Forensic Analysis · Energy / Oil & Gas · as of Aug 11, 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
Safe
Financial health
3.9
Distress distance
Clean
Earnings quality
4
Forensic signals
8.9
P / E (ttm)
8.5%
ROE
$2.8B
Market cap
47.8%
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 (red flags, auditor quality, say on pay, board independence). 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 3.9, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+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: 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%.
+31.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +31.4% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply, and much of it is accounted for. That build tracks a +48% revenue year: net operating assets grew +37%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 3% of net operating assets, diverging from the balance-sheet accrual read.
6.7%
FY2025
Return on invested capital.Return on invested capital is 6.7% in the latest fiscal year and rising from -6% — around its ~8% cost of capital, so growth is roughly value-neutral.
1.4% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.4% of revenue in FY2025 — about $0.15 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 21.8% a year, small enough that totals and per-share results tell the same story.
Key fundamentals
Latest Revenue$893.8M
Revenue Growth YoY+47.8%
Net Margin19.4%
Free Cash Flow-$57.5M
Return on Equity8.5%
Debt / Equity0.24x
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?