Bkv Corporation
BKVAbove valueHeld by 1 superinvestor.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +47.8%
- Net margin
- 19.4%
- ROE
- 8.5%
- FCF margin
- -6.4%
Valuation · value band
Above fair value
Zero-growth floor
$21
Central IV
$12
Optimistic top
$21
Bkv Corporation (BKV): A conservative value band $21 / sh (zero-growth floor to growth-capped optimistic top); central read about $12. Today’s price sits above that band (price $24 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
- Capex doubled in two years, so maintenance is hard to pin down — read the band conservatively.
- Recent earnings are below the multi-year average, so the band uses the lower run-rate.
Revenue growth 0% (history declining, capped at zero) · moat 0 yr · discount 12.4% · Zero-growth downside $21
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.
Model cautions
- Capex doubled within two years: maintenance is floored then capped at D&A (OE may look optimistic); Greenwald growth value is closed — growth credit stays in the owner-earnings DCF only.
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $10.80 – $13.59 · Greenwald zero-growth $20.76 · zero-growth base $20.76 · reproduction $20.76
Moat Below asset base · terminal value 31% of present value · owner-earnings yield 6% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$-0.72 – $1.34 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-30, 2024, 2023, 2022
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Only one maintenance-capex method available; estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$11.64 – $13.79 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 10.8–12.8% band (9–11% base + 1.8pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023, 2022
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Only one maintenance-capex method available; estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 1.8pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 6.7 years of owner earnings, adding 1.8pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $2.28B = $20.76 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — capex doubled within two years (AI-hog); growth credit stays in the owner-earnings DCF only.
Window TTM 2026-06-30, FY 2024, 2023, 2022 · discount band 9%–11% · normalized tax 19% (Average effective tax rate over 4 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 6.7 years of owner earnings → +1.8pp cost-of-equity premium → effective 10.8%–12.8%.
Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY TTM 2026-06-30, 2024, 2023, 2022 · Discount band: 11.00%–13.84% (DGS10 +4.5% to a 12% strict end, each +1.84pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
How to read intrinsic valueSEC 13F · holders
Superinvestors Holding This Security
1 holder · $84.7M combined · this quarter +0 opened / -0 exited
- Value$84.7MWeight (prev→now)2.4% → 2.2% ▼
SEC 13F · notes
Written summary
Written summary
Bkv Corporation (BKV) is held by 1 of the superinvestors tracked on Compounder, with a combined $84.7M in reported 13F value. The largest position belongs to David Einhorn, where it makes up 2.2% of the portfolio.
Over the latest quarter, 0 of the tracked filers opened a new position in BKV, 1 added to existing ones, 0 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Bkv Corporation (BKV) also commonly hold →
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- Fluor CorpFLR1 holder
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Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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