Keel Infrastructure Corp. (KEEL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-250.0%

-$2.84

vs $1.89 price

Levered DCF

-$5.33

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.17

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-4.52×	-11.46×	-6.93×	-0.52×	36.07×	-10×	8.84×	-5.66×
P/B	2.31×	1.02×	2.59×	0.36×	2.22×	10.44×	0.91×	3.34×
P/S	5.65×	3.2×	5.21×	0.64×	4.7×	4.65×	0.79×	1.52×
EV / EBITDA	55.41×	7.82×	-40.14×	-1.18×	10.71×	124.75×	4.74×	-9.46×
Gross margin	-8.2%	-16.8%	-14.7%	7.4%	65.6%	8.3%	35.3%	32.2%
Operating margin	-65.2%	-55.8%	-49.3%	-199.4%	37.5%	-19.4%	4.3%	-53.2%
Net margin	-124.1%	-28.0%	-74.4%	-123.3%	13.1%	-46.9%	8.9%	-27.7%
Current ratio	5.58×	5.89×	1.88×	1.02×	1.74×	0.32×	1.63×	0.71×
Debt / equity	1.22×	0.04×	0.07×	0.25×	0.24×	1.84×	0.79×	0.11×
Interest coverage	-17.35×	-61.89×	-17.68×	-19.97×	18.61×	-1.1×	0.43×	-285.68×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-50.8%	-8.9%	-37.0%	-68.8%	6.2%	-105.5%	10.3%	-60.6%
Return on invested capital	-12.0%	-13.4%	-22.7%	-80.2%	7.3%	-15.3%	-12.1%	-79.6%
Return on assets	-21.9%	-8.1%	-28.8%	-51.2%	4.1%	-31.5%	5.5%	-35.7%
Free cash flow yield	-25.2%	-77.8%	-23.2%	-173.6%	-28.9%	1.7%	-69.3%	-17.5%
Earnings yield	-21.9%	-8.8%	-14.3%	-192.1%	2.8%	-10.1%	11.3%	-18.2%
Enterprise value	$1.4B	$581.7M	$698.9M	$125.6M	$755.3M	$183.8M	$45.6M	$52.7M
Net debt / EBITDA	4.35×	-0.49×	3.68×	-0.32×	-0.58×	15.22×	2.08×	-0.21×
Cash conversion cycle (days)	-2	-17	-16	9	-85	-7	4	-15