EXEEXPAND ENERGY Corp

Crude Petroleum & Natural Gas

Revenue: $12.1B; 186% YoY
Operating margin: 20.4%; 207% YoY
EBITDA: $5.5B; 489% YoY
Market cap: $177.2B
Employees: 1,600; $8M revenue each
Net debt / EBITDA: 0.9×; $4.9B net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
252% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
19% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$8M · 91st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 10th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$177.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$877K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	$11.7B	$8.7B	$4.2B	$12.1B	186%
Operating income	—	$3.8B	$3.1B	−$803M	$2.5B	408%
Net income	$6.3B	$4.9B	$2.4B	−$714M	$1.8B	355%
Operating cash flow	—	$4.1B	$2.4B	$1.6B	$4.6B	192%
Capex	—	$1.8B	$1.8B	$1.6B	$2.7B	76%
Stock-based comp	—	$22M	$33M	$38M	$46M	21%
Buybacks	—	$1.1B	$355M	$0	$100M
Dividends	—	$1.2B	$487M	$388M	$765M	97%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 13, 2019	Esquisto Holdings, LLC	SC 13D/A	0.0%	Passive
Apr 3, 2019	Esquisto Holdings, LLC	SC 13D/A	—	Passive
Feb 11, 2019	Esquisto Holdings, LLC	SC 13D	8.7%	Passive

Insider trading

Open-market buys, 12 mo: $877K · 7
Open-market sells, 12 mo: $0 · 0
Net: $877K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	308	193
FY2024	—	—	269	196
FY2023	—	—	202	198
FY2022	—	—	237	191
FY2021	—	—	146	131