Is Excelerate Energy, Inc. overvalued or undervalued?

As of 8 May 2025, the valuation grade for Excelerate Energy, Inc. has moved from fair to expensive, indicating that the company is overvalued. The key ratios reflect this assessment, with a P/E ratio of 20, an EV to EBITDA of 10.52, and a Price to Book Value of 7.38. In comparison, peers such as Northwest Natural Holding Co. have a P/E of 13.57 and an EV to EBITDA of 6.94, highlighting a significant premium for Excelerate.
The company's financial metrics, including a remarkable ROCE of 60.92% and ROE of 36.12%, suggest strong operational efficiency; however, the elevated valuation ratios imply that the market may be pricing in excessive growth expectations. Notably, Excelerate's stock has underperformed relative to the S&P 500 over the past year, returning 63.5% compared to the index's 10.26%, which further emphasizes the potential overvaluation in light of its current market price of 29.07.