BKV Corporation (BKV) Balance Sheet
BKV balance sheet, 2025
December 31, 2025 · U.S. dollars$3.13B assets = $1.06B liabilities + $2.07B equity
Both columns are drawn to the same scale: what BKV owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BKV financial health
Descriptive bands, not a rating. Fiscal 2025.
BKV balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.34B2020 | $3.13B2025 | +18.4%/yr | |
| Total liabilities | $357.3M2020 | $1.06B2025 | +24.4%/yr | |
| Shareholders’ equity | $942.9M2020 | $2.04B2025 | +16.7%/yr | |
| Cash & short-term investments | $17.4M2020 | $199.4M2025 | +62.8%/yr | |
| Total debt | $35.1M2020 | $486.8M2025 | +69.2%/yr | |
| Net cash (debt) | −$17.7M2020 | −$287.4M2025 | −$269.7M | |
| Working capital | $70.3M2020 | $170.0M2025 | +$99.6M | |
| Book value per share | $11.212020 | $22.002025 | +14.4%/yr | |
| Current ratio | 2.452020 | 1.782025 | −0.66 | |
| Debt / equity | 0.042020 | 0.242025 | +0.20 | |
| Shares outstanding | 84.1M2020 | 92.7M2025 | +2.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BKV assets
BKV liabilities and equity
BKV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BKV balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $199.4M | $14.9M | $25.4M | $153.1M | $134.7M | $17.4M |
| Cash & equivalents | $199.4M | $14.9M | $25.4M | $153.1M | $134.7M | $17.4M |
| Receivables | $112.0M | $65.8M | $49.1M | $144.0M | $107.6M | $79.5M |
| Inventory | $6.1M | $6.3M | $9.9M | $0 | $5.0M | $2.9M |
| Other current assets | $70.4M | $7.6M | $227.8M | $23.1M | $14.1M | $19.3M |
| Total current assets | $387.9M | $94.6M | $312.2M | $320.1M | $261.4M | $119.0M |
| Property, plant & equipment (net) | $2.55B | $1.99B | $2.21B | $2.25B | $1.20B | $1.20B |
| Goodwill & intangible assets | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M |
| Long-term investments | $130.1M | $115.2M | $104.8M | $97.9M | $89.3M | $0 |
| Other non-current assets | $48.3M | $17.3M | $38.4M | $16.7M | $53.5M | $2.7M |
| Total assets | $3.13B | $2.23B | $2.68B | $2.70B | $1.62B | $1.34B |
| Liabilities | ||||||
| Accounts payable | $84.4M | $53.2M | $47.5M | $75.0M | $32.2M | $8.7M |
| Short-term debt | — | $0 | $127.0M | $90.0M | $176.7M | $30.5M |
| Total current liabilities | $217.9M | $166.2M | $412.3M | $596.6M | $530.4M | $48.7M |
| Long-term debt | $486.8M | $165.0M | $414.7M | $527.0M | $0 | $0 |
| Lease obligations | — | — | — | — | $15.4M | $11.1M |
| Other long-term liabilities | $358.9M | $340.3M | $378.5M | $383.0M | $335.5M | $308.7M |
| Total liabilities | $1.06B | $671.5M | $1.21B | $1.51B | $865.9M | $357.3M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $1.6M | $1.5M | $1.3M | $1.1M | $1.1M | $1.1M |
| Retained earnings (deficit) | $288.8M | $117.1M | $259.9M | $150.4M | −$259.7M | −$26.8M |
| Accumulated other comprehensive income | $0 | $0 | — | — | — | — |
| Minority interest | $80.9M | $51.8M | $60.0M | $62.7M | — | — |
| Total shareholders' equity | $2.04B | $1.56B | $1.42B | $1.13B | $705.1M | $942.9M |
| Key figures | ||||||
| Total debt | $486.8M | $165.0M | $541.7M | $617.0M | $181.4M | $35.1M |
| Net cash (debt) | −$287.4M | −$150.1M | −$516.3M | −$463.9M | −$46.7M | −$17.7M |
| Working capital | $170.0M | −$71.6M | −$100.1M | −$276.5M | −$269.0M | $70.3M |
| Tangible book value | $2.02B | $1.54B | $1.40B | $1.11B | $686.7M | $924.4M |
| Book value per share | $22.00 | $22.08 | $16.85 | $13.47 | $8.38 | $11.21 |
| Shares outstanding | 92.7M | 70.6M | 84.1M | 84.1M | 84.1M | 84.1M |
| Current ratio | 1.78 | 0.57 | 0.76 | 0.54 | 0.49 | 2.45 |
| Quick ratio | 1.43 | 0.49 | 0.18 | 0.50 | 0.46 | 1.99 |
| Debt / equity | 0.24 | 0.11 | 0.38 | 0.54 | 0.26 | 0.04 |
| Equity / assets | 65.1% | 69.9% | 52.8% | 41.9% | 43.5% | 70.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $152.2M | $304.5M | $199.4M | $83.1M | $21.4M | $15.3M | $14.9M | $31.3M | $9.2M | $21.9M | $25.4M | $54.1M |
| Cash & equivalents | $152.2M | $304.5M | $199.4M | $83.1M | $21.4M | $15.3M | $14.9M | $31.3M | $9.2M | $21.9M | $25.4M | $54.1M |
| Receivables | $151.5M | $153.0M | $112.0M | $98.6M | $47.9M | $73.0M | $65.8M | $60.6M | $65.3M | $56.0M | $49.1M | $42.3M |
| Inventory | $18.0M | $18.8M | $6.1M | $6.4M | $7.0M | $6.1M | $6.3M | $0 | $0 | $0 | $9.9M | $0 |
| Other current assets | $136.2M | $91.7M | $70.4M | $13.4M | $22.1M | $10.7M | $7.6M | $33.8M | $46.4M | $217.6M | $227.8M | $169.6M |
| Total current assets | $457.8M | $568.0M | $387.9M | $201.5M | $98.4M | $105.1M | $94.6M | $125.7M | $121.0M | $295.4M | $312.2M | $266.0M |
| Property, plant & equipment (net) | $3.52B | $3.48B | $2.55B | $2.48B | $104.3M | $2.00B | $1.99B | $1.97B | $2.00B | $2.18B | $2.21B | $2.29B |
| Goodwill & intangible assets | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M |
| Long-term investments | $0 | $0 | $130.1M | $135.7M | $114.7M | $105.6M | $115.2M | $132.4M | $81.8M | $97.0M | $104.8M | $132.7M |
| Other non-current assets | $234.0M | $103.7M | $48.3M | $53.8M | $1.97B | $23.2M | $17.3M | $22.3M | $28.2M | $22.6M | $38.4M | $19.5M |
| Total assets | $4.24B | $4.17B | $3.13B | $2.89B | $2.30B | $2.25B | $2.23B | $2.27B | $2.25B | $2.61B | $2.68B | $2.72B |
| Liabilities | ||||||||||||
| Accounts payable | $114.0M | $120.0M | $84.4M | $88.0M | $76.0M | $59.2M | $53.2M | $54.4M | $38.1M | $61.0M | $47.5M | $57.5M |
| Short-term debt | $185.4M | $185.4M | — | $0 | $0 | $0 | $0 | $0 | — | $126.0M | $127.0M | $140.0M |
| Total current liabilities | $398.7M | $432.6M | $217.9M | $236.1M | $174.7M | $253.6M | $166.2M | $139.0M | $117.0M | $394.2M | $412.3M | $492.1M |
| Long-term debt | $1.06B | $1.08B | $486.8M | $486.6M | $200.0M | $200.0M | $165.0M | $190.0M | $410.0M | $415.1M | $414.7M | $414.4M |
| Other long-term liabilities | $368.8M | $347.0M | $358.9M | $363.5M | $341.6M | $315.7M | $340.3M | $339.3M | $331.5M | $355.5M | $378.5M | $376.3M |
| Total liabilities | $1.83B | $1.86B | $1.06B | $1.09B | $716.4M | $769.2M | $671.5M | $668.3M | $858.5M | $1.16B | $1.21B | $1.28B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.8M | $1.8M | $1.6M | $1.6M | $1.5M | $1.5M | $1.5M | $1.5M | $1.3M | $1.3M | $1.3M | $1.3M |
| Retained earnings (deficit) | $426.4M | $352.4M | $288.8M | $219.0M | $142.7M | $38.4M | $117.1M | $182.0M | $169.1M | $228.8M | $259.9M | $229.8M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | — |
| Minority interest | $106.2M | $98.6M | $80.9M | $12.8M | −$2.1M | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.30B | $2.21B | $2.04B | $1.79B | $1.59B | $1.48B | $1.56B | $1.60B | $1.33B | $1.39B | $1.42B | $1.38B |
| Key figures | ||||||||||||
| Total debt | $1.25B | $1.27B | $486.8M | $486.6M | $200.0M | $200.0M | $165.0M | $190.0M | $410.0M | $541.1M | $541.7M | $554.4M |
| Net cash (debt) | −$1.10B | −$961.8M | −$287.4M | −$403.4M | −$178.6M | −$184.7M | −$150.1M | −$158.7M | −$400.8M | −$519.2M | −$516.3M | −$500.3M |
| Working capital | $59.1M | $135.4M | $170.0M | −$34.6M | −$76.3M | −$148.5M | −$71.6M | −$13.3M | $3.9M | −$98.7M | −$100.1M | −$226.1M |
| Tangible book value | $2.28B | $2.19B | $2.02B | $1.77B | $1.57B | $1.46B | $1.54B | $1.58B | $1.31B | $1.37B | $1.40B | $1.37B |
| Book value per share | $20.93 | $21.63 | $22.00 | $21.13 | $18.74 | $17.49 | $22.08 | $22.64 | $15.79 | $16.48 | $16.85 | $16.45 |
| Shares outstanding | 109.8M | 102.3M | 92.7M | 84.9M | 84.8M | 84.7M | 70.6M | 70.6M | 84.1M | 84.1M | 84.1M | 84.1M |
| Current ratio | 1.15 | 1.31 | 1.78 | 0.85 | 0.56 | 0.41 | 0.57 | 0.90 | 1.03 | 0.75 | 0.76 | 0.54 |
| Quick ratio | 0.76 | 1.06 | 1.43 | 0.77 | 0.40 | 0.35 | 0.49 | 0.66 | 0.64 | 0.20 | 0.18 | 0.20 |
| Debt / equity | 0.54 | 0.57 | 0.24 | 0.27 | 0.13 | 0.13 | 0.11 | 0.12 | 0.31 | 0.39 | 0.38 | 0.40 |
| Equity / assets | 54.2% | 53.0% | 65.1% | 62.0% | 69.0% | 65.8% | 69.9% | 70.5% | 59.1% | 53.1% | 52.8% | 50.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 6, 2026); data from EODHD.
BKV financial position
At the end of fiscal 2025 (December 31, 2025), BKV had total assets of $3.1 billion (up 40.3% from a year earlier), total liabilities of $1.1 billion and shareholders' equity of $2.0 billion. It held $199.4 million in cash and short-term investments against $486.8 million of debt, net debt of $287.4 million. Its current ratio was 1.78. In the latest quarter (ended June 30, 2026) total assets were $4.2 billion and equity $2.3 billion.
Related: BKV income statement, BKV cash flow statement, BKV key metrics. See the BKV stock overview for the latest quote and news.
BKV balance sheet FAQ
What are BKV's total assets?
BKV reported total assets of $3.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.2 billion a year earlier.
How much debt does BKV have?
BKV had $486.8 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.24.
How much cash does BKV have?
BKV held $199.4 million in cash and short-term investments at the end of fiscal 2025; with $486.8 million of debt that is net debt of $287.4 million.
What is BKV's book value?
BKV's shareholders' equity (book value) was $2.0 billion at the end of fiscal 2025, or $22.00 per share.
What is BKV's current ratio?
BKV had current assets of $387.9 million and current liabilities of $217.9 million, a current ratio of 1.78 (it can cover its short-term obligations).
How much goodwill does BKV have?
BKV carried $18.4 million of goodwill and intangible assets, 0.6% of total assets, at the end of fiscal 2025.