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BKV (BKV) Beneish M-Score : -2.34 (As of Mar. 16, 2025)


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What is BKV Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for BKV's Beneish M-Score or its related term are showing as below:

BKV' s Beneish M-Score Range Over the Past 10 Years
Min: -3.62   Med: -2.98   Max: -2.34
Current: -2.34

During the past 5 years, the highest Beneish M-Score of BKV was -2.34. The lowest was -3.62. And the median was -2.98.


BKV Beneish M-Score Historical Data

The historical data trend for BKV's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

BKV Beneish M-Score Chart

BKV Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
- - - -3.62 -2.34

BKV Quarterly Data
Dec20 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.62 -2.12 -0.96 -1.88 -2.34

Competitive Comparison of BKV's Beneish M-Score

For the Oil & Gas E&P subindustry, BKV's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


BKV's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, BKV's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where BKV's Beneish M-Score falls into.



BKV Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of BKV for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.6414+0.528 * 1.0901+0.404 * 1.1229+0.892 * 0.8177+0.115 * 0.9325
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1129+4.679 * -0.113437-0.327 * 0.4817
=-2.34

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was $65.8 Mil.
Revenue was 174.258 + 137.779 + 137.6 + 154.893 = $604.5 Mil.
Gross Profit was 125.57 + 80.413 + 78.287 + 102.727 = $387.0 Mil.
Total Current Assets was $94.6 Mil.
Total Assets was $2,231.1 Mil.
Property, Plant and Equipment(Net PPE) was $1,985.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $217.9 Mil.
Selling, General, & Admin. Expense(SGA) was $241.5 Mil.
Total Current Liabilities was $166.2 Mil.
Long-Term Debt & Capital Lease Obligation was $165.0 Mil.
Net Income was -57.457 + 12.869 + -59.697 + -38.585 = $-142.9 Mil.
Non Operating Income was -64.313 + 90.792 + -31.041 + -3.757 = $-8.3 Mil.
Cash Flow from Operations was 43.762 + 64.994 + -9.469 + 19.251 = $118.5 Mil.
Total Receivables was $49.1 Mil.
Revenue was 187.828 + 182.071 + 150.645 + 218.736 = $739.3 Mil.
Gross Profit was 95.081 + 129.802 + 109.038 + 181.989 = $515.9 Mil.
Total Current Assets was $312.2 Mil.
Total Assets was $2,683.1 Mil.
Property, Plant and Equipment(Net PPE) was $2,209.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $224.4 Mil.
Selling, General, & Admin. Expense(SGA) was $265.3 Mil.
Total Current Liabilities was $412.3 Mil.
Long-Term Debt & Capital Lease Obligation was $414.7 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(65.849 / 604.53) / (49.059 / 739.28)
=0.108926 / 0.066361
=1.6414

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(515.91 / 739.28) / (386.997 / 604.53)
=0.697855 / 0.640162
=1.0901

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (94.61 + 1985.581) / 2231.088) / (1 - (312.157 + 2209.377) / 2683.146)
=0.067634 / 0.060232
=1.1229

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=604.53 / 739.28
=0.8177

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(224.427 / (224.427 + 2209.377)) / (217.892 / (217.892 + 1985.581))
=0.092212 / 0.098886
=0.9325

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(241.464 / 604.53) / (265.335 / 739.28)
=0.399424 / 0.35891
=1.1129

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((165 + 166.205) / 2231.088) / ((414.663 + 412.259) / 2683.146)
=0.14845 / 0.308191
=0.4817

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-142.87 - -8.319 - 118.538) / 2231.088
=-0.113437

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

BKV has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.


BKV Business Description

Traded in Other Exchanges
N/A
Address
1200 17th Street, Suite 2100, Denver, CO, USA, 80202
BKV Corp is a growth-driven energy company. Its core business is to produce natural gas from its owned and operated upstream businesses. It operates in four business lines: natural gas production, natural gas gathering, processing and transportation (natural gas midstream business), power generation and carbon capture, utilization, and sequestration (CCUS).