Forensic Analysis · Electric Utilities · as of Nov 8, 2026
Xplr Infrastructure, LP (XIFR)
A forensic read on Xplr Infrastructure, LP 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
Clean
Earnings quality
4
Forensic signals
-0.2%
ROE
-3.4%
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 (auditor quality, say on pay, board independence, going concern). 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.
Xplr Infrastructure, LP earns a C (Mixed — selective) forensic quality grade. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-0.8%
FY2025
Return on invested capital.Return on invested capital is -0.8% in the latest fiscal year, against -0.1% in FY2023, having run between -1.7% and -0.1% across FY2023–FY2025 with no direction held. After-tax operating profit was ($22M) in FY2023 and ($147M) in FY2025, with operating income at -2.6% of revenue in FY2023, -37.3% in FY2024 and -15.7% in FY2025. The capital base behind it came down -15% across FY2023–FY2025, from $21.9B to $18.7B, so this return is struck on a smaller base than it started on. FY2025's operating profit carried a $253M goodwill write-off that alone took about 1.1 points off that year's return, so more than the whole 0.7-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. FY2024's operating profit carried a $575M goodwill write-off that alone took about 2.2 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
FCF ($219M)
FY2025
Shareholder returns.Returned $421M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($219M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $739M — 57% of that. Capex and the payout together ran $640M past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. New debt covered part of it: total debt rose $888M over FY2025, while cash rose $677M — $211M of the $640M. The FY2025 cash-flow statement filed $3.4B of debt issued; $4M from shares issued; net cash provided by investing activities of $630M; net cash used in financing activities of $674M.
$828M
FY2024–FY2025
Goodwill impairments.Took $828M of goodwill writedowns across 2 years (FY2024 ($575M), FY2025 ($253M)). Writedowns mean past acquisitions underperformed what was paid for them.
-49%
FY2024→FY2025
Dividend — cut.The payout was CUT ~49% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$1.19B
Revenue Growth YoY-3.4%
Revenue CAGR (2yr)+5.0%
Net Margin-2.4%
Free Cash Flow-$219.0M
Return on Equity-0.2%
Debt / Equity0.57x
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 Xplr Infrastructure, LP's actual 10-K/10-Q/8-K filings?