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Canadian midstream energy company gathering and processing natural gas, and fractionating/storing natural gas liquids in Alberta.
Canadian midstream energy company gathering and processing natural gas, and fractionating/storing natural gas liquids in Alberta.
Most income is fees for processing gas and handling liquids, largely under long-term contracts, which makes it steadier than the producers it serves. A separate marketing arm buys and sells propane, butane and iso-octane, a gasoline-blending component, and that part moves with commodity prices and storage spreads. Facilities cluster in Alberta.
In one line: A smaller Canadian peer to Targa Resources.
Moat: narrow (regulatory licence, installed base). Established Alberta gas processing and NGL storage hub infrastructure with long-term customer contracts.
Headquarters: Calgary, Canada · Founded: 1998 · Employees: 1,257
Size Keyera (KEY.TO) is a Canada Energy company (Oil & Gas Pipelines) with a market value of $10.6B, the 73rd largest of 420 Canada companies the cockpit tracks. Shares closed at C$50.69 on 6 Nov 2026.
Performance Over six months the shares gained 0.1%, against +0.7% for the median peer and +5.2% for the Canada market (cap-weighted) — 6th lowest of 12 in its peer set.
Growth Revenue grew 0.2% over the last twelve months (peer median +10.5%); the operating margin is 11.3% (peer median 31.0%).
Valuation It trades at 17.4× forward earnings against a peer median of 14.9× (4th most expensive of 11).
Capital Return on invested capital runs 2.3 points below its cost of capital (6.8% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$7.21B | C$6.75B | C$7.20B | C$7.00B | C$7.20B |
| Revenue growth | — | -6% | +3% | -3% | — |
| Gross profit | C$1.02B | C$896M | C$1.09B | C$1.06B | C$1.04B |
| EBITDA | C$1.24B | C$1.11B | C$1.27B | C$1.24B | C$1.19B |
| Net income | C$361M | C$432M | C$487M | C$424M | C$328M |
| Free cash flow | -C$296M | C$279M | C$1.01B | C$273M | C$29.4M |
| Capital expenditure | C$773M | C$495M | C$252M | C$703M | C$896M |
| Total debt | C$8.48B | C$6.30B | C$3.90B | C$4.29B | C$3.90B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Keyera KEY.TO | $10.6B | 0% | 0% | 11% | 17.4× | n/a |
| Pembina Pipeline PPL.TO | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% |
| AltaGas ALA.TO | $11.8B | +4% | +18% | 9% | 22.5× | n/a |
| Enbridge ENB.TO | $107B | -10% | +29% | 13% | 22.1× | 12.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KEY.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.1% | -8.5% | 4th highest of 12 |
| 6-month return | +0.1% | +0.7% | 6th lowest of 12 |
| Distance from 52-week high | -17.5% | -20.0% | 6th highest of 12 |
| Revenue growth (TTM) | +0.2% | +10.5% | 3rd lowest of 12 |
| Operating margin | 11.3% | 31.0% | 4th lowest of 12 |
| Forward P/E | 17.4× | 14.9× | 4th most expensive of 11 |
| ROIC minus cost of capital | -2.3 pp | -1.3 pp | 3rd lowest of 12 |
| EV / EBITDA | 18.4× | 16.0× | 4th most expensive of 10 |
| Net debt / EBITDA | 6.4× | 4.0× | 4th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Keyera KEY.TO | Canada | $10.6B | 0% | 0% | 11% | 17.4× | n/a | n/a |
| DT Midstream DTM | United States | $11.6B | -20% | +13% | 50% | 23.5× | 12.4% | +10.5% |
| Antero Midstream AM | United States | $8.97B | -9% | +8% | 55% | 15.1× | 2.5% | +5.3% |
| Kinetik KNTK | United States | $7.92B | +3% | +10% | 9% | 25.1× | 33.0% | +63.6% |
| Western Midstream Partners, LP WES | United States | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% | +8.6% |
| Plains All American Pipeline, L.P PAA | United States | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% | +13.4% |
| South Bow SOBO.TO | Canada | $6.54B | -8% | -26% | 24% | 16.5× | 13.9% | -25.8% |
| Plains GP Holdings LP PAGP | United States | $5.10B | +11% | +9% | 3% | 14.7× | 2.6% | +13.4% |
| Golar LNG GLNG | United States | $4.40B | -23% | +95% | 46% | n/a | n/a | n/a |
| Pembina Pipeline PPL.TO | Canada | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% | +5.2% |
| Venture Global VG | United States | $28.8B | +1% | +101% | 38% | 6.3× | n/a | n/a |
| Delek Logistics Partners LP DKL | United States | $2.99B | +1% | +30% | 15% | 11.8× | 13.0% | +12.2% |