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Side-by-side financial comparison of BKV Corp (BKV) and Millrose Properties, Inc. (MRP). Click either name above to swap in a different company.
BKV Corp is the larger business by last-quarter revenue ($255.9M vs $194.9M, roughly 1.3× Millrose Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 63.0% vs 27.5%, a 35.5% gap on every dollar of revenue.
BKV Corp is a North American independent energy company focused on sustainable natural gas exploration, production, and distribution, with core operating assets located in the Appalachian Basin. It serves utility, industrial, and commercial customers across the region, and invests in low-carbon technologies including carbon capture to reduce operational emissions.
Millrose Properties, Inc. is a U.S.-based real estate enterprise primarily focused on the acquisition, ownership, operation, and management of income-generating multi-family residential assets. Its core markets span the U.S. Mid-Atlantic and Southeast regions, and it also offers professional property management services to select third-party property owners.
BKV vs MRP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $255.9M | $194.9M |
| Net Profit | $70.4M | $122.9M |
| Gross Margin | — | — |
| Operating Margin | 39.3% | 85.2% |
| Net Margin | 27.5% | 63.0% |
| Revenue YoY | — | 135.7% |
| Net Profit YoY | — | 208.7% |
| EPS (diluted) | $0.78 | $0.74 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $194.9M | ||
| Q4 25 | $255.9M | $189.5M | ||
| Q3 25 | $199.8M | $179.3M | ||
| Q2 25 | $207.1M | $149.0M | ||
| Q1 25 | $231.0M | $82.7M | ||
| Q3 24 | $133.5M | — |
| Q1 26 | — | $122.9M | ||
| Q4 25 | $70.4M | $122.2M | ||
| Q3 25 | $76.8M | $105.1M | ||
| Q2 25 | $104.6M | $112.8M | ||
| Q1 25 | $-78.7M | $39.8M | ||
| Q3 24 | $12.9M | — |
| Q1 26 | — | 85.2% | ||
| Q4 25 | 39.3% | 84.8% | ||
| Q3 25 | 41.2% | 85.3% | ||
| Q2 25 | 62.0% | 85.1% | ||
| Q1 25 | -40.6% | 55.2% | ||
| Q3 24 | -15.7% | — |
| Q1 26 | — | 63.0% | ||
| Q4 25 | 27.5% | 64.5% | ||
| Q3 25 | 38.5% | 58.6% | ||
| Q2 25 | 50.5% | 75.7% | ||
| Q1 25 | -34.1% | 48.1% | ||
| Q3 24 | 9.6% | — |
| Q1 26 | — | $0.74 | ||
| Q4 25 | $0.78 | $0.74 | ||
| Q3 25 | $0.90 | $0.63 | ||
| Q2 25 | $1.23 | $0.68 | ||
| Q1 25 | $-0.93 | $0.39 | ||
| Q3 24 | $0.18 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $199.4M | — |
| Total DebtLower is stronger | $486.8M | — |
| Stockholders' EquityBook value | $2.0B | $5.9B |
| Total Assets | $3.1B | $9.6B |
| Debt / EquityLower = less leverage | 0.24× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $199.4M | $35.0M | ||
| Q3 25 | $83.1M | $242.6M | ||
| Q2 25 | $21.4M | $66.6M | ||
| Q1 25 | $15.3M | $89.5M | ||
| Q3 24 | $31.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | $486.8M | — | ||
| Q3 25 | $486.6M | — | ||
| Q2 25 | $200.0M | — | ||
| Q1 25 | $200.0M | — | ||
| Q3 24 | $190.0M | — |
| Q1 26 | — | $5.9B | ||
| Q4 25 | $2.0B | $5.9B | ||
| Q3 25 | $1.8B | $5.9B | ||
| Q2 25 | $1.6B | $5.9B | ||
| Q1 25 | $1.5B | $5.9B | ||
| Q3 24 | $1.6B | — |
| Q1 26 | — | $9.6B | ||
| Q4 25 | $3.1B | $9.3B | ||
| Q3 25 | $2.9B | $9.0B | ||
| Q2 25 | $2.3B | $8.0B | ||
| Q1 25 | $2.3B | $7.2B | ||
| Q3 24 | $2.3B | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.24× | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.13× | — | ||
| Q3 24 | 0.12× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $69.4M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $69.4M | $3.7B | ||
| Q3 25 | $74.5M | $123.1M | ||
| Q2 25 | $76.2M | $109.1M | ||
| Q1 25 | $22.6M | $21.3M | ||
| Q3 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $-126.9M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -63.5% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 100.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.99× | 30.05× | ||
| Q3 25 | 0.97× | 1.17× | ||
| Q2 25 | 0.73× | 0.97× | ||
| Q1 25 | — | 0.53× | ||
| Q3 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BKV
| Natural Gas NGL And Oil | $249.3M | 97% |
| Related Party And Other | $4.7M | 2% |
| Marketing | $2.8M | 1% |
MRP
| Option fee revenues | $185.3M | 95% |
| Development loan income | $9.6M | 5% |
