The most common and most likely answer to this crossword clue is the 4 letter word GOOD
I've seen this crossword clue in Financial Times
G
O
O
D
More clues leading to the result GOOD
- Honest attempt to make the grade after setback
- Treacle to cook that’s fine!
- Suitable travel make-up
- Nothing blocks setter’s comeback? Excellent!
- Benevolent group of creatures in Dr Who
- Worthy attempt to use too much
- Useless as person volunteering for charity work?
- Helpful disposition diverted to dangerous ends
- Idler, lovely and free
- Useless person that could conceivably make Waterloo subject to flooding
Buddy explains!

The straight part
We know that "Excellent" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case excellent = good.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does GOOD mean?
GOOD adjective- (of people)
- (of capabilities)
- (properties and qualities)
- (when with and) Very, extremely. See good and.
- Holy (especially when capitalized) .
- (of quantities)
- That is good; an elliptical exclamation of satisfaction or commendation.
- Well; satisfactorily or thoroughly.
- The forces or behaviours that are the enemy of evil. Usually consists of helping others and general benevolence.
- A result that is positive in the view of the speaker.
- The abstract instantiation of goodness; that which possesses desirable qualities, promotes success, welfare, or happiness, is serviceable, fit, excellent, kind, benevolent, etc.
- (usually in the plural) An item of merchandise.
- To thrive; fatten; prosper; improve.
- To make good; turn to good; improve.
- To make improvements or repairs.
- To benefit; gain.
- To do good to (someone); benefit; cause to improve or gain.
- To satisfy; indulge; gratify.
- To flatter; congratulate oneself; anticipate.
- To furnish with dung; manure; fatten with manure; fertilise.