Excelerate Energy, Inc. (EE)

Price$40.03Cached quoteAs of 2026-09-05 23:58 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth is offset by a demanding earnings valuation.

Using the supplied quarterly figures, trailing diluted earnings are about $1.41 per share, so the market is paying roughly 29 times recent earnings. With about $894 million of net debt, the company’s enterprise value—equity value plus net debt—is roughly $5.5 billion, or about 11 times the midpoint of management’s $490 million–$515 million 2026 adjusted EBITDA outlook, an operating-earnings measure before interest, taxes, depreciation and certain adjustments. That is not a bargain multiple, but contracted growth keeps it from looking clearly excessive.

Big pictureCash earnings are growing, but heavy expansion spending keeps near-term free cash flow thin.

Operating income rose from $215 million in 2024 to $267 million in 2025, while operating cash flow jumped from $244 million to $461 million. The first half of 2026 was less clean: operating cash flow was about $174 million, down from roughly $242 million a year earlier, while capital spending reached about $284 million. Free cash flow means cash left after running and investing in the business. Current project spending is growth-heavy, so weak headline free cash flow does not automatically mean the core contracts are deteriorating.

Business strengthLong contracts and ample liquidity support growth, though the Jamaica purchase made the balance sheet riskier.

At June 2026, cash was about $342 million against $1.24 billion of debt, leaving roughly $894 million of net debt; management also reported its full $500 million revolving facility unused. Debt rose sharply after the $1.055 billion Jamaica acquisition, funded partly with $800 million of 8% notes and an eight-million-share equity sale, so both interest cost and dilution matter. Capital returns are improving: the company repurchased about 693,000 shares for $24 million in the second quarter and raised the quarterly dividend 13%.

What could change the storySuccessful Iraq, Colombia, and conversion projects could justify the price; delays would expose its premium valuation.

The bull case is execution: the seven-year Colombia charter is expected to start in the first quarter of 2027 on better economics, Iraq is targeted for early second-quarter 2027, and the first converted floating terminal is planned for early 2028. The bear case is that Iraq already slipped from a 2026 start because of Middle East conflict, while 2026 committed growth spending is guided to $380 million–$400 million. At today’s valuation, investors need those projects to turn large spending into durable contract earnings without another major delay or debt-funded acquisition.

AI: News

Second-quarter guidance liftEarnings improved and full-year profit guidance rose, but the stock still fell after the report.

On August 5, 2026, Excelerate reported $50.1 million of second-quarter net income and $120.1 million of adjusted EBITDA, then raised and narrowed 2026 adjusted EBITDA guidance to $490 million–$515 million from $480 million–$510 million. Revenue was $329.3 million and missed at least one published consensus estimate. The shares fell roughly 3% around the release window; that reaction may reflect the revenue miss, higher growth spending, or positioning rather than a single proven cause.

Colombia charter securedA seven-year Colombia contract extends vessel use and should improve earnings from the same floating terminal.

Excelerate said in August that it had signed the agreement in June 2026 with Puerto Bahía to redeploy the Express floating storage and regasification unit. Service is expected to begin in the first quarter of 2027 after the current charter and dry dock, with multiple extension options. Management says the new terms are better than the vessel’s current deployment. Because the contract was disclosed with quarterly results, any separate stock-price effect cannot be reliably isolated.

Iraq project repricedThe Iraq terminal remains a major growth driver, but war-related delays increased execution risk.

The original October 2025 agreement covered five years of regasification services and LNG supply, with minimum contracted offtake of 250 million standard cubic feet per day and roughly $450 million of project investment including the vessel. By May 2026, Middle East conflict had pushed the planned startup from the third quarter of 2026 into 2027; by August, management targeted early second-quarter 2027. The delay matters because the current valuation assumes growth capital begins producing contracted earnings on schedule.

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Revenue

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2021

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2025

Net income

2022

2023

2024

2025

Free cash flow

2020

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$1.23B	$851.4M	$1.16B	$2.47B	$888.6M	$430.8M
Operating expenses	$961.6M	$636.4M	$948.4M	$2.29B	$749.2M	$297.6M
Operating income	$266.7M	$215.0M	$210.6M	$186.7M	$139.3M	$133.3M
Operating margin	21.71%	25.25%	18.17%	7.55%	15.68%	30.93%
EBITDA	$378.0M	$313.9M	$324.9M	$284.0M	$244.3M	$237.4M
EBITDA margin	30.78%	36.87%	28.04%	11.48%	27.49%	55.11%
Net income	$39.2M	$32.9M	$30.4M	$26.3M	—	—
Net profit margin	3.19%	3.86%	2.62%	1.06%	—	—
Basic EPSper basic share	$1.31	$1.29	$1.16	$0.51	$0.00	$0.00
Diluted EPSper diluted share	$1.28	$1.27	$1.11	$0.51	$0.00	$0.00

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of EE
Holder	Shares held
George Kaiser Family Foundation	7.85M
WELLINGTON MANAGEMENT GROUP LLP	3.34M
BlackRock, Inc.	2.01M
Copeland Capital Management, LLC	1.97M
VANGUARD PORTFOLIO MANAGEMENT LLC	1.23M
TORTOISE CAPITAL ADVISORS, L.L.C.	1.17M
VANGUARD CAPITAL MANAGEMENT LLC	994.36K
TimesSquare Capital Management, LLC	950.22K
Ranger Investment Management, L.P.	912.3K
KAYNE ANDERSON CAPITAL ADVISORS LP	664.58K
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT	650K
GEODE CAPITAL MANAGEMENT, LLC	616.6K
STATE STREET CORP	572.42K
Kobos Steven M	533.6K
DIMENSIONAL FUND ADVISORS LP	514.25K
EMERALD ADVISERS, LLC	485.26K
FMR LLC	480.35K
D. E. Shaw & Co., Inc.	392.79K
Yaupon Capital Management LP	390.35K
NEUBERGER BERMAN GROUP LLC	374.39K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)2$409.8K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 20, 2026Form 4/A · 10b5-1	Simpson OliverSee Remarks	SellClass A Common Stock	6.0K	$34.15	$204.9K	51.7K
Mar 20, 2026Form 4	Simpson OliverSee Remarks	SellClass A Common Stock	6.0K	$34.15	$204.9K	51.7K

Review ownership filings at SEC.gov ↗

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Excelerate Energy, Inc. (EE)

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