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Other financials

Income statement

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Revenue$37.0M-22.4%
Gross profit-$26.3M-9,631%
Operating income-$98.4M-182%
Net income-$145.4M-162%
EPS (diluted)-$0.24-118%

Balance sheet

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Cash & equivalents$357.3M+827%
Total debt$591.0M
Total equity$419.1M-36.6%
Total assets$1.1B

Cash flow

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Operating cash flow-$64.7M-243%
CapEx$10.3M-76.2%
Free cash flow-$75.0M-20.6%

Valuation

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Market cap$2.31B+87.6%
Enterprise value$2.54B
P/S15.3×

Profitability

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Gross margin-7.9%-2.8pp
Operating margin-37.8%+2.0pp
Net margin-52%+24.6pp
FCF margin-259.9%+201pp

Returns & leverage

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Return on equity-6.1%-2.5pp
Debt / equity1.4×
Current ratio9.6×

Where this comes from

Reported directly by Keel Infrastructure in its filing.

Tagged under the XBRL concept us-gaap:IntangibleAssetsNetIncludingGoodwill.

The source filing: Keel Infrastructure’s 10-K, filed March 31, 2026.

Filed
Mar 31, 2026, 4:31 PM EDT
Fiscal year
FY2026
Accession
0001213900-26-037514
Line itemAs of December 31, 2025As of December 31, 2024
Finance lease right-of-use assets, net2,1272,281
Long-term deposits and equipment prepayments31,03344,572
Refundable deposits35014,216
Intangible assets, net2,9834,636
Assets held for sale125,138
Investment in equity securities1,250
Long-term derivative assets5,200
Total assets1,296,344663,132

ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

FAQ

What is Keel Infrastructure's goodwill?
Keel Infrastructure (KEEL) reported goodwill of $2.98M in Q4 2025.
What does goodwill mean?
The excess of acquisition cost over the fair value of net identifiable assets acquired — representing brand value, customer relationships, and synergies from past M&A.

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