EEExcelerate Energy, Inc.

Natural Gas Distribution

Revenue: $1.2B; 44% YoY
Operating margin: 21.7%; 14% YoY
EBITDA: $378M; 20% YoY
Market cap: $1.2B
Employees: 1,046; $1M revenue each
Net debt / EBITDA: 1.5×; $584M net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
276% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 42nd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 33rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$205K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$889M	$2.5B	$1.2B	$851M	$1.2B	44%
Operating income	$139M	$187M	$211M	$215M	$267M	24%
Net income	—	$80M	$127M	$153M	$167M	9.1%
Operating cash flow	$142M	$225M	$232M	$244M	$461M	89%
Stock-based comp	—	$956K	$4M	$7M	$12M	65%
Dividends	$0	$1M	$3M	$3M	$9M	153%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 29, 2022	GEORGE KAISER FAMILY FOUNDATION	SC 13D/A	7.3%	Passive
Apr 22, 2022	Maya Maritime LLC	SC 13D	7.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $205K · 1
Net: −$205K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$6M	$4M	120	130
FY2024	$5M	$13M	128	122
FY2023	$4M	$3M	65	114
FY2022	$3M	$3M	105	114