XELXCEL ENERGY INC

Electric & Other Services Combined

Revenue: —
Operating margin: —
EBITDA: $2.6B; 8.3% YoY
Market cap: $50.7B
Employees: 2,025
Net debt / EBITDA: 13.2×; $34.1B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 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
202% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
31% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$6M · 83rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 20th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
13.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$50.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Operating income	$2.2B	$2.4B	$2.5B	$2.4B	$2.6B	8.3%
Net income	$1.6B	$1.7B	$1.8B	$1.9B	$2.0B	4.2%
Operating cash flow	$2.2B	$3.9B	$5.3B	$4.6B	$4.1B	12%
Capex	$4.2B	$4.6B	$5.9B	$7.4B	$10.9B	48%
Stock-based comp	$31M	$20M	$25M	$33M	$46M	39%
Dividends	$935M	$1.0B	$1.1B	$1.2B	$1.3B	9.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 2
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	130	144
FY2024	—	—	114	129
FY2023	—	—	101	108
FY2022	—	—	111	118
FY2021	—	—	104	117