Forensic Analysis · Energy / Oil & Gas · as of Aug 11, 2026
Excelerate Energy, Inc. (EE)
A forensic read on Excelerate Energy, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
3.5
Distress distance
Clean
Earnings quality
4
Forensic signals
107.4
P / E (ttm)
7.5%
ROE
$4.1B
Market cap
0.87%
Dividend yield
44.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Excelerate Energy, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.5, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+43.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +43.7% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by PP&E up +31% against revenue +44% and inventory up +13% against +44% in revenue. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 14% of net operating assets, diverging from the balance-sheet accrual read.
6.9%
FY2025
Return on invested capital.Return on invested capital is 6.9% in the latest fiscal year and steady — around its ~8% cost of capital, so growth is roughly value-neutral.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +17% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +5.3%/yr figure isn't a real buyback/dilution read here.
1.0% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.0% of revenue and 4% of free cash flow in FY2025 — about $0.39 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 18.5% a year, small enough that totals and per-share results tell the same story.
Key fundamentals
Latest Revenue$1.23B
Revenue Growth YoY+44.3%
Revenue CAGR (3yr)-20.8%
Net Margin13.6%
Free Cash Flow$298.2M
Return on Equity7.5%
Debt / Equity0.42x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Excelerate Energy, Inc.'s actual 10-K/10-Q/8-K filings?