# Keel Infrastructure Corp. (KEEL) · Edgar & Edgarette company card

> Keel Infrastructure (KEEL) grew revenue 72.0% in FY2025 to $229 million, operating margin -65.2% against a -6.4% median for finance services, equity 43.2% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1812477 · fiscal year ended 2025-12-31 · 3 audited years read · [page](https://www.pops4.com/boards/company/KEEL) · [JSON](https://www.pops4.com/boards/company/KEEL.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $229M |
| Revenue growth, 1 year | 72.0% |
| Revenue growth per year | 38.0% |
| Operating margin | -65.2% (prior year -21.0%) |
| Net margin | -124.1% |
| Operating cash flow | −$227M |
| Capital spending | $100M |
| Free cash flow | −$327M |
| Cash | $631M |
| Long-term debt | $669M |
| Total assets | $1.3B |
| Total equity | $560M |
| Equity ÷ assets | 43.2% |
| Return on equity | -50.8% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Piotroski F: 2 of 9 (weak)
- Health Harbor boat: Old boat · three warning signs · filed auditor change in the last 12 months; operating cash flow was negative; operating loss: a margin of -65.2% in FY2025
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $229.3M (FY2025), total debt $669.5M. Experience: revenue up 72.0% on the year, up 38.0% a year over 2 years; operating margin -65.2%, down from -21.0%. Soundness: equity 43.2% of assets, return on equity -50.8%. Credibility: 3 audited years, moderate weight. Range: 80% of past cases like this landed between $280.3M and $450.5M next year (method v3, set from 4,309 SEC company-years; on a year the method never saw, 83% landed inside). A statistical range, not company guidance. Against peers (36 filers, $50M+ revenue, finance services): operating margin -65.2% against a -6.4% median; growth 72.0% against 16.8%.

Range logged 2026-11-11, receipt 343789e6d5785051, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 4.01 Auditor change: 1, latest 2026-06-16 ([filing](https://www.sec.gov/Archives/edgar/data/1812477/000121390026069269/0001213900-26-069269-index.htm))
- Item 5.02 Director or officer change: 4, latest 2026-11-10 ([filing](https://www.sec.gov/Archives/edgar/data/1812477/000181247726000045/0001812477-26-000045-index.htm))

## Recent filings

- 8-K · filed 2026-11-10 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/1812477/000181247726000045/0001812477-26-000045-index.htm)
- 10-Q · filed 2026-11-05 · [filing](https://www.sec.gov/Archives/edgar/data/1812477/000181247726000040/0001812477-26-000040-index.htm)
- 8-K · filed 2026-11-05 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1812477/000181247726000041/0001812477-26-000041-index.htm)
- 10-Q · filed 2026-08-10 · [filing](https://www.sec.gov/Archives/edgar/data/1812477/000181247726000023/0001812477-26-000023-index.htm)
- 8-K · filed 2026-08-10 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1812477/000181247726000021/0001812477-26-000021-index.htm)
- 8-K · filed 2026-07-06 · 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1812477/000121390026075205/0001213900-26-075205-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001812477.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1812477

## Cite

POPS4, Edgar & Edgarette: Keel Infrastructure Corp. (KEEL) company card, from the company's own SEC filings, accessed 2026-11-11, https://www.pops4.com/boards/company/KEEL. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.