# Keel Infrastructure Corp. (KEEL.TO) fundamentals

Data as of 2026-11-04. TSX, Canada. Sector: Technology / IT Services. Price C$3.07, market value C$1.9 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Keel Infrastructure Corp. reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 10.1×**. Each dollar of revenue is priced at 10.1×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 4.1×**. The shares trade at 4.1× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: -21.6%** (5-yr avg -91.1%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Gross margin: -70.7%**. Keel Infrastructure Corp. keeps -70.7% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: -146.1%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -124.1%**. The company reported a net loss over the last twelve months.
- **Return on equity: -50.8%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -40.7%**. Return on all capital, debt included, is -40.7%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -27.5%**. Each dollar of assets produces -27.5% of profit.

## Growth
- **Revenue growth (1 yr): 72.0%** (3-yr 17.2%/yr, 5-yr 45.9%/yr). Revenue grew 72.0% over the last year, against 45.9% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -642.9%**. Earnings per share fell 642.9%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 1.22**. Debt is 1.22 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: net cash**. Keel Infrastructure Corp. holds more cash than debt.
- **Interest coverage: -18.5×**. Operating profit covers interest only -18.5×: fragile.
- **Current ratio: 5.58** (quick 5.52). Current assets cover the next year's liabilities 5.58 times.
- **Altman Z-score: 2.49**. A Z-score of 2.49 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 2/9**. 2 of 9 checks pass: weak or deteriorating financials.

## Dividends
- **Dividend: none**. Keel Infrastructure Corp. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: buy** (1 analyst). 1 analysts cover Keel Infrastructure Corp.; the consensus is buy, with an average price target of C$7.95 (+159% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -48.9%** (YTD -9.9%, 3-mo -47.8%). The shares are down 48.9% over twelve months including dividends.
- **From 52-week high: -71.6%** (32.9% above the low). Trading 72% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 29**. An RSI of 29 is oversold; bounces are common, but oversold can stay oversold in a real decline.
- **Beta (1 yr): 3.63** (volatility 104%). Beta of 3.63 against the S&P/TSX Composite: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=KEEL.TO · Page: https://foliofundamentals.com/stocks/keel.to

Not investment advice.