BKV Corporation — Earnings Quality Grade F
BKV · Energy
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 46 days, change +5 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 51.4%, CFFO 104.8%. Cash follows revenue
Expense Quality
Inventory growth -2.9% far exceeds COGS -27.6%, margin rising. Fraud signal
CapEx growth 467.1% is >2x revenue growth 51.4%
SG&A/Gross Profit = 37.7%. Normal
Gross margin swung +19.2pp (63.2% → 82.4%)
Cash Flow Quality
CFFO/NI = 1.40. Profits backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = -2.2%. Low accruals
Cash $0.2B covers only 41% of debt $0.5B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 1% of equity. Manageable
Debt/EBITDA = 1.2x. Healthy
Other assets 26.2% vs revenue 51.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -2.29 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25