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Excelerate Energy

EE
43
Renewable Utilities · Utilities
Price
$38.95
-0.52 (-1.32%)
Market Cap
$4.50B
Winston Score
43
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+28.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 23.9M (2021) → 30.6M (2025)

Excelerate Energy is a company that helps countries get access to natural gas by using special ships called Floating Storage and Regasification Units, or FSRUs. These ships receive liquefied natural gas (LNG) from tankers, turn it back into gas, and send it into local pipelines — all without needing an expensive onshore terminal. Its customers are mostly governments and state-owned utilities in countries like Bangladesh, Brazil, Pakistan, and Argentina that need a faster or cheaper way to import gas.

Excelerate makes money mainly through long-term contracts, often lasting 10 to 20 years, where customers pay a fixed fee to use its FSRUs. The company operates across Asia, Latin America, the Middle East, and Europe, and owns a fleet of roughly 10 FSRUs, making it one of the few independent FSRU operators in the world. Its long-term contracts provide steady, predictable revenue, but the business faces risk if countries shift away from natural gas faster than expected as they pursue cleaner energy sources.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+37.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-20.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$544M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Excelerate Energy grew revenue 38% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
24.5%
Thin — 24.5% gross margin
Operating Margin
18.9%
Healthy — 18.9% operating margin
ROCE
4.5%
Weak — 4.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+39.3%
Fast-growing sales (39.3% YoY)
EPS YoY
-19.2%
Earnings shrinking (-19.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
150272%
Turns 150272% of profit into real cash
FCF Margin
2515.5%
Converts sales into free cash efficiently (2515.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity
1.65
Elevated debt (1.65)
Interest Cover
2.64x
Tight — interest eats into profit (2.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
30.9x
Pricey — P/E 30.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
+17.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (30.9 → 13.5)

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Dividends

Dividend Yield
0.84%
Small dividend — 0.84% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
+56.1%
Dividend growing fast (56.1% YoY)

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