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Keyera (KEYCA) USD

At a glance: strengths & risks
✓Revenue growing (+49% y/y, Q2 2026)✓Profit growing (+142% y/y, Q2 2026)✓Margins improving (19%→25%, Q2 2026)✗High leverage (3.3x EBITDA)✗Pricier than own history (EV/EBITDA 18.3 vs avg 12.4)

Sector: NGL & midstream

COMM_KEYCA

Price chart

51.35 CADDay 1.20%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
51.35 CAD · 1.20%
Market cap
10.6 bn USD

Growth

Δ revenue y/y
48.6%
Δ EBITDA y/y
80.5%

Multiples

P/E (LTM)
40.9x
3y avg: 25.4x
P/B (FY)
5.3x
P/E (ann.)
12.0x
EV/EBITDA (LTM)
18.3x
3y avg: 12.4x
EV/EBITDA (ann.)
9.7x

Cash return

Dividend yield
4.3%
FCF yield (LTM)
-28.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-50.0%
↓ details

Liquidity

Daily turnover (listing)
69.3 mln CAD

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK1728.8
y/y 48.6%
325.5
y/y 102.3%
84.7
y/y 27.7%
410.2
y/y 80.5%
221.4
y/y 142.0%
-222.0-4329.712903.8
y/y 65.9%
3709.8
y/y 79.3%
32.1%5327.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK945.5
y/y —
-25.5
y/y —
68.7
y/y —
43.2
y/y —
-88.7
y/y —
234.1-20.19491.7
y/y —
1811.5
y/y —
-18.5%2624.5Yahoo Finance
2025-12-31Q4 2025 (3M)OK1218.4
y/y —
—
y/y -4.1%
72.5
y/y —
219.2
y/y —
64.9
y/y —
208.4-211.39533.3
y/y 56.7%
2019.2
y/y 2.6%
15.3%2786.7Yahoo Finance
2025-09-30Q3 2025 (3M)OK1297.8
y/y —
130.6
y/y —
66.2
y/y —
196.8
y/y —
61.8
y/y —
125.7-45.89599.4
y/y —
2013.7
y/y —
4.0%2633.9Yahoo Finance
2025-06-30Q2 2025 (3M)OK1163.6
y/y —
160.9
y/y —
66.4
y/y —
227.2
y/y —
91.5
y/y —
105.4-46.17777.9
y/y —
2068.9
y/y —
18.1%2657.8Yahoo Finance
2024-12-31FY 2024 (12M)OK5196.2
y/y -0.6%
621.4
y/y -12.0%
256.5
y/y 7.3%
877.9
y/y -7.1%
354.2
y/y 12.7%
921.4-171.36085.5
y/y -8.2%
1967.9
y/y -6.2%
17.4%2490.1Yahoo Finance
2023-12-31FY 2023 (12M)OK5226.6
y/y —
706.2
y/y —
239.0
y/y —
945.2
y/y —
314.2
y/y —
722.9-607.46625.9
y/y —
2097.6
y/y —
—3066.1Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)140
Long-term debt (incl. LT leases)5 587
− Cash & equivalents400
Net debt5 328

Net debt / LTM EBITDA: 6.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-25%0%25%50%75%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-6 000-4 000-2 00002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 0004 0006 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 2.45x of reported net profit.
year2022202320242025
cash flow / profit2.82x2.30x2.60x1.79x
accruals, % of assets-7.2%-6.2%-9.3%-2.6%
Last twelve months (to 2026-06-30): 1.33x of profit came back as operating cash flow.
net debt / EBITDA 3.3x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodGross processing throughput
MMcf/d		Net processing throughput
MMcf/d		AEF iso-octane production volumes
Mbbl/d		Marketing sales volumes
Bbl/d		Northern asset utilization
%		Southern asset utilization
%
Q2 2026-061 615
+4.7%		1 406
+0.4%		4
−50.0%		303 200
+52.1%		——
H1 2026-061 683
+7.5%		1 475
+4.1%		3
−70.0%		259 300
+23.5%		——
Q4 2025-121 5331 39312248 600——
FY 2025-121 5501 41212—74
+13.8%		62
+1.6%
Q2 2025-061 5431 4008199 400——
H1 2025-061 5651 41710210 000——
FY 2024-12————6561

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.keyera.com/news-and-stories/news-releases/keyera-announces-2026-marketing-guidance-update-and-provides-operational-update/; https://www.keyera.com/wp-content/uploads/2026/03/2025-Keyera-Annual-Information-Form.pdf; https://www.keyera.com/wp-content/uploads/2026/03/Keyera-2025-Year-End-Report.pdf; https://www.keyera.com/wp-content/uploads/2026/08/Q2-2026-Report.pdf

Key-commodity price — Propane (NGL)

Current 1spot vs LTM +29%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -50.0% ▼ -0.1 pp 1d

Main driver: Propane (NGL) +29% vs LTM; revenue ×1.05 vs costs ×1.04; EBITDA 876→897; at 12.0× EV/EBITDA → -50%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Propane (NGL) (rev)+20%0.890.690.77+29%+11%
Henry Hub Gas (rev)+5%2.953.383.12-13%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue5 190
LTM EBITDA876
LTM cash costs (revenue − EBITDA)4 314
2 · Revenue projection
Revenue multiplier — spot×1.054 (+5%)
= Spot revenue5 473
Revenue multiplier — 3y price×1.020 (+2%)
= 3-year-price revenue5 294
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs4 487
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs4 487
4 · EBITDA projection (revenue − costs)
= Spot EBITDA986
= 3-year-price EBITDA808
Conservative EBITDA = min(spot, avg)897
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA10 760
Net debt5 328
Target market cap = EV − net debt5 417
Current market cap10 825

Upside = target market cap ÷ current − 1 = -50.0%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY5 2274 918+6.3%796-30—
2024 FY5 1965 298-1.9%879690+27.5%
2025 FY4 9005 235-6.4%848745+13.8%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -6% vs -1% the year before — a -5.1 pp move. 3-year CAGR -3%.
revenue growth by year: 2023 -4% · 2024 -1% · 2025 -6%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 19.2x · target 75th pct (3y) 33.8x · LTM avg 13.1x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: midstream (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Teekay Tankersglobal3.45.6x
International Seawaysglobal5.45.9x
Scorpio Tankersglobal4.36.0x
DHT Holdingsglobal3.67.5x
CMB.TECHglobal5.57.8x
Energy Transfer LPglobal68.28.2x
TORMglobal3.98.2x
Frontlineglobal11.09.5x
Cheniere Energyglobal59.310.8x
ONEOKglobal53.711.3x
Targa Resourcesglobal58.014.2x
Topaz Energyglobal3.114.8x
Group median8.2x
Group average9.1x
This companyglobal10.618.3x

Group median 8.2x; this company 18.3x — a 123% premium.

Group average 9.1x; against the average this company is at a 101% premium.

At the adjusted group median the market cap would be -70% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.4x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.5x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-01; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-150.563 CADEx-dividend: 0.563 CAD per sharePaidYahoo Finance (ex-div)
2026-06-150.54 CADEx-dividend: 0.54 CAD per sharePaidYahoo Finance (ex-div)
2026-03-160.54 CADEx-dividend: 0.54 CAD per sharePaidYahoo Finance (ex-div)
2025-12-150.54 CADEx-dividend: 0.54 CAD per sharePaidYahoo Finance (ex-div)
2025-09-150.54 CADEx-dividend: 0.54 CAD per sharePaidYahoo Finance (ex-div)
2025-06-160.52 CADEx-dividend: 0.52 CAD per sharePaidYahoo Finance (ex-div)
2025-03-170.52 CADEx-dividend: 0.52 CAD per sharePaidYahoo Finance (ex-div)
2024-12-130.52 CADEx-dividend: 0.52 CAD per sharePaidYahoo Finance (ex-div)
2024-09-130.52 CADEx-dividend: 0.52 CAD per sharePaidYahoo Finance (ex-div)
2024-06-140.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2024-03-140.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2023-12-140.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2023-09-140.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2023-06-140.48 CADEx-dividend: 0.48 CAD per sharePaidYahoo Finance (ex-div)
2023-03-210.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2023-02-220.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2023-01-200.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2022-12-210.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2022-11-210.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2022-10-210.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2022-09-210.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2022-08-190.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2022-07-210.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2022-06-210.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2022-05-200.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2022-04-220.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2022-03-210.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2022-02-220.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2022-01-210.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2021-12-210.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2021-11-190.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2021-10-210.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Keyera (KEYCA) — from primary filings.

Frequently asked questions

What is Keyera (KEYCA)'s P/E ratio?
Keyera (KEYCA) trades at a P/E of 40.9x (price to trailing 12-month earnings).
What is Keyera (KEYCA)'s EV/EBITDA?
Keyera (KEYCA) trades at 18.3x EV/EBITDA.
What is Keyera (KEYCA)'s P/B ratio?
Keyera (KEYCA) trades at a P/B of 5.3x.
What is Keyera (KEYCA)'s dividend yield?
Keyera (KEYCA)'s trailing 12-month dividend yield is 4.3%.
What is Keyera (KEYCA)'s return on equity (ROE)?
Keyera (KEYCA)'s ROE is 32.1%.
What is Keyera (KEYCA)'s market capitalization?
Keyera (KEYCA)'s market cap is 10.6 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map