BKV Corporation (BKV) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-25.8%

$14.94

vs $20.15 price

Levered DCF

$8.68

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.54

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	13.85×	-11.32×	12.95×	3.69×	-8.87×	-34.62×
P/B	1.23×	1.04×	1.07×	1.34×	2.15×	1.61×
P/S	2.79×	2.68×	2.05×	0.91×	1.7×	12.36×
EV / EBITDA	6.76×	21.51×	4.55×	3.09×	-21.09×	17.57×
Gross margin	31.7%	64.0%	69.8%	92.8%	89.6%	28.7%
Operating margin	17.8%	-25.6%	21.3%	18.3%	2.3%	-8.1%
Net margin	19.3%	-23.6%	15.8%	24.7%	-15.5%	-35.4%
Current ratio	1.78×	0.57×	0.76×	0.54×	0.49×	2.45×
Debt / equity	0.24×	0.11×	0.38×	0.54×	0.26×	0.04×
Interest coverage	3.72×	-3.05×	2.05×	8.19×	9.52×	-5.78×
Dividend yield	0.0%	0.0%	0.0%	0.0%	6.5%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-71.2%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	8.5%	-9.2%	8.2%	36.2%	-19.6%	-4.6%
Return on invested capital	4.6%	-5.7%	5.3%	12.0%	1.2%	-0.7%
Return on assets	5.5%	-6.4%	4.4%	15.2%	-8.5%	-3.2%
Free cash flow yield	-2.3%	1.1%	-4.6%	6.7%	19.1%	-34.5%
Earnings yield	6.9%	-8.8%	7.7%	27.1%	-9.1%	-2.9%
Enterprise value	$2.8B	$1.8B	$2B	$2B	$1.6B	$1.5B
Net debt / EBITDA	0.7×	1.83×	1.16×	0.72×	-0.63×	0.2×
Cash conversion cycle (days)	-1	-39	-37	-198	-64	212