KEEL Keel Infrastructure Corp. - Common Stock
NASDAQ · View on SEC EDGAR ↗ 10-K/10-Q Aug 10, 2026
$2.43
· of 52w range
· above low
· to high
$2.0452w low
$7.3752w high
Market Cap (MRQ)
$1.50B
EPS
$-0.52
Revenue
$229M
your badges
52W Range
$2–$7
Analyst Rating
BUY
Price Target
$6
P/E
·
ROE
-48.6%
Net Profit Margin
-124.1%
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KEEL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.43
Market Cap (MRQ)
$1.50B
EPS
$-0.52
Revenue
$229M
ROE
-48.6%
Debt/Equity (MRQ)
3.1
52W Range
$2–$7
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$229M2023-12-31 → 2025-12-31
EPS$-0.522023-12-31 → 2025-12-31
Free Cash Flow$-327M2025-12-31 → 2025-12-31
Net margin-124.1%2025-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | KEEL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/B (MRQ) | 4.6 | · | · | · | |
| Price / Tangible Book (MRQ) | 4.6 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | KEEL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin | -8.2% | · | · | · | |
| Operating Margin | -65.2% | · | · | · | |
| EBITDA Margin | -65.2% | · | · | · | |
| Pretax Margin | -90.9% | · | · | · | |
| Net Profit Margin | -124.1% | · | · | · | |
| ROA | -29.0% | · | · | · | |
| ROE | -48.6% | · | · | · | |
| ROIC | -12.2% | · | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | KEEL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 3.1 | · | · | · | |
| Current Ratio (MRQ) | 16.3 | · | · | · | |
| Quick Ratio | 3.9 | · | · | · | |
| Long-Term Debt / Equity (MRQ) | 3.1 | · | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | KEEL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 72.0% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | KEEL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.2 | · | · | · | |
| Inventory Turnover | 50.6 | · | · | · | |
| Receivables Turnover | 68.1 | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-240.7%
Next Report
Nov 13, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 12, 2026 | $-0.11 | $-0.07 | -54.1% |
| March 31, 2026 | May 18, 2026 | $-0.21 | $-0.09 | -147.1% |
| Dec. 31, 2025 | $-0.25 | $-0.05 | -363.8% | |
| Sept. 30, 2025 | $-0.15 | $-0.02 | -702.1% | |
| June 30, 2025 | $-0.05 | $-0.02 | -179.3% | |
| March 31, 2025 | $-0.03 | $-0.03 | 2.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Revenue | $229M | $133M | |
| Cost of Revenue | $248M | $149M | |
| Gross Profit | $-19M | $-16M | |
| SG&A Expense | $78M | $62M | |
| Operating Income | $-150M | $-28M | |
| Other Non-op | $-6M | $-2M | |
| Pretax Income | $-208M | $-7M | |
| Income Tax | $101.0K | $346.0K | |
| Net Income | $-285M | $-28M | |
| EPS (Basic) | $-0.52 | $-0.07 | |
| EPS (Diluted) | $-0.52 | $-0.07 | |
| Shares (Basic) | 551,676,757 | 414,669,947 | |
| Shares (Diluted) | 551,676,757 | 414,669,947 | |
| EBITDA | $-150M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Cash & Equivalents | $573M | $60M | |
| Receivables | $5M | $1M | |
| Inventory | $9M | $1M | |
| Other Current Assets | $3M | $4M | |
| Current Assets | $826M | $214M | |
| PP&E (Net) | $358M | $237M | |
| PP&E (Gross) | $548M | $402M | |
| Accum. Depreciation | $190M | $164M | |
| Intangibles | $3M | · | |
| Other Non-current Assets | $2M | · | |
| Total Assets | $1.30B | $663M | |
| Accounts Payable | $16M | $8M | |
| Accrued Liabilities | $19M | $14M | |
| Current Liabilities | $148M | $28M | |
| Capital Leases | $11M | $17M | |
| Deferred Tax | $65.0K | $65.0K | |
| Other Non-current Liabilities | $3M | $3M | |
| Total Liabilities | $736M | $52M | |
| Long-term Debt | $669M | $2M | |
| Total Debt | $669M | · | |
| Common Stock | $602.0K | $838M | |
| Paid-in Capital | $1.17B | $101M | |
| Retained Earnings | $-612M | $-328M | |
| Stockholders' Equity | $560M | $611M | |
| Liabilities + Equity | $1.30B | $663M | |
| Shares Outstanding | 601,579,999 | 479,332,885 |
Cash Flow
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| D&A | $123M | $135M | |
| Stock-based Comp | $15M | $13M | |
| Operating Cash Flow | $-227M | $-142M | |
| CapEx | $100M | $287M | |
| Investing Cash Flow | $104M | $-178M | |
| Debt Issued | $689M | $2M | |
| Net Debt Issued | $666M | · | |
| Taxes Paid | $427.0K | $2M | |
| Free Cash Flow | $-327M | · |
Profitability
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Gross Margin | -8.2% | · | |
| Operating Margin | -65.2% | · | |
| Net Margin | -124.1% | · | |
| Pretax Margin | -90.9% | · | |
| EBITDA Margin | -65.2% | · | |
| ROA | -29.0% | · | |
| ROE | -48.6% | · | |
| ROIC | -12.2% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Current Ratio | 5.6 | · | |
| Quick Ratio | 3.9 | · | |
| Debt / Equity | 1.2 | · | |
| LT Debt / Equity | 1.0 | · |
Efficiency
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Asset Turnover | 0.2 | · | |
| Inventory Turnover | 50.6 | · | |
| Receivables Turnover | 68.1 | · |
Per Share
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Book Value / Share | $0.93 | · | |
| Revenue / Share | $0.42 | · | |
| Cash Flow / Share | $-0.41 | · | |
| Cash / Share | $0.95 | · | |
| EPS (TTM) | $-0.52 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Revenue YoY | 72.0% | 10.7% |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Revenue TTM | $229M | · | |
| Net Income TTM | $-285M | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Revenue | $30M | $37M | · | $61M | $48M | |
| Cost of Revenue | $117M | $63M | · | $65M | $47M | |
| Gross Profit | $-87M | $-26M | · | $-4M | $276.0K | |
| SG&A Expense | $31M | $27M | · | $19M | $18M | |
| Operating Income | $-141M | $-98M | · | $11M | $-35M | |
| Other Non-op | $-971.0K | $-6M | · | $-275.0K | $-213.0K | |
| Pretax Income | $-64M | $-128M | · | $13M | $-38M | |
| Income Tax | $17.0K | $-3.0K | · | $0 | $222.0K | |
| Net Income | $-65M | $-145M | · | $-6M | $-56M | |
| EPS (Basic) | $-0.11 | $-0.24 | · | $-0.01 | $-0.11 | |
| EPS (Diluted) | $-0.11 | $-0.24 | · | $-0.01 | $-0.11 | |
| Shares (Basic) | 605,370,634 | 602,578,453 | · | 555,843,347 | 500,163,441 | |
| Shares (Diluted) | · | 602,578,453 | · | · | 500,163,441 | |
| EBITDA | $-141M | $-71M | · | · | · |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $716M | $357M | $573M | · | · | |
| Receivables | $5M | $5M | $5M | · | · | |
| Inventory | $9M | $10M | $9M | · | · | |
| Other Current Assets | $4M | $2M | $3M | · | · | |
| Current Assets | $896M | $576M | $826M | · | · | |
| PP&E (Net) | $287M | $349M | $358M | · | · | |
| PP&E (Gross) | $453M | $568M | $548M | · | · | |
| Accum. Depreciation | $166M | $219M | $190M | · | · | |
| Intangibles | $3M | $3M | · | · | · | |
| Other Non-current Assets | $2M | $2M | · | · | · | |
| Total Assets | $1.42B | $1.07B | $1.30B | · | · | |
| Accounts Payable | $18M | $18M | $16M | · | · | |
| Accrued Liabilities | $17M | $27M | $19M | · | · | |
| Current Liabilities | $55M | $60M | $148M | · | · | |
| Capital Leases | $9M | $10M | $11M | · | · | |
| Deferred Tax | $65.0K | $65.0K | $65.0K | · | · | |
| Other Non-current Liabilities | $2M | $3M | $3M | · | · | |
| Total Liabilities | $1.09B | $648M | $736M | · | · | |
| Long-term Debt | $1.03B | $577M | $669M | · | · | |
| Total Debt | $1.03B | $577M | · | · | · | |
| Common Stock | $617.0K | $1.07B | $1.06B | · | · | |
| Paid-in Capital | $1.15B | $111M | $108M | · | · | |
| Retained Earnings | $-823M | $-758M | $-612M | · | · | |
| Stockholders' Equity | $329M | $419M | $560M | · | · | |
| Liabilities + Equity | $1.42B | $1.07B | $1.30B | · | · | |
| Shares Outstanding | 616,736,107 | 602,851,137 | 601,579,999 | · | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| D&A | $84M | $28M | · | $36M | $28M | |
| Stock-based Comp | $10M | $4M | · | $4M | $4M | |
| Other Non-cash | · | $49M | · | · | · | |
| Operating Cash Flow | $-53M | $-65M | · | $-75M | $-19M | |
| CapEx | $43M | $10M | · | $19M | $43M | |
| Investing Cash Flow | $14M | $-55M | · | $100M | $-26M | |
| Net Debt Issued | · | $-113M | · | · | · | |
| Taxes Paid | $884.0K | $-7.0K | · | $159.0K | $78.0K | |
| Free Cash Flow | · | $-75M | · | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Gross Margin | -285.1% | -71.1% | · | · | · | |
| Operating Margin | -462.6% | -266.0% | · | · | · | |
| Net Margin | -213.6% | -392.9% | · | · | · | |
| Pretax Margin | -210.1% | -344.9% | · | · | · | |
| EBITDA Margin | -462.6% | -191.1% | · | · | · | |
| ROA | -9.2% | -27.3% | · | · | · | |
| ROE | -39.5% | -69.4% | · | · | · | |
| ROIC | -10.4% | -9.9% | · | · | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Current Ratio | 16.3 | 9.6 | · | · | · | |
| Quick Ratio | 13.1 | 6.0 | · | · | · | |
| Debt / Equity | 3.1 | 1.4 | · | · | · | |
| LT Debt / Equity | 3.1 | 1.4 | · | · | · |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | · | · | · | |
| Inventory Turnover | 26.5 | 12.2 | · | · | · | |
| Receivables Turnover | 12.1 | 13.8 | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Book Value / Share | $0.53 | $0.70 | · | · | · | |
| Revenue / Share | · | $0.06 | · | · | · | |
| Cash Flow / Share | · | $-0.11 | · | · | · | |
| Cash / Share | $1.16 | $0.59 | · | · | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Market Cap | $3.54B | · | · | · | · | |
| Enterprise Value | $3.85B | · | · | · | · | |
| P/B | 10.8 | · | · | · | · | |
| P / Tangible Book | 10.9 | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $229M | $133M | $120M |
| Gross Margin % | -8.2% | · | · |
| Operating Margin % | -65.2% | · | · |
| Net Income | $-285M | $-28M | $-56M |
| Diluted EPS | $-0.52 | $-0.07 | $-0.21 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Debt / Equity | 1.2 | · | · |
| Current Ratio | 5.6 | · | · |
| Quick Ratio | 3.9 | · | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Free Cash Flow | $-327M | · | · |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Riot Platforms, Inc. ×23 filings | Aug. 18, 2025 | 4.60% | Amendment | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 12 insiders · 6 officers · 7 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Benjamin Gagnon | Chief Executive Officer | Aug. 21, 2026 P | 1,386,624 | 2 | 0 | $325,594 |
| Jonathan Mir | Chief Financial Officer | April 2, 2026 A | · | 0 | 0 | $0 |
| Ganesh Aiyer | President | July 9, 2026 A | · | 0 | 0 | $0 |
| Liam Daniel Wilson | Chief Operating Officer | Aug. 20, 2026 P | 100,978 | 2 | 0 | $200,063 |
| Marc-Andre Ammann | Principal Accounting Officer | July 10, 2026 M | 13,297 | 0 | 0 | $0 |
| Rachel Rose Silverstein | EVP, General Counsel, Corp Sec | July 10, 2026 M | 12,923 | 0 | 0 | $0 |
| Wayne Duso | Director | April 2, 2026 A | · | 0 | 0 | $0 |
| Amy Freedman | Director | April 2, 2026 A | · | 0 | 0 | $0 |
| Andrew Chang | Director | April 2, 2026 A | · | 0 | 0 | $0 |
| Fanny Philip | Director | April 2, 2026 A | · | 0 | 0 | $0 |
| Edith Hofmeister | Director | April 2, 2026 A | · | 0 | 0 | $0 |
| Brian Howlett | Director | April 2, 2026 A | · | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 19 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IBLC · iShares Trust | 1.14% | 283,857 SH | Sept. 11, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.16% | 380,963 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.10% | 3,398,276 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.07% | 15,067,958 SH | Sept. 11, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.05% | 163,296 SH | Aug. 19, 2026 | Daily |
| IWO · iShares Trust | 0.03% | 1,430,670 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 5,958,677 SH | Aug. 19, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.03% | 3,511,578 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.02% | 5,526,229 SH | Aug. 19, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.02% | 67,257 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.02% | 38,261 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 158,224 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 701,846 SH | Sept. 11, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.00% | 2,694 SH | Oct. 28, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 7,656,400 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 48,489 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 4,086,508 SH | Sept. 11, 2026 | Daily |
| ISCB · iShares Trust | · | 26,228 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 130,252 SH | Sept. 11, 2026 | Daily |
KEEL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 18 analysts
BUY
Median target
$6.00
+146.9%
4 22.2%
Strong Buy
12 66.7%
Buy
2 11.1%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
11 analysts · 2026-10-29Mean target $6.23 +156.3%
← Below all targets
Current price $2.43
Low$4.00
Mean$6.23
High$10.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| KEEL | · | · | 72.0% | -124.1% | -48.6% | -8.2% |
| ALKT | $2.45B | -50.2 | 32.9% | -10.7% | -13.5% | 57.8% |
| EVCM | $2.16B | 121.1 | 4.8% | 3.0% | 2.4% | · |
| CXM | · | 70.9 | 7.6% | 2.7% | 4.0% | 67.4% |
| PD | $897M | 5.7 | 5.4% | 35.2% | 79.8% | 85.0% |
| RDVT | $806M | 62.6 | 20.0% | 14.6% | 13.4% | · |
| APPS | $347M | -8.7 | 15.2% | -6.7% | -21.8% | 56.9% |
| PLTR | $425.03B | 282.1 | 56.2% | 36.3% | 26.2% | 82.4% |
Latest News Recent headlines mentioning this company
December 2028 Options Now Available For Keel Infrastructure (KEEL)
Nasdaq ·
Keel Infrastructure Corp. (KEEL): Leopold Aschenbrenner Is Buying This Stock
Yahoo Finance ·
Keel Infrastructure Posts $145 Million Loss as Firm Completes Pivot From Bitcoin Miner to AI
Yahoo Finance ·
Keel, Hive Shares Jump as Companies Continue Shift From Bitcoin Mining to AI
Yahoo Finance ·
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Source: SEC 10-Q filed Aug 10, 2026