# Keyera Corp. (KEY.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Energy / Oil, Gas & Consumable Fuels. Price C$56.33, market value C$12.9 billion.

## Valuation
- **P/E (trailing): 36.8×** (5-yr avg 17.9×, 3-yr avg 19.2×). Keyera Corp. trades at 36.8× trailing earnings, well above its own five-year average of 17.9×: investors are paying up relative to the company's past. The Energy median in the September 2026 study was 16.8×. Forward P/E is 19.2×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 1.7×**. Each dollar of revenue is priced at 1.7×.
- **Price / book: 3.1×**. The shares trade at 3.1× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 13.7×**. Enterprise value is 13.7× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: -0.6%** (5-yr avg 4.4%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 2.7%**. The inverse of the P/E: 2.7% of the price is earned each year.

## Profitability
- **Gross margin: 16.3%**. Keyera Corp. keeps 16.3% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: 13.6%**. 13.6% of revenue is left after running the business.
- **Net margin: 6.3%**. 6.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 15.6%**. 15.6% on shareholders' equity is solid.
- **Return on invested capital: 11.5%**. Return on all capital, debt included, is 11.5%.
- **Return on assets: 2.8%**. Each dollar of assets produces 2.8% of profit.

## Growth
- **Revenue growth (1 yr): -4.0%** (3-yr -1.0%/yr, 5-yr 17.9%/yr). Revenue fell 4.0% over the last year, against 17.9% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -10.8%** (3-yr 8.5%/yr, 5-yr 46.5%/yr). Earnings per share fell 10.8%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 155.8%/yr**. Free cash flow has compounded at 155.8% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 2.28**. Debt is 2.28 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 3.2×**. It would take 3.2 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 2.8×**. Operating profit covers interest 2.8×, thin but manageable.
- **Current ratio: 1.76** (quick 1.69). Current assets cover the next year's liabilities 1.76 times.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 3.99%** (C$2.16 per share, trailing). Keyera Corp. yields 3.99%, an income-level yield.
- **Payout ratio: 112%**. The dividend exceeds earnings (112% payout), which is rarely sustainable outside REITs and one-off years.
- **Consecutive years of increases: 15**. 15 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 2.0%/yr** (1-yr 3.9%). The dividend has grown 2.0% a year over five years.
- **Shareholder yield: -0.7%**. Dividends plus net buybacks return -0.7% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (15 analysts). 15 analysts cover Keyera Corp.; the consensus is buy, with an average price target of C$64.33 (+14% 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): 33.1%** (YTD 30.5%, 3-mo -1.2%). The shares are up 33.1% over twelve months including dividends.
- **From 52-week high: -8.3%** (40.5% above the low). Trading 8% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 38**. An RSI of 38 is neutral.
- **Beta (1 yr): -0.06** (volatility 24%). Beta of -0.06 against the S&P/TSX Composite: the shares move much less than the market.

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

Not investment advice.