BKV Corporation (BKV) vs Dorchester Minerals, L.P. (DMLP)

BKV Corporation and Dorchester Minerals, L.P. are both Oil & Gas E&P companies. BKV Corporation is the larger, with a market value of $2.0B against $1.3B — 1.5× the size. BKV Corporation trades at the lower P/E: 6.6× against 13.2×. Dorchester Minerals, L.P. grew revenue faster over the last twelve months: 38.2% against 29.7%. Dorchester Minerals, L.P. has the higher net margin (48.1% vs 14.9%) and the higher return on invested capital (27.7% vs 8.14%). Across the 19 metrics below, Dorchester Minerals, L.P. leads on 12 and BKV Corporation on 7.

Valuation

Metric BKV DMLP Oil & Gas E&P median
P/E 6.64 13.24 9.67
P/S 1.12 6.42 1.76
P/B 0.84 4.62 1.19
Price to free cash flow n/m 8.08 8.37
EV/EBITDA 4.69 10.32 4.59
EV/Sales 1.72 6.16 2.27
Earnings yield 15.07% 7.55% 7.55%
Free cash flow yield (29.51%) 12.38% 3.98%

Profitability

Metric BKV DMLP Oil & Gas E&P median
Gross margin 57.77% 100.00% 79.54%
Operating margin 25.08% 49.84% 24.01%
Net margin 14.85% 48.10% 14.11%
Free cash flow margin (32.96%) 79.43% 7.72%
Return on equity 13.46% 32.66% 8.99%
Return on assets 8.15% 31.74% 4.63%
Return on invested capital 8.14% 27.71% 6.33%

Growth

Metric BKV DMLP Oil & Gas E&P median
Revenue growth (TTM) 29.65% 38.18% 13.60%
EPS growth (last fiscal year) 199.00% (45.54%) (10.17%)
Revenue growth, 5-year CAGR — 26.64% 18.67%
Net income growth, 5-year CAGR — 21.16% 0.00%

Health

Metric BKV DMLP Oil & Gas E&P median
Debt to equity 0.53 0.00 0.29
Current ratio 1.15 10.60 0.92
Net debt to EBITDA 1.74 (0.34) 0.93

Dividend

Metric BKV DMLP Oil & Gas E&P median
Dividend yield — 12.36% 3.76%
Payout ratio — 1.64 0.33

Size

Metric BKV DMLP Oil & Gas E&P median
Market cap 1.98b 1.34b 953.29m

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