, and per-share results catch up to the premium valuation, or the market starts pricing BKV like the commodity producer it still is.
source: institutional data · regulatory filings · risk analysis
Pay attention to
production
935 MMcfe/d is the number to watch
management's 2026 plan points to about 935 MMcfe per day on roughly $240M of upstream capital. if volumes lag, the premium multiple will look generous in hindsight.
next report
q1 2026 should show where the new money went
the next quarter matters less for headline EPS and more for capital deployment. you want to see whether the $257.6M raise visibly improves output, liquidity, or both.
financing
the 5.55M-share filing needs a final answer
if the march 2026 filing becomes another discounted deal, your ownership gets diluted again. if it does not, financing pressure eases a bit.
strategy
power integration has to show up in the numbers
75% control of the power joint venture sounds strategic. you should look for evidence that it improves realized economics, not just the slide deck.
Analyst rankings
coverage depth
thin
not enough standardized ranking data is available yet to lean on the usual scorecards. in human-speak, you are doing more of the underwriting work yourself.
consensus setup
aggressive
the useful number we do have is the $2B fy2026 revenue estimate versus $894M in 2025. translation: the street is assuming a big jump, not a steady climb.
source: institutional data
Institutional activity
institutional ownership data for BKV is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$30
current price
n/a
target midpoint · n/a from current
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