Keel Infrastructure Corp Financials
This page shows Keel Infrastructure Corp (KEEL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Debt-funded balance-sheet expansion is outpacing economic improvement: revenue scaled, but the core business still sold below cost.
The apparent liquidity improvement in FY2025 was externally funded: cash increased by roughly$571M from FY2024 to FY2025 while long-term debt rose by roughly$571M . Because operating cash flow was still-$227M and free cash flow was-$327M , the larger cash balance reflects financing capacity rather than self-funding operations.
Revenue expanded
The balance sheet moved from minimal leverage to meaningful leverage in one year, with debt-to-equity rising from 0.0x to 1.0x. A 5.6x current ratio suggests near-term bills are covered, but that liquidity now sits inside a much heavier capital structure, leaving the business more dependent on lenders and fresh capital than it was a year earlier.
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Keel Infrastructure Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Keel Infrastructure Corp has an operating margin of -65.3%, meaning the company retains $-65 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -21.0% the prior year.
Keel Infrastructure Corp's revenue surged 72.0% year-over-year to $229.3M, reflecting rapid business expansion. This strong growth earns a score of 97/100.
Keel Infrastructure Corp carries a low D/E ratio of 1.02, meaning only $1.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 81/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.58, Keel Infrastructure Corp holds $5.58 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Keel Infrastructure Corp generated -$226.6M in operating cash flow, capex of $100.3M consumed most of it, leaving -$326.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Keel Infrastructure Corp generates a -50.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -4.6% the prior year.
Keel Infrastructure Corp passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Keel Infrastructure Corp generates $0.80 in operating cash flow (-$226.6M OCF vs -$284.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Keel Infrastructure Corp earns $-17.3 in operating income for every $1 of interest expense (-$149.6M vs $8.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Keel Infrastructure Corp generated $229.3M in revenue in fiscal year 2025. This represents an increase of 72.0% from the prior year.
Keel Infrastructure Corp's EBITDA was -$27.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 125.1% from the prior year.
Keel Infrastructure Corp reported -$284.5M in net income in fiscal year 2025. This represents a decrease of 903.2% from the prior year.
Keel Infrastructure Corp earned $-0.52 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 642.9% from the prior year.
Cash & Balance Sheet
Keel Infrastructure Corp generated -$326.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 23.7% from the prior year.
Keel Infrastructure Corp held $631.0M in cash against $572.4M in long-term debt as of fiscal year 2025.
Keel Infrastructure Corp had 602M shares outstanding in fiscal year 2025. This represents an increase of 25.5% from the prior year.
Margins & Returns
Keel Infrastructure Corp's gross margin was -8.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.7 percentage points from the prior year.
Keel Infrastructure Corp's operating margin was -65.3% in fiscal year 2025, reflecting core business profitability. This is down 44.2 percentage points from the prior year.
Keel Infrastructure Corp's net profit margin was -124.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 102.8 percentage points from the prior year.
Keel Infrastructure Corp's ROE was -50.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 46.1 percentage points from the prior year.
Capital Allocation
Keel Infrastructure Corp invested $100.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 65.0% from the prior year.
KEEL Income Statement
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 |
|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | N/A | N/A | N/A | N/A | N/A |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A |
KEEL Balance Sheet
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 |
|---|---|---|---|---|---|---|
| Total Assets | $1.3B+95.5% | $663.1M | N/A | $343.1M-36.8% | $542.6M+949.4% | $51.7M |
| Current Assets | $826.5M+286.7% | $213.7M | N/A | $69.1M-75.9% | $287.1M+3031.8% | $9.2M |
| Cash & Equivalents | $631.0M+959.7% | $59.5M-29.1% | $84.0M+172.1% | $30.9M-75.4% | $125.6M+2011.9% | $5.9M |
| Inventory | $8.7M+663.1% | $1.1M | N/A | N/A | N/A | N/A |
| Accounts Receivable | $5.5M+334.6% | $1.3M | N/A | $108K-89.6% | $1.0M-5.9% | $1.1M |
| Goodwill | N/A | N/A | N/A | N/A | $17.0M | N/A |
| Total Liabilities | $736.0M+1315.7% | $52.0M | N/A | $87.7M-26.9% | $120.0M+231.0% | $36.3M |
| Current Liabilities | $148.1M+426.1% | $28.2M | N/A | $67.4M-33.4% | $101.2M+255.3% | $28.5M |
| Long-Term Debt | $572.4M+39931.3% | $1.4M-64.4% | $4.0M-71.7% | $14.2M+54.1% | $9.2M+24.7% | $7.4M |
| Total Equity | $560.4M-8.3% | $611.1M+87.8% | $325.4M+27.4% | $255.4M-28.9% | $359.0M+2224.1% | $15.4M |
| Retained Earnings | -$612.5M-86.8% | -$327.9M | N/A | -$197.2M-1314493.3% | -$15K+99.9% | -$22.1M |
KEEL Cash Flow Statement
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A |
KEEL Financial Ratios
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 |
|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Ratio | 5.58-2.0 | 7.59 | N/A | 1.02-1.8 | 2.84+2.5 | 0.32 |
| Debt-to-Equity | 1.02+1.0 | 0.00-0.0 | 0.01-0.0 | 0.06+0.0 | 0.03-0.5 | 0.48 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
What is Keel Infrastructure Corp's annual revenue?
Keel Infrastructure Corp (KEEL) reported $229.3M in total revenue for fiscal year 2025. This represents a 72.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Keel Infrastructure Corp's revenue growing?
Keel Infrastructure Corp (KEEL) revenue grew by 72% year-over-year, from $133.3M to $229.3M in fiscal year 2025.
Is Keel Infrastructure Corp profitable?
No, Keel Infrastructure Corp (KEEL) reported a net income of -$284.5M in fiscal year 2025, with a net profit margin of -124.1%.
What is Keel Infrastructure Corp's EBITDA?
Keel Infrastructure Corp (KEEL) had EBITDA of -$27.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Keel Infrastructure Corp have?
As of fiscal year 2025, Keel Infrastructure Corp (KEEL) had $631.0M in cash and equivalents against $572.4M in long-term debt.
What is Keel Infrastructure Corp's gross margin?
Keel Infrastructure Corp (KEEL) had a gross margin of -8.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Keel Infrastructure Corp's operating margin?
Keel Infrastructure Corp (KEEL) had an operating margin of -65.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Keel Infrastructure Corp's net profit margin?
Keel Infrastructure Corp (KEEL) had a net profit margin of -124.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Keel Infrastructure Corp's return on equity (ROE)?
Keel Infrastructure Corp (KEEL) has a return on equity of -50.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Keel Infrastructure Corp's free cash flow?
Keel Infrastructure Corp (KEEL) generated -$326.9M in free cash flow during fiscal year 2025. This represents a 23.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Keel Infrastructure Corp's operating cash flow?
Keel Infrastructure Corp (KEEL) generated -$226.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Keel Infrastructure Corp's total assets?
Keel Infrastructure Corp (KEEL) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Keel Infrastructure Corp's capital expenditures?
Keel Infrastructure Corp (KEEL) invested $100.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Keel Infrastructure Corp's current ratio?
Keel Infrastructure Corp (KEEL) had a current ratio of 5.58 as of fiscal year 2025, which is generally considered healthy.
What is Keel Infrastructure Corp's debt-to-equity ratio?
Keel Infrastructure Corp (KEEL) had a debt-to-equity ratio of 1.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Keel Infrastructure Corp's return on assets (ROA)?
Keel Infrastructure Corp (KEEL) had a return on assets of -21.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Keel Infrastructure Corp's cash runway?
Based on fiscal year 2025 data, Keel Infrastructure Corp (KEEL) had $631.0M in cash against an annual operating cash burn of $226.6M. This gives an estimated cash runway of approximately 33 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Keel Infrastructure Corp's Piotroski F-Score?
Keel Infrastructure Corp (KEEL) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Keel Infrastructure Corp's earnings high quality?
Keel Infrastructure Corp (KEEL) has an earnings quality ratio of 0.80x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Keel Infrastructure Corp cover its interest payments?
Keel Infrastructure Corp (KEEL) has an interest coverage ratio of -17.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Keel Infrastructure Corp?
Keel Infrastructure Corp (KEEL) scores 46 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.