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 $2.4B — 1.3× the size. BKV Corporation trades at the lower P/E: 8.3× against 12.4×. BKV Corporation grew revenue faster over the last twelve months: 29.7% against 5.07%. Black Stone Minerals, L.P. has the higher net margin (55.3% vs 15.2%) and the higher return on invested capital (14.1% 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 8.31 12.42 11.01
P/S 1.40 6.95 1.98
P/B 1.06 3.93 1.30
Price to free cash flow n/m 10.41 10.68
EV/EBITDA 5.45 10.13 5.09
EV/Sales 2.00 7.38 2.63
Earnings yield 12.04% 8.05% 5.78%
Free cash flow yield (22.08%) 9.61% 4.91%

Profitability

Metric BKV BSM Oil & Gas E&P median
Gross margin 57.77% 100.00% 80.41%
Operating margin 25.08% 64.34% 21.39%
Net margin 15.23% 55.30% 14.17%
Free cash flow margin (30.86%) 66.81% 8.18%
Return on equity 13.80% 31.47% 10.05%
Return on assets 8.36% 19.30% 5.81%
Return on invested capital 8.14% 14.13% 6.32%

Growth

Metric BKV BSM Oil & Gas E&P median
Revenue growth (TTM) 29.65% 5.07% 9.94%
EPS growth (last fiscal year) 199.00% 11.30% (10.50%)
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 0.28
Current ratio 1.15 3.76 0.96
Net debt to EBITDA 1.74 0.44 0.89

Dividend

Metric BKV BSM Oil & Gas E&P median
Dividend yield — 8.12% 3.29%
Payout ratio — 1.01 0.35

Size

Metric BKV BSM Oil & Gas E&P median
Market cap 2.44b 3.14b 1.04b

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