BKV (BKV) Beneish M-Score: -2.49 (As of Jun. 26, 2026)

What is BKV Beneish M-Score?

BKV BKV +0.31% 37 Beneish M-Score is -2.49 as of Jun. 26, 2026. GuruFocus rates BKV with a GF Score™ of 37/100. The stock has 5 warning signs investors should review. Among 822 Oil & Gas companies, BKV ranks worse than 61.31% on this metric.

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 -2.49 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: -2.42 Max: -0.92
Current: -2.49

During the past 6 years, the highest Beneish M-Score of BKV was -0.92. The lowest was -3.62. And the median was -2.42.

BKV Beneish M-Score Related Terms

BKV Beneish M-Score Historical Data

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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.

BKV Beneish M-Score Chart

BKV Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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0.00

-3.62

-2.32

-2.42

BKV Quarterly Data
	Dec20	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.35	-2.87	-2.56	-2.42	-2.49

BKV vs BSM, GPOR, TALO: Beneish M-Score Comparison

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 Beneish M-Score vs 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.

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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:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.4273

0.528 * 0.7839

0.404 * 0.4479

0.892 * 1.4688

0.115 * 2.1694

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8266

4.679 * -0.08218

0.327 * 1.8007

-2.49

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $153 Mil.
Revenue was 376.546 + 266.594 + 197.114 + 204.265 = $1,045 Mil.
Gross Profit was 219.45 + 225.026 + 159.232 + 166.221 = $770 Mil.
Total Current Assets was $568 Mil.
Total Assets was $4,172 Mil.
Property, Plant and Equipment(Net PPE) was $3,481 Mil.
Depreciation, Depletion and Amortization(DDA) was $163 Mil.
Selling, General, & Admin. Expense(SGA) was $304 Mil.
Total Current Liabilities was $433 Mil.
Long-Term Debt & Capital Lease Obligation was $1,081 Mil.
Net Income was 44.075 + 70.376 + 76.85 + 104.572 = $296 Mil.
Non Operating Income was 55.997 + 66.204 + 96.508 + 121.736 = $340 Mil.
Cash Flow from Operations was 71.989 + 69.389 + 74.535 + 82.33 = $298 Mil.

Total Receivables was $73 Mil.
Revenue was 272.447 + 174.514 + 131.778 + 132.379 = $711 Mil.
Gross Profit was 137.607 + 125.826 + 74.412 + 73.066 = $411 Mil.
Total Current Assets was $105 Mil.
Total Assets was $2,251 Mil.
Property, Plant and Equipment(Net PPE) was $1,999 Mil.
Depreciation, Depletion and Amortization(DDA) was $215 Mil.
Selling, General, & Admin. Expense(SGA) was $250 Mil.
Total Current Liabilities was $254 Mil.
Long-Term Debt & Capital Lease Obligation was $200 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)
	=	(153.004 / 1044.519)	/	(72.983 / 711.118)
	=	0.146483	/	0.102631
	=	1.4273

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)
	=	(410.911 / 711.118)	/	(769.929 / 1044.519)
	=	0.577838	/	0.737113
	=	0.7839

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 - (567.994 + 3481.374) / 4171.532)	/	(1 - (105.082 + 1998.734) / 2251.007)
	=	0.029285	/	0.065389
	=	0.4479

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
	=	1044.519	/	711.118
	=	1.4688

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))
	=	(215.344 / (215.344 + 1998.734))	/	(163.406 / (163.406 + 3481.374))
	=	0.097261	/	0.044833
	=	2.1694

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)
	=	(304.121 / 1044.519)	/	(250.475 / 711.118)
	=	0.291159	/	0.352227
	=	0.8266

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)
	=	((1080.913 + 432.58) / 4171.532)	/	((200 + 253.557) / 2251.007)
	=	0.362815	/	0.201491
	=	1.8007

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
	=	(295.873 - 340.445	-	298.243)	/	4171.532
	=	-0.08218

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 -2.49 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.49 mean?

BKV (BKV) has a Beneish M-Score of -2.49 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BKV and its competitors. According to the industry distribution chart, BKV ranks #504 out of 822 companies in the Oil & Gas industry, placing it in the top 61.3%.

Is BKV's Beneish M-Score too high?

BKV's current Beneish M-Score is -2.49. Based on the distribution chart, BKV ranks #504 out of 822 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, BKV has a GF Score™ of 37/100, reflecting its overall financial health beyond just this single metric.

How does BKV's Beneish M-Score compare to BSM and GPOR?

According to the Oil & Gas industry distribution chart, BKV ranks #504 out of 822 companies for Beneish M-Score. This places BKV in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BKV and its competitors. BKV's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is BKV stock overvalued right now?

BKV (BKV) has a current Beneish M-Score of -2.49. The current Beneish M-Score is -2.49. BKV's overall GF Score™ is 37/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For BKV (BKV), the current Beneish M-Score is -2.49 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

BKV Business Description

Industry Energy Oil & Gas

Comparable Companies BSM GPOR TALO NOG MNR CRGY CRK KOS KRP DMLP HKSE:00883 COP TSX:CNQ EOG OXY FANG DVN ASX:WDS EQT TPL

Address 1200 17th Street, Suite 2100, Denver, CO, USA, 80202

Website https://www.bkvcorp.com

BKV Corp is a growth-driven energy company focused on the development of natural gas-producing assets, the ownership and operation of natural gas-fired power generation assets, and selective accretive acquisitions. The company's core businesses are the production of natural gas and the generation of natural gas-fired power from its owned and operated assets, supported by a closed-loop plan, enabled by its upstream, midstream, power, and CCUS businesses.

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