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Keel Infrastructure Corp.

KEEL Clue Score54
United States Fiscal year ends December CIK 0001812477
$3.05 -3.17% Close, 9 Oct 2026
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Price $3.05 −41.90% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 28 Aug 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2020Revenue34.7Operating income−6.7Net income0.2EPS, diluted−0.19Fiscal year 2021Revenue169.5 +388.4%Operating income63.6Net income20.5 +11,822.7%EPS, diluted0.13Fiscal year 2022Revenue142.4 −16.0%Operating income−284.0Net income−175.6 −956.5%EPS, diluted−0.85Fiscal year 2023Revenue120.4 −15.5%Operating income−50.0Net income−55.5EPS, diluted−0.21Fiscal year 2024Revenue133.3 +10.7%Operating income−28.0Net income−28.4EPS, diluted−0.07Fiscal year 2025Revenue229.3 +72.0%Operating income−149.6Net income−284.5EPS, diluted−0.52
FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 34.7 169.5 142.4 120.4 133.3 229.3
Growth +388.4% −16.0% −15.5% +10.7% +72.0%
Operating income −6.7 63.6 −284.0 −50.0 −28.0 −149.6
Net income 0.2 20.5 −175.6 −55.5 −28.4 −284.5
Growth +11,822.7% −956.5%
EPS, diluted −0.19 0.13 −0.85 −0.21 −0.07 −0.52

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2020Gross margin8.3%Operating margin−19.4%Net margin0.5%Fiscal year 2021Gross margin65.6%Operating margin37.5%Net margin12.1%Fiscal year 2022Gross margin7.4%Operating margin−199.4%Net margin−123.3%Free cash flow margin−193.5%Fiscal year 2023Gross margin−17.9%Operating margin−41.5%Net margin−46.1%Free cash flow margin−129.0%Fiscal year 2024Gross margin−24.3%Operating margin−21.0%Net margin−21.3%Free cash flow margin−321.6%Fiscal year 2025Operating margin−65.2%Net margin−124.1%Free cash flow margin−142.6%
FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 8.3% 65.6% 7.4% −17.9% −24.3% n/a
Operating margin −19.4% 37.5% −199.4% −41.5% −21.0% −65.2%
Net margin 0.5% 12.1% −123.3% −46.1% −21.3% −124.1%
Free cash flow margin n/a n/a −193.5% −129.0% −321.6% −142.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2020Operating cash flow7.2Fiscal year 2021Operating cash flow−43.3Fiscal year 2022Operating cash flow−122.4Capital expenditure−153.1Free cash flow−275.6Fiscal year 2023Operating cash flow−106.9Capital expenditure−48.4Free cash flow−155.3Fiscal year 2024Operating cash flow−141.7Capital expenditure−286.9Free cash flow−428.6Fiscal year 2025Operating cash flow−226.6Capital expenditure−100.3Free cash flow−326.9
FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 7.2 −43.3 −122.4 −106.9 −141.7 −226.6
Capital expenditure n/a n/a −153.1 −48.4 −286.9 −100.3
Free cash flow n/a n/a −275.6 −155.3 −428.6 −326.9
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2020Cash5.9Total debt17.3Net cash (debt)−11.4Shareholders’ equity15.4Debt to equity1.12Fiscal year 2021Cash125.6Total debt5.9Net cash (debt)119.7Shareholders’ equity359.0Debt to equity0.02Fiscal year 2022Cash30.9Total debt8.2Net cash (debt)22.7Shareholders’ equity246.5Debt to equity0.03Fiscal year 2023Cash84.0Total debt4.0Net cash (debt)80.0Shareholders’ equity325.4Debt to equity0.01Fiscal year 2024Cash59.5Total debt1.6Net cash (debt)58.0Shareholders’ equity611.1Debt to equity0.00Fiscal year 2025Cash631.0Total debt669.5Net cash (debt)−38.5Shareholders’ equity560.4Debt to equity1.19
FY2020FY2021FY2022FY2023FY2024FY2025
Cash 5.9 125.6 30.9 84.0 59.5 631.0
Total debt 17.3 5.9 8.2 4.0 1.6 669.5
Net cash (debt) −11.4 119.7 22.7 80.0 58.0 −38.5
Shareholders’ equity 15.4 359.0 246.5 325.4 611.1 560.4
Debt to equity 1.12 0.02 0.03 0.01 0.00 1.19

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2020 31 Dec 2020 FY2021† 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024† 31 Dec 2024 FY2025 31 Dec 2025
Operations
7.2 −43.3 −122.4 −106.9 −141.7 −226.6
Growth −699.7%
11.5 24.5 72.4 84.8 149.7 n/a
Investment
n/a n/a −153.1 −48.4 −286.9 −100.3
calc n/a n/a −275.6 −155.3 −428.6 −326.9
Growth
calc n/a n/a −1.33 −0.59 −1.03 −0.59
−3.6 −209.0 3.7 71.0 −178.4 103.7
Financing
0.2 372.0 24.0 87.9 294.5 n/a

† The diluted share count jumps at 2021 and 2024, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.