Keel Infrastructure Corp.

KEELNASDAQTechnology● Active

$5.13

$-0.80(-13.49%)

Market Cap$3.1B

P/E Ratio—

52W High$6.45

52W Low$2

Avg Volume45.9M

Open$5.31

Beta4.13

Overview

Keel Infrastructure Corp. (KEEL) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

KEEL · free cash flow · updated Jun 8, 2026

Core FCF metrics

KEEL · FCF · TTM · margin & CAGR

Free cash flow was −$326.9M for FY2025 (fiscal year ending 2025-12-31), up 32.0% year-over-year The FCF margin was -142.6%.

FY2025 Free Cash Flow−$326.9M▲ +32.0% YoY

Trailing 12M (TTM)−$335.5Mtrailing 4 quarters sum

FCF Margin-142.6%−$326.9M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

KEEL · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$226.6M(100M)−$326.9M▲ +32.0%-142.6%

FY2024−$140.6M(340M)−$480.4M▼ 171.4%-249.1%

FY2023−$105.7M(71M)−$177.0M▼ 11.5%-120.9%

FY2022$36.3M(195M)−$158.7M▲ +31.1%-111.4%

FY2021−$37.2M(193M)−$230.4M▼ 8512.8%-135.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

KEEL · P/FCF · FCF yield · FCF per share

Keel Infrastructure Corp. (KEEL) reported negative free cash flow of −$0.33B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

KEEL · cash flow statement · operating / investing / financing

For FY2025, Keel Infrastructure Corp. generated −$226.6M in operating cash flow and spent 100M in capital expenditures, yielding −$326.9M in free cash flow.

Operating Activities

−$226.6M

Cash from core business operations

2025-12-31

Investing Activities

+$103.7M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$694.3M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$226.6M) − |CapEx| (100M) = FCF (−$326.9M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

KEEL vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Keel Infrastructure Corp.YOU

KEEL

−$326.9M+32.0%-142.6%

Loss

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Keel Infrastructure Corp. (KEEL) reported free cash flow of −$326.9M for FY2025 (fiscal year ending 2025-12-31), up 32.0% year-over-year. The FCF margin was -142.6%.

Based on available data, Keel Infrastructure Corp. has maintained positive free cash flow for at least 1 fiscal year(s). FCF peaked at $2.7M in FY2020.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

KEEL free cash flow · 8 questions

Keel Infrastructure Corp. free cash flow was −$326.9M for FY2025, up 32.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$335.5M.

KEEL free cash flowKEEL FCFKEEL FCF 2025KEEL free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Keel Infrastructure Corp. · Keel Infrastructure Corp. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026