BKVBKV Corp

Crude Petroleum & Natural Gas

Revenue: $1.1B; 42% YoY
Operating margin: 26.6%; 434% YoY
EBITDA: $501M; 161% YoY
Market cap: $2.3B
Employees: 452; $3M revenue each
Net debt / EBITDA: 2.2×; $1.1B net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
156% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$3M · 52nd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$15M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.7B	$1.0B	$806M	$1.1B	42%
Operating income	$305M	$241M	−$64M	$304M	573%
Net income	$410M	$124M	−$139M	$179M	229%
Operating cash flow	$349M	$260M	$115M	$280M	143%
Capex	—	$202M	$105M	$305M	190%
Stock-based comp	$32M	$26M	$16M	$13M	21%
Buybacks	—	$600K	$0	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 6, 2026	Banpu Public Co Ltd	SCHEDULE 13D	67.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $15M · 17
Net: −$15M

Pay vs performance

No pay-versus-performance disclosure yet.