PerpEquities

Equity · Technology

Keel Infrastructure Corp. (KEEL) perpetual futures

Keel Infrastructure Corp. develops and owns data centers and energy infrastructure for computing workloads, including AI, in North America.

+5.2%NASDAQ closed
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24h volume
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Settlement mix
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Perp/spot vol.
-
OI / float
-
Spot performance
1D+5.23%
5D-3.21%
1M+4.32%
6M+67.59%
YTD+54.04%
1Y+4.62%

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Company data

Company fundamentals

Updated 5h ago
Market cap
$2.2B
Updated 5h ago
Revenue
$229.3M
Trailing 12 months
Revenue growth
-54%
Next fiscal year
Profit margin
-282.9%
P/E
-4.8
Peer P/E -6.6
Free cash flow
-$326.9M
Trailing 12 months
More metrics
Net income
-$284.5M
Trailing 12 months
P/S
9.5
Peer P/E
-6.6
Similar listed perps
Revenue estimate
$105.8M
Next fiscal year
Earnings
2026-11-12
Revenue est. $19M · Updated 5h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$229.3M
Net margin-124.1%
Free cash flow-$326.9M
Net debt$110.3M
2020$34.7M
2021$169.5M
2022$142.4M
2023$146.4M
2024$192.9M
2025$229.3M
PeriodRevenueGrowthNet incomeFCF
2020$34.7M+7%-$16.3M$2.7M
2021$169.5M+388%$22.1M-$230.4M
2022$142.4M-16%-$175.6M-$158.7M
2023$146.4M+3%-$108.9M-$177M
2024$192.9M+32%-$54.1M-$480.4M
2025$229.3M+19%-$284.5M-$326.9M
PeriodGross marginOperating marginNet marginROEROA
2020+8.3%-19.4%-46.9%-105.5%-31.5%
2021+65.6%+37.5%+13.1%+6.2%+4.1%
2022+7.4%-199.4%-123.3%-68.8%-51.2%
2023-14.7%-49.3%-74.4%-37.0%-28.8%
2024-16.8%-55.8%-28.0%-8.9%-8.1%
2025-8.2%-65.2%-124.1%-50.8%-21.9%
PeriodCashDebtNet debtCurrent ratio
2020$5.9M$28.4M$22.4M0.32
2021$125.6M$84.7M-$40.9M1.74
2022$30.8M$65M$34.2M1.02
2023$84M$19.9M-$64.2M1.88
2024$59.5M$23.4M-$36.1M5.89
2025$573.5M$683.8M$110.3M5.58
PeriodMarket capEnterprise valueP/SP/E
2020$161.3M$183.8M4.6-10.0
2021$796.1M$755.3M4.736.1
2022$91.4M$125.6M0.6-0.5
2023$763.1M$698.9M5.2-6.9
2024$617.9M$581.7M3.2-11.5
2025$1.3B$1.4B5.7-4.5
Q3 2024$44.9M
Q4 2024$56.2M
Q1 2025$66.8M
Q2 2025$77.8M
Q3 2025$69.2M
Q4 2025$15.4M
Q1 2026$37M
Q2 2026$30.4M
PeriodRevenueGrowthNet incomeFCF
Q3 2024$44.9M+30%-$36.6M-$124.9M
Q4 2024$56.2M+21%$15.2M-$229.3M
Q1 2025$66.8M+33%-$35.9M-$66.4M
Q2 2025$77.8M+87%-$28.8M-$93.5M
Q3 2025$69.2M+54%-$80.8M-$69.2M
Q4 2025$15.4M-73%-$139.1M-$117.9M
Q1 2026$37M-45%-$145.4M-$75M
Q2 2026$30.4M-61%-$65M-$96M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024-26.3%-97.9%-81.7%-7.2%-6.2%
Q4 2024+2.5%-29.2%+27.0%+2.5%+2.3%
Q1 2025-0.8%-48.4%-53.7%-5.4%-4.6%
Q2 2025-7.0%-50.9%-37.1%-4.4%-3.5%
Q3 2025-4.2%-41.8%-116.6%-13.2%-10.1%
Q4 2025-65.0%-316.3%-904.0%-24.8%-10.7%
Q1 2026-71.1%-143.7%-392.9%-34.7%-13.6%
Q2 2026-285.1%-462.6%-213.6%-19.8%-4.6%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$72.9M$24M-$49M3.70
Q4 2024$59.5M$23.4M-$36.1M5.89
Q1 2025$38.5M$25.7M-$12.9M2.64
Q2 2025$85.4M$74.9M-$10.5M3.11
Q3 2025$87M$73.7M-$13.3M3.20
Q4 2025$573.5M$683.8M$110.3M5.58
Q1 2026$357.3M$591M$233.7M9.60
Q2 2026$715.5M$1B$322.8M16.26
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$946.8M$897.8M21.1-6.5
Q4 2024$714.2M$678.1M12.712.1
Q1 2025$394.2M$381.4M5.9-2.7
Q2 2025$467M$456.5M6.0-4.0
Q3 2025$1.6B$1.6B22.7-5.0
Q4 2025$1.3B$1.4B84.3-2.3
Q1 2026$1.2B$1.4B31.8-2.0
Q2 2026$3.5B$3.8B114.2-13.0

Refreshed 5h ago

Charts: revenue, profit, cash flow & valuation
Revenue$30.4MQ2 2026
$19.5M$38.9M$58.4M$77.8MQ3 2023: $34.6MQ4 2023: $46.2MQ1 2024: $50.3MQ2 2024: $41.5MQ3 2024: $44.9MQ4 2024: $56.2MQ1 2025: $66.8MQ2 2025: $77.8MQ3 2025: $69.2MQ4 2025: $15.4MQ1 2026: $37MQ2 2026: $30.4MQ3 2023Q2 2026
Net income-$65MQ2 2026
-$105.2M-$65.1M-$25M$15.2MQ3 2023: -$16.5MQ4 2023: -$57.4MQ1 2024: -$6MQ2 2024: -$26.6MQ3 2024: -$36.6MQ4 2024: $15.2MQ1 2025: -$35.9MQ2 2025: -$28.8MQ3 2025: -$80.8MQ4 2025: -$139.1MQ1 2026: -$145.4MQ2 2026: -$65MQ3 2023Q2 2026
EBITDA-$61.8MQ2 2026
-$39.6M-$17.4M$4.9M$27.1MQ3 2023: $6.5MQ4 2023: -$27.5MQ1 2024: $27.1MQ2 2024: $24MQ3 2024: -$7.4MQ4 2024: $7.4MQ1 2025: $89KQ2 2025: $1.7MQ3 2025: -$13.2MQ4 2025: -$15.5MQ1 2026: -$25.4MQ2 2026: -$61.8MQ3 2023Q2 2026
Free cash flow-$96MQ2 2026
-$172M-$114.7M-$57.3MQ3 2023: -$10.6MQ4 2023: -$10.6MQ1 2024: -$109.2MQ2 2024: -$66.5MQ3 2024: -$124.9MQ4 2024: -$229.3MQ1 2025: -$66.4MQ2 2025: -$93.5MQ3 2025: -$69.2MQ4 2025: -$117.9MQ1 2026: -$75MQ2 2026: -$96MQ3 2023Q2 2026
EPS-$0.11Q2 2026
-$0.19-$0.11-$0.04$0.03Q3 2023: -$0.07Q4 2023: -$0.18Q1 2024: -$0.02Q2 2024: -$0.07Q3 2024: -$0.08Q4 2024: $0.03Q1 2025: -$0.07Q2 2025: -$0.05Q3 2025: -$0.14Q4 2025: -$0.26Q1 2026: -$0.24Q2 2026: -$0.11Q3 2023Q2 2026
Cash / Debt$715.5MQ2 2026
$259.6M$519.2M$778.8M$1BQ3 2023 · Cash: $46.8MQ3 2023 · Debt: $26.3MQ4 2023 · Cash: $84MQ4 2023 · Debt: $19.9MQ1 2024 · Cash: $66MQ1 2024 · Debt: $16MQ2 2024 · Cash: $138.6MQ2 2024 · Debt: $15.9MQ3 2024 · Cash: $72.9MQ3 2024 · Debt: $24MQ4 2024 · Cash: $59.5MQ4 2024 · Debt: $23.4MQ1 2025 · Cash: $38.5MQ1 2025 · Debt: $25.7MQ2 2025 · Cash: $85.4MQ2 2025 · Debt: $74.9MQ3 2025 · Cash: $87MQ3 2025 · Debt: $73.7MQ4 2025 · Cash: $573.5MQ4 2025 · Debt: $683.8MQ1 2026 · Cash: $357.3MQ1 2026 · Debt: $591MQ2 2026 · Cash: $715.5MQ2 2026 · Debt: $1BQ3 2023Q2 2026
CashDebt
Profitability-285.1%Q2 2026
-671.2%-438.5%-205.7%+27.0%Q3 2023 · Gross margin: -25.6%Q4 2023 · Gross margin: +3.8%Q1 2024 · Gross margin: -21.2%Q2 2024 · Gross margin: -27.1%Q3 2024 · Gross margin: -26.3%Q4 2024 · Gross margin: +2.5%Q1 2025 · Gross margin: -0.8%Q2 2025 · Gross margin: -7.0%Q3 2025 · Gross margin: -4.2%Q4 2025 · Gross margin: -65.0%Q1 2026 · Gross margin: -71.1%Q2 2026 · Gross margin: -285.1%Q3 2023 · Operating margin: -53.9%Q4 2023 · Operating margin: -27.5%Q1 2024 · Operating margin: -47.1%Q2 2024 · Operating margin: -56.7%Q3 2024 · Operating margin: -97.9%Q4 2024 · Operating margin: -29.2%Q1 2025 · Operating margin: -48.4%Q2 2025 · Operating margin: -50.9%Q3 2025 · Operating margin: -41.8%Q4 2025 · Operating margin: -316.3%Q1 2026 · Operating margin: -143.7%Q2 2026 · Operating margin: -462.6%Q3 2023 · Net margin: -47.7%Q4 2023 · Net margin: -124.1%Q1 2024 · Net margin: -11.9%Q2 2024 · Net margin: -64.0%Q3 2024 · Net margin: -81.7%Q4 2024 · Net margin: +27.0%Q1 2025 · Net margin: -53.7%Q2 2025 · Net margin: -37.1%Q3 2025 · Net margin: -116.6%Q4 2025 · Net margin: -904.0%Q1 2026 · Net margin: -392.9%Q2 2026 · Net margin: -213.6%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth-60.9%Q2 2026
-32.6%+7.3%+47.3%+87.3%Q2 2024: +17.1%Q3 2024: +29.6%Q4 2024: +21.5%Q1 2025: +32.9%Q2 2025: +87.3%Q3 2025: +54.4%Q4 2025: -72.6%Q1 2026: -44.7%Q2 2026: -60.9%Q3 2023Q2 2026
Shares outstanding605.4MQ2 2026
151.3M302.7M454M605.4MQ3 2023: 273.9MQ4 2023: 334.2MQ1 2024: 338.7MQ2 2024: 401.2MQ3 2024: 448.7MQ4 2024: 479.3MQ1 2025: 500.2MQ2 2025: 555.8MQ3 2025: 556.5MQ4 2025: 551.7MQ1 2026: 602.6MQ2 2026: 605.4MQ3 2023Q2 2026
Valuation-13.0Q2 2026
4.441.077.6114.2Q3 2023 · P/E: -3.9Q4 2023 · P/E: -4.0Q1 2024 · P/E: -32.2Q2 2024 · P/E: -10.1Q3 2024 · P/E: -6.5Q4 2024 · P/E: 12.1Q1 2025 · P/E: -2.7Q2 2025 · P/E: -4.0Q3 2025 · P/E: -5.0Q4 2025 · P/E: -2.3Q1 2026 · P/E: -2.0Q2 2026 · P/E: -13.0Q3 2023 · P/S: 8.5Q4 2023 · P/S: 21.0Q1 2024 · P/S: 15.3Q2 2024 · P/S: 25.9Q3 2024 · P/S: 21.1Q4 2024 · P/S: 12.7Q1 2025 · P/S: 5.9Q2 2025 · P/S: 6.0Q3 2025 · P/S: 22.7Q4 2025 · P/S: 84.3Q1 2026 · P/S: 31.8Q2 2026 · P/S: 114.2Q3 2023Q2 2026
P/EP/S
Revenue$229.3M2025
$57.3M$114.6M$172M$229.3M2018: $33.8M2019: $32.4M2020: $34.7M2021: $169.5M2022: $142.4M2023: $146.4M2024: $192.9M2025: $229.3M20182025
Net income-$284.5M2025
-$207.9M-$131.2M-$54.5M$22.1M2018: -$9.4M2019: $2.9M2020: -$16.3M2021: $22.1M2022: -$175.6M2023: -$108.9M2024: -$54.1M2025: -$284.5M20182025
EBITDA$24.4M2025
-$61.2M-$16M$29.2M$74.4M2018: -$5.6M2019: $9.6M2020: $1.5M2021: $70.5M2022: -$106.4M2023: -$17.4M2024: $74.4M2025: $24.4M20182025
Free cash flow-$326.9M2025
-$359.6M-$238.8M-$118M$2.7M2018: -$9M2019: -$17.8M2020: $2.7M2021: -$230.4M2022: -$158.7M2023: -$177M2024: -$480.4M2025: -$326.9M20182025
EPS-$0.522025
-$0.61-$0.36-$0.11$0.132018: -$0.162019: $0.042020: -$0.192021: $0.132022: -$0.852023: -$0.422024: -$0.132025: -$0.5220182025
Cash / Debt$573.5M2025
$170.9M$341.9M$512.8M$683.8M2018 · Cash: $552K2018 · Debt: $1.7M2019 · Cash: $2.2M2019 · Debt: $22.2M2020 · Cash: $5.9M2020 · Debt: $28.4M2021 · Cash: $125.6M2021 · Debt: $84.7M2022 · Cash: $30.8M2022 · Debt: $65M2023 · Cash: $84M2023 · Debt: $19.9M2024 · Cash: $59.5M2024 · Debt: $23.4M2025 · Cash: $573.5M2025 · Debt: $683.8M20182025
CashDebt
Profitability-8.2%2025
-133.2%-66.9%-0.7%+65.6%2018 · Gross margin: +32.2%2019 · Gross margin: +35.3%2020 · Gross margin: +8.3%2021 · Gross margin: +65.6%2022 · Gross margin: +7.4%2023 · Gross margin: -14.7%2024 · Gross margin: -16.8%2025 · Gross margin: -8.2%2018 · Operating margin: -53.2%2019 · Operating margin: +4.3%2020 · Operating margin: -19.4%2021 · Operating margin: +37.5%2022 · Operating margin: -199.4%2023 · Operating margin: -49.3%2024 · Operating margin: -55.8%2025 · Operating margin: -65.2%2018 · Net margin: -27.7%2019 · Net margin: +8.9%2020 · Net margin: -46.9%2021 · Net margin: +13.1%2022 · Net margin: -123.3%2023 · Net margin: -74.4%2024 · Net margin: -28.0%2025 · Net margin: -124.1%20182025
Gross marginOperating marginNet margin
Revenue growth+18.9%2025
+85.1%+186.2%+287.3%+388.4%2019: -4.1%2020: +7.0%2021: +388.4%2022: -16.0%2023: +2.8%2024: +31.8%2025: +18.9%20182025
Shares outstanding551.7M2025
137.9M275.8M413.8M551.7M2018: 56.9M2019: 71.1M2020: 84.9M2021: 169.4M2022: 207.8M2023: 262.2M2024: 414.7M2025: 551.7M20182025
Valuation-4.52025
0.412.324.236.12018 · P/E: -5.72019 · P/E: 8.82020 · P/E: -10.02021 · P/E: 36.12022 · P/E: -0.52023 · P/E: -6.92024 · P/E: -11.52025 · P/E: -4.52018 · P/S: 1.52019 · P/S: 0.82020 · P/S: 4.62021 · P/S: 4.72022 · P/S: 0.62023 · P/S: 5.22024 · P/S: 3.22025 · P/S: 5.720182025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-12
Revenue est. $19M · Updated 5h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-0.47$105.8M-54%4
FY 2027-0.31$92.6M-60%4
FY 20280.03$397.7M+73%3
Q3 2026-0.06$26.6M-62%2
Q4 2026-0.06$20M+30%1
Q1 2027-0.08$19.3M-48%1

Company events

6
2026-11-12EarningsActual - / Estimate -0.08-
2026-08-10Earnings · Before market openActual -0.11 / Estimate -0.07Miss
2026-05-11EarningsActual -0.21 / Estimate -0.11Miss
2026-03-26EarningsActual -0.18 / Estimate -0.04Miss
2025-11-13EarningsActual -0.08 / Estimate -0.02Miss
2025-08-12EarningsActual -0.02 / Estimate -0.01Miss

Peer comparison

Similar listed perps

FMP company data

Company intelligence

Updated: Sep 17, 2026, 11:59 PM UTC

Company profile

Sector
Technology
Industry
Information Technology Services
Chief executive
Benjamin J. Gagnon
Employees
274
IPO date
Aug 16, 2019
Country
US
Exchange
NASDAQ
Website
Altman Z-scorei0.68
Piotroski scorei2/9
FMP ratingiD+
Owner earningsi-$170.86M-$0.28 per share
ESG risk ratingiBIndustry rank: 61 out of 100

Rating factors

Return on equityi
1
Return on assetsi
1
Debt to equityi
1
Price to earningsi
1
Price to booki
1
Market cap history
$2.23B-37.9%Jun 26 – Sep 26
$1.91B$2.96B$4.01BHigh: $4.01B · 2026-06-22Low: $1.91B · 2026-08-31Latest: $2.23B · 2026-09-17Jun 26Jul 26Aug 26Sep 26
Latest: $2.23B · 2026-09-17High: $4.01B · 2026-06-22Low: $1.91B · 2026-08-31
Largest fund holders
FundWeightShares held
IWM0.06%15.6M
FSSNX0.11%10.8M
ANNPX0.53%10.5M
VTI0%7.7M
VXF0.02%6M
VB0.01%5.5M
BCHN.L1.6%5.4M
WGMI6.02%5M
IWN0.09%4.1M
VBR0.02%3.5M
VTWO0.06%3.4M
FSMAX0.03%3M

Analyst track record

How the analysts covering KEEL have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings3489
Analysts1620
Buy / hold / sell30 / 4 / 083 / 6 / 0
Upgrades / downgrades / initiations0 / 1 / 53 / 2 / 13
Price targets hit / missed4 / 28 (13%)24 / 63 (28%)
Avg. return after a rating (TipRanks)-33.9%-14.1%
Best / worst call+14.7% / -65.6%+72.0% / -65.6%

After buy calls on this stock: median 21-day move -4.3% vs S&P 500 -4.5% (n = 84)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Michael GrondahlNorthland Securities56% hit rate on this stock · 9 targets measuredBuytarget $7.00Aug 11, 2026
  2. Mike ColonneseH.C. Wainwright42% hit rate on this stock · 12 targets measuredBuytarget $5.50Aug 11, 2026

Latest ratings

DateAnalystCallTarget
Sep 28, 2026Brian DobsonClear StreetBuyMaintained–
Aug 11, 2026Michael GrondahlNorthland SecuritiesBuyMaintained$7.00
Aug 11, 2026Michael GrondahlNorthland SecuritiesBuyMaintained$7.00
Aug 11, 2026Brian DobsonClear StreetBuyMaintained$5.00
Aug 11, 2026Mike ColonneseH.C. WainwrightBuyReiterated$5.50
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$2.00$3.00$4.00$5.00$6.00Nov 25 · Buy 10 · Hold 0 · Sell 0Nov 25Dec 25 · Buy 10 · Hold 0 · Sell 0Jan 26 · Buy 8 · Hold 1 · Sell 0Jan 26Feb 26 · Buy 9 · Hold 2 · Sell 0Mar 26 · Buy 9 · Hold 2 · Sell 0Mar 26Apr 26 · Buy 7 · Hold 2 · Sell 0May 26 · Buy 7 · Hold 2 · Sell 0May 26Jun 26 · Buy 8 · Hold 2 · Sell 0Jul 26 · Buy 9 · Hold 2 · Sell 0Jul 26Aug 26 · Buy 11 · Hold 1 · Sell 0Sep 26 · Buy 11 · Hold 1 · Sell 0Sep 26Oct 26 · Buy 11 · Hold 1 · Sell 0Nov 25 · avg. target $5.20Dec 25 · avg. target $5.20Jan 26 · avg. target $5.67Feb 26 · avg. target $5.37Mar 26 · avg. target $5.34Apr 26 · avg. target $4.36May 26 · avg. target $5.25Jun 26 · avg. target $5.56Jul 26 · avg. target $5.95Aug 26 · avg. target $5.95Sep 26 · avg. target $6.05Oct 26 · avg. target $6.05Nov 25 · month-end close $3.48Dec 25 · month-end close $2.35Jan 26 · month-end close $2.34Feb 26 · month-end close $2.20Mar 26 · month-end close $1.95Apr 26 · month-end close $3.03May 26 · month-end close $5.68Jun 26 · month-end close $5.74Jul 26 · month-end close $3.97Aug 26 · month-end close $3.15Sep 26 · month-end close $3.53Oct 26 · month-end close $3.62

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Oct 2, 2026 · 34 ratings

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