ArcGIS modelbuilder: Iterate through Excel sheets?

Not sure if iterating Excel sheets is still an issue for you....

...but I was able to use Iterate Tables to successfully make an XY event layer and export to a feature class for all sheets in the original .xlxs document. The tricky part for me was to remove the "$" from the sheet name because it was causing errors in the exporting (invalid character for feature class name). I used the model only tool Calculate Value to edit the %Name% string of the current sheet. Check the model labels for the expression.

I am sure there are ways to improve this model...but it does export a feature class for each excel sheet using the X and Y coordinate of the source table. Enjoy.

Iterate Excel Sheet model

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