XPLR Infrastructure, LP
- Open
- 11.63
- Day high
- 12.02
- Day low
- 11.57
- Prev close
- 11.72
- Volume
- 1.2M
- Mkt cap
- $1.1B
- P/E (TTM)
- 17.9
- EPS (TTM)
- $0.67
- P/B
- 0.3
- P/S
- 0.9
- Yield
- —
- Per share
- —
XPLR Infrastructure, LP (XIFR) is a Utilities company listed on NYSE. The stock is up 13% over the past year. Drillr has 1 published research article covering XIFR.
XPLR Infrastructure, LP (XIFR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
XIFR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $0.39 | $0.40 | +3.4% | $363M | -6.2% |
| May 7, 2026 | $-0.60 | $0.35 | +158.3% | $275M | -19.4% |
| Nov 4, 2025 | $-0.07 | $-0.37 | -424.2% | $313M | -17.1% |
| Aug 7, 2025 | $0.20 | $0.84 | +320.0% | $341M | -10.3% |
| May 8, 2025 | $-0.28 | $1.08 | +485.7% | $282M | -27.4% |
| Jan 28, 2025 | $0.72 | $0.99 | +37.5% | $294M | -1.3% |
| Oct 23, 2024 | $0.51 | $-0.43 | -184.3% | $319M | -3.1% |
| Jun 30, 2024 | $0.75 | $0.66 | -11.6% | $360M | +0.4% |
| Mar 31, 2024 | $0.28 | $0.75 | +169.4% | $257M | -20.8% |
| Dec 31, 2023 | $0.41 | $1.20 | +192.8% | $60M | -87.0% |
| Sep 30, 2023 | $0.50 | $0.57 | +13.4% | $308M | -23.7% |
| Jun 30, 2023 | $0.82 | $0.53 | -35.6% | $293M | -26.7% |
XIFR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Feb 18, 2026 | Liu Songyuan Alanofficer: President and CEO | Grant | 58,018 | — |
| Feb 18, 2026 | KETCHUM JOHN Wdirector | Grant | 87,663 | — |
| Feb 18, 2026 | Geoffroy Jessicaofficer: Chief Financial Officer | Grant | 9,345 | — |
| Feb 18, 2026 | Geoffroy Jessicaofficer: Chief Financial Officer | Grant | 8,345 | — |
| Feb 18, 2026 | Hickson Mark Edirector | Grant | 28,663 | — |
| Feb 18, 2026 | Dunne Michaeldirector | Grant | 22,299 | — |
| Feb 18, 2026 | Bolster Brian Wdirector | Grant | 36,037 | — |
| Feb 11, 2026 | Hickson Mark Edirector | Grant | 32,232 | — |
| Feb 11, 2026 | Hickson Mark Edirector | Tax | 3,887 | $10.18 |
| Feb 11, 2026 | KETCHUM JOHN Wdirector, other: Chairman | Tax | 18,126 | $10.18 |
| Feb 11, 2026 | Dunne Michaeldirector | Grant | 15,135 | — |
| Feb 11, 2026 | Dunne Michaeldirector | Tax | 2,067 | $10.18 |
| Feb 11, 2026 | Bolster Brian Wdirector | Grant | 30,199 | — |
| Feb 11, 2026 | Bolster Brian Wdirector | Tax | 2,793 | $10.18 |
| Feb 11, 2026 | Liu Songyuan Alanofficer: President and CEO | Tax | 5,895 | $10.18 |
Source: XIFR SEC Form 4 filings, latest Feb 18, 2026. For informational purposes only — not investment advice.
See the full XIFR insider & 13F page →XPLR Infrastructure, LP company profile
Overview
XPLR Infrastructure, LP (NASDAQ:XIFR) is a publicly traded limited partnership founded on March 6, 2014, and headquartered in Juno Beach, Florida. The company went public on June 27, 2014, positioning itself as a specialized infrastructure investment vehicle focused on the clean energy transition. XPLR operates as an independent power producer, acquiring and managing a diversified portfolio of renewable energy assets and natural gas infrastructure projects across North America. The company has built its business around long-term contracted cash flows from wind farms, solar installations, and natural gas facilities, capitalizing on the growing demand for clean energy infrastructure and the ongoing energy transition.
Business
XPLR Infrastructure operates in the independent power producer sector, which sits at the intersection of utilities and infrastructure investment. Independent power producers are companies that generate electricity for sale to utilities, government agencies, and other large power purchasers, typically operating outside the traditional regulated utility framework. The company's core business revolves around three main asset categories. Wind energy projects represent a significant portion of the portfolio, consisting of utility-scale wind farms that convert wind into electricity through turbine installations. These projects typically operate under long-term power purchase agreements (PPAs) with utilities or corporate buyers, providing predictable cash flows over 15-25 year periods. Solar energy projects form another major component, encompassing both utility-scale solar farms and distributed solar installations that convert sunlight into electricity using photovoltaic panels. Like wind assets, these projects generally operate under long-term contracts that provide stable revenue streams. The third component consists of natural gas infrastructure assets located primarily in Texas, including pipelines, processing facilities, and storage assets that support the natural gas value chain. While not renewable, these assets play a crucial role in the energy transition by providing cleaner-burning alternatives to coal and supporting grid stability as renewable penetration increases. The company's revenue model is built around long-term contracted cash flows, with most assets operating under power purchase agreements, capacity contracts, or transportation agreements that extend 10-25 years. This contract structure provides revenue visibility and helps insulate the business from short-term commodity price volatility, though it also limits upside participation in favorable market conditions.
Revenue model
XPLR Infrastructure generates revenue primarily through long-term contracted cash flows from its energy infrastructure assets. The business model centers on acquiring operational or near-operational projects with established revenue contracts, then collecting steady payments over the contract terms. For renewable energy assets, revenue comes from power purchase agreements (PPAs) where utilities or corporate buyers agree to purchase electricity at predetermined rates for extended periods, typically 15-25 years. These contracts often include escalation clauses that provide modest annual price increases, helping protect against inflation. Some projects may also receive renewable energy credits (RECs) or other environmental attributes that can be sold separately, providing additional revenue streams. Natural gas infrastructure assets generate revenue through transportation and processing fees, where customers pay to move, store, or process natural gas through the company's facilities. These contracts are typically structured as take-or-pay agreements, meaning customers must pay minimum fees regardless of actual usage, providing stable cash flows even during periods of lower demand. The company's margins are influenced by several key factors. Interest rates significantly impact profitability since infrastructure assets are capital-intensive and often financed with debt. Rising rates increase financing costs and can compress returns on new acquisitions. Commodity prices affect margins differently across asset types - higher natural gas prices generally benefit gas infrastructure through increased utilization, while renewable assets with fixed-price PPAs are largely insulated from power price movements. Regulatory changes around renewable energy incentives, environmental regulations, and grid interconnection policies can materially impact asset values and development opportunities. Technology costs for wind and solar equipment affect the economics of new projects and the relative attractiveness of acquisition opportunities. Finally, competition for assets from other infrastructure investors, utilities, and pension funds can drive up acquisition prices and compress investment returns.
Competitive moat
XPLR Infrastructure operates in a sector with moderate competitive advantages but faces significant structural challenges that limit its moat strength. The company's primary defensive characteristics stem from the long-term contracted nature of its cash flows and the essential infrastructure role of its assets. The contracted revenue streams provide some protection from competition once assets are acquired and operational. Power purchase agreements and transportation contracts create stable, predictable cash flows that are difficult for competitors to disrupt directly. Additionally, many of the company's assets benefit from location advantages - wind farms in high-quality wind resource areas, solar projects with favorable irradiance and transmission access, and natural gas infrastructure in strategic pipeline corridors. These locational benefits can be difficult to replicate and provide some pricing power. However, the company's moat is significantly weakened by several factors. The capital-intensive nature of infrastructure assets means XPLR competes against well-capitalized entities including pension funds, sovereign wealth funds, utilities, and other infrastructure specialists, many with lower costs of capital. The company lacks meaningful operational differentiation - wind farms, solar projects, and gas pipelines are relatively standardized assets that don't require unique expertise to operate effectively. Most concerning is the limited growth runway as renewable energy costs continue declining and larger players increasingly develop projects internally rather than selling to financial buyers. Utilities are building more renewable capacity in-house, while corporate buyers are increasingly pursuing direct development or long-term PPAs with developers, potentially reducing the pool of attractive acquisition targets. The company also faces regulatory and policy risks, particularly around changing renewable energy incentives and potential carbon pricing that could affect the relative attractiveness of its natural gas assets. Overall, XPLR operates in a competitive market with limited barriers to entry for well-capitalized players, suggesting a relatively weak economic moat that may erode over time as the energy infrastructure market matures.
Risks & safety
The company's margin of safety appears concerning based on recent financial performance and balance sheet metrics, with several red flags warranting careful attention. • Cash burn and solvency concerns: The company reported a significant net loss of $411 million in FY 2024 compared to $218 million net income in FY 2023, representing a dramatic deterioration. Current ratio has declined to 0.79, indicating potential short-term liquidity pressures with current liabilities exceeding current assets. • Debt and leverage metrics: While debt-to-equity ratios appear manageable at 0.0 (possibly due to partnership structure reporting), the company carries $7.4 billion in total liabilities against $20.3 billion in total assets. Free cash flow turned positive at $559 million for FY 2024 after being negative in prior years. • Valuation concerns: Trading at negative EV/EBITDA multiple of -4.1x due to the recent losses, though full-year EBITDA remained positive at $345 million. The dramatic swing from profitability to losses raises questions about asset quality and management execution. • Other considerations: Cash position of $283 million provides some cushion, but the deteriorating current ratio and volatile earnings pattern suggest elevated financial risk. The partnership structure may complicate traditional solvency analysis, but the underlying cash flow generation capability appears intact based on operational cash flow of $800 million in FY 2024.
Recent development
Based on the available financial data, XPLR Infrastructure has experienced significant operational and financial developments over recent years, though specific strategic details are limited due to the absence of earnings call transcripts. The most notable development has been the company's volatile financial performance, particularly the dramatic swing from $218 million net income in FY 2023 to a $411 million net loss in FY 2024. This deterioration appears to be driven by factors beyond operational performance, as the company maintained positive EBITDA of $345 million and strong operational cash flow of $800 million in FY 2024, suggesting the losses may be related to asset impairments, financing costs, or other non-cash charges. The company has demonstrated improved cash generation capabilities, with free cash flow turning positive at $559 million in FY 2024 after being negative in both FY 2022 and FY 2023 (-$575 million and -$538 million respectively). This improvement suggests better capital allocation discipline and potentially the completion of major capital investment cycles. Asset base evolution shows the company has been actively managing its portfolio, with total assets declining from $23.1 billion in FY 2022 to $20.3 billion in FY 2024, indicating potential asset sales or impairments. Revenue has grown from $969 million in FY 2022 to $1.23 billion in FY 2024, suggesting the remaining asset base is generating higher returns per dollar of invested capital. The company's balance sheet management has shown mixed results, with current liquidity tightening significantly as evidenced by the declining current ratio from 1.40 in FY 2022 to 0.79 in Q4 2024, indicating potential working capital management challenges or increased short-term obligations.
XIFR company profile · for informational purposes only — not investment advice.
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