Keel Infrastructure Corp. (KEEL) Balance Sheet
KEEL balance sheet, 2025
December 31, 2025 · U.S. dollars$1.30B assets = $736.0M liabilities + $560.4M equity
Both columns are drawn to the same scale: what KEEL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
KEEL financial health
Descriptive bands, not a rating. Fiscal 2025.
KEEL balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $34.5M2017 | $1.30B2025 | +57.3%/yr | |
| Total liabilities | $6.6M2017 | $736.0M2025 | +80.1%/yr | |
| Shareholders’ equity | $27.9M2017 | $560.4M2025 | +45.5%/yr | |
| Cash & short-term investments | $4.5M2017 | $573.5M2025 | +83.2%/yr | |
| Total debt | $1.7M2018 | $683.8M2025 | +135.2%/yr | |
| Net cash (debt) | −$1.2M2018 | −$110.3M2025 | −$109.2M | |
| Working capital | $2.8M2017 | $678.4M2025 | +$675.6M | |
| Book value per share | $2.122021 | $1.022025 | −16.8%/yr | |
| Current ratio | 1.482017 | 5.582025 | +4.10 | |
| Debt / equity | 0.112018 | 1.222025 | +1.11 | |
| Shares outstanding | 169.4M2021 | 551.7M2025 | +34.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KEEL assets
KEEL liabilities and equity
KEEL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
KEEL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $573.5M | $146.8M | $84.0M | $35.4M | $191.6M | $5.9M | $2.2M | $552,000 | $4.5M |
| Cash & equivalents | $573.5M | $59.5M | $84.0M | $30.8M | $125.6M | $5.9M | $2.2M | $552,000 | $4.5M |
| Short-term investments | — | $87.3M | $31.9M | $4.6M | $66.0M | — | — | — | — |
| Receivables | $5.5M | $9.0M | $714,000 | $16.8M | $1.0M | $1.4M | $3.7M | $1.3M | $519,000 |
| Inventory | $8.7M | $1.2M | $705,000 | $588,000 | $548,000 | $169,000 | $135,000 | $124,000 | $431,000 |
| Other current assets | $238.9M | $56.7M | $44.5M | $16.3M | $93.9M | $1.7M | $565,000 | $1.4M | $3.0M |
| Total current assets | $826.5M | $213.7M | $130.0M | $69.1M | $287.1M | $9.2M | $6.5M | $3.3M | $8.5M |
| Property, plant & equipment (net) | $371.6M | $423.4M | $200.3M | $268.0M | $146.2M | $41.2M | $44.1M | $20.9M | $21.3M |
| Goodwill & intangible assets | $3.0M | $4.0M | $3.7M | $33,000 | $18.6M | $377,000 | $675,000 | $1.0M | $4.7M |
| Long-term investments | $1.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $94.1M | $26.5M | $44.7M | $6.0M | $90.6M | $942,000 | $1.5M | $1.1M | $0 |
| Total assets | $1.30B | $667.6M | $378.7M | $343.1M | $542.6M | $51.7M | $52.9M | $26.2M | $34.5M |
| Liabilities | |||||||||
| Accounts payable | $16.3M | $21.9M | $9.1M | $12.9M | $14.5M | $2.1M | $2.3M | $1.9M | $4.5M |
| Short-term debt | $98.7M | $2.2M | $6.9M | $46.7M | $74.6M | $20.8M | $1.6M | $1.0M | — |
| Deferred revenue | — | — | — | — | — | — | — | $761,000 | — |
| Total current liabilities | $148.1M | $36.3M | $69.2M | $67.4M | $164.8M | $28.5M | $4.0M | $4.7M | $5.7M |
| Long-term debt | $572.4M | $1.4M | $0 | $4.1M | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $14.3M | $21.8M | $15.8M | $17.9M | — | — | — | — | — |
| Other long-term liabilities | $15.4M | $21.9M | $14.8M | $16.2M | $18.8M | $7.8M | $20.8M | $925,000 | $909,000 |
| Total liabilities | $736.0M | $59.6M | $84.0M | $87.7M | $183.6M | $36.3M | $24.8M | $5.6M | $6.6M |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $1.06B | $852.3M | $535.0M | $404.9M | $354.7M | $32.0M | $30.5M | $162,000 | $115,000 |
| Retained earnings (deficit) | −$612.5M | −$334.5M | −$299.8M | −$197.2M | −$21.5M | −$22.1M | −$5.9M | −$8.8M | $4.9M |
| Accumulated other comprehensive income | $0 | $22.7M | $2.9M | $0 | — | $5.6M | $3.5M | $4.4M | — |
| Total shareholders' equity | $560.4M | $608.0M | $294.8M | $255.4M | $359.0M | $15.4M | $28.1M | $15.4M | $27.9M |
| Key figures | |||||||||
| Total debt | $683.8M | $23.4M | $19.9M | $65.0M | $84.7M | $28.4M | $22.2M | $1.7M | — |
| Net cash (debt) | −$110.3M | $123.4M | $64.2M | −$29.6M | $106.9M | −$22.4M | −$20.0M | −$1.2M | — |
| Working capital | $678.4M | $177.4M | $60.8M | $1.7M | $122.4M | −$19.3M | $2.5M | −$1.4M | $2.8M |
| Tangible book value | $557.4M | $604.0M | $291.1M | $255.4M | $340.4M | $15.1M | $27.4M | $14.4M | $23.2M |
| Book value per share | $1.02 | $1.47 | $1.12 | $1.23 | $2.12 | — | — | — | — |
| Shares outstanding | 551.7M | 414.7M | 262.2M | 207.8M | 169.4M | — | — | — | — |
| Current ratio | 5.58 | 5.89 | 1.88 | 1.02 | 1.74 | 0.32 | 1.63 | 0.71 | 1.48 |
| Quick ratio | 3.91 | 4.30 | 1.23 | 0.77 | 1.17 | 0.26 | 1.46 | 0.39 | 0.88 |
| Debt / equity | 1.22 | 0.04 | 0.07 | 0.25 | 0.24 | 1.84 | 0.79 | 0.11 | — |
| Equity / assets | 43.2% | 91.1% | 77.8% | 74.4% | 66.2% | 29.9% | 53.1% | 58.9% | 80.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $715.5M | $357.3M | $573.5M | $258.2M | $144.5M | $132.7M | $146.8M | $145.5M | $195.4M | $123.5M | $115.9M | $63.6M |
| Cash & equivalents | $715.5M | $357.3M | $573.5M | $87.0M | $85.4M | $38.5M | $59.5M | $72.9M | $138.6M | $66.0M | $84.0M | $46.8M |
| Short-term investments | — | — | — | $171.3M | $59.0M | $94.1M | $87.3M | $72.6M | $56.7M | $57.5M | $31.9M | $16.8M |
| Receivables | $5.0M | $5.4M | $5.5M | $13.0M | $19.5M | $32.9M | $1.3M | $13.3M | $18.8M | $3.3M | $2.2M | $11.9M |
| Inventory | $8.9M | $10.4M | $8.7M | $7.0M | $7.1M | $4.9M | $1.1M | $1.2M | $1.1M | $1.0M | $705,000 | $730,000 |
| Other current assets | $167.1M | $202.6M | $238.9M | $96.5M | $107.2M | $53.9M | $64.5M | $29.0M | $22.0M | $9.5M | $11.2M | $7.6M |
| Total current assets | $896.5M | $575.6M | $826.5M | $374.7M | $278.3M | $224.3M | $213.7M | $189.0M | $237.3M | $137.3M | $130.0M | $83.7M |
| Property, plant & equipment (net) | $299.2M | $361.3M | $371.6M | $381.7M | $501.4M | $535.4M | $300.9M | $373.4M | $281.4M | $279.3M | $240.1M | $240.0M |
| Goodwill & intangible assets | $2.9M | $3.0M | $3.0M | $2.7M | $3.4M | $3.6M | $4.0M | $4.2M | $4.4M | $4.5M | $3.7M | $3.8M |
| Long-term investments | $0 | $0 | $1.2M | $869,000 | $872,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $217.2M | $126.8M | $94.1M | $41.2M | $43.9M | $13.7M | $144.5M | $20.0M | $12.9M | $5.3M | $4.9M | $5.2M |
| Total assets | $1.42B | $1.07B | $1.30B | $801.3M | $828.0M | $777.0M | $663.1M | $586.6M | $535.9M | $426.5M | $378.7M | $332.8M |
| Liabilities | ||||||||||||
| Accounts payable | $46.7M | $17.9M | $16.3M | $36.2M | $35.7M | $44.1M | $8.2M | $31.7M | $20.9M | $10.7M | $9.1M | $7.6M |
| Short-term debt | $8.4M | $6.0M | $98.7M | $4.1M | $4.0M | $3.8M | — | $2.5M | $2.2M | $2.3M | $6.9M | $13.0M |
| Total current liabilities | $55.1M | $59.9M | $148.1M | $117.1M | $89.5M | $85.0M | $28.2M | $51.1M | $46.4M | $45.5M | $69.2M | $29.7M |
| Long-term debt | $1.02B | $573.2M | $572.4M | $50.8M | $51.0M | $1.9M | $1.4M | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $12.5M | $13.5M | $14.3M | $22.2M | $23.3M | $23.3M | $21.8M | — | — | — | — | — |
| Other long-term liabilities | $12.9M | $14.4M | $15.4M | $22.0M | $25.0M | $25.3M | $22.4M | $23.5M | $15.6M | $15.5M | $14.8M | $15.6M |
| Total liabilities | $1.09B | $647.6M | $736.0M | $189.9M | $165.5M | $112.3M | $52.0M | $74.6M | $62.1M | $61.1M | $84.0M | $45.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $617,000 | $1.07B | $1.06B | $969.4M | $947.3M | $942.1M | — | $796.8M | $727.1M | $586.3M | $535.0M | $499.7M |
| Retained earnings (deficit) | −$822.8M | −$757.8M | −$612.5M | −$459.1M | −$384.0M | −$366.9M | −$327.9M | −$351.8M | −$315.7M | −$293.4M | −$299.8M | −$284.2M |
| Accumulated other comprehensive income | — | $0 | $0 | $19.9M | $17.0M | $5.8M | — | $3.3M | $3.2M | $12.9M | $2.9M | $72.0M |
| Total shareholders' equity | $328.7M | $419.1M | $560.4M | $611.4M | $662.5M | $664.7M | $611.1M | $512.0M | $473.9M | $365.4M | $294.8M | $287.5M |
| Key figures | ||||||||||||
| Total debt | $1.04B | $591.0M | $683.8M | $73.7M | $74.9M | $25.7M | $1.4M | $24.0M | $15.9M | $16.0M | $19.9M | $26.3M |
| Net cash (debt) | −$322.8M | −$233.7M | −$110.3M | $184.5M | $69.6M | $107.0M | $145.4M | $121.6M | $179.5M | $107.6M | $96.0M | $37.3M |
| Working capital | $841.3M | $515.7M | $678.4M | $257.7M | $188.8M | $139.2M | $185.6M | $138.0M | $190.9M | $91.8M | $60.8M | $54.0M |
| Tangible book value | $325.8M | $416.1M | $557.4M | $608.6M | $659.0M | $661.1M | $607.1M | $507.8M | $469.5M | $360.9M | $291.1M | $283.7M |
| Book value per share | $0.54 | $0.70 | $1.02 | $1.10 | $1.19 | $1.33 | $1.27 | $1.14 | $1.18 | $1.08 | $0.88 | $1.05 |
| Shares outstanding | 605.4M | 602.6M | 551.7M | 556.5M | 555.8M | 500.2M | 479.3M | 448.7M | 401.2M | 338.7M | 334.2M | 273.9M |
| Current ratio | 16.26 | 9.60 | 5.58 | 3.20 | 3.11 | 2.64 | 7.59 | 3.70 | 5.11 | 3.02 | 1.88 | 2.82 |
| Quick ratio | 13.07 | 6.05 | 3.91 | 2.32 | 1.83 | 1.95 | 5.26 | 3.11 | 4.61 | 2.79 | 1.71 | 2.54 |
| Debt / equity | 3.16 | 1.41 | 1.22 | 0.12 | 0.11 | 0.04 | 0.00 | 0.05 | 0.03 | 0.04 | 0.07 | 0.09 |
| Equity / assets | 23.2% | 39.3% | 43.2% | 76.3% | 80.0% | 85.5% | 92.2% | 87.3% | 88.4% | 85.7% | 77.8% | 86.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 31, 2026); data from EODHD.
KEEL financial position
At the end of fiscal 2025 (December 31, 2025), Keel Infrastructure had total assets of $1.3 billion (up 94.2% from a year earlier), total liabilities of $736.0 million and shareholders' equity of $560.4 million. It held $573.5 million in cash and short-term investments against $683.8 million of debt, net debt of $110.3 million. Its current ratio was 5.58. In the latest quarter (ended June 30, 2026) total assets were $1.4 billion and equity $328.7 million.
Related: KEEL income statement, KEEL cash flow statement, KEEL key metrics. See the KEEL stock overview for the latest quote and news.
KEEL balance sheet FAQ
What are Keel Infrastructure's total assets?
Keel Infrastructure reported total assets of $1.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $667.6 million a year earlier.
How much debt does Keel Infrastructure have?
Keel Infrastructure had $683.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.22.
How much cash does Keel Infrastructure have?
Keel Infrastructure held $573.5 million in cash and short-term investments at the end of fiscal 2025; with $683.8 million of debt that is net debt of $110.3 million.
What is Keel Infrastructure's book value?
Keel Infrastructure's shareholders' equity (book value) was $560.4 million at the end of fiscal 2025, or $1.02 per share.
What is Keel Infrastructure's current ratio?
Keel Infrastructure had current assets of $826.5 million and current liabilities of $148.1 million, a current ratio of 5.58 (it can cover its short-term obligations).
How much goodwill does Keel Infrastructure have?
Keel Infrastructure carried $3.0 million of goodwill and intangible assets, 0.2% of total assets, at the end of fiscal 2025.