BKV Corporation

BKV

Oil & Gas Exploration & Production · Energy

Price

$24.20

-1.90 (-7.28%)

Market Cap

$2.65B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Good

Stability

Good

Valuation

Good

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Share count rising — dilution

+10.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 84.1M (2021) → 92.7M (2025)

Winston Score History

The full picture

BKV Corporation is a natural gas company based in Denver, Colorado. It drills for and produces natural gas, primarily from the Barnett Shale in Texas, one of the largest natural gas fields in the United States. BKV sells its gas to utilities, industrial buyers, and power generators that need fuel to produce electricity and heat.

BKV makes money by selling the natural gas it pulls out of the ground, and it also owns power generation assets that let it sell electricity directly — giving it more ways to earn revenue than a typical gas producer. The company operates mainly in Texas and has a relatively focused asset base, which keeps costs manageable but also concentrates its risk in one region. Because natural gas prices swing up and down based on weather, supply, and demand, BKV's earnings can be unpredictable — and its ability to grow depends heavily on where gas prices go and whether it can expand its power business.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+127.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-44.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

71.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$214M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

BKV Corporation grew revenue 128% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

26.1%

Excellent — 26.1% operating margin

Return on the money invested

ROCE

5.4%

Weak — 5.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+72.9%

Fast-growing sales (+72.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

122%

Turns 122% of profit into real cash

Spare cash per sale

FCF Margin

-13.9%

Burning cash (-13.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.54

Conservative — low debt load (0.54)

Covers its interest

Interest Cover

2.73x

Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.8x

Attractive valuation — P/E 8.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-2.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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