Excelerate Energy, Inc.
Excelerate Energy, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 44.3% from fiscal 2024. In the quarter to June 2026, revenue grew 61.0%, EPS grew 153.3%, free cash flow fell 366.1% and total debt fell 4.28%, each against the same quarter a year earlier. Dividend growth for five consecutive years, operating cash flow growth for five.
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Excelerate Energy, Inc. (EE) Beneish M-score
Excelerate Energy, Inc.'s Beneish M-score for fiscal 2025 is −2.56; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.56 | (0.15) |
| FY2024 | −2.41 | (0.04) |
| FY2023 | −2.37 | (1.31) |
| FY2022 | −1.05 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.48 | — | 0.44 | |
| Gross margin index | 1.16 | — | 0.61 | |
| Asset quality index | 1.72 | — | 0.69 | |
| Sales growth index | 1.44 | — | 1.29 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 0.70 | — | −0.12 | |
| Total accruals to total assets | (0.07) | — | −0.33 | |
| Leverage index | 1.27 | — | −0.42 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.56 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| BWLP BW LPG Limited compare | −2.9× |
| EE Excelerate Energy, Inc. | −2.6× |
| TRMD TORM PLC compare | −2.5× |
| STNG Scorpio Tankers Inc. compare | −2.3× |
| CMBT CMB.TECH nv compare | −2.2× |
| TNK Teekay Tankers Ltd. compare | −2.1× |
| SUNC SunocoCorp LLC compare | −2.1× |
| DHT DHT Holdings, Inc. compare | −2.0× |
| GLNG Golar LNG Limited compare | −1.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI