BKV Corporation (BKV) vs Northern Oil and Gas, Inc. (NOG)

BKV Corporation and Northern Oil and Gas, Inc. are both Oil & Gas E&P companies. Northern Oil and Gas, Inc. is the larger, with a market value of $2.4B against $2.0B — 1.2× the size. Northern Oil and Gas, Inc. has negative trailing earnings, so its P/E is not meaningful; BKV Corporation trades at 6.6×. BKV Corporation grew revenue faster over the last twelve months: 29.7% against −25.6%. BKV Corporation has the higher net margin (14.9% vs −25.4%) and the higher return on invested capital (8.14% vs −6.22%). Across the 18 metrics below, BKV Corporation leads on 15 and Northern Oil and Gas, Inc. on 3.

Valuation

Metric BKV NOG Oil & Gas E&P median
P/E 6.64 n/m 9.67
P/S 1.12 1.24 1.76
P/B 0.84 1.19 1.19
Price to free cash flow n/m n/m 8.37
EV/EBITDA 4.69 14.96 4.59
EV/Sales 1.72 2.65 2.27
Earnings yield 15.07% (22.92%) 7.55%
Free cash flow yield (29.51%) (12.41%) 3.98%

Profitability

Metric BKV NOG Oil & Gas E&P median
Gross margin 57.77% 66.68% 79.54%
Operating margin 25.08% (24.10%) 24.01%
Net margin 14.85% (25.35%) 14.11%
Free cash flow margin (32.96%) (15.34%) 7.72%
Return on equity 13.46% (22.05%) 8.99%
Return on assets 8.15% (8.43%) 4.63%
Return on invested capital 8.14% (6.22%) 6.33%

Growth

Metric BKV NOG Oil & Gas E&P median
Revenue growth (TTM) 29.65% (25.62%) 13.60%
EPS growth (last fiscal year) 199.00% (92.41%) (10.17%)
Revenue growth, 5-year CAGR — 35.00% 18.67%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BKV NOG Oil & Gas E&P median
Debt to equity 0.53 1.37 0.29
Current ratio 1.15 0.80 0.92
Net debt to EBITDA 1.74 2.07 0.93

Dividend

Metric BKV NOG Oil & Gas E&P median
Dividend yield — 8.04% 3.76%
Payout ratio — — 0.33

Size

Metric BKV NOG Oil & Gas E&P median
Market cap 1.98b 2.36b 953.29m

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