Download PDF

1. Company Snapshot

1.a. Company Description

Excelerate Energy, Inc.provides flexible liquefied natural gas (LNG) solutions worldwide.The company offers floating regasification services, including floating storage and regasification units (FSRUs), infrastructure development, and LNG and natural gas supply, procurement, and distribution services; LNG terminal services; natural gas supply to-power projects; and a suite of smaller-scale gas distribution solutions.


It also leases an LNG terminal in Bahia, Brazil.Excelerate Energy, LLC acts as general partner of the company.Excelerate Energy, Inc.


was founded in 2003 and is headquartered in The Woodlands, Texas.Excelerate Energy, Inc.operates as a subsidiary of Excelerate Energy Holdings, LLC.

Show Full description

1.b. Last Insights on EE

Excelerate Energy's recent performance was negatively driven by analyst downgrades, citing risks of operating in developing countries. JP Morgan analyst Jeremy Tonet downgraded the company to Underweight from Neutral, raising the price target from $22 to $31. This downgrade comes despite the company's strong Q4 earnings and revenue beat, as well as a record full-year 2024 performance, with reported net income of $46.1 million for the fourth quarter and $153.0 million for the full year 2024. The company's ability to navigate risks in developing countries will be crucial to its future performance.

1.c. Company Highlights

2. Excelerate Energy's Q3 2025 Earnings: A Strong Performance

Excelerate Energy reported a robust financial performance in Q3 2025, with record quarterly EBITDA of $129 million. The company's adjusted EPS came in at $0.45, beating estimates of $0.3. The strong earnings were driven by the durability and diversification of its business model, with approximately 90% of its future contracted cash flows under take-or-pay agreements. Revenue growth is expected to continue, with analysts estimating a 32.4% increase in revenues for the next year.

Publication Date: Nov -19

📋 Highlights
  • Record Q3 EBITDA: Achieved $129 million, driven by 90% take-or-pay contracts and diversified operations.
  • IRAQ LNG TERMINAL DEVELOPMENT: $450 million jetty project (new build: $370M, terminal: $100M) to address energy shortages.
  • SHENANDOAH CONVERSION: $200 million all-in cost for FSRU conversion, with $3407 allocated to "a great home" (context unclear).
  • 2025 CAPITAL GUIDANCE: Maintenance CapEx $65–75M, growth CapEx $95–105M; EBITDA guidance raised to $435–450M.
  • GLOBAL LNG GROWTH: 200 million tonnes of incremental supply expected by 2030, driving demand for regas infrastructure.

Financial Highlights

The company's financial performance was highlighted by its strong EBITDA margin. Excelerate Energy's balance sheet remains robust, with total debt of $1.3 billion and $463 million of cash and cash equivalents on hand. The company's guidance for adjusted EBITDA in 2025 has been increased to range between $435 million and $450 million.

Valuation Metrics

Excelerate Energy's valuation metrics indicate a relatively attractive profile. The stock trades at a P/E Ratio of 11.11 and an EV/EBITDA of -191.37, suggesting that the market may be underestimating the company's earnings potential. Additionally, the company's ROE and ROIC are both at 0.01%, indicating room for improvement in returns. The Net Debt/EBITDA ratio is -220.47, reflecting the company's strong cash position.

Operational Updates

The company is making significant progress on its growth projects, including the development of Iraq's first LNG import terminal at the Port of Khor Al Zubair. The project includes a 5-year agreement for regasification services and LNG supply, and is expected to drive the company's financial outlook in the coming years. Excelerate Energy is also pursuing other opportunities in the Caribbean and beyond, with a focus on floating solutions, onshore regas, and transmission solutions.

Growth Prospects

Excelerate Energy's growth prospects are driven by the increasing demand for LNG and the need for new regas infrastructure. The company is well-positioned to capitalize on this trend, with a range of scalable regasification solutions and a strong track record of execution. As Steven Kobos noted, the company is seeing interest in floating solutions, as well as onshore regas and transmission solutions, across various regions.

3. NewsRoom

Card image cap

Natural Gas Prices Warm Up 5% Amid Early Winter Forecasts

Nov -10

Source: zacks.com

Card image cap

Excelerate Energy, Inc. (EE) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

Card image cap

Excelerate Energy (EE) Q3 Earnings and Revenues Beat Estimates

Nov -06

Source: zacks.com

Card image cap

Excelerate Energy Delivers Record Quarterly Results in Q3, Raises Full-Year 2025 Outlook

Nov -05

Source: businesswire.com

Card image cap

Excelerate Energy Mobilizes Over One Million USD to Support Jamaica's Relief and Recovery Following Hurricane Melissa

Nov -05

Source: businesswire.com

Card image cap

Ethic Inc. Cuts Position in Excelerate Energy, Inc. $EE

Oct -30

Source: defenseworld.net

Card image cap

Excelerate Energy Signs Definitive Agreement for Fully Integrated Floating LNG Import Terminal in Iraq

Oct -28

Source: businesswire.com

Card image cap

Excelerate Energy Announces Third Quarter 2025 Earnings Conference Call Date

Oct -07

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.50%)

6. Segments

Gas

Expected Growth: 7.5%

Growing demand for clean energy, increasing adoption of LNG as a bridging fuel, and Excelerate Energy's strategic expansion into new markets drive the growth of Gas segment.

Leases

Expected Growth: 7.5%

Growing demand for LNG, increasing adoption of floating LNG terminals, and Excelerate Energy's expanding global presence drive growth in leases for floating LNG terminals and energy infrastructure.

Time Charter, Regasification and Other Services

Expected Growth: 7.5%

Growing demand for LNG, increasing adoption of FSRUs, and rising energy demand in emerging markets drive growth in Time Charter, Regasification, and Other Services segments. Excelerate Energy's expertise in project management and consulting further supports growth.

7. Detailed Products

Gas Treating

Excelerate Energy provides gas treating services to remove impurities and contaminants from natural gas, making it suitable for transportation and use.

LNG Regasification

Excelerate Energy offers LNG regasification services, converting liquefied natural gas back into its gaseous state for distribution and use.

Floating Storage and Regasification Units (FSRUs)

Excelerate Energy's FSRUs provide a flexible and efficient way to store and regasify LNG, offering a fast-track solution for LNG import projects.

LNG Shipping

Excelerate Energy provides LNG shipping services, transporting LNG from production sources to demand centers around the world.

Terminal Services

Excelerate Energy offers terminal services, including LNG loading and unloading, storage, and regasification, at its facilities around the world.

8. Excelerate Energy, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Excelerate Energy, Inc. is medium due to the availability of alternative energy sources such as wind and solar power.

Bargaining Power Of Customers

The bargaining power of customers for Excelerate Energy, Inc. is low due to the lack of negotiating power of individual customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Excelerate Energy, Inc. is medium due to the presence of multiple suppliers in the market.

Threat Of New Entrants

The threat of new entrants for Excelerate Energy, Inc. is high due to the low barriers to entry in the energy market.

Intensity Of Rivalry

The intensity of rivalry for Excelerate Energy, Inc. is high due to the presence of multiple competitors in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 53.43%
Debt Cost 10.43%
Equity Weight 46.57%
Equity Cost 10.43%
WACC 10.43%
Leverage 114.72%

11. Quality Control: Excelerate Energy, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Northwest Natural

A-Score: 6.5/10

Value: 6.5

Growth: 3.2

Quality: 4.0

Yield: 8.0

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Aris Water Solutions

A-Score: 6.0/10

Value: 6.0

Growth: 8.6

Quality: 4.7

Yield: 5.0

Momentum: 8.5

Volatility: 3.3

1-Year Total Return ->

View Full Report
Stock-Card
Unitil

A-Score: 5.3/10

Value: 6.6

Growth: 3.8

Quality: 4.4

Yield: 6.0

Momentum: 1.5

Volatility: 9.3

1-Year Total Return ->

View Full Report
Stock-Card
Genie Energy

A-Score: 4.7/10

Value: 4.6

Growth: 6.1

Quality: 5.4

Yield: 5.0

Momentum: 2.0

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Energy Vault Holdings

A-Score: 4.4/10

Value: 6.2

Growth: 6.2

Quality: 3.6

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
Excelerate Energy

A-Score: 4.3/10

Value: 2.9

Growth: 4.3

Quality: 5.9

Yield: 1.0

Momentum: 6.0

Volatility: 6.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

28.67$

Current Price

28.67$

Potential

-0.00%

Expected Cash-Flows