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%
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

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 (at or above 1.5: strong)
Debt/Equity 3.13 (above 2: weak)
P/E ratio 0.00
Fwd P/E (14.50) (negative: loss-making)
P/S ratio 7.43
P/B ratio 4.25
Past 5Y EPS Growth —
This Y EPS Growth (24.56%) (below 0%: weak)
Next Y EPS Growth 33.55% (at or above 15%: strong)
Next Y revenue growth (50.71%) (below 0%: weak)
Next 5Y EPS Growth 18.97% (at or above 15%: strong)

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

Valuation vs history

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

Keel Infrastructure Corp (KEEL) Latest News

1 Jun

Impact 4 · transcript
stockrow.com/KEEL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com