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.
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Keel Infrastructure Corp (KEEL) Altman Z-score
Keel Infrastructure Corp's Altman Z-score for fiscal 2025 is 0.89, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.89 | (5.96) |
| FY2024 | 6.85 | 2.56 |
| FY2023 | 4.30 | 6.79 |
| FY2022 | −2.49 | (7.58) |
| FY2021 | 5.09 | 3.23 |
| FY2020 | 1.86 | 0.64 |
| FY2019 | 1.22 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.52 | — | 0.63 | |
| Retained earnings / total assets | (0.47) | — | −0.66 | |
| EBIT / total assets | (0.09) | — | −0.31 | |
| Market value of equity / total liabilities | 1.76 | — | 1.06 | |
| Sales / total assets | 0.18 | — | 0.18 | |
| Altman Z-score | Distress zone | 0.89 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.06 | ||
Z and Z″ put Keel Infrastructure Corp in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PONY Pony AI Inc. - Sponsored ADR compare | 31.1× |
| INOD Innodata Inc compare | 19.1× |
| MGRT Mega Fortune Company Limited compare | 12.3× |
| GLOB Globant S.A. compare | 3.0× |
| EFOR Everforth Inc. compare | 2.5× |
| FORTY Formula Systems (1985) Ltd. compare | 2.5× |
| KEEL Keel Infrastructure Corp | 0.9× |
| CNXC Concentrix Corporation compare | 0.9× |
| VNET VNET Group, Inc. - Unsponsored ADR compare | 0.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets