Keel Infrastructure Corp. · Finance Services

KEEL

Elevated riskNext report: Around Nov 9 (est.)

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The short version

A company still losing money with shrinking sales.

Going well

Sales up 72% last year

Watch out for

Sales down 50% in the latest quarter vs a year ago
Losing money, losses are large next to sales
Debt above equity: 1.19x

Money moves

No insider buying or selling in the last 30 days
Held by George Soros (Soros Fund), Leopold Aschenbrenner (Situational Awareness)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$2.170.0% that day

Company value: $1.3B; Share price times all shares
Price vs sales: 7.6x; No profit over the last year, so this compares value with sales instead
Cash vs value: 57%; A big cushion: cash is a large part of what the company is worth
Debt vs value: 50%; Debt as a share of company value

From KEEL's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 4 quarters, from SEC filings

Sales, Jun '26

$30.4M

Mar '25Tap a barJun '26

Last 12 months: $176.0M.

What the price assumes

Your guesses, our math

Move the sliders to your own view of KEEL. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).

Sales growth+5% a yearRecent growth not reportedProfit margin10%Not reportedP/E at the end15xMany steady companies trade at 12x to 25xShare count change0% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$225M

Profit in 5 years$22M

Price these guesses point to$0.55-75% vs $2.17 todayAbout -24% a year, before dividends

What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 38% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

0/4Weak

MissReturn on equity 15%+Earns a lot on the money owners have in the business.-48.6%
MissDebt under half of equityNot relying on borrowed money.1.19x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-124.1%
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$226.6M

Revenue: $229.3M; +72.0% vs prior year
Total debt: $669.5M; 1.19x equity
Free cash flow: -$226.6M; -98.8% of revenue

From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. Not in this company's SEC data, so not scored: profitable every year, share count not growing. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Aug 10

Revenue: $30.4M; -50.0% YoY
EPS: -$0.11; vs -$0.01
Op. margin: -462.6%; -480.3 pts
Gross margin: -285.1%; -278.7 pts
Free cash flow: -$96.0M

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

0/ 100

This week: 0
Normal week: 0.5
vs normal: 0.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Newly held

Institutions held almost none of it the quarter before (new listing, spin-off or ticker change), so there's no fair percent change yet. 275 bought, 0 sold.

Shares held by institutions377.3M

Sep '24Jun '26