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The latest announcement is out from Keyera Corp. ( (TSE:KEY) ).
Keyera reported 2025 adjusted EBITDA of $1.13 billion, or $1.16 billion excluding transaction costs, with record annual fee-for-service margins from its Gathering and Processing and Liquids Infrastructure segments, even as weaker Marketing results weighed on overall performance. Distributable cash flow reached $735 million for the year, net earnings were $432 million, and leverage remained low at 1.8 times net debt to adjusted EBITDA, underscoring a strong balance sheet.
The company marked 2025 as a transformational year, sanctioning three major growth projects, acquiring a strategic interest in two Simonette-area gas plants, and progressing the transformative purchase of Plains’ Canadian NGL business, expected to close around the end of the first quarter of 2026. These moves expand Keyera’s national platform, secure additional long-term volumes, unlock follow-on growth opportunities, and are aimed at enhancing reliability, competitiveness, and long-term value for customers and shareholders, while non-core asset sales such as the Wildhorse Terminal help recycle capital.
The most recent analyst rating on (TSE:KEY) stock is a Buy with a C$53.00 price target. To see the full list of analyst forecasts on Keyera Corp. stock, see the TSE:KEY Stock Forecast page.
Spark’s Take on TSE:KEY Stock
According to Spark, TipRanks’ AI Analyst, TSE:KEY is a Neutral.
Keyera Corp. has a solid financial foundation with strong profitability and effective equity utilization. The positive sentiment from the earnings call, highlighting margin growth and sustainability achievements, boosts the score. However, technical indicators and valuation concerns, along with challenges in revenue growth and cash flow, moderate the overall score.
To see Spark’s full report on TSE:KEY stock, click here.
More about Keyera Corp.
Keyera Corp. is a Canadian midstream energy company focused on natural gas gathering and processing, natural gas liquids (NGL) infrastructure, and related marketing services. It operates an integrated NGL value chain across Canada, with key assets including gas plants, condensate systems, and pipelines such as the KAPS pipeline, serving producers and downstream customers nationwide.
Average Trading Volume: 1,421,845
Technical Sentiment Signal: Buy
Current Market Cap: C$11.03B
Learn more about KEY stock on TipRanks’ Stock Analysis page.