Forensic Analysis · Upstream Exploration & Production · as of Nov 10, 2026
Bkv Corp (BKV)
A forensic read on Bkv Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.8
Distress distance
4
Forensic signals
10.3%
ROE
9.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Bkv Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.8, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+53.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +53.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +80% against revenue +10% and PP&E up +27% against revenue +10%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 4% of net operating assets, against an accruals ratio of 53.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
+21.8%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +22% over the last 1 year to FY2025 (+21.8%/yr). The count is growing — 71.3M shares in FY2024, 86.8M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~21.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~18%.
8.2%
FY2025
Return on invested capital.Return on invested capital is 8.2% in the latest fiscal year, against -1.8% in FY2024. After-tax operating profit was ($51M) in FY2024 and $254M in FY2025, with operating income at -6.2% of revenue in FY2024 and 26.6% in FY2025. The capital base behind it went from $2.9B in FY2024 to $3.1B in FY2025 (+8%), while the revenue it carried went from $1.0B to $1.1B.
1.1% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.1% of revenue in FY2025 — about $0.15 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 21.8% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$1.14B
Revenue Growth YoY+9.9%
Net Margin15.7%
Free Cash Flow-$24.7M
Return on Equity10.3%
Debt / Equity0.57x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Bkv Corp's actual 10-K/10-Q/8-K filings?