BKV Corporation (BKV) vs Black Stone Minerals, L.P. (BSM)

BKV Corporation and Black Stone Minerals, L.P. are both Oil & Gas E&P companies. Black Stone Minerals, L.P. is the larger, with a market value of $3.1B against $2.0B — 1.5× the size. BKV Corporation trades at the lower P/E: 6.6× against 13.6×. BKV Corporation grew revenue faster over the last twelve months: 29.7% against −1.88%. Black Stone Minerals, L.P. has the higher net margin (50.3% vs 14.9%) and the higher return on invested capital (12.6% vs 8.14%). Across the 19 metrics below, Black Stone Minerals, L.P. leads on 11 and BKV Corporation on 8.

Valuation

Metric BKV BSM Oil & Gas E&P median
P/E 6.64 13.60 9.67
P/S 1.12 7.16 1.76
P/B 0.84 3.86 1.19
Price to free cash flow n/m 10.10 8.37
EV/EBITDA 4.69 10.93 4.59
EV/Sales 1.72 7.60 2.27
Earnings yield 15.07% 7.36% 7.55%
Free cash flow yield (29.51%) 9.91% 3.98%

Profitability

Metric BKV BSM Oil & Gas E&P median
Gross margin 57.77% 100.00% 79.54%
Operating margin 25.08% 60.40% 24.01%
Net margin 14.85% 50.32% 14.11%
Free cash flow margin (32.96%) 70.90% 7.72%
Return on equity 13.46% 26.56% 8.99%
Return on assets 8.15% 16.24% 4.63%
Return on invested capital 8.14% 12.56% 6.33%

Growth

Metric BKV BSM Oil & Gas E&P median
Revenue growth (TTM) 29.65% (1.88%) 13.60%
EPS growth (last fiscal year) 199.00% 11.30% (10.17%)
Revenue growth, 5-year CAGR — 6.51% 18.67%
Net income growth, 5-year CAGR — 21.82% 0.00%

Health

Metric BKV BSM Oil & Gas E&P median
Debt to equity 0.53 0.18 0.29
Current ratio 1.15 1.78 0.92
Net debt to EBITDA 1.74 0.44 0.93

Dividend

Metric BKV BSM Oil & Gas E&P median
Dividend yield — 8.84% 3.76%
Payout ratio — 1.20 0.33

Size

Metric BKV BSM Oil & Gas E&P median
Market cap 1.98b 3.05b 953.29m

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