# BKV Corporation (BKV)

> Source: Nexqual · https://nexqual.com/BKV · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, BKV Corporation (BKV), nexqual.com/BKV" · informational, not investment advice.

**Price:** USD 21.17 (-0.94% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 21.17 · day 21.05–21.62 · 52w 20.03–32.81 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.40B, net income $273M (19.5% margin), free cash flow -$18.0M (SEC filings).
- 1 of 80 tracked superinvestors hold BKV (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $2.5M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -7.8% vs S&P 500 +13.6%; 5Y +17.3% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD 0.41, revenue estimate $286M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $1.66B | $1.30B | $1.04B | $1.14B | $1.40B |
| Operating income | $305M | $241M | -$64.2M | $304M | $477M |
| Net income | $410M | $124M | -$139M | $179M | $273M |
| EPS (diluted) | $6.62 | $1.92 | -$1.94 | $2.05 | — |
| Free cash flow | — | $58.8M | $10.0M | -$24.7M | -$18.0M |
| Operating margin | 18.3% | 18.5% | -6.2% | 26.6% | 34.0% |
| Net margin | 24.7% | 9.5% | -13.4% | 15.7% | 19.5% |
| Revenue growth | — | -21.5% | -20.4% | +9.9% | — |
| Cash + short-term investments | $166M | $105M | $81.2M | $248M | — |
| Total debt | — | $579M | $859M | $1.14B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 13.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold BKV. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Einhorn | Greenlight Capital | 2.17% | $84.7M | Added +14.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-23 | Hinojosa Javier | Senior Vice President of Power | 4,952 | $104K | 6.4% | Yes (adopted May 15, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-25 | Hinojosa Javier | Senior Vice President of Power | 7,428 | $168K | 8.8% | Yes (adopted May 15, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-21 | Tameron David | Chief Financial Officer | 1,500 | $38K | 2.5% | Yes (adopted May 15, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-21 | Hinojosa Javier | Senior Vice President of Power | 12,377 | $318K | 12.8% | Yes (adopted May 15, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-20 | Tameron David | Chief Financial Officer | 4,321 | $115K | 6.8% | Yes (adopted May 15, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-14 | Larrick Lindsay B | Chief Legal and Admin Officer | 10,000 | $262K | 10.6% | Yes (adopted May 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-01 | Jacobsen Eric S | President, Upstream | 25,000 | $672K | 9.9% | Yes (adopted November 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-01 | Jacobsen Eric S | President, Upstream | 25,000 | $774K | 9% | Yes (adopted November 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Truist Securities | Target raised | Buy | $33 → $34 |
| 2026-09-18 | Evercore ISI Group | Target lowered | Outperform | $33 → $32 |
| 2026-09-16 | Barclays | Target raised | Overweight | $35 → $36 |
| 2026-09-15 | Barclays | Target lowered | Overweight | $36 → $35 |
| 2026-08-11 | Barclays | Target raised | Overweight | $35 → $36 |
| 2026-08-10 | Truist Securities | Target lowered | Buy | $34 → $33 |
| 2026-07-21 | Susquehanna | Target lowered | Positive | $37 → $35 |
| 2026-07-10 | Truist Securities | Target lowered | Buy | $37 → $34 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2024-09-23) |
|---|---|---|
| Total return | -7.8% | +17.3% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -7.9% | +7.9% |
| Volatility (annualized) | 42.3% | 44.5% |
| Max drawdown | -36.7% (May 2026→Oct 2026) | -37.6% (Jan 2025→Apr 2025) |

## Peers (Oil & Gas E&P)
BSM (Black Stone Minerals, L.P.) USD 14.86 +0.41% · BTE (Baytex Energy Corp) USD 5.46 +0.74% · CRK (Comstock Resources, Inc.) USD 14.87 -0.20% · CRC (California Resources Corporatio) USD 54.72 +1.13% · CRGY (Crescent Energy Company) USD 13.75 +0.44% · CNX (CNX Resources Corporation) USD 38.05 -1.37%

## More
Full page: https://nexqual.com/BKV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BKV's own 10-K filed 2026-03-06 (https://www.sec.gov/Archives/edgar/data/1838406/000162828026015661/bkv-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | BKV-BPP Power | ""BKV-BPP Power" or "BKV-BPP Power Joint Venture" refers to BKV-BPP Power LLC, a Delaware limited liability company and the joint venture between BKV Corporation and BPPUS, in which we owned a 50% interest as of December …" |
| Partner | BKV-BPP Cotton Cove | ""BKV-BPP Cotton Cove" or "BKV-BPP Cotton Cove Joint Venture" refers to BKV-BPP Cotton Cove, LLC, a Delaware limited liability company and the joint venture between BKV dCarbon Ventures and BPPUS, in which we own an indir…" |
| Partner | BKV-CIP | ""BKV-CIP Joint Venture" refers to BKV dCarbon Project, LLC, a Delaware limited liability company and the joint venture between BKV dCarbon Ventures and C Squared Solutions, Inc., in which we currently own a 51% interest." |
| Partner | Project | ""BKV-CIP Joint Venture" refers to BKV dCarbon Project, LLC, a Delaware limited liability company and the joint venture between BKV dCarbon Ventures and C Squared Solutions, Inc., in which we currently own a 51% interest." |
| Partner | Ford (F) | "On May 8, 2025, BKV dCarbon Ventures contributed to the BKV-CIP Joint Venture $40.3 million of CCUS assets that included BKV dCarbon Barnett Zero, LLC and BKV dCarbon Las Tiendas, LLC and related assets (including the Ba…" |
| Partner | Barnett Zero | "As discussed in "— Carbon Capture, Utilization and Sequestration," above, we are currently operating the Barnett Zero Project owned by the BKV-CIP Joint Venture and have identified additional potential CCUS projects that…" |
| Partner | Banpu Public Company | "Because we are controlled and significantly influenced by Banpu, we may not have the leverage to negotiate amendments to the arrangements governing the BKV-BPP Power Joint Venture or BKV-BPP Cotton Cove Joint Venture (if…" |
| Partner | Ventures and C Squared Solutions | ""BKV-CIP Joint Venture" refers to BKV dCarbon Project, LLC, a Delaware limited liability company and the joint venture between BKV dCarbon Ventures and C Squared Solutions, Inc., in which we currently own a 51% interest." |
| Partner | ExxonMobil (XOM) | ""Term Loan Credit Agreement" refers to a credit agreement with a syndicate of banks and Bangkok Bank Public Company Limited (New York Branch), as the administrative agent, which included $600.0 million of commitments for…" |
| Partner | Amended and Restated | "In accordance with the terms of the Amended and Restated Limited Liability Company Agreement of the BKV-BPP Power Joint Venture (the "BKV-BPP Power LLC Agreement"), which we entered into with BPPUS at the closing of the …" |
| Partner | Bedrock Energy Partners | "In connection with the closing of the Bedrock Acquisition, we entered into a Registration Rights Agreement with Bedrock Energy Partners, LLC ("Bedrock Energy Partners"), pursuant to which we agreed to, among other things…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Natural gas, NGL, and oil sales | $221.9M | 68.8% | +11.1% |
| — Natural gas (part of Natural gas, NGL, and oil sales) | $156.1M | 48.4% | +0.3% |
| — NGLs (part of Natural gas, NGL, and oil sales) | $61.0M | 18.9% | +46.4% |
| — Oil (part of Natural gas, NGL, and oil sales) | $4.9M | 1.5% | +91.8% |
| BKV-BPP Power, LLC | $74.4M | 23.1% | +20.1% |
| Power Revenues | $74.4M | 23.1% | +20.1% |
| Merchant energy sales and other | $70.8M | 22.0% | +27.1% |
| Energy retail sales | $40.6M | 12.6% | +4.3% |
| Marketing revenues | $26.2M | 8.1% | +275.5% |
| Section45 Q Tax Credits | $3.0M | 0.9% | +18.4% |
| Solar revenue | $111,000 | 0.0% | +3.7% |
| Total revenue | $322.5M | 100% | — |
The lines above cover 158.6% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Texas | $306.5M | 95.0% | +20.8% |
| Pennsylvania | $16.0M | 5.0% | +6.4% |
| Total revenue | $322.5M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 31%, 14%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.41 | $0.63 | -35.7% | $286.3M | 5 |
| Next quarter (ends 2026-12-31) | $0.41 | $0.37 | +11.2% | $308.0M | 4 |
| Current fiscal year (ends 2026-12-31) | $1.55 | $1.54 | +0.7% | $1.49B | 5 |
| Next fiscal year (ends 2027-12-31) | $2.14 | $1.98 | +8.4% | $1.25B | 5 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.46 | $0.24 | Beat +91.7% | — |
| — | Quarter ended Mar 31, 2026 | $0.22 | $0.37 | Miss −40.5% | — |
| — | Quarter ended Dec 31, 2025 | $0.29 | $0.29 | In line | — |
| — | Quarter ended Sep 30, 2025 | $0.50 | $0.21 | Beat +138.1% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-07 | 8-K | Entered a material agreement; Regulation FD disclosure — “On October 2, 2026, a wholly owned subsidiary of BKV Corporation ("BKV" or the "Company") entered into an equipment supply contract (the "Supply Contract") with a Tier 1 supplier (the "Supplier") for the purchase of power generation equipment, including two turbines, certain balance of plant equipment and related services (collectively, the "Equipment"), for the Company's prospective power generation project in Texas. Under the Supply Contract, the Supplier will supply and deliver the Equipment between September…” | https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/0001104659-26-114193-index.htm |
| 2026-09-25 | 8-K | Director or executive officer change, or pay arrangement — “On September 24, 2026, the Board of Directors (the "Board") of BKV Corporation (the "Company") adopted the BKV Corporation Executive Severance Plan (the "Severance Plan") based on the recommendation of the Compensation Committee of the Board. The Severance Plan provides for severance benefits to participants who experience a "qualifying termination," which includes termination of employment by the Company without "cause" (other than due to death or disability) or by the participant for "good reason" (as such terms…” | https://www.sec.gov/Archives/edgar/data/1838406/000110465926110966/0001104659-26-110966-index.htm |
| 2026-09-14 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation; Unregistered sale of shares — “Indenture and Notes On September 14, 2026, BKV Corporation ("BKV" or the "Company") issued $575,000,000 aggregate principal amount of its 1.625% Convertible Senior Notes due 2031 (the "Notes") pursuant to an indenture (the "Indenture"), dated as of September 14, 2026, between the Company and U.S. Bank Trust Company, National Association, as trustee (the "Trustee"). Pursuant to the purchase agreement between the Company and the representative of the initial purchasers of the Notes (collectively, the "Initial…” | https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/0001104659-26-107535-index.htm |
| 2026-09-10 | 8-K | Other material event — “On September 9, 2026, BKV Corporation (the "Company") issued a press release announcing its proposed offering of $400 million aggregate principal amount of its 1.625% convertible senior notes due 2031 (the "Notes") pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). A copy of the press release announcing the offering of the Notes is attached hereto as Exhibit 99.1 and incorporated by reference herein. On September 9, 2026, the Company issued a press release announcing the…” | https://www.sec.gov/Archives/edgar/data/1838406/000110465926106560/0001104659-26-106560-index.htm |
| 2026-08-19 | 10-K/A | Annual report · period ended Dec 31, 2025 | https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/0001104659-26-098821-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/0001628280-26-054162-index.htm |
| 2026-08-06 | 8-K/A | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/0001628280-26-053966-index.htm |
| 2026-08-06 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1838406/000162828026053820/0001628280-26-053820-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.