stockrowKeel 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
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Keel Infrastructure Corp (KEEL) Beneish M-score
Keel Infrastructure Corp's Beneish M-score for fiscal 2025 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2022 | 10.98 | 10.07 |
| FY2021 | 0.91 | 4.56 |
| FY2020 | −3.65 | (2.96) |
| FY2019 | −0.69 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.53 | — | 2.32 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 0.27 | — | 0.11 | |
| Sales growth index | 1.72 | — | 1.53 | |
| Depreciation index | 1.43 | — | 0.16 | |
| SG&A index | 0.74 | — | −0.13 | |
| Total accruals to total assets | 0.01 | — | 0.07 | |
| Leverage index | 11.59 | — | −3.79 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| BBAI BigBear.ai Holdings, Inc. compare | −4.0× |
| NABL N-able, Inc. compare | −3.0× |
| EFOR Everforth Inc. compare | −2.7× |
| GDYN Grid Dynamics Holdings, Inc. compare | −2.5× |
| VNET VNET Group, Inc. - Unsponsored ADR compare | −2.4× |
| INOD Innodata Inc compare | −2.4× |
| TASK TaskUs, Inc. compare | −2.3× |
| VYX NCR Voyix Corporation compare | −2.3× |
| KEEL Keel Infrastructure Corp | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI