Keyera Corp. (KEY) - Net Assets
Based on the latest financial reports, Keyera Corp. (KEY) has net assets worth CA$2.76 Billion CAD (≈ $2.00 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$13.05 Billion ≈ $9.44 Billion USD) and total liabilities (CA$10.29 Billion ≈ $7.44 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$2.76 Billion |
| % of Total Assets | 21.18% |
| Annual Growth Rate | 13.96% |
| 5-Year Change | 4.03% |
| 10-Year Change | 50.13% |
| Growth Volatility | 61.34 |
Keyera Corp. - Net Assets Trend (2003–2025)
This chart illustrates how Keyera Corp.'s net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Keyera Corp. (2003–2025)
The table below shows the annual net assets of Keyera Corp. from 2003 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CA$2.76 Billion ≈ $2.00 Billion |
-2.36% |
| 2024-12-31 | CA$2.83 Billion ≈ $2.05 Billion |
+1.87% |
| 2023-12-31 | CA$2.78 Billion ≈ $2.01 Billion |
-1.39% |
| 2022-12-31 | CA$2.82 Billion ≈ $2.04 Billion |
+6.06% |
| 2021-12-31 | CA$2.66 Billion ≈ $1.92 Billion |
-3.75% |
| 2020-12-31 | CA$2.76 Billion ≈ $2.00 Billion |
-9.58% |
| 2019-12-31 | CA$3.05 Billion ≈ $2.21 Billion |
+11.87% |
| 2018-12-31 | CA$2.73 Billion ≈ $1.97 Billion |
+10.10% |
| 2017-12-31 | CA$2.48 Billion ≈ $1.79 Billion |
+34.63% |
| 2016-12-31 | CA$1.84 Billion ≈ $1.33 Billion |
+31.70% |
| 2015-12-31 | CA$1.40 Billion ≈ $1.01 Billion |
+6.08% |
| 2014-12-31 | CA$1.32 Billion ≈ $953.55 Million |
+42.71% |
| 2013-12-31 | CA$923.71 Million ≈ $668.20 Million |
+3.69% |
| 2012-12-31 | CA$890.82 Million ≈ $644.40 Million |
+33.31% |
| 2011-12-31 | CA$668.22 Million ≈ $483.38 Million |
-14.88% |
| 2010-12-31 | CA$785.04 Million ≈ $567.89 Million |
+12.40% |
| 2009-12-31 | CA$698.44 Million ≈ $505.24 Million |
+9.77% |
| 2008-12-31 | CA$636.25 Million ≈ $460.26 Million |
+15.58% |
| 2007-12-31 | CA$550.48 Million ≈ $398.21 Million |
-11.34% |
| 2006-12-31 | CA$620.86 Million ≈ $449.12 Million |
-1.48% |
| 2005-12-31 | CA$630.20 Million ≈ $455.88 Million |
+2.53% |
| 2004-12-31 | CA$614.65 Million ≈ $444.63 Million |
+294.03% |
| 2003-12-31 | CA$155.99 Million ≈ $112.84 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Keyera Corp.'s total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 63657000000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | CA$3.38 Billion | 122.19% |
| Other Comprehensive Income | CA$23.12 Million | 0.84% |
| Total Equity | CA$2.76 Billion | 100.00% |
Keyera Corp. Competitors by Market Cap
The table below lists competitors of Keyera Corp. ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Procore Technologies Inc
NYSE:PCOR
|
$8.32 Billion |
|
U-Haul Holding Company
NYSE:UHAL-B
|
$8.33 Billion |
|
Nexgen Energy (Canada) Ltd
AU:NXG
|
$8.33 Billion |
|
Vicinity Centres
AU:VCX
|
$8.33 Billion |
|
Baiyin Nonferrous Group Co Ltd
SHG:601212
|
$8.31 Billion |
|
SAINSBURY -J.- ADR/4 NEW
F:SUY
|
$8.31 Billion |
|
ORION CORP.B UNSP.ADR 1/2
F:OFK0
|
$8.31 Billion |
|
Krafton Inc
KO:259960
|
$8.30 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Keyera Corp.'s equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,831,401,000 to 2,764,646,000, a change of -66,755,000 (-2.4%).
- Net income of 432,335,000 contributed positively to equity growth.
- Dividend payments of 485,945,000 reduced retained earnings.
- Other comprehensive income decreased equity by 18,679,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$432.33 Million | +15.64% |
| Dividends Paid | CA$485.94 Million | -17.58% |
| Other Comprehensive Income | CA$-18.68 Million | -0.68% |
| Other Changes | CA$5.53 Million | +0.2% |
| Total Change | CA$- | -2.36% |
Book Value vs Market Value Analysis
This analysis compares Keyera Corp.'s book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 4.15x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 8.66x to 4.15x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2003-12-31 | CA$5.78 | CA$50.11 | x |
| 2004-12-31 | CA$7.41 | CA$50.11 | x |
| 2005-12-31 | CA$4.93 | CA$50.11 | x |
| 2006-12-31 | CA$4.87 | CA$50.11 | x |
| 2007-12-31 | CA$4.46 | CA$50.11 | x |
| 2008-12-31 | CA$5.01 | CA$50.11 | x |
| 2009-12-31 | CA$5.12 | CA$50.11 | x |
| 2010-12-31 | CA$5.52 | CA$50.11 | x |
| 2011-12-31 | CA$4.64 | CA$50.11 | x |
| 2012-12-31 | CA$5.79 | CA$50.11 | x |
| 2013-12-31 | CA$5.87 | CA$50.11 | x |
| 2014-12-31 | CA$8.02 | CA$50.11 | x |
| 2015-12-31 | CA$8.23 | CA$50.11 | x |
| 2016-12-31 | CA$10.25 | CA$50.11 | x |
| 2017-12-31 | CA$13.12 | CA$50.11 | x |
| 2018-12-31 | CA$13.16 | CA$50.11 | x |
| 2019-12-31 | CA$14.26 | CA$50.11 | x |
| 2020-12-31 | CA$12.53 | CA$50.11 | x |
| 2021-12-31 | CA$12.02 | CA$50.11 | x |
| 2022-12-31 | CA$12.74 | CA$50.11 | x |
| 2023-12-31 | CA$12.13 | CA$50.11 | x |
| 2024-12-31 | CA$12.36 | CA$50.11 | x |
| 2025-12-31 | CA$12.06 | CA$50.11 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Keyera Corp. utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 15.64%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 6.31%
- • Asset Turnover: 0.53x
- • Equity Multiplier: 4.72x
- Recent ROE (15.64%) is above the historical average (13.27%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2003 | 5.50% | 100.00% | 0.05x | 1.01x | CA$-7.03 Million |
| 2004 | 3.71% | 3.05% | 0.65x | 1.87x | CA$-38.53 Million |
| 2005 | 9.66% | 5.11% | 0.97x | 1.94x | CA$-2.12 Million |
| 2006 | 11.01% | 4.97% | 1.12x | 1.98x | CA$6.27 Million |
| 2007 | 2.63% | 0.98% | 1.11x | 2.42x | CA$-40.57 Million |
| 2008 | 26.01% | 7.61% | 1.28x | 2.66x | CA$101.86 Million |
| 2009 | 21.52% | 9.73% | 0.93x | 2.37x | CA$80.48 Million |
| 2010 | 15.93% | 6.44% | 0.99x | 2.51x | CA$46.54 Million |
| 2011 | 20.24% | 5.26% | 1.15x | 3.34x | CA$68.40 Million |
| 2012 | 14.66% | 4.44% | 1.10x | 3.01x | CA$41.52 Million |
| 2013 | 15.90% | 4.48% | 1.07x | 3.30x | CA$54.47 Million |
| 2014 | 17.45% | 6.35% | 0.94x | 2.92x | CA$98.17 Million |
| 2015 | 14.44% | 8.01% | 0.59x | 3.07x | CA$62.09 Million |
| 2016 | 11.78% | 8.67% | 0.50x | 2.69x | CA$32.70 Million |
| 2017 | 11.69% | 8.49% | 0.58x | 2.37x | CA$41.99 Million |
| 2018 | 14.44% | 8.83% | 0.66x | 2.48x | CA$121.25 Million |
| 2019 | 14.53% | 12.26% | 0.48x | 2.46x | CA$138.22 Million |
| 2020 | 2.25% | 2.06% | 0.40x | 2.74x | CA$-214.09 Million |
| 2021 | 12.20% | 6.50% | 0.61x | 3.06x | CA$58.44 Million |
| 2022 | 11.65% | 4.65% | 0.82x | 3.04x | CA$46.42 Million |
| 2023 | 15.26% | 6.01% | 0.80x | 3.16x | CA$146.08 Million |
| 2024 | 17.19% | 6.82% | 0.82x | 3.09x | CA$203.49 Million |
| 2025 | 15.64% | 6.31% | 0.53x | 4.72x | CA$155.87 Million |
Industry Comparison
This section compares Keyera Corp.'s net assets metrics with peer companies in the Oil & Gas Midstream industry.
Industry Context
- Industry: Oil & Gas Midstream
- Average net assets among peers: $4,041,039,097
- Average return on equity (ROE) among peers: 5.24%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Keyera Corp. (KEY) | CA$2.76 Billion | 5.50% | 3.72x | $8.31 Billion |
| AltaGas Ltd (ALA) | $7.37 Billion | 11.31% | 1.69x | $11.21 Billion |
| Enbridge Inc (ENB) | $991.65 Million | 10.39% | 2.02x | $115.00 Billion |
| Gibson Energy Inc. (GEI) | $1.06 Billion | -15.11% | 2.09x | $3.35 Billion |
| Pembina Pipeline Corp (PPL) | $4.28 Billion | 5.26% | 0.94x | $24.93 Billion |
| South Bow Corporation (SOBO) | $2.70 Billion | 16.29% | 3.13x | $6.60 Billion |
| Source Rock Royalties Ltd (SRR) | $25.72 Million | 5.81% | 0.03x | $32.64 Million |
| Topaz Energy Corp (TPZ) | $1.32 Billion | 3.52% | 0.48x | $3.35 Billion |
| TC Energy Corp (TRP) | $17.88 Billion | 7.15% | 1.61x | $63.90 Billion |
| Tidewater Midstream and Infrastructure Ltd (TWM) | $746.30 Million | 2.53% | 2.05x | $121.58 Million |
About Keyera Corp.
Keyera Corp. together with its subsidiaries, engages in the gathering and processing of natural gas; and the transportation, storage, and marketing of natural gas liquids and iso-octane in Canada and the United States. It operates through three segments: Gathering and Processing, Liquids Infrastructure, and Marketing. The Gathering and Processing segment owns and operates raw gas gathering pipeli… Read more