# XPLR Infrastructure, LP (XIFR)

> Source: Nexqual · https://nexqual.com/XIFR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, XPLR Infrastructure, LP (XIFR), nexqual.com/XIFR" · informational, not investment advice.

**Price:** USD 9.84 (-0.51% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.89 · day 9.68–9.88 · 52w 8.68–13.25 · market cap $928M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.20B, net income $62.0M (5.2% margin), free cash flow -$409M (SEC filings).
- Valuation: P/E 15.0x (avg 13.9x at the last 1 fiscal year-ends), net debt $5.53B.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (14 analysts), mean target USD 11.91 (range 7–14).
- Total return with dividends: 1Y -2.6% vs S&P 500 +14.9%; 5Y -84.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.1, revenue estimate $352M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $722M | $969M | $1.08B | $1.23B | $1.19B | $1.20B |
| Operating income | $64.0M | $44.0M | -$28.0M | -$459M | -$186M | -$1.0M |
| Net income | $137M | $477M | $200M | -$23.0M | -$28.0M | $62.0M |
| EPS (diluted) | $1.77 | $5.62 | — | — | — | — |
| Free cash flow | $564M | -$575M | -$538M | $559M | -$219M | -$409M |
| Operating margin | 8.9% | 4.5% | -2.6% | -37.3% | -15.7% | -0.1% |
| Net margin | 19.0% | 49.2% | 18.6% | -1.9% | -2.4% | 5.2% |
| Revenue growth | -21.3% | +34.2% | +11.2% | +14.1% | -3.4% | — |
| Cash + short-term investments | $147M | $226M | $274M | $283M | $960M | — |
| Total debt | $5.33B | $5.29B | $6.29B | $5.31B | $6.20B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 15.0x · P/S 0.8x · EV/Sales 5.4x · P/B 0.1x · FCF yield -44.08% · Earnings yield 6.68% · Net debt $5.53B · EV $6.46B
P/E at fiscal year-ends: Dec 2023 13.9x.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 14 analysts; mean target USD 11.91 (low 7, high 14).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Morgan Stanley | Target lowered | Underweight | $12 → $11 |
| 2026-07-29 | Mizuho | Target raised | Neutral | $12 → $13 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -2.6% | -84.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -2.6% | -31.1% |
| Volatility (annualized) | 34.7% | 49.3% |
| Max drawdown | -24.5% (Jul 2026→Oct 2026) | -87.9% (Nov 2021→Jun 2025) |

## Peers (Utilities - Renewable)
FLNC (Fluence Energy, Inc.) USD 5.7 -5.00% · NRGV (Energy Vault Holdings, Inc.) USD 2.59 -5.47% · FRVO (Fervo Energy Company) USD 8.25 -8.54% · RNW (ReNew Energy Global plc) USD 6.88 +0.15% · MWH (SOLV Energy, Inc.) USD 21.53 -7.40% · ORA (Ormat Technologies, Inc.) USD 88.1 -1.51%

## More
Full page: https://nexqual.com/XIFR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in XIFR's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1603145/000160314526000007/xplr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | NEXTERA ENERGY INC (NEE) | "(b) At December 31, 2025, NEE Equity owns approximately 51.2% of XPLR OpCo's common units representing limited partnership interests and 100% of XPLR OpCo's Class P units." |

## Customer concentration

Period ended 2025-12-31: 15%, 14% of revenue from unnamed direct customers (10-K, filed 2026-02-17).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.10 | $0.00 | — | $351.8M | 1 |
| Next quarter (ends 2026-12-31) | $-0.16 | $0.57 | -128.1% | $357.2M | 1 |
| Current fiscal year (ends 2026-12-31) | $1.69 | $1.18 | +43.8% | $1.32B | 1 |
| Next fiscal year (ends 2027-12-31) | $-1.86 | $0.09 | -2166.7% | $1.39B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±10.7%; last 8 reports averaged ±12.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 46.7% | ±10.7% |
| 2026-12-18 | 56 | 41.4% | ±13.2% |
| 2027-01-15 | 84 | 38.4% | ±15.0% |
| 2027-04-16 | 175 | 41.1% | ±22.9% |