Saturday 17 October 2026 Export KEEL’s income statement to Excel — free account

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. In the quarter to June 2026, revenue fell 50.0%, EPS fell 120.0%, free cash flow fell 772.6% and total debt rose 1,337.0%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

2.31 0.26 −10.12%

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Market cap: $1.6B
P/E: 0.0×
Fwd P/E: −14.5×
Dividend yield: —
F-score: 2/9
Altman Z: 0.89
Beneish M: n/a
Dividend safety: n/a

Overview Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.53

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	4	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.68%

Capital & Financial Ratios $m

Market Cap 1,590.00

Revenue 188.14

Net Income (433.84)

Free Cash Flow (233.21)

Net Debt 311.93

Current Ratio 16.26

Debt/Equity 3.13

P/E ratio 0.00

Fwd P/E (14.50)

P/S ratio 7.43

P/B ratio 4.25

Past 5Y EPS Growth —

This Y EPS Growth (24.56%)

Next Y EPS Growth 33.55%

Next Y revenue growth (50.71%)

Next 5Y EPS Growth 18.97%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 77.46%

10-year low 10-year high

P/B against its own 10 years 85.63%

10-year low 10-year high

EV/Sales against its own 10 years 83.20%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack

special payouts not included in total or ratios

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%

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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.24)	(0.11)	—	—	—
’25	(0.07)	(0.05)	(0.14)	(0.25)	(0.52)
’24	(0.02)	(0.07)	(0.08)	0.03	(0.13)
’23	(0.02)	(0.10)	(0.07)	(0.19)	(0.40)
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	0.38	0.21	1.78	0.38	0.42	1.48	0.67	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	1.27	10.00	9.36	5.39	3.56	3.91	6.60
People
People	Employees	—	—	—	—	—	106	150	150	197	274
	Revenue/emp, $m	—	0.00	0.00	0.00	0.00	1.60	0.95	0.98	0.68	0.84
Income, $m
Income, $m	Revenue	—	9	34	32	35	169	142	146	133	229
	Gross margin, %	—	84.43	32.18	35.28	8.28	65.56	7.38	(14.69)	(11.94)	(8.25)
	EBT	—	7	(18)	0	(16)	43	(193)	(109)	(7)	(208)
	EBT margin, %	—	79.51	(53.77)	(1.49)	(46.44)	25.16	(135.55)	(74.69)	(5.26)	(90.90)
	Net income	—	0	(18)	2	(16)	22	(176)	(109)	(28)	(285)
	Depreciation	—	1	13	7	11	24	72	85	135	123
Per share, $
Per share, $	Revenue	—	0.16	0.59	0.48	0.41	1.08	0.69	0.56	0.32	0.42
	Earnings	—	0.09	(0.32)	0.04	(0.19)	0.14	(0.85)	(0.40)	(0.13)	(0.52)
	Cash flow	—	0.14	0.24	0.09	0.09	(0.27)	0.17	(0.40)	(0.34)	(0.41)
	Capex	—	0.00	(0.39)	(0.33)	(0.04)	(0.68)	(0.79)	0.31	(0.31)	0.18
	Free cash flow	—	0.14	(0.15)	(0.24)	0.04	(0.95)	(0.62)	(0.09)	(0.65)	(0.23)
	Book value	—	0.49	0.36	0.42	0.18	2.68	1.23	1.12	1.47	1.02
	Shares, m	—	57	57	67	85	158	208	262	415	552
Valuation, ×
Valuation, ×	P/E	—	16.52	16.52	16.52	0.00	45.91	0.00	0.00	0.00	0.00
	P/S	—	0.00	0.00	0.79	4.65	4.70	0.63	5.09	4.64	5.65
	P/B	—	2.51	2.51	0.91	10.44	1.88	0.35	2.53	1.01	2.31
	EV/Sales	—	0.00	0.00	1.38	5.15	4.43	0.84	4.62	4.19	6.07
	EV/FCF	—	0.00	0.00	(2.76)	48.97	(4.99)	(0.93)	(220.63)	(2.06)	(10.97)
Cash, $m
Cash, $m	Operating cash flow	—	8	14	6	7	(43)	36	(106)	(142)	(227)
	Capex	—	(14)	(22)	(22)	(4)	(107)	(165)	82	(129)	100
	Free cash flow	—	8	(8)	(16)	4	(150)	(129)	(24)	(271)	(127)
Balance, $m
Balance, $m	Working capital	—	3	(1)	3	(19)	186	2	61	186	678
	Total debt	—	—	2	21	25	80	61	17	4	671
	Net debt	—	(7)	1	19	17	(45)	30	(68)	(59)	96
	Shareholders’ equity	—	28	21	28	15	423	255	295	611	560
Returns, %
Returns, %	ROA	—	16.71	(71.38)	7.33	(31.16)	7.45	(39.66)	(30.18)	(5.45)	(29.04)
	ROIC	—	0.00	(51.56)	1.85	(12.83)	10.54	(62.10)	(19.91)	(2.76)	(11.54)
	ROE	—	23.43	(38.51)	11.90	(74.83)	10.10	(51.81)	(39.60)	(6.26)	(48.58)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
INOD Innodata Inc	$2.0B	36.9×	94.5×	+57.80% (above 0%: growing)	+86.96% (above 0%: growing)	+4,885.72% (above 0%: growing)	46.08%	17.21%	Compare
PONY Pony AI Inc. - Sponsored ADR	$1.8B	— (loss-making)	— (loss-making)	+68.82% (above 0%: growing)	n/m	−73.21% (below 0%: shrinking)	17.53%	(181.51%)	Compare
FORTY Formula Systems (1985) Ltd.	$1.8B	2.7×	13.9×	+29.82% (above 0%: growing)	+55.10% (above 0%: growing)	+1,330.84% (above 0%: growing)	20.25%	9.16%	Compare
CNXC Concentrix Corporation	$1.7B	— (loss-making)	7.0×	−1.19% (below 0%: shrinking)	n/m	+38.49% (above 0%: growing)	34.60%	(37.10%)	Compare
GLOB Globant S.A.	$1.7B	15.3×	10.6×	+0.04% (above 0%: growing)	n/m	+476.16% (above 0%: growing)	33.89%	3.23%	Compare
EFOR Everforth Inc.	$1.6B	19.7×	14.3×	−1.33% (below 0%: shrinking)	−47.76% (below 0%: shrinking)	−60.02% (below 0%: shrinking)	28.26%	4.08%	Compare
KEEL Keel Infrastructure Corp	$1.6B	— (loss-making)	— (loss-making)	−50.04% (below 0%: shrinking)	n/m	−772.56% (below 0%: shrinking)	(285.09%)	(462.62%)
MGRT Mega Fortune Company Limited	$1.4B	—	—	—	—	—	—	—	Compare
VNET VNET Group, Inc. - Unsponsored ADR	$1.2B	— (loss-making)	— (loss-making)	+20.52% (above 0%: growing)	n/m	+17.45% (above 0%: growing)	18.18%	8.25%	Compare
Median of peers	$1.7B	17.5×	13.9×	+20.52%	+55.10%	+38.49%	28.26%	4.08%

All 73 Information Technology Services stocks →

Keel Infrastructure Corp (KEEL) key facts

Strength: Keel Infrastructure Corp’s revenue for fiscal 2025 (year ended December 2025) was $229.3 million, up 72.0% from fiscal 2024.
Keel Infrastructure Corp (KEEL) is an Information Technology Services company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, KEEL traded at $2.31, a market capitalization of $1.6 billion.
Return on equity was −48.6% and debt-to-equity 3.13.
Its Piotroski F-score is 2 out of 9 and its Altman Z-score is 0.89 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.