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Keel Infrastructure Corp

KEEL Technology Information Technology Services

Keel Infrastructure Corp’s revenue for fiscal 2025 (year ended December 2025) was $229.3 million, up 72.0% from fiscal 2024.

Revenue
−50.0%
EPS
−120.0%
Free cash flow
−772.6%
Total debt
+1,337.0%

Quarter to June 2026, against a year earlier

1.88 0.23 +13.94%
Market cap
$1.0B
P/E
0.0×
Fwd P/E
−4.1×
Dividend yield
—
F-score
2/9
Altman Z
0.89
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.53
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 4 — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.68%

Capital & Financial Ratios $m

Size
Market Cap 1,020.00
Revenue ttm 188.14
Net income ttm (433.84)
Free cash flow ttm (233.21)
Net debt Q 311.93
Valuation
P/E 0.00
Forward P/E (4.14) (negative: loss-making)
Price / sales 6.05
Forward P/S Powerpack
Price / FCF 0.00
Price / book 3.46
Financial health
Current ratio Q 16.26 (at or above 1.5: strong)
Debt / equity Q 3.13 (above 2: weak)
Interest coverage Q (66.59)
Growth
Revenue growth Q −50.04% (below 0%: shrinking)
Operating income growth Q −1,402.38% (below 0%: shrinking)
EPS, this year −32.02% (below 0%: weak)
EPS, next year A +29.51% (at or above 15%: strong)
Revenue, next year A −53.77% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +29.51% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.7×, against a ten-year median of 3.9×; over the ten years it ranged from 0.9× in 2022 to 20.1× in 2026.
P/S against its own 10 years 70.05%
10-year low 10-year high
P/B against its own 10 years 80.41%
10-year low 10-year high
EV/Sales against its own 10 years 78.24%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 85 63 576 716
Receivables 1 1 5 5
Inventory 1 1 9 9
Other 35 124 202 146
130 214 826 896
2023 2024 2025 Q'26
Payables 21 26 46 47
ST’ Debt 4 0 97 7
Other 40 0 3 —
69 28 148 55

Compound Annual Growth %

10y 5y 3y
Sales — 45.88% 17.20%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 105.08% 29.94%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.08 Actual −0.18

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 −0.11 −0.10 Beat by 0.01
Q2 FY26 −0.08 −0.18 Miss by 0.10
Q3 FY26 −0.07 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.24) (0.11) — — —
’25 (0.11) (0.05) (0.14) (0.25) (0.52)
’24 (0.02) (0.07) (0.08) 0.03 (0.07)
’23 (0.02) (0.10) (0.07) (0.19) (0.21)
’22 0.02 (0.70) (0.40) 0.23 (0.85)
’21 (0.06) (0.02) 0.13 0.05 0.13
’20 (0.03) (0.04) (0.06) (0.06) (0.19)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 37 30 — — —
’25 48 61 69 51 229
’24 50 42 27 14 133
’23 30 35 35 46 146
’22 40 42 33 27 142
’21 28 37 45 60 169
’20 9 7 7 11 35
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (65) (53) — — —
’25 (19) (75) (59) (74) (227)
’24 (31) (24) (42) (45) (142)
’23 1 1 8 (116) (106)
’22 (40) 28 15 33 36
’21 (8) (9) (16) (10) (43)
’20 1 1 2 3 7
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (69) (52) — — —
’25 (23) 8 (37) (75) (127)
’24 (59) (35) (58) (119) (271)
’23 (5) (9) (17) 7 (24)
’22 (106) (8) (17) 2 (129)
’21 (15) (31) (43) (61) (150)
’20 1 (1) 0 4 4
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 9 34 32 35 169 142 146 133 229 188 +49.9% 106 85 485 +28.4%
Gross margin, % — 84.43 32.18 35.28 8.28 65.56 7.38 (14.69) (11.94) (8.25) (68.22) (92.7) pt
EBT — 7 (18) 0 (16) 43 (193) (109) (7) (208) (375) n/m
EBT margin, % — 79.51 (53.77) (1.49) (46.44) 25.16 (135.55) (74.69) (5.26) (90.90) (199.30) (170.4) pt
Net income — 0 (18) 2 (16) 22 (176) (56) (28) (285) (434) n/m
Per share, $
Per share, $ Revenue — 0.16 0.59 0.48 0.41 1.08 0.69 0.56 0.32 0.42 0.31 +12.9%
Earnings — 0.09 (0.32) 0.04 (0.19) 0.14 (0.85) (0.21) (0.07) (0.52) (0.74) n/m
Cash flow — 0.14 0.24 0.09 0.09 (0.27) 0.17 (0.40) (0.34) (0.41) (0.41) n/m
Capex — 0.00 (0.39) (0.33) (0.04) (0.68) (0.79) 0.31 (0.31) 0.18 0.03 n/m
Free cash flow — 0.14 (0.15) (0.24) 0.04 (0.95) (0.62) (0.09) (0.65) (0.23) (0.39) n/m
Book value — 0.49 0.36 0.42 0.18 2.68 1.23 1.12 1.47 1.02 0.54 +9.5%
Shares, m — 57 57 67 85 158 208 262 415 552 579 +32.8%
Valuation, ×
Valuation, × P/E — 16.52 16.52 16.52 0.00 45.91 0.00 0.00 0.00 0.00 0.00 10.6
P/S — 0.00 0.00 0.79 4.65 4.70 0.63 5.09 4.64 5.65 6.05 2.9
P/B — 2.51 2.51 0.91 10.44 1.88 0.35 2.53 1.01 2.31 3.46 2.7
EV/Sales — 0.00 0.00 1.38 5.15 4.43 0.84 4.62 4.19 6.07 7.71 3.0
EV/FCF — 0.00 0.00 (2.76) 48.97 (4.99) (0.93) (220.63) (2.06) (10.97) (6.22) (21.5)
Cash, $m
Cash, $m Operating cash flow — 8 14 6 7 (43) 36 (106) (142) (227) (250) n/m
Capex — (14) (22) (22) (4) (107) (165) 82 (129) 100 17 n/m
Free cash flow — 8 (8) (16) 4 (150) (129) (24) (271) (127) (233) n/m
Balance, $m
Balance, $m Working capital — 3 (1) 3 (19) 186 2 61 186 678 841 +99.0%
Net debt — (7) 1 19 17 (45) 30 (68) (59) 96 312 n/m
Shareholders’ equity — 28 21 28 15 423 255 295 611 560 329 +45.5%
Returns, %
Returns, % ROA — 16.71 (71.38) 7.33 (31.16) 7.45 (39.66) (15.38) (5.45) (29.04) (38.67) (45.7) pt
ROIC — 0.00 (51.56) 1.85 (12.83) 10.54 (62.10) (19.91) (2.76) (11.54) (32.81) (11.5) pt
ROE — 23.43 (38.51) 11.90 (74.83) 10.10 (51.81) (20.18) (6.26) (48.58) (87.54) (72.0) pt
People
People Employees — — — — — 106 150 150 197 274 — +26.8%
Revenue/emp, $m — 0.00 0.00 0.00 0.00 1.60 0.95 0.98 0.68 0.84 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Keel Infrastructure Corp vs peers in Information Technology Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EFOR Everforth Inc. $1.5B 21.0× 24.3× +1.98% (above 0%: growing) −35.98% (below 0%: shrinking) −35.42% (below 0%: shrinking) 28.27% 5.49% Compare
VYX NCR Voyix Corporation $1.4B 13.2× 41.4× −21.20% (below 0%: shrinking) n/m +91.55% (above 0%: growing) 32.84% 7.79% Compare
INOD Innodata Inc $1.3B 25.7× 36.1× +57.80% (above 0%: growing) +86.96% (above 0%: growing) +4,885.72% (above 0%: growing) 46.08% 17.21% Compare
GDYN Grid Dynamics Holdings, Inc. $1.1B 146× 79.6× +9.73% (above 0%: growing) +449.64% (above 0%: growing) +349.88% (above 0%: growing) 40.32% 7.99% Compare
BBAI BigBear.ai Holdings, Inc. $1.1B — (loss-making) — (loss-making) +31.49% (above 0%: growing) n/m +10.27% (above 0%: growing) 31.19% (229.36%) Compare
KEEL Keel Infrastructure Corp $1.0B — (loss-making) — (loss-making) −50.04% (below 0%: shrinking) n/m −772.56% (below 0%: shrinking) (285.09%) (462.62%)
NABL N-able, Inc. $929.4M — (loss-making) 64.8× +4.36% (above 0%: growing) n/m −19.43% (below 0%: shrinking) 74.86% 11.20% Compare
VNET VNET Group, Inc. - Unsponsored ADR $880.6M — (loss-making) — (loss-making) +20.52% (above 0%: growing) n/m +17.45% (above 0%: growing) 18.18% 8.25% Compare
TASK TaskUs, Inc. $841.7M 8.1× 8.7× +5.37% (above 0%: growing) −17.14% (below 0%: shrinking) −47.51% (below 0%: shrinking) 34.59% 11.60% Compare
Median of peers $1.1B 21.0× 38.8× +7.55% +34.91% +13.86% 33.72% 8.12%

All 81 Information Technology Services stocks →

Keel Infrastructure Corp (KEEL) Latest News

6 Nov

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10 Aug

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stockrow.com/KEEL · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com