EE — Excelerate Energy

Floating LNG regasification (FSRUs) and infrastructure. AGI Score 7. P/TB 1.58. Physical bottleneck assets. Note: EE is Excelerate Energy, NOT El Paso Electric (taken private 2020). | Analysis date: 2026-03-13

Why are we looking at this?

Excelerate Energy owns and operates floating regasification terminals (FSRUs) — specialized ships that convert LNG back to natural gas and pipe it onshore. These are physical bottleneck assets that take years to build. AGI-driven electricity demand drives natural gas consumption for power generation, and FSRUs enable LNG imports in markets without pipeline infrastructure. The thesis: FSRUs are irreplaceable infrastructure in the global LNG supply chain, and AGI power demand extends their relevance.

$33.61

Stock Price

$3.8B

Market Cap

1.58x

Price / Book

$1.23B

Revenue (FY2025)

$461M

Operating Cash Flow

$39M

Net Income

$538M

Cash

$1.28

EPS (FY2025)

0.9%

Dividend Yield

Stock Price — EE

1. Financial Overview

Year	Revenue	Net Income	EPS	OCF
FY2022	$2.47B	$13M	$0.51	$225M
FY2023	$1.16B	$30M	$1.11	$232M
FY2024	$851M	$33M	$1.27	$244M
FY2025	$1.23B	$39M	$1.28	$461M

Revenue is volatile (commodity-linked) but operating cash flow is remarkably stable and growing ($225M to $461M). Net income is low relative to OCF due to depreciation on the FSRU fleet.

2. Balance Sheet

Item	FY2025	Notes
Total Assets	$4.13B	Growing (fleet expansion)
PP&E (FSRUs + infrastructure)	$2.13B	52% of assets — real ships
Cash	$538M
Long-Term Debt	$913M
Total Debt	$1.44B
Stockholders' Equity	$2.23B	Book/share: $21.31

3. 10x Analysis — Working Backwards

Bull Case: $336/share

Global LNG demand surges as AGI data centers drive natural gas power generation. Excelerate expands fleet and adds onshore infrastructure. Revenue grows to $3-5B with improved margins. At 12x OCF/EV multiples on $1B+ OCF, EV = $12B. Minus $900M debt = $11B equity on 30M shares = $367/share.

Bull case target: $336/share. Entry for 10x: ~$34. Current price is $33.61 — at the 10x entry.

Bear Case

LNG demand softens. FSRU utilization drops. Thin net margins ($39M on $1.23B revenue = 3.2%) mean small revenue declines wipe out profitability. Stock could fall to $15-20 (near book value). The $1.44B debt is manageable but not negligible.

Verdict

Excelerate owns physical bottleneck infrastructure (FSRUs) that benefits from AGI-driven gas demand. The $461M OCF on $3.8B market cap (12% OCF yield) is attractive. But net income is thin, and the stock is already at 1.58x book. The 10x math requires significant fleet expansion and LNG demand growth. Interesting as a 3-5x play; 10x is ambitious.

Data sources: SEC EDGAR XBRL (CIK 1888447), yfinance, 10-K filing. Analysis date: 2026-03-13.