KEEL Technology

Keel Infrastructure Corp.

$2.19+15.87%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Technology
Industry: Information Technology Services
Country: United States
Market cap: 1.4B USD
Enterprise value: 1.7B USD

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 4.07 vs a peer median of 0.87) and more debt relative to equity (3.12× vs a peer median of 0.25×)higher risk: bigger price swings (beta 4.07 vs peers 0.87) and more debt vs equity (3.12× vs peers 0.25×)

Ranks #1,304 of 1,612 technology companies (bottom 20%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 175% from December 2022 to August 2026.
Keel Infrastructure had 175% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Keel Infrastructure had 175% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Much more borrowing than peers. Debt is 3.1× equity vs a peer median of 0.2×.Debt is 3.1× equity vs peers 0.2×.
Debt is 3.1× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 3.1× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -194%).
More volatile share price. Beta 4.07: tends to move more than the market.
Keel Infrastructure's shares have swung more with the market than most peers' (beta 4.07, above the market's 1.0).

StockQuotient Score

33/ 100

Oct 5 33 → Nov 4 33

Valuation

Is the price right?

10/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 2.3% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-32.1%

SEC filings (IFRS mapped) · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-12.0%

SEC filings (IFRS mapped) · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-25.3%

SEC filings (IFRS mapped) · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield24.3%

SEC filings (IFRS mapped) · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

95/100

Strong

2/3 inputs reported · Partial data

Since last quarter: ▼ Weaker

12-month revenue fell 13.9%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.1108 · MAD: 0.3050

3-year revenue growth17.2%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score 1.56Sector median: 0.0483 · MAD: 0.0793

Revenue growth72.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · fiscal year to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.89Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

1/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-193.9%

SEC filings (IFRS mapped) · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -7.12Sector median: 0.0631 · MAD: 0.0710

Return on assets-30.6%

SEC filings (IFRS mapped) · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.92Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-49.2%

SEC filings (IFRS mapped) · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.27Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin-68.2%

SEC filings (IFRS mapped) · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-132.0%

SEC filings (IFRS mapped) · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: Changed: worth a look

Debt up 78%

Why it changed since the Oct 27, 2026 close: Safety percentile 24 → 25

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta4.07

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.51Sector median: 0.8710 · MAD: 0.3700

Current ratio16.26×

SEC filings (IFRS mapped) · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 8.42Sector median: 1.8295 · MAD: 0.6848

Debt / equity3.12×

SEC filings (IFRS mapped) · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -7.82Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Keel Infrastructure

Is Keel Infrastructure getting weaker?: Its latest SEC filing (Aug 10, 2026) got weaker in some ways: 12-month revenue fell 13.9%; share count up 2.3%. Its overall score is unchanged at 33/100 since Oct 28, 2026.
How is Keel Infrastructure valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -32.1% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -32.1% vs peers 2.2% (weaker than 100% of peers).
Is Keel Infrastructure growing?: Yes, faster than most of its peers. Growth scores 95/100 against 1,711 technology peers. Revenue growth 72.0% vs a peer median of 8.5% (stronger than 95% of peers).Revenue growth 72.0% vs peers 8.5% (stronger than 95% of peers).
How profitable is Keel Infrastructure?: Less profitable than most of its peers. Profitability scores 1/100 against 1,711 technology peers. Operating margin -193.9% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -193.9% vs peers 6.3% (weaker than 100% of peers).
How risky is Keel Infrastructure?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 16.26× vs a peer median of 1.83× (stronger than 95% of peers).Current ratio 16.26× vs peers 1.83× (stronger than 95% of peers). Beta 4.07 vs a peer median of 0.87 (weaker than 100% of peers).Beta 4.07 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

12-month revenue fell 13.9%
Share count up 2.3% (existing holders diluted)
Debt up 78%

Worth watching: Keel Infrastructure is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	218.6M USD	188.1M USD	−13.9%
Net income (12 months)	−374.3M USD	−433.8M USD	+15.9%
Operating margin	-97.5%	-193.9%	−96.4 pts
Free cash flow (12 months)	−339.7M USD	−342.1M USD	+0.7%
Debt	577.4M USD	1.0B USD	+77.6%
Cash	398.4M USD	768.9M USD	+93.0%
Shares outstanding	603.8M	617.6M	+2.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Information Technology Services · 33 companies

Valuations in Information Technology Services are near the bottom of their range since 2016.

5% of months since 2016 were valued lower than now.
14% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −21% and earnings +27% (medians): earnings grew faster than prices.
Median price-to-sales is −47% vs the whole market, against a usual −18%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	65.6%	7.4%	-19.7%	-11.9%	-8.2%	▲ 3.7 pts
Operating margin	37.5%	-199.4%	-41.5%	-21.0%	-65.2%	▼ 44 pts
Net margin	12.1%	-123.3%	-46.1%	-21.3%	-124.1%	▼ 103 pts
Return on assets (ROA)	3.8%	-51.2%	-14.7%	-4.3%	-21.9%	▼ 18 pts
Return on equity (ROE)	5.7%	-71.2%	-17.1%	-4.6%	-50.8%	▼ 46 pts
Free cash flow margin	—	-193.5%	-129.0%	-321.6%	-142.6%	▲ 179 pts
Current ratio	2.84×	1.02×	1.88×	7.59×	5.58×	▼ 26%
Quick ratio	—	—	1.87×	7.55×	5.52×	▼ 27%
Debt to equity	0.02×	0.03×	0.01×	0.00×	1.19×	▲ >999%
Interest coverage	3349.47×	-3054.00×	-233.63×	-78.25×	-17.35×	▲ 78%

KEEL price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 4.07 vs a peer median of 0.87) and more debt relative to equity (3.12× vs a peer median of 0.25×)higher risk: bigger price swings (beta 4.07 vs peers 0.87) and more debt vs equity (3.12× vs peers 0.25×)

Ranks #1,304 of 1,612 technology companies (bottom 20%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 175% from December 2022 to August 2026.

Keel Infrastructure had 175% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Keel Infrastructure had 175% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Much more borrowing than peers. Debt is 3.1× equity vs a peer median of 0.2×.Debt is 3.1× equity vs peers 0.2×.

Debt is 3.1× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 3.1× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -194%).

More volatile share price. Beta 4.07: tends to move more than the market.

Keel Infrastructure's shares have swung more with the market than most peers' (beta 4.07, above the market's 1.0).

Questions investors ask about Keel Infrastructure

Is Keel Infrastructure getting weaker?

Its latest SEC filing (Aug 10, 2026) got weaker in some ways: 12-month revenue fell 13.9%; share count up 2.3%. Its overall score is unchanged at 33/100 since Oct 28, 2026.

How is Keel Infrastructure valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -32.1% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -32.1% vs peers 2.2% (weaker than 100% of peers).

Is Keel Infrastructure growing?

Yes, faster than most of its peers. Growth scores 95/100 against 1,711 technology peers. Revenue growth 72.0% vs a peer median of 8.5% (stronger than 95% of peers).Revenue growth 72.0% vs peers 8.5% (stronger than 95% of peers).

How profitable is Keel Infrastructure?

Less profitable than most of its peers. Profitability scores 1/100 against 1,711 technology peers. Operating margin -193.9% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -193.9% vs peers 6.3% (weaker than 100% of peers).

How risky is Keel Infrastructure?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 16.26× vs a peer median of 1.83× (stronger than 95% of peers).Current ratio 16.26× vs peers 1.83× (stronger than 95% of peers). Beta 4.07 vs a peer median of 0.87 (weaker than 100% of peers).Beta 4.07 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

218.6M USD

188.1M USD

−13.9%

Net income (12 months)

−374.3M USD

−433.8M USD

+15.9%

Operating margin

-97.5%

-193.9%

−96.4 pts

Free cash flow (12 months)

−339.7M USD

−342.1M USD

+0.7%

Debt

577.4M USD

1.0B USD

+77.6%

Cash

398.4M USD

768.9M USD

+93.0%

Shares outstanding

603.8M

617.6M

+2.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

65.6%

7.4%

-19.7%

-11.9%

-8.2%

▲ 3.7 pts

Operating margin

37.5%

-199.4%

-41.5%

-21.0%

-65.2%

▼ 44 pts

Net margin

12.1%

-123.3%

-46.1%

-21.3%

-124.1%

▼ 103 pts

Return on assets (ROA)

3.8%

-51.2%

-14.7%

-4.3%

-21.9%

▼ 18 pts

Return on equity (ROE)

5.7%

-71.2%

-17.1%

-4.6%

-50.8%

▼ 46 pts

Free cash flow margin

—

-193.5%

-129.0%

-321.6%

-142.6%

▲ 179 pts

Current ratio

2.84×

1.02×

1.88×

7.59×

5.58×

▼ 26%

Quick ratio

—

1.87×

7.55×

5.52×

▼ 27%

Debt to equity

0.02×

0.03×

0.01×

0.00×

1.19×

▲ >999%

Interest coverage

3349.47×

-3054.00×

-233.63×

-78.25×

-17.35×

▲ 78%