BKV Corporation
BKV Energy Oil & Gas E&P
In the quarter to June 2026, revenue grew 1.57%, EPS fell 44.7%, free cash flow fell 1,530.0% and total debt rose 524.9%, each against the same quarter a year earlier.
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BKV Corporation (BKV) Beneish M-score
BKV Corporation's Beneish M-score for fiscal 2025 is −1.89; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.89 | 0.18 |
| FY2024 | −2.07 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.10 | — | 1.01 | |
| Gross margin index | 0.80 | — | 0.42 | |
| Asset quality index | 1.55 | — | 0.63 | |
| Sales growth index | 1.47 | — | 1.32 | |
| Depreciation index | 1.49 | — | 0.17 | |
| SG&A index | 0.78 | — | −0.13 | |
| Total accruals to total assets | (0.02) | — | −0.11 | |
| Leverage index | 1.09 | — | −0.36 | |
| Beneish M-score | Elevated | −1.89 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| VET Vermilion Energy Inc. compare | −4.1× |
| TALO Talos Energy Inc. compare | −3.9× |
| KRP Kimbell Royalty compare | −3.2× |
| KOS Kosmos Energy Ltd. compare | −3.0× |
| GPOR Gulfport Energy Corporation compare | −2.8× |
| NOG Northern Oil and Gas, Inc. compare | −2.8× |
| BSM Black Stone Minerals, L.P. compare | −2.7× |
| MNR Mach Natural Resources LP compare | −2.3× |
| BKV BKV Corporation | −1.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI