EE · Energy(natural gas distribution) · 7 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Excelerate Energy, Inc. reported revenue of $1.2 billion in fiscal 2025. Of the $1.4 billion its operations generated over 7 years, 72.1% went to acquisitions. On the accounting screens, it passes 2 of 5 Piotroski tests and its Altman Z'' of 2.45 is in the grey zone; none of the six cross-checks between its statements fires.
Revenue, fiscal 20251.2B
Operating margin21.7%gross margin —
Return on invested capital7.2%7.6% on average over 5 years
Free cash flow—
Net debt ÷ EBITDA1.1×net debt 398.1M
Piotroski F-score2/5tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
1-for-4 before fiscal 2024; 4-for-1 before fiscal 2023.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
01.0B2.0B3.0B
2019
2020Revenue 430.8MOperating income 133.3M
2021Revenue 888.6MOperating income 139.3M
2022Revenue 2.5BOperating income 186.7M
2023Revenue 1.2BOperating income 210.6M
2024Revenue 851.4MOperating income 215.0M
2025Revenue 1.2BOperating income 266.7M
2019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
6 yrs
Revenue
-20.8%
+23.3%
—
Operating income
+12.6%
+14.9%
—
Dividend per share
+77.2%
—
—
Shares
+5.3%
—
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
0.0%10.0%20.0%30.0%40.0%
2019
2020Operating 30.9%
2021Operating 15.7%
2022Operating 7.5%
2023Operating 18.2%
2024Operating 25.3%
2025Operating 21.7%
2019202020212022202320242025
Return on invested capital
Return on invested capital
0.0%2.5%5.0%7.5%10.0%
2019
2020
2021Return on invested capital 7.4%
2022Return on invested capital 7.2%
2023Return on invested capital 7.6%
2024Return on invested capital 8.3%
2025Return on invested capital 7.2%
2019202020212022202320242025
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
—
Return on assets
—
Asset turnover
0.30×
Overheads (SG&A)
7.7% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Where 7 years of operating cash went, 2019–2025
1.4B generated by the business. Each band is its share of that total.
Reinvested in the business 0%0
Acquisitions 72%1.0B
Dividends 1%15.8M
Share buybacks 0%0
Kept, or used to pay down debt 27%378.0M
Over the same years it paid 23.8M in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.00$0.10$0.20$0.30
2019
2020
2021
2022Dividend per share $0.05
2023Dividend per share $0.10
2024Dividend per share $0.13
2025Dividend per share $0.28
2019202020212022202320242025
Shares outstanding
Diluted shares
010.0M20.0M30.0M40.0M
2019
2020Diluted shares 0
2021Diluted shares 0
2022Diluted shares 26.3M
2023Diluted shares 27.1M
2024Diluted shares 25.8M
2025Diluted shares 30.6M
2019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-400.0M-200.0M0200.0M400.0M
2019
2020
2021Net debt 160.6M
2022Net debt -302.4M
2023Net debt -179.9M
2024Net debt -204.0M
2025Net debt 398.1M
2019202020212022202320242025
Net debt ÷ EBITDA
1.1×
Interest coverage
— operating income ÷ interest
Current ratio
2.43 current assets ÷ current liabilities
Cash conversion cycle
— collects in 25d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
2of 5 tests passed
–ProfitableReturn on assets above zero — not reportedno data
✓Cash from operationsOperating cash flow above zeropassed
–Profitability improvedReturn on assets higher than a year before — not reportedno data
–Profit backed by cashOperating cash flow above net income (low accruals) — not reportedno data
✕Less long-term debtLong-term debt as a share of assets fellfailed
✕More liquidCurrent ratio higher than a year beforefailed
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
2.45grey zone
1.12.6
Working capital ÷ assets 0.11 × 6.56+0.70
Retained earnings ÷ assets 0.02 × 3.26+0.08
Operating income ÷ assets 0.06 × 6.72+0.43
Equity ÷ liabilities 1.17 × 1.05+1.23
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
