Share count
552Mpeak FY2025
← All companies ← KE Manual KELYA → ← JSM Capital Markets & Asset Management KKR →
KEEL, Keel Infrastructure Corp.
Infrastructure, power, cooling, and physical security, and tenants install, own, and operate their own computing equipment within the facility.
Behind-the-meter Power generation that is located at or near the point of consumption, on the customer's side of the electric meter, and that can supply electricity directly to collocated load without transmission through the broader electric grid.
A decentralized digital currency that operates on a peer-to-peer network using blockchain technology, without the need for a central authority or intermediary.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$229M
+72.0% YoY
Vital signs · TTM, with 3-yr average
Revenue $219M 3-yr avg $161M
Revenue $37M −22.4% vs yr-ago qtr
Operating margin −266.0% yr-ago −73.1%
Net income ($145M) yr-ago ($56M)
Net margin −392.9% yr-ago −116.6%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on equity has sat below the cost of equity (median -17%, above 12% in only 0 of 3 years). The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $120M | $133M | $229M | $219M | RevenueRevenue |
| $1M | $6M | $6M | $9M | Net interest incomeNet int. |
| ($56M) | ($28M) | ($285M) | ($374M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| — | -4.3% | -21.9% | -35.1% | Return on assetsROA |
| -17% | -5% | -51% | -89% | Return on equityROE |
| −17% | −5% | −51% | −89% | Retained to equityRetained/eq |
| -17% | -5% | -51% | -90% | Return on tangible equityROTCE |
| Balance sheet | ||||
| — | $663M | $1.3B | $1.1B | Total assetsAssets |
| $325M | $611M | $560M | $419M | Shareholders’ equityEquity |
| Per share | ||||
| 262M | 415M | 552M | 603M | Shares out (diluted)Shares |
| $-0.21 | $-0.07 | $-0.52 | $-0.62 | EPS (diluted)EPS |
| $1.24 | $1.47 | $1.02 | $0.70 | Book value / shareBVPS |
| $1.24 | $1.47 | $1.02 | $0.69 | Tangible book / shareTBVPS |
The diluted share count moved ×1.58 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$229Mlow FY2023
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- Return on equity -51%Loss on equityNet income ($285M) ÷ equity $560MIndustry peers: median -7%
What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
- LossNet income ÷ (equity − goodwill $0 − intangibles $0)Industry peers: median -8%
What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
- Not enough data
What this means
Noninterest expense or revenue missing.
Is it sound?
- Capital (equity / assets) 43.2%Well capitalizedEquity $560M ÷ assets $1.3B
What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Funding —Not enough data
What this means
Deposits or total assets missing.
- Credit cost —Not enough data
What this means
Provision or net interest income missing.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“In particular, diverting future power capacity to HPC and AI workloads may limit our ability to deploy that power for Mining, which is a highly competitive and capital-intensive industry.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$576M
- Cash & short-term investments$398M
- Receivables$5M
- Inventory$10M
- Other current assets$162M
Current liabilities$60M
- Debt due within a year$4M
- Accounts payable$18M
- Other current liabilities$38M
Current ratio9.60×all current assets ÷ what's due · Graham looked for 2×
Quick ratio9.43×stricter: inventory excluded
Cash ratio6.65×strictest: cash alone against what's due
Working capital$516Mthe cushion left after near-term bills
Debt due this year vs. cash$4M due · $398M cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Cash runway1.2 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Revenue, latest quarter vs. a year ago−22.4%the freshest read on whether the business is still growing
Current ratio, recent quarters7.6× → 9.6×
Deeper floors
Tangible book value$416Mequity stripped of goodwill & intangibles
Net current asset value($72M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$589M$11M of it operating leases
From the company's latest filing.
Management, ownership & pay
From the proxy: how much of the business the people running it own, and how they are paid.
- Stock-based compensation$15M
The slice of the business handed to employees in shares this year, 7% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Peers, Capital Markets & Asset Management
The same industry, side by side on the bank lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | ROE | ROTCE | Efficiency | NII / assets |
|---|---|---|---|---|---|
| UPSTUpstart | $1.0B | -7% | -8% | — | 0.0% |
| KEELKeel Infrastructure Corp. | $229M | -17% | -17% | — | 0.5% |
| ABTCAmerican Bitcoin Corp. | $185M | -38% | -152% | — | 0.0% |
| BETRBetter Home & Finance Holding Company | $165M | -446% | -3947% | — | 1.0% |
| ECPGEncore Capital Group Inc | $88M | 15% | 58% | — | 0.5% |
| BGDEBig Digital Energy Inc. | $40M | -138% | -138% | — | 0.2% |
| VELVelocity Financial Inc. | $186M | 16% | 16% | — | 2.5% |
| RKTRocket Companies Inc. | $125M | -0% | -1% | — | 0.2% |
| Group median | — | -12% | -13% | — | 0.3% |
The price
What a price has to assume.
What the price implies
price / tangible bookA bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Keel Infrastructure Corp.’s record justifies.
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The assumptions
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.
Enter a price above to run it.
Price / tangible book—
Justified by the return—
Normalized return on tangible equity−17%
Price / book—
Earnings yield—
P/E (3-yr avg ’23–’25)—
Graham’s price gate—
Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Tangible book $416M on 604M shares, a −17% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.
Cite: Owner Scorecard, "Keel Infrastructure Corp. (KEEL), the owner's record," https://ownerscorecard.com/c/KEEL, data as of 2026-07-09.
Manual order: ← KE its page in the Manual KELYA →
Industry order: ← JSM the Capital Markets & Asset Management chapter KKR →