Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 5/5 core metricsLatest reported free cash flow was -$57M.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Free cash flow was negative
Latest reported free cash flow was -$57M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
- 1 filing risk check flagged
Flagged areas: Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue expanded
Latest reported annual revenue changed +47.8% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Operating margin improved
Operating margin changed +50.0 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Natural Gas NGL And Oil$858Mshare n/a+53.8% yoy
- Natural Gas Reserves$675Mshare n/a+75.1% yoy
- Natural Gas Liquids Reserves$173Mshare n/a+4.6% yoy
- Related Party And Other$13.4Mshare n/a-43.4% yoy
- Marketing$12.3Mshare n/a+15.3% yoy
- Natural Gas Midstream$10.5Mshare n/a-16.8% yoy
- Oil Reserves$9.46Mshare n/a+43.2% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- TX$826M92.4%+46.5% yoy
- PA$67.7M7.6%+65.8% yoy
Members sum to the consolidated $894M for this period.
- Natural Gas NGL And Oil$288Mshare n/a+33.1% yoy
- Natural Gas Reserves$240Mshare n/a+43.0% yoy
- Merchant Energy Sales And Other$94.8Mshare n/a+59.3% yoy
- BKVBPP Power LLC$69Mshare n/a+57.3% yoy
- Physical Power Purchased-$55.7Mshare n/a+22.7% yoy
- Natural Gas Liquids Reserves$44.8Mshare n/a+0.2% yoy
- +4 more members in the filing
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,104 US-listed filers · 119 in Energy| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $894M | 53rdof 3,301 middle third | 41stof 113 middle third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 47.9% | 90thof 3,135 top third | 88thof 107 top third |
Operating margin operating income ÷ revenue | 24.4% | 89thof 2,819 top third | 81stof 99 top third |
Net margin net income ÷ revenue | 19.4% | 85thof 3,263 top third | 84thof 109 top third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | -6.4% | 25thof 2,679 bottom third | 17thof 61 bottom third |
Return on equity net income ÷ stockholders' equity (positive equity only) | 8.5% | 61stof 3,577 middle third | 61stof 95 middle third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 1.4% | 58thof 2,895 middle third | 37thof 96 middle third |
Net debt ÷ operating cash flow net debt ÷ operating cash flow (OCF > 0) · lower is ranked higher | 1.2× | 62ndof 1,547 middle third | 52ndof 72 middle third |
Cash conversion operating cash flow ÷ net income (net income > 0) | 1.4× | 45thof 2,135 middle third | 15thof 69 bottom third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -2.6% | 36thof 3,291 middle third | 14thof 98 bottom third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 31.4% | 22ndof 2,805 bottom third | 17thof 75 bottom third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 45 changed periods, 30 largest shown| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2024-12-31 | $14.9M 10-K 2025-03-31 | $81.2M 10-K/A 2026-08-19 | +446.3% | first · latest · 6 filings carry it |
| Long-term debt LongTermDebt | balance at 2024-12-31 | $165M 10-K 2025-03-31 | $859M 10-K/A 2026-08-19 | +420.7% | first · latest · 4 filings carry it |
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2023-12-31 | $25.4M 10-Q 2024-11-13 | $105M 10-K/A 2026-08-19 | +313.3% | first · latest · 4 filings carry it |
| Long-term debt LongTermDebt | balance at 2025-12-31 | $487M 10-K 2026-03-06 | $1.14B 10-K/A 2026-08-19 | +133.8% | first · latest · 4 filings carry it |
| Total liabilities Liabilities | balance at 2024-12-31 | $672M 10-K 2025-03-31 | $1.55B 10-K/A 2026-08-19 | +130.3% | first · latest · 6 filings carry it |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | fiscal year 2023-12-31 | $123M 10-K 2025-03-31 | $260M 10-K/A 2026-08-19 | +111.5% | first · latest · 3 filings carry it |
| Total liabilities Liabilities | balance at 2025-12-31 | $1.07B 10-K 2026-03-06 | $1.87B 10-K/A 2026-08-19 | +75.1% | first · latest · 4 filings carry it |
| Operating income OperatingIncomeLoss | fiscal year 2024-12-31 | -$155M 10-K 2025-03-31 | -$64.2M 10-K/A 2026-08-19 | +58.5% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | fiscal year 2023-12-31 | $158M 10-K 2025-03-31 | $241M 10-K/A 2026-08-19 | +53.0% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | fiscal year 2025-12-31 | $218M 10-K 2026-03-06 | $304M 10-K/A 2026-08-19 | +39.6% | first · latest |
| Total assets Assets | balance at 2024-12-31 | $2.23B 10-K 2025-03-31 | $3.1B 10-K/A 2026-08-19 | +38.9% | first · latest · 6 filings carry it |
| Total assets Assets | balance at 2025-03-31 | $2.25B 10-Q 2025-05-09 | $3.12B 10-Q 2026-05-07 | +38.8% | first · latest |
| Total assets Assets | balance at 2025-06-30 | $2.3B 10-Q 2025-08-12 | $3.17B 10-Q 2026-08-06 | +37.4% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2023-12-31 | $739M 10-K 2025-03-31 | $1.01B 10-K/A 2026-08-19 | +36.6% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2024-12-31 | $605M 10-K 2025-03-31 | $806M 10-K/A 2026-08-19 | +33.3% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2025-06-30 | $207M 10-Q 2025-08-12 | $269M 10-Q 2026-08-06 | +29.7% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2025-12-31 | $894M 10-K 2026-03-06 | $1.14B 10-K/A 2026-08-19 | +27.6% | first · latest |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | quarter 2025-03-31 | $22.6M 10-Q 2025-05-09 | $16.5M 10-Q 2026-05-07 | -27.3% | first · latest |
| Total assets Assets | balance at 2025-12-31 | $3.13B 10-K 2026-03-06 | $3.94B 10-K/A 2026-08-19 | +25.9% | first · latest · 4 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2025-06-30 | $128M 10-Q 2025-08-12 | $161M 10-Q 2026-08-06 | +25.7% | first · latest |
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2025-12-31 | $199M 10-K 2026-03-06 | $248M 10-K/A 2026-08-19 | +24.6% | first · latest · 4 filings carry it |
| Depreciation and amortization DepreciationDepletionAndAmortization | quarter 2025-03-31 | $40.1M 10-Q 2025-05-09 | $49.7M 10-Q 2026-05-07 | +24.1% | first · latest |
| Depreciation and amortization DepreciationDepletionAndAmortization | fiscal year 2025-12-31 | $159M 10-K 2026-03-06 | $197M 10-K/A 2026-08-19 | +24.1% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2025-03-31 | $231M 10-Q 2025-05-09 | $272M 10-Q 2026-05-07 | +18.0% | first · latest |
| Depreciation and amortization DepreciationDepletionAndAmortization | fiscal year 2024-12-31 | $218M 10-K 2025-03-31 | $256M 10-K/A 2026-08-19 | +17.4% | first · latest · 3 filings carry it |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | fiscal year 2025-12-31 | $243M 10-K 2026-03-06 | $280M 10-K/A 2026-08-19 | +15.5% | first · latest |
| Depreciation and amortization DepreciationDepletionAndAmortization | fiscal year 2023-12-31 | $224M 10-K 2025-03-31 | $256M 10-K/A 2026-08-19 | +14.2% | first · latest · 3 filings carry it |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | fiscal year 2023-12-31 | $188M 10-K 2026-03-06 | $202M 10-K/A 2026-08-19 | +7.3% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2025-03-31 | -$93.7M 10-Q 2025-05-09 | -$100M 10-Q 2026-05-07 | -6.8% | first · latest |
| Net income NetIncomeLoss | fiscal year 2023-12-31 | $117M 10-K 2025-03-31 | $124M 10-K/A 2026-08-19 | +5.7% | first · latest · 3 filings carry it |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for BKV yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.