XPLR Infrastructure LP XIFR

UtilitiesElectric Utilities & IPPsUnited States of America

Last close 9.48 USD on Nov 1, 2026, −5.2% year to date

Quant rating

Quant rating D Rank 73 of 90 in Utilities

Growth B 25 of 90
Valuation B 14 of 90
Quality D 83 of 90
Revisions C 49 of 90
Momentum D 85 of 90

Wall Street consensus Hold (3.00)Average target 11.86 USD +25.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 894M
Enterprise value: 13.8B
52-week range: 8.68 – 13.24
3-year range: 7.96 – 34.55
Dividend yield: 0.00%
Beta (5 years): 0.84
Shares outstanding: 94.3M
Next earnings: Nov 3, 2026

About the company

XPLR Infrastructure, LP is a limited partnership that, through its ownership in XPLR Infrastructure Operating Partners, LP (XPLR OpCo), has a partial ownership interest in clean energy infrastructure assets including wind, solar and battery storage projects. The Company is focused on creating value for its unitholders through disciplined capital allocation of the cash flows generated by its assets and is positioning itself to benefit from the expected long-term growth in the United States energy markets. The Company owns approximately 48.8% limited partner interest in XPLR OpCo and NextEra Energy Equity Partners, LP (NEE Equity) owns a noncontrolling 51.2% limited partner interest in XPLR OpCo.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,188	1,230	1,078	969	722	–
Revenue growth	−3.4%	14.1%	11.2%	34.2%	−21.3%	5.3%
EPS (basic, normalized)	2.39	5.65	2.18	5.62	1.77	–
EPS growth	−57.7%	159.2%	−61.2%	217.5%	–	–
Gross margin	–	–	–	–	–	–
Net margin	0.8%	−1.9%	−23.2%	33.5%	−2.9%	1.3%
ROE	0.3%	−0.7%	−7.3%	10.3%	−0.8%	0.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	500
Current ratio	1.27x
Long-term debt (mil)	5,910
Net debt (mil)	12,903
Total equity (mil)	3,237
Net debt / equity	3.99x
Net debt / EBITDA	6.87x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,188	−3.4%	11.6x	1,878	−0.6%	7.3x	2.39	−57.7%	4.0x
2026	1,330	+12.0%	10.4x	1,833	−2.4%	7.5x	1.86	−22.2%	5.1x
2027	1,382	+3.9%	10.0x	1,790	−2.4%	7.7x	1.09	−41.6%	8.7x
2028	1,331	−3.7%	10.4x	1,680	−6.2%	8.2x	0.49	−55.2%	19.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,330	+0.2%	+0.6%	−0.6%	1.86	+9.2%	+105.0%	+11.7%
2027	1,382	0.0%	0.0%	+0.8%	1.09	+13.7%	+111.6%	−47.9%
2028	1,331	−0.3%	−3.9%	−2.5%	0.49	−79.8%	−79.1%	−87.7%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	257	360	319	294	282	342	315	249	275	363
Sales mean (mil)	332	358	348	337	305	384	377	373	334	381
Surprise	−22.5%	+0.5%	−8.3%	−12.7%	−7.6%	−10.9%	−16.4%	−33.3%	−17.6%	−4.8%
EPS reported	0.75	0.66	−0.43	4.67	1.65	0.84	−0.40	0.30	0.35	0.40
EPS mean	0.30	0.65	0.61	0.72	0.47	0.86	0.28	1.43	0.07	0.04
Surprise	+147.0%	+1.6%	−170.4%	+545.6%	+254.8%	−2.6%	−245.5%	−79.0%	+366.7%	+995.9%

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
XIFR XPLR Infrastructure LP	894M	6.87x	0.8%	0.28x	5.1x	8.7x	7.5x	7.7x
NEE NextEra Energy, Inc.	175.6B	8.16x	24.9%	2.85x	20.8x	19.1x	17.2x	14.4x
SO Southern Co	107.8B	5.56x	14.7%	2.72x	20.4x	19.0x	13.0x	12.0x
DUK Duke Energy Corp	99.3B	6.28x	15.2%	1.81x	18.9x	17.8x	11.8x	10.7x
CEG Constellation Energy Corp	93.0B	4.28x	9.1%	2.91x	21.6x	19.6x	13.6x	12.6x
AEP American Electric Power Company Inc	70.9B	6.40x	16.4%	2.16x	20.4x	18.9x	13.1x	11.7x
Mean		6.26x	13.5%	2.12x	17.9x	17.2x	12.7x	11.5x
Median		6.34x	15.0%	2.44x	20.4x	18.9x	13.1x	11.8x

Technical analysis

1M−8.5%
3M−19.8%
1Y−5.4%
3Y−58.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, XPLR Infrastructure LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,188	1,230	1,078	969	722	917
Cost of revenue	–	–	–	–	–	–
Gross profit	1,188	1,230	1,078	969	722	917
Selling, general & administrative expenses	566	577	585	567	402	393
Research & development	–	–	–	–	–	–
Depreciation/amortization	564	550	521	394	251	271
Interest expense (income), operating	–	–	–	–	–	0
Unusual expense (income)	244	562	0	−36.0	5.0	67.0
Other operating expenses	0	0	0	0	0	0
Operating income	−186	−459	−28.0	44.0	64.0	186
Net interest income (expense)	−313	−45.0	−238	1,081	235	−448
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	22.0	47.0	9.0	5.0	4.0	5.0
Net income before taxes	−477	−457	−257	1,130	303	−257
Provision for taxes	−78.0	−46.0	−25.0	161	37.0	−19.0
Minority interest	408	388	−18.0	−644	−287	188
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	9.0	−23.0	−250	325	−21.0	−50.0
Extraordinary items	−37.0	0	450	152	158	–
Net income	−28.0	−23.0	200	477	137	−50.0
EBIT, normalized	58.0	103	−28.0	8.0	69.0	253
EBITDA, normalized	705	716	558	529	428	627
Basic EPS, normalized	2.39	5.65	2.18	5.62	1.77	–

Balance sheet in millions of USD, fiscal years

Balance sheet, XPLR Infrastructure LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	960	283	274	235	147	108
Receivables	238	339	1,753	1,309	1,197	266
Total inventory	103	108	82.0	51.0	41.0	24.0
Prepaid expenses	–	–	–	–	–	–
Other current assets	121	130	107	267	25.0	16.0
Total current assets	1,422	860	2,216	1,862	1,410	414
Property, plant & equipment	15,366	14,555	14,837	14,949	11,417	7,163
Goodwill	0	253	833	891	891	609
Intangibles	1,648	1,817	1,987	2,536	2,768	2,182
Long-term investments	625	1,784	1,853	1,917	1,896	1,814
Note receivable	–	–	–	–	–	–
Other long-term assets	534	1,023	785	897	594	380
Total assets	19,595	20,292	22,511	23,052	18,976	12,562
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	58.0	65.0	72.0	868	982	143
Accrued expenses	132	78.0	81.0	59.0	51.0	47.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	762	705	1,348	38.0	33.0	12.0
Other current liabilities	616	239	170	361	195	148
Total current liabilities	1,568	1,087	1,671	1,326	1,261	350
Long-term debt	5,440	4,609	4,941	5,250	5,294	3,376
Minority interest	7,709	9,651	10,488	11,447	8,182	5,353
Other liabilities	1,688	1,730	1,842	1,704	1,262	1,129
Total liabilities	16,405	17,077	18,942	19,727	15,999	10,208
Shareholders' equity
Preferred stock	–	–	–	–	–	0
Common stock	3,195	3,221	3,576	3,332	2,985	2,362
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	–	–	–	–	–	–
Treasury stock	–	–	–	–	–	–
Other equity	−5.0	−6.0	−7.0	−7.0	−8.0	−8.0
Total equity	3,190	3,215	3,569	3,325	2,977	2,354
Total liabilities & shareholders' equity	19,595	20,292	22,511	23,052	18,976	12,562

Cash flow statement in millions of USD, fiscal years

Cash flow statement, XPLR Infrastructure LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−436	−411	218	1,121	424	−238
Depreciation, depletion & amortization	647	632	635	573	405	374
Deferred taxes	−42.0	1.0	34.0	171	46.0	−26.0
Non-cash items	506	564	−43.0	−1,107	−173	554
Changes in working capital	64.0	14.0	−113	18.0	−25.0	1.0
Cash from operations	739	800	731	776	677	665
Investing activities
Capital expenditures	−958	−241	−1,269	−1,351	−113	−334
Other investing cash flows	1,588	1,477	1,075	157	−2,188	−347
Cash from investing	630	1,236	−194	−1,194	−2,301	−681
Financing activities
Financing cash flow items	−102	−7.0	32.0	1,077	774	905
Cash dividends paid	−421	−816	−741	−636	−619	−449
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−151	−1,179	182	110	1,508	−460
Cash from financing	−674	−2,002	−527	551	1,663	−4.0
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	695	34.0	10.0	133	39.0	−20.0
Free cash flow	−219	559	−538	−575	564	331

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.