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what it is
Excelerate moves liquefied natural gas through 10 operational FSRUs and related terminals.
how it gets paid
Last year Excelerate Energy made $1.2B in revenue. FSRU regasification services was the main engine at $0.50B, or 42% of sales.
why it's growing
Revenue grew 44.3% last year to about $1.2B. A normal quarter is on the order of ~$300M (roughly one-fourth of that)—not $900M+ unless a line item is annualized wrong.
what just happened
Latest quarter revenue about ~$300M on a ~$1.2B year; $0.29 EPS still missed the ~$0.32 bar on the feed we used.
At a glance
B+ balance sheet — decent shape, but not bulletproof
33.7x trailing p/e — you're paying up for this one
0.9% dividend yield — cash in your pocket every quarter
5.7% return on capital — nothing to write home about
$1.27 fy2024 eps est
xvary composite: 57/100 — below average
What they do
Excelerate moves liquefied natural gas through 10 operational FSRUs and related terminals.
You do not swap in LNG infrastructure like a phone charger. Excelerate had 10 operational FSRUs and 1 under construction on Dec. 31, 2024, and 8 are wholly owned. That means your gas flow is tied to ships, ports, and contracts, not a commodity app.
How they make money
$1.2B
annual revenue · their business grew +44.3% last year
FSRU regasification services
$0.50B
LNG and natural gas supply
$0.40B
Infrastructure development
$0.20B
Vessel and terminal services
$0.10B
The products that matter
floating LNG import terminals
Floating Storage Regasification Units
10-ship fleet
This is the core of the business: 10 FSRUs already in service, with a newbuild delivery scheduled for early 2026.
scarce assets
project development and operations
Integrated LNG Solutions
Q3 2026 catalyst
Jamaica is fully ramped, and the Iraq platform is expected to start in Q3 2026. That timing sits right in the middle of the 2026 EBITDA story.
execution matters
commodity marketing
LNG Supply & Trading
part of ~$1.2B annual sales
It helps fill out the offering, but it also exposes you to gas-price swings. In plain English: not every dollar of revenue here deserves the same multiple.
volatility source
Key numbers
$1.2B
ttm revenue
That is the size of the business. You are buying a $1.2B revenue stream, not a pilot project.
33.7x
trailing p/e
Price divided by last year's earnings is 33.7x. You pay $33.70 for $1 of profit.
21.7%
operating margin
Operating margin means profit after running the business. 21.7% of sales survives before interest and tax.
$1.1B
long-term debt
Debt means borrowed money. $1.1B sits on the balance sheet, which is 22% of capital.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 35 / 100
- long-term debt $1.1B (22% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for EE right now.
source: institutional data · return history unavailable
What just happened
missed estimates
About $0.29 EPS missed ~$0.32; quarter revenue ~$300M (order-of-magnitude vs ~$1.2B FY).
Full-year revenue up 44.3% anchors the story. vs. prior year quarter growth can look extreme when the prior-year quarter was small—read gas-linked and pass-through lines in filings, not just one headline dollars figure.
~$300M
revenue (q)
$0.29
eps (Q)
44.3%
fy revenue growth
the number that mattered
The ~$1.2B annual revenue line is the sanity check: quarterly sales should be a fraction of that unless commodity pass-through inflates one print.
source: company earnings report, 2026
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What could go wrong
the #1 risk is the Q3 2026 Iraq platform start slipping.
high
iraq platform timing risk
The current setup assumes commercial start in Q3 2026. If that slips, the $515M–$545M EBITDA target gets harder to reach on schedule.
direct hit to the main 2026 catalyst
med
newbuild delivery risk
A new FSRU is scheduled for early 2026. That sounds operational until you remember the stock is priced for growth. Asset timing matters when the fleet is only 10 ships.
slower earnings ramp from here
med
estimate revision risk
Analysts already cut the 2026 revenue view by $70M, from $1.51B to $1.44B. Expectations are not collapsing, but they are moving the wrong way ahead of the catalyst year.
multiple compression if revisions continue
med
valuation risk
At 33.7x trailing earnings, this is not priced like a boring ship lessor. You are paying for execution, and 5.7% return on capital says the payoff is still more promise than proof.
little room for ordinary disappointment
A delay on the Iraq start or the early-2026 newbuild would pressure the exact EBITDA bridge this valuation depends on.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
iraq platform commercial start
Targeted for Q3 2026. This is the cleanest real-world test of whether the $515M–$545M EBITDA guide is grounded.
numbers
2026 EBITDA bridge
Management is guiding to $515M–$545M. Watch every quarter for how much of that comes from assets already online versus assets still waiting to start.
estimates
revenue revisions
The 2026 revenue view moved from $1.51B to $1.44B. One cut is manageable. A series of cuts would tell you the market is losing patience.
capital return
the $0.08 quarterly dividend
The payout is payable on March 26, 2026. At a 0.9% yield, it matters less as income and more as a signal that management wants a stable profile while it builds.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for EE is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$39
current price
n/a
target midpoint · n/a from current
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