Is Excelerate Energy, Inc. overvalued or undervalued?

As of 24 October 2025, the valuation grade for Excelerate Energy, Inc. has moved from expensive to very expensive, indicating a significant shift in its perceived value. The company appears to be overvalued based on its current metrics, with a P/E ratio of 20, a Price to Book Value of 7.38, and an EV to EBITDA of 10.52. In comparison, peers like New Jersey Resources Corp. have a more attractive P/E of 11.53 and a PEG ratio of 0.1294, while Southwest Gas Holdings, Inc. is also very expensive with a P/E of 28.47.
The stock has underperformed relative to the S&P 500, with a year-to-date return of -12.73% compared to the index's 15.47%. This underperformance, coupled with the high valuation ratios, reinforces the conclusion that Excelerate Energy, Inc. is currently overvalued.