EE

Excelerate is a real cash machine. FY2025 revenue jumped 44.3% to $1.23B, operating income rose 24% to $267M (a healthy 21.7% operating margin), and operating cash flow surged 88.7% to $461M against $111M of D&A — this is a capital-intensive infrastructure business that converts its floating regasification terminals into strong, durable cash flow. The balance sheet is not stressed: $2.23B of equity against $1.90B of liabilities (0.85x liabilities/equity) and $538M of cash. On revenue, the stock looks cheap at 0.9x sales.

The problem is what reaches the per-share line. Despite 44% revenue growth, diluted EPS was essentially flat (+0.8% to $1.28) because the share count rose 17.6% and the Up-C/EELP structure routes earnings to noncontrolling holders. At $37.04 that flat $1.28 is a 28.9x P/E — a growth multiple on no per-share growth. The revenue series is also violently cyclical (FY2022 $2.47B → FY2023 $1.16B → FY2024 $851M → FY2025 $1.23B), tracking LNG/regas pricing and contract timing rather than a smooth compounding story, so 2025's reported 'growth' is partly a rebound off a depressed 2024 plus the Acquisition.