Latest Ratios: P/E Ratio 13.9x · EV/EBITDA 10.2x · ROE 9.6%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $2.5B | $1.7B | — | — | — | — |
| Enterprise Value | $3.2B | $2.8B | $1.8B | — | — | — | — |
| P/E Ratio → | 13.87 | 13.92 | — | — | — | — | — |
| P/S Ratio | 3.30 | 2.81 | 2.78 | — | — | — | — |
| P/B Ratio | 1.21 | 1.22 | 1.08 | — | — | — | — |
| P/FCF | — | — | 95.32 | — | — | — | — |
| P/OCF | 12.19 | 10.37 | 14.17 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.13 | 3.03 | — | — | — | — |
| EV / EBITDA | 10.20 | 8.81 | 29.00 | — | — | — | — |
| EV / EBIT | 20.37 | 11.08 | — | — | — | — | — |
| EV / FCF | — | — | 103.84 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 31.7% | 31.7% | 64.0% | 69.8% | 92.8% | 89.6% | 28.7% |
| Operating Margin | 17.8% | 17.8% | -25.6% | 21.3% | 18.3% | 2.3% | -8.1% |
| Net Profit Margin | 19.3% | 19.3% | -23.6% | 15.8% | 24.7% | -15.5% | -35.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 9.6% | 9.6% | -9.4% | 8.7% | 42.0% | -15.9% | -4.4% |
| ROA | 6.5% | 6.5% | -5.8% | 4.3% | 19.0% | -9.3% | -3.2% |
| ROIC | 5.9% | 5.9% | -6.3% | 6.5% | 18.6% | 1.7% | -0.7% |
| ROCE | 6.4% | 6.4% | -7.1% | 7.2% | 19.1% | 1.7% | -0.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.11 | 0.37 | 0.52 | 0.24 | 0.04 |
| Debt / EBITDA | 1.53 | 1.53 | 2.62 | 1.42 | 1.42 | 1.52 | 0.44 |
| Net Debt / Equity | — | 0.14 | 0.10 | 0.35 | 0.39 | 0.06 | 0.02 |
| Net Debt / EBITDA | 0.90 | 0.90 | 2.38 | 1.35 | 1.07 | 0.39 | 0.22 |
| Debt / FCF | — | — | 8.52 | — | 4.59 | 0.16 | — |
| Interest Coverage | 5.91 | 5.91 | -2.67 | 2.88 | 13.72 | -81.00 | -1.55 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.78 | 1.78 | 0.57 | 0.76 | 0.54 | 0.49 | 2.45 |
| Quick Ratio | 1.75 | 1.75 | 0.53 | 0.73 | 0.54 | 0.48 | 2.39 |
| Cash Ratio | 0.92 | 0.92 | 0.09 | 0.06 | 0.26 | 0.25 | 0.36 |
| Asset Turnover | — | 0.29 | 0.27 | 0.28 | 0.61 | 0.55 | 0.09 |
| Inventory Turnover | 100.78 | 100.78 | 34.78 | 22.48 | — | 18.55 | 30.35 |
| Days Sales Outstanding | — | 45.65 | 39.76 | 24.22 | 31.65 | 44.17 | 236.67 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 7.2% | — | — | — | — | — |
| FCF Yield | — | — | 1.0% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $93M | $71M | $84M | $84M | $84M | $84M |
Capital intensity of CCS
Based on recent financial data, BKV trades at a forward P/E of 15.65, which appears to price in significant future earnings growth that may be difficult to achieve given the current volatility in net margins and the heavy capital requirements of its ongoing carbon capture infrastructure projects.
The current valuation multiples suggest the market is attempting to bridge the gap between a traditional upstream E&P and a specialized carbon-management firm. Investors should monitor whether the forward EV/EBITDA of 6.53 is sustainable, as this multiple relies heavily on the successful commercialization of carbon-neutral gas premiums rather than standard commodity price cycles.
According to historical quarterly filings, BKV's ROIC has struggled to maintain positive territory, fluctuating from a peak of 5.6% in 2025Q2 to 0.9% in 2026Q1, which indicates that the company is currently failing to generate returns that exceed its likely cost of capital during this expansion phase.
The decay in return on invested capital suggests that the aggressive deployment of capital into mature Barnett assets and new CCS ventures has yet to yield the expected operational efficiencies. This trend warrants further investigation into whether the company's asset base is truly compounding value or if the high fixed-cost structure is diluting returns on every dollar of new investment.
As reported in recent financial statements, BKV's cash conversion cycle has remained consistently negative, yet the underlying components show significant volatility, with days payable outstanding reaching 51 days in 2026Q1, suggesting that the company is relying on supplier leverage to manage its strained liquidity position.
The erratic nature of the cash conversion cycle reflects the operational challenges of managing a vertically integrated midstream and upstream business. Investors should be wary of the reliance on extended payment terms, as this may mask underlying difficulties in converting production volumes into timely cash inflows amidst regional basis price fluctuations.
Based on the most recent quarterly balance sheet, BKV's current ratio of 1.31 indicates a moderate improvement in short-term liquidity, yet this remains vulnerable to the company's high capital intensity, which consumed significant cash reserves during the first quarter of 2026 as reported in recent filings.
While the current ratio appears adequate compared to historical lows, the company's reliance on physical assets means that liquidity is not easily accessible without impacting core operations. The lack of a significant cash cushion suggests that any further delays in CCS project monetization could force the company to seek additional external financing, potentially altering its currently healthy debt profile.
The most commonly misapplied metric for BKV is the standard P/E ratio, which fails to account for the significant non-cash charges and derivative volatility inherent in the company's hedging strategy, thereby obscuring the true underlying earning power of its integrated upstream and midstream business model.
Analysts should prioritize EV/EBITDA and free cash flow yield over P/E, as these metrics better capture the capital-intensive nature of the Barnett Shale assets and the long-term investment horizon of the dCarbon ventures. Relying on P/E in this context may lead to a distorted view of the company's valuation, as it ignores the substantial depreciation and amortization associated with the company's massive investment in property, plant, and equipment.
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Quick answers to the most common questions about buying BKV stock.
BKV Corporation's current P/E ratio is 13.9x. The historical average is 13.9x.
BKV Corporation's current EV/EBITDA is 10.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.9x.
BKV Corporation's return on equity (ROE) is 9.6%. The historical average is 5.1%.
Based on historical data, BKV Corporation is trading at a P/E of 13.9x. Compare with industry peers and growth rates for a complete picture.
BKV Corporation has 31.7% gross margin and 17.8% operating margin. Operating margin between 10-20% is typical for established companies.
BKV Corporation's Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.