BKV Corp (BKV)

NYSE · Common Stock · Crude Petroleum & Natural Gas

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

18 entities across 3 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-03-06 — see the exhibit.

Which other public companies file entities in the same places:

Subsidiaries of BKV Corp as disclosed in its SEC filing
Entity	Jurisdiction	Note
BKV Barnett, LLC	Delaware
BKV Barnett II, LLC	Texas
BKV-BPP Power, LLC	Delaware
BKV Chelsea, LLC	Delaware
BKV dCarbon Barnett Zero, LLC	Delaware
BKV dCarbon High West, LLC	Delaware
BKV dCarbon Las Tiendas, LLC	Delaware
BKV dCarbon Temple, LLC	Delaware
BKV dCarbon Ventures, LLC	Delaware
BKV Midstream, LLC	Delaware
BKV North Texas, LLC	Delaware
BKV Operating, LLC	Delaware
BKV Upstream Midstream, LLC	Delaware
BKV-BPP Cotton Cove, LLC	Delaware
BKVerde, LLC	Delaware
High West Sequestration, LLC	Louisiana
Temple Generation I, LLC	Delaware
Temple Generation II, LLC	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

5 / 8

PASSReturn on assets positiveROA 5.5%
PASSOperating cash flow positiveOCF 243M
PASSReturn on assets improving-6.4% → 5.5%
PASSCash flow exceeds earningsOCF 243M vs NI 173M
FAILLong-term debt ratio falling7.4% → 15.6% of assets
PASSCurrent ratio improving0.57 → 1.78
FAILNo share dilution71M → 87M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improving0.47× → 0.36×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2022	$1.7B	$410.1M	—	—	61,990,000
FY2023	$1.3B	$116.9M	−$64.6M	—	64,380,000
FY2024	$1.0B	−$142.9M	$17.6M	—	71,288,000
FY2025	$1.1B	$173.1M	−$57.5M	—	86,823,000

Ownership flow

10 institutions tracked — 8 added, 2 reduced.

Institutional holders of BKV Corp and their share-count change
Manager	Kind	Shares	Change	Value
FMR LLC	Active fund	1,844,033	+1,842,193	$50.5M
CITADEL ADVISORS LLC	Hedge fund	1,800,958	+1,292,795	$49.3M
BlackRock, Inc.	Index	2,713,477	+632,709	$74.2M
STATE STREET CORP	Index	1,763,029	+388,395	$48.2M
BANK OF AMERICA CORP /DE/	Active fund	591,282	−245,999	$16.2M
GEODE CAPITAL MANAGEMENT, LLC	Index	873,304	+129,857	$23.9M
MORGAN STANLEY	Active fund	306,454	+83,169	$8.4M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	65,678	+39,222	$1.8M
JPMORGAN CHASE & CO	Active fund	51,446	−12,135	$1.4M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	27,013	+8,938	$740,000

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Identity

CIK: 0001838406
FIGI: BBG00YNGK485
SIC: 1311 · Crude Petroleum & Natural Gas
Incorporated: DE
Headquarters: DENVER, CO

Ownership

Institutional: 43.4%
Institutions: 236
Insiders: 66.2%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other crude petroleum & natural gas companies

BKV Corp files under SIC 1311 — all 27 crude petroleum & natural gas companies compared on assets and F-score.

OCCIDENTAL PETROLEUM CORP /DE/OXY EOG RESOURCES INCEOG EQT CorpEQT DEVON ENERGY CORP/DEDVN Chord Energy CorpCHRD Crescent Energy CoCRGY

Questions about BKV Corp

How many subsidiaries does BKV Corp file with the SEC?: 18, listed in its most recent exhibit 21. They are incorporated across 3 jurisdictions (Delaware, Texas, Louisiana). That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is BKV Corp financially healthy?: BKV Corp scores 5 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of BKV Corp?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), FMR LLC (adding), CITADEL ADVISORS LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

18 entities across 3 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-03-06 — see the exhibit.

Which other public companies file entities in the same places:

Delaware16 Texas1 Louisiana1

Entity

Jurisdiction

Note

BKV Barnett, LLC

Delaware

BKV Barnett II, LLC

Texas

BKV-BPP Power, LLC

Delaware

BKV Chelsea, LLC

Delaware

BKV dCarbon Barnett Zero, LLC

Delaware

BKV dCarbon High West, LLC

Delaware

BKV dCarbon Las Tiendas, LLC

Delaware

BKV dCarbon Temple, LLC

Delaware

BKV dCarbon Ventures, LLC

Delaware

BKV Midstream, LLC

Delaware

BKV North Texas, LLC

Delaware

BKV Operating, LLC

Delaware

BKV Upstream Midstream, LLC

Delaware

BKV-BPP Cotton Cove, LLC

Delaware

BKVerde, LLC

Delaware

High West Sequestration, LLC

Louisiana

Temple Generation I, LLC

Delaware

Temple Generation II, LLC

Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

5 / 8

PASSReturn on assets positiveROA 5.5%
PASSOperating cash flow positiveOCF 243M
PASSReturn on assets improving-6.4% → 5.5%
PASSCash flow exceeds earningsOCF 243M vs NI 173M
FAILLong-term debt ratio falling7.4% → 15.6% of assets
PASSCurrent ratio improving0.57 → 1.78
FAILNo share dilution71M → 87M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improving0.47× → 0.36×

Year

Revenue

Net income

Free cash flow

Gross margin

FY2022

$1.7B

$410.1M

—

61,990,000

FY2023

$1.3B

$116.9M

−$64.6M

—

64,380,000

FY2024

$1.0B

−$142.9M

$17.6M

—

71,288,000

FY2025

$1.1B

$173.1M

−$57.5M

—

86,823,000

Ownership flow

10 institutions tracked — 8 added, 2 reduced.

Institutional holders of BKV Corp and their share-count change
Manager	Kind	Shares	Change	Value
FMR LLC	Active fund	1,844,033	+1,842,193	$50.5M
CITADEL ADVISORS LLC	Hedge fund	1,800,958	+1,292,795	$49.3M
BlackRock, Inc.	Index	2,713,477	+632,709	$74.2M
STATE STREET CORP	Index	1,763,029	+388,395	$48.2M
BANK OF AMERICA CORP /DE/	Active fund	591,282	−245,999	$16.2M
GEODE CAPITAL MANAGEMENT, LLC	Index	873,304	+129,857	$23.9M
MORGAN STANLEY	Active fund	306,454	+83,169	$8.4M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	65,678	+39,222	$1.8M
JPMORGAN CHASE & CO	Active fund	51,446	−12,135	$1.4M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	27,013	+8,938	$740,000

Questions about BKV Corp

How many subsidiaries does BKV Corp file with the SEC?

18, listed in its most recent exhibit 21. They are incorporated across 3 jurisdictions (Delaware, Texas, Louisiana). That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is BKV Corp financially healthy?

BKV Corp scores 5 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of BKV Corp?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), FMR LLC (adding), CITADEL ADVISORS LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.