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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)
-35.8%
↓ 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

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: -35.8% ▲ +2.5 pp 1d

Main driver: Propane (NGL) +29% vs LTM; revenue ×1.05 vs costs ×1.04; EBITDA 876→898; at 12.0× EV/EBITDA → -36%.

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%3.013.383.12-11%-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×1.055 (+5%)
= Spot revenue5 475
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 EBITDA988
= 3-year-price EBITDA807
Conservative EBITDA = min(spot, avg)898
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA10 772
Net debt5 328
Target market cap = EV − net debt5 430
Current market cap8 455

Upside = target market cap ÷ current − 1 = -35.8%

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%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 16.4x · target 75th pct (3y) 33.8x · LTM avg 13.0x

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

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (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.

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