XIFR
XPLR Infrastructure, LP
Next earnings Jul 17, 2026 (before open) · consensus $0.09 EPS, $371M rev
Last earnings +1.8% on 2026-05-07
$12.35
▲ +4.22%$12.35▲ +48.26%
over 1Y
L $8.20H $12.77
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+4.2%
1W+6.7%
1M-3.3%
3M+16.3%
YTD+21.4%
1Y+48.3%
Avoid
Conviction
Horizon
Medium (3–12mo)
Street · 17 analysts
Hold
A broken yieldco mid-repositioning: distribution suspended, earnings negative, debt rising — the 2.1x P/E is a mirage built on stale FY2022 EPS.
Net income attributable to XPLR -$28.0M · FY2025
The read
It screens cheap (~231% below fair value), but the weak fundamentals are why — more potential value trap than bargain.
XPLR is a renewable-energy limited partnership (the former NextEra Energy Partners) whose investment case has been gutted. The headline P/E of 2.1 is an artifact: it divides today's $11.85 price by a $5.62 diluted EPS that the data itself stamps as FY2022, while the actual recent results are losses — net income attributable to XPLR of -$28.0M in FY2025 and -$23.0M in FY2024, with operating income of -$186M and a -15.7% operating margin. Revenue has stalled and turned down (-3.4% YoY to $1.19B), the MD&A shows total operating expenses swollen by a $253M goodwill impairment in 2025 (on top of $575M in 2024), and interest expense ballooned to $437M from $145M. This is not a cheap stock; it is an unprofitable one wearing a misleading multiple.
The decisive event is structural. Per the MD&A, in January 2025 XPLR announced a 'strategic repositioning, including suspension of the distribution to its common unitholders.' For a partnership that existed to pay yield, cutting the distribution removes its core reason to be owned and explains the depressed unit price. Management is now selling assets piecemeal — the Meade pipeline closed in September 2025 (discontinued operations), a February 2026 agreement sells interconnection assets to NEER affiliate with an option to co-invest in battery storage, and it is 'evaluating options' including a potential sale of XPLR Renewables III. The forward shape of this business is genuinely unknowable.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 30, 2026, 7:03 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $722M | $969M | $1.08B | $1.23B | $1.19B |
| Gross profit | — | — | — | — | — |
| Operating income | $64.0M | $44.0M | -$28.0M | -$459M | -$186M |
| Net income | $137M | $477M | $200M | -$23.0M | -$28.0M |
| Diluted EPS | $1.77 | $5.62 | — | — | — |
| Net margin | 19.0% | 49.2% | 18.6% | -1.9% | -2.4% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$6.41B
EV / EBITDA—
EV / Sales5.4
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-2.4%
FCF yield-18.8%
Quality & risk
ROIC (est.)-0.9%
Free cash flow-$219M
Total debt$6.20B
Net cash-$5.24B
Altman Z-Score0.10 distress
Piotroski F-Score4/8
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+0.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Earnings results2026-05-07
Q1 2026: revenue soft, net losses persist, distribution still suspended
- 10-Q Quarterly report2026-05-07
Q1 2026: revenue soft, net losses persist, distribution still suspended
- 8-K New financial obligation2026-04-10
Incurred new direct financial obligation (debt), adding to rising leverage
- 8-K Other event2026-04-07
Other-events disclosure under Item 8.01; no material financial change
- 8-K New financial obligation2026-03-27
Filed shelf registration enabling future debt/equity raises (dilution risk)
- S-3 Shelf registration (potential raise)2026-03-27
Filed shelf registration enabling future debt/equity raises (dilution risk)
- DEF 14A Proxy statement2026-03-26
Annual proxy; routine governance/comp matters, no financial change
- 10-K Annual report2026-02-17
FY25 net loss -$28M, $253M goodwill impairment, debt +18%, payout suspended
- 8-K Material agreement2026-02-10
Signed NEER asset-sale/co-investment deal; FY25 results; new debt incurred
Recent filings
all on EDGAR ↗SCHEDULE 13GFiling2026-05-15open ↗S-8Filing2026-05-07open ↗10-QPeriod ending 2026-03-312026-05-07open ↗8-KPeriod ending 2026-05-072026-05-07open ↗8-KPeriod ending 2026-04-102026-04-10open ↗EFFECTFiling2026-04-07open ↗424B5Filing2026-04-07open ↗8-KPeriod ending 2026-04-072026-04-07open ↗CORRESPFiling2026-04-03open ↗UPLOADFiling2026-04-02open ↗8-KPeriod ending 2026-03-262026-03-27open ↗S-3Filing2026-03-27open ↗
Frequently asked
- Is XPLR Infrastructure, LP (XIFR) a buy?
- XIFR currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. A broken yieldco mid-repositioning: distribution suspended, earnings negative, debt rising — the 2.1x P/E is a mirage built on stale FY2022 EPS.
- What is XIFR's fair value?
- A Modified-Graham model based on XIFR's SEC fundamentals estimates a fair value of about $40.84. It is an estimate from reported earnings, not a price target.
- Is XIFR overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, XIFR currently appears undervalued relative to its SEC-grounded earnings power.
- What is XPLR Infrastructure, LP's quality score?
- XIFR scores 54.869118288956784/100 (grade C-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001603145, latest 10-Q filed 2026-05-07) · EODHD · Proprietary analysis · as of 6/30/2026, 11:03:05 AM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.