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LandBridge (LB) Financials

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$68.83 +1.33 (+1.97%)
As of 03:56 PM Eastern
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Annual Income Statements for LandBridge

Annual Income Statements for LandBridge

This table shows LandBridge's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
63 -42 30
Consolidated Net Income / (Loss)
63 -36 72
Net Income / (Loss) Continuing Operations
63 -41 72
Total Pre-Tax Income
64 -40 81
Total Operating Income
70 -17 119
Total Gross Profit
69 108 197
Total Revenue
73 110 199
Operating Revenue
73 110 199
Total Cost of Revenue
3.45 2.11 2.03
Operating Cost of Revenue
3.45 2.11 2.03
Total Operating Expenses
-0.59 124 79
Selling, General & Admin Expense
-9.35 115 67
Depreciation Expense
8.76 8.88 11
Other Operating Expenses / (Income)
0.00 0.00 0.13
Total Other Income / (Expense), net
-6.47 -23 -37
Interest Expense
7.02 23 33
Other Income / (Expense), net
0.55 0.24 -4.33
Income Tax Expense
0.37 1.88 9.07
Net Income / (Loss) Attributable to Noncontrolling Interest
0.00 0.29 42
Basic Earnings per Share
$0.00 $0.28 $1.18
Weighted Average Basic Shares Outstanding
0.00 17.81M 24.82M
Diluted Earnings per Share
$0.00 $0.07 $0.94
Weighted Average Diluted Shares Outstanding
0.00 73.37M 76.54M
Weighted Average Basic & Diluted Shares Outstanding
- 76.45M 77.09M

Quarterly Income Statements for LandBridge

This table shows LandBridge's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders
45 17 11 -58 2.66 2.45 6.46 7.50 8.11 8.06 8.72
Consolidated Net Income / (Loss)
45 17 11 -58 -2.76 13 15 18 20 18 18
Net Income / (Loss) Continuing Operations
45 17 11 -58 -2.76 8.15 15 18 20 18 18
Total Pre-Tax Income
45 17 11 -58 -3.88 11 17 21 23 21 20
Total Operating Income
45 19 14 -51 3.19 18 25 29 31 34 29
Total Gross Profit
21 17 18 25 28 36 43 47 50 56 51
Total Revenue
22 18 19 26 28 37 44 48 51 57 51
Operating Revenue
22 18 19 26 28 37 44 48 51 57 51
Total Cost of Revenue
1.00 1.00 0.67 0.64 0.42 0.37 0.46 0.49 0.44 0.64 0.40
Operating Cost of Revenue
1.00 1.00 0.67 0.64 0.42 0.37 0.46 0.49 0.44 0.64 0.40
Total Operating Expenses
-25 -2.31 4.82 77 25 18 18 19 20 22 21
Selling, General & Admin Expense
-27 -5.57 2.68 74 23 16 16 16 17 18 17
Depreciation Expense
2.11 2.56 2.15 2.11 2.04 2.58 2.60 2.55 2.58 3.74 4.43
Other Operating Expenses / (Income)
0.75 0.70 - 0.00 0.00 - 0.00 0.13 -0.10 - 0.01
Total Other Income / (Expense), net
-0.56 -2.37 -2.64 -6.28 -7.07 -7.10 -7.98 -7.88 -7.89 -13 -9.52
Interest Expense
0.56 2.89 2.88 6.28 7.07 7.10 7.98 7.88 7.89 8.96 9.51
Other Income / (Expense), net
0.00 0.53 0.24 0.00 0.00 - 0.00 0.00 0.00 -4.33 -0.01
Income Tax Expense
0.10 0.10 0.10 0.14 -1.13 2.77 1.60 2.15 2.71 2.61 1.79
Net Income / (Loss) Attributable to Noncontrolling Interest
- 0.00 0.00 0.00 -5.41 5.70 9.00 11 12 10 9.15
Basic Earnings per Share
- $0.00 $0.00 $0.00 $0.15 $0.13 $0.27 $0.30 $0.31 $0.30 $0.31
Weighted Average Basic Shares Outstanding
- 0.00 0.00 0.00 17.43M 17.81M 23.26M 24.07M 25.34M 24.82M 27.84M
Diluted Earnings per Share
- $0.00 $0.00 $0.00 ($0.04) $0.11 $0.20 $0.24 $0.26 $0.24 $0.23
Weighted Average Diluted Shares Outstanding
- 0.00 0.00 0.00 73.15M 73.37M 76.46M 76.39M 76.52M 76.54M 77.08M
Weighted Average Basic & Diluted Shares Outstanding
- - - 73.15M 73.15M 76.45M 76.40M 76.55M 77.09M 77.09M 77.02M

Annual Cash Flow Statements for LandBridge

This table details how cash moves in and out of LandBridge's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
12 -0.79 -6.29
Net Cash From Operating Activities
53 68 126
Net Cash From Continuing Operating Activities
53 68 126
Net Income / (Loss) Continuing Operations
63 -41 72
Consolidated Net Income / (Loss)
63 -41 72
Depreciation Expense
8.76 8.88 11
Amortization Expense
0.39 1.69 2.19
Non-Cash Adjustments To Reconcile Net Income
-17 95 50
Changes in Operating Assets and Liabilities, net
-1.80 3.21 -9.54
Net Cash From Investing Activities
-2.77 -724 -233
Net Cash From Continuing Investing Activities
-2.77 -724 -233
Purchase of Property, Plant & Equipment
-2.78 -0.99 -4.24
Acquisitions
0.00 -723 -229
Sale of Property, Plant & Equipment
0.01 0.00 0.21
Net Cash From Financing Activities
-38 656 101
Net Cash From Continuing Financing Activities
-38 656 101
Repayment of Debt
-81 -167 -612
Repurchase of Common Equity
-1.71 -8.19 -1.11
Payment of Dividends
-105 -178 -64
Issuance of Debt
150 418 784
Issuance of Common Equity
0.00 738 0.00
Other Financing Activities, net
0.00 -145 -5.75

Quarterly Cash Flow Statements for LandBridge

This table details how cash moves in and out of LandBridge's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents
1.31 21 -29 16 -10 23 -22 5.41 7.97 2.43 -1.06
Net Cash From Operating Activities
16 12 17 16 7.45 27 16 37 35 38 41
Net Cash From Continuing Operating Activities
16 12 17 16 7.45 27 16 37 35 38 41
Net Income / (Loss) Continuing Operations
17 2.52 11 -58 -2.76 8.15 15 18 20 18 18
Consolidated Net Income / (Loss)
17 2.52 11 -58 -2.76 8.15 15 18 20 18 18
Depreciation Expense
2.56 2.37 2.15 2.11 2.04 2.58 2.60 2.55 2.58 3.74 4.43
Amortization Expense
0.19 0.19 0.19 0.53 0.45 0.51 0.54 0.54 0.54 0.57 0.55
Non-Cash Adjustments To Reconcile Net Income
-6.93 5.99 0.76 72 12 12 11 11 12 15 11
Changes in Operating Assets and Liabilities, net
3.75 1.42 3.34 -1.28 -3.91 3.60 -14 4.28 -0.91 0.54 7.06
Net Cash From Investing Activities
-0.23 -0.15 -55 -376 -1.05 -292 -18 -2.08 -1.11 -212 -2.15
Net Cash From Continuing Investing Activities
-0.23 -0.15 -55 -376 -1.05 -292 -18 -2.08 -1.11 -212 -2.15
Purchase of Property, Plant & Equipment
-0.23 -0.15 -0.09 -0.37 -0.30 -0.22 -0.07 -1.24 -1.19 -1.74 -0.18
Acquisitions
- - -55 -375 -0.75 -292 -18 -0.94 -0.01 -210 -2.00
Sale of Property, Plant & Equipment
- - 0.00 - - - 0.02 0.11 0.09 - 0.03
Net Cash From Financing Activities
-15 8.20 9.02 376 -17 288 -20 -30 -26 176 -40
Net Cash From Continuing Financing Activities
-15 8.20 9.02 376 -17 288 -20 -30 -26 176 -40
Repayment of Debt
-57 -15 -5.12 -8.29 -119 -35 -16 -4.85 -10 -582 -25
Repurchase of Common Equity
- - - - - - -0.65 - - - 0.00
Payment of Dividends
-82 - 0.00 - -171 -7.39 -14 -24 -15 -11 -15
Issuance of Debt
125 25 15 265 - 138 10 - 5.00 769 0.00
Other Financing Activities, net
-0.12 -1.59 -0.87 -1.19 -5.17 -147 -0.04 -0.63 -5.97 1.49 -0.07

Annual Balance Sheets for LandBridge

This table presents LandBridge's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets
289 1,032 1,366
Total Current Assets
52 53 60
Cash & Equivalents
38 37 31
Accounts Receivable
13 15 24
Prepaid Expenses
1.04 1.63 4.77
Plant, Property, & Equipment, net
203 903 1,084
Total Noncurrent Assets
34 76 222
Intangible Assets
29 45 137
Noncurrent Deferred & Refundable Income Taxes
0.00 29 81
Other Noncurrent Operating Assets
5.01 1.74 3.86
Total Liabilities & Shareholders' Equity
289 1,032 1,366
Total Liabilities
138 395 572
Total Current Liabilities
27 14 12
Short-Term Debt
20 0.42 0.69
Accounts Payable
0.65 0.49 1.34
Accrued Expenses
4.95 7.19 7.78
Current Deferred Revenue
0.28 1.22 1.26
Current Deferred & Payable Income Tax Liabilities
0.39 2.29 1.20
Other Current Liabilities
0.50 2.12 0.01
Total Noncurrent Liabilities
111 381 560
Long-Term Debt
108 381 560
Other Noncurrent Operating Liabilities
2.76 0.18 0.19
Commitments & Contingencies
0.00 0.00 0.00
Total Equity & Noncontrolling Interests
151 637 794
Total Preferred & Common Equity
0.00 212 340
Total Common Equity
0.00 212 340
Common Stock
0.00 208 317
Retained Earnings
0.00 3.35 23
Noncontrolling Interest
151 425 454

Quarterly Balance Sheets for LandBridge

This table presents LandBridge's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets
710 690 1,008 1,066 1,078 1,362
Total Current Assets
42 32 44 44 57 59
Cash & Equivalents
25 14 15 20 28 30
Accounts Receivable
16 15 27 21 24 26
Prepaid Expenses
0.59 2.27 1.45 3.21 4.82 3.36
Plant, Property, & Equipment, net
630 628 919 918 918 1,085
Total Noncurrent Assets
39 30 46 104 103 218
Intangible Assets
28 27 44 43 42 134
Noncurrent Deferred & Refundable Income Taxes
- - 0.07 59 59 80
Other Noncurrent Operating Assets
11 2.71 1.70 2.40 1.61 3.80
Total Liabilities & Shareholders' Equity
710 690 1,008 1,066 1,078 1,362
Total Liabilities
414 286 387 381 380 554
Total Current Liabilities
50 43 12 10 14 19
Short-Term Debt
35 36 0.30 0.17 0.92 0.43
Accounts Payable
0.69 0.69 1.67 1.29 1.54 1.34
Accrued Expenses
13 6.20 5.84 6.28 7.32 14
Current Deferred Revenue
- - 0.83 1.06 2.24 1.38
Current Deferred & Payable Income Tax Liabilities
- - 2.07 0.46 0.70 1.44
Other Current Liabilities
1.54 0.83 1.10 1.10 1.09 0.03
Total Noncurrent Liabilities
364 243 376 371 366 535
Long-Term Debt
361 242 375 371 366 535
Other Noncurrent Operating Liabilities
2.82 0.18 0.18 0.18 0.19 0.19
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
296 404 621 685 698 808
Total Preferred & Common Equity
296 97 440 266 272 344
Total Common Equity
296 97 440 266 272 344
Common Stock
297 95 433 254 254 316
Retained Earnings
- 2.66 7.46 12 18 29
Noncontrolling Interest
- 307 180 419 426 464

Annual Metrics And Ratios for LandBridge

This table displays calculated financial ratios and metrics derived from LandBridge's official financial filings.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Growth Metrics
- - -
Revenue Growth
0.00% 50.90% 81.07%
EBITDA Growth
0.00% -107.16% 2,340.27%
EBIT Growth
0.00% -123.06% 801.77%
NOPAT Growth
0.00% -116.60% 1,011.24%
Net Income Growth
0.00% -157.57% 299.07%
EPS Growth
0.00% 0.00% 1,242.86%
Operating Cash Flow Growth
0.00% 27.51% 86.70%
Free Cash Flow Firm Growth
0.00% 0.00% 68.48%
Invested Capital Growth
0.00% 294.14% 34.86%
Revenue Q/Q Growth
0.00% 0.00% 11.34%
EBITDA Q/Q Growth
0.00% 0.00% 11.27%
EBIT Q/Q Growth
0.00% 0.00% 11.45%
NOPAT Q/Q Growth
0.00% 0.00% 17.99%
Net Income Q/Q Growth
0.00% 0.00% 7.28%
EPS Q/Q Growth
0.00% 0.00% 16.05%
Operating Cash Flow Q/Q Growth
0.00% 0.00% 9.72%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00%
Invested Capital Q/Q Growth
0.00% 0.00% 27.77%
Profitability Metrics
- - -
Gross Margin
95.27% 98.08% 98.98%
EBITDA Margin
109.39% -5.19% 64.21%
Operating Margin
96.08% -15.02% 59.52%
EBIT Margin
96.83% -14.80% 57.35%
Profit (Net Income) Margin
86.70% -33.08% 36.36%
Tax Burden Percent
99.42% 91.83% 88.87%
Interest Burden Percent
90.06% 243.43% 71.35%
Effective Tax Rate
0.58% 0.00% 11.13%
Return on Invested Capital (ROIC)
28.81% -1.94% 9.13%
ROIC Less NNEP Spread (ROIC-NNEP)
21.73% -13.34% 1.61%
Return on Net Nonoperating Assets (RNNOA)
13.10% -7.65% 0.99%
Return on Equity (ROE)
41.91% -9.59% 10.12%
Cash Return on Invested Capital (CROIC)
0.00% -120.99% -20.56%
Operating Return on Assets (OROA)
24.42% -2.52% 9.52%
Return on Assets (ROA)
21.86% -5.63% 6.04%
Return on Common Equity (ROCE)
0.00% -5.51% 3.90%
Return on Equity Simple (ROE_SIMPLE)
0.00% -8.34% 0.00%
Net Operating Profit after Tax (NOPAT)
70 -12 105
NOPAT Margin
95.52% -10.51% 52.90%
Net Nonoperating Expense Percent (NNEP)
7.08% 11.41% 7.52%
Return On Investment Capital (ROIC_SIMPLE)
24.91% -1.17% 7.78%
Cost of Revenue to Revenue
4.73% 1.92% 1.02%
SG&A Expenses to Revenue
-12.83% 105.02% 33.64%
R&D to Revenue
0.00% 0.00% 0.00%
Operating Expenses to Revenue
-0.81% 113.09% 39.46%
Earnings before Interest and Taxes (EBIT)
71 -16 114
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
80 -5.71 128
Valuation Ratios
- - -
Price to Book Value (P/BV)
0.00 10.82 11.10
Price to Tangible Book Value (P/TBV)
0.00 12.08 18.57
Price to Revenue (P/Rev)
3.38 42.91 18.97
Price to Earnings (P/E)
3.90 0.00 125.35
Dividend Yield
0.00% 0.16% 0.82%
Earnings Yield
25.63% 0.00% 0.80%
Enterprise Value to Invested Capital (EV/IC)
2.02 5.50 3.59
Enterprise Value to Revenue (EV/Rev)
6.70 47.61 23.91
Enterprise Value to EBITDA (EV/EBITDA)
6.12 0.00 37.24
Enterprise Value to EBIT (EV/EBIT)
6.92 0.00 41.69
Enterprise Value to NOPAT (EV/NOPAT)
7.01 0.00 45.20
Enterprise Value to Operating Cash Flow (EV/OCF)
9.20 77.39 37.69
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00
Leverage & Solvency
- - -
Debt to Equity
0.85 0.63 0.71
Long-Term Debt to Equity
0.72 0.63 0.70
Financial Leverage
0.60 0.57 0.61
Leverage Ratio
1.92 1.70 1.68
Compound Leverage Factor
1.73 4.15 1.20
Debt to Total Capital
46.05% 38.54% 41.37%
Short-Term Debt to Total Capital
7.28% 0.04% 0.05%
Long-Term Debt to Total Capital
38.77% 38.49% 41.32%
Preferred Equity to Total Capital
0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
53.95% 17.39% 33.50%
Common Equity to Total Capital
0.00% 44.07% 25.13%
Debt to EBITDA
1.61 -66.81 4.38
Net Debt to EBITDA
1.14 -60.32 4.14
Long-Term Debt to EBITDA
1.36 -66.74 4.38
Debt to NOPAT
1.85 -32.99 5.32
Net Debt to NOPAT
1.31 -29.78 5.03
Long-Term Debt to NOPAT
1.56 -32.95 5.31
Altman Z-Score
2.23 7.27 4.45
Noncontrolling Interest Sharing Ratio
100.00% 42.54% 61.42%
Liquidity Ratios
- - -
Current Ratio
1.93 3.70 4.87
Quick Ratio
1.89 3.59 4.48
Cash Flow Metrics
- - -
Free Cash Flow to Firm (FCFF)
0.00 -722 -237
Operating Cash Flow to CapEx
1,913.49% 6,866.60% 3,136.44%
Free Cash Flow to Firm to Interest Expense
0.00 -30.95 -7.25
Operating Cash Flow to Interest Expense
7.56 2.90 3.86
Operating Cash Flow Less CapEx to Interest Expense
7.17 2.86 3.74
Efficiency Ratios
- - -
Asset Turnover
0.25 0.17 0.17
Accounts Receivable Turnover
5.43 7.83 10.22
Inventory Turnover
0.00 0.00 0.00
Fixed Asset Turnover
0.36 0.20 0.20
Accounts Payable Turnover
5.28 2.31 3.86
Days Sales Outstanding (DSO)
67.22 46.60 35.72
Days Inventory Outstanding (DIO)
0.00 0.00 0.00
Days Payable Outstanding (DPO)
69.19 157.88 94.67
Cash Conversion Cycle (CCC)
-1.96 -111.29 -58.96
Capital & Investment Metrics
- - -
Invested Capital
242 952 1,324
Invested Capital Turnover
0.30 0.18 0.17
Increase / (Decrease) in Invested Capital
0.00 711 342
Enterprise Value (EV)
488 5,235 4,760
Market Capitalization
247 4,718 3,777
Book Value per Share
$0.00 $5.96 $4.41
Tangible Book Value per Share
($1.98) $5.34 $2.64
Total Capital
279 989 1,354
Total Debt
129 381 560
Total Long-Term Debt
108 381 560
Net Debt
91 344 530
Capital Expenditures (CapEx)
2.77 0.99 4.03
Debt-free, Cash-free Net Working Capital (DFCFNWC)
7.69 2.30 17
Debt-free Net Working Capital (DFNWC)
46 39 48
Net Working Capital (NWC)
25 39 48
Net Nonoperating Expense (NNE)
6.43 25 33
Net Nonoperating Obligations (NNO)
91 344 530
Total Depreciation and Amortization (D&A)
9.15 11 14
Debt-free, Cash-free Net Working Capital to Revenue
10.56% 2.09% 8.78%
Debt-free Net Working Capital to Revenue
62.47% 35.77% 24.22%
Net Working Capital to Revenue
34.55% 35.38% 23.87%
Earnings Adjustments
- - -
Adjusted Basic Earnings per Share
$0.00 $0.28 $1.18
Adjusted Weighted Average Basic Shares Outstanding
0.00 17.81M 24.82M
Adjusted Diluted Earnings per Share
$0.00 $0.07 $0.94
Adjusted Weighted Average Diluted Shares Outstanding
0.00 73.37M 76.54M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 76.45M 77.09M
Normalized Net Operating Profit after Tax (NOPAT)
70 -12 105
Normalized NOPAT Margin
95.52% -10.51% 52.90%
Pre Tax Income Margin
87.21% -36.02% 40.92%
Debt Service Ratios
- - -
EBIT to Interest Expense
10.06 -0.70 3.49
NOPAT to Interest Expense
9.92 -0.50 3.22
EBIT Less CapEx to Interest Expense
9.66 -0.74 3.37
NOPAT Less CapEx to Interest Expense
9.53 -0.54 3.10
Payout Ratios
- - -
Dividend Payout Ratio
166.47% -490.10% 88.00%
Augmented Payout Ratio
166.47% -490.10% 89.54%

Quarterly Metrics And Ratios for LandBridge

This table displays calculated financial ratios and metrics derived from LandBridge's official financial filings.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding
- - - - - - - - - - 77,089,115.00
DEI Adjusted Shares Outstanding
- - - - - - - - - - 77,089,115.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - - 0.11
Growth Metrics
- - - - - - - - - - -
Revenue Growth
0.00% 0.00% 0.00% 19.48% 60.05% 0.00% 131.15% 83.15% 78.44% 55.56% 16.05%
EBITDA Growth
0.00% 0.00% 0.00% -203.57% -74.63% 0.00% 75.01% 165.00% 498.86% 61.32% 21.17%
EBIT Growth
0.00% 0.00% 0.00% -213.05% -83.76% 0.00% 81.94% 155.63% 869.09% 65.09% 16.50%
NOPAT Growth
0.00% 0.00% 0.00% -179.30% -88.25% 0.00% 69.38% 171.19% 1,121.57% 121.42% 16.90%
Net Income Growth
0.00% 0.00% 0.00% -229.08% -116.57% 0.00% 43.46% 132.05% 836.25% 37.02% 15.58%
EPS Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 750.00% 118.18% 15.00%
Operating Cash Flow Growth
0.00% 0.00% 0.00% 0.00% -54.04% 115.72% -7.56% 132.70% 368.62% 41.55% 158.41%
Free Cash Flow Firm Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 51.35% 48.65% 0.00% 68.09%
Invested Capital Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 55.09% 55.27% 34.86% 33.88%
Revenue Q/Q Growth
0.00% -18.06% 0.00% 0.00% 9.76% 28.13% 0.00% 8.15% 6.94% 11.70% -10.17%
EBITDA Q/Q Growth
0.00% -52.80% 0.00% 0.00% 111.56% 271.74% 0.00% 12.10% 7.67% 0.14% 0.25%
EBIT Q/Q Growth
0.00% -56.69% 0.00% 0.00% 106.22% 465.39% 0.00% 13.84% 8.36% -3.68% -1.95%
NOPAT Q/Q Growth
0.00% -58.02% 0.00% 0.00% 106.22% 503.17% 0.00% 12.54% 6.73% 9.33% -10.98%
Net Income Q/Q Growth
0.00% -62.76% 0.00% 0.00% 95.22% 581.28% 0.00% 19.51% 9.83% -10.43% -1.68%
EPS Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% 375.00% 0.00% 20.00% 8.33% -7.69% -4.17%
Operating Cash Flow Q/Q Growth
0.00% 0.00% 37.91% 0.00% 0.00% 261.45% -40.91% 134.60% -6.48% 9.18% 7.88%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% 0.00% 5.44% 100.00% 0.00% 64.29% 0.19% 8.53% 2.11%
Invested Capital Q/Q Growth
0.00% 0.00% 0.00% 0.00% -0.03% 47.09% 0.00% 5.52% 0.08% 27.77% -0.78%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
95.40% 94.36% 96.46% 97.52% 98.52% 98.98% 98.96% 98.97% 99.14% 98.87% 99.22%
EBITDA Margin
218.35% 125.78% 84.67% -189.28% 19.94% 57.84% 64.11% 66.45% 66.91% 59.98% 66.94%
Operating Margin
208.65% 107.33% 71.11% -197.42% 11.19% 49.37% 56.97% 59.96% 60.76% 60.02% 57.21%
EBIT Margin
208.65% 110.29% 72.37% -197.42% 11.19% 49.37% 56.97% 59.96% 60.76% 52.39% 57.19%
Profit (Net Income) Margin
205.62% 93.45% 56.67% -222.14% -9.67% 36.34% 35.17% 38.87% 39.92% 32.01% 35.03%
Tax Burden Percent
99.79% 99.38% 99.07% 100.24% 70.96% 121.48% 90.62% 89.58% 88.24% 87.43% 90.90%
Interest Burden Percent
98.76% 85.26% 79.04% 112.26% -121.87% 60.60% 68.14% 72.36% 74.46% 69.88% 67.39%
Effective Tax Rate
0.21% 0.62% 0.93% 0.00% 0.00% 25.32% 9.38% 10.42% 11.76% 12.57% 9.10%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 4.13% 14.19% 9.87% 11.25% 9.06% 9.34%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00% 0.00% 0.00% 4.07% 10.18% 7.91% 8.94% 6.40% 7.34%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00% 0.00% 0.00% 2.20% 5.92% 5.82% 4.89% 3.92% 4.45%
Return on Equity (ROE)
0.00% 0.00% 0.00% 0.00% 0.00% 6.33% 20.11% 15.69% 16.14% 12.98% 13.79%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00% 0.00% 0.00% -76.57% 0.00% 0.00% 0.00% -20.56% -19.46%
Operating Return on Assets (OROA)
0.00% 0.00% 0.00% 0.00% 0.00% 8.22% 7.62% 10.56% 12.29% 8.70% 9.95%
Return on Assets (ROA)
0.00% 0.00% 0.00% 0.00% 0.00% 6.05% 4.71% 6.85% 8.08% 5.31% 6.09%
Return on Common Equity (ROCE)
0.00% 0.00% 0.00% 0.00% 0.00% 1.70% 14.27% 9.00% 5.41% 5.01% 7.58%
Return on Equity Simple (ROE_SIMPLE)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -7.20% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
45 19 13 -36 2.23 13 23 26 27 30 27
NOPAT Margin
208.20% 106.66% 70.45% -138.19% 7.83% 36.87% 51.62% 53.72% 53.61% 52.47% 52.00%
Net Nonoperating Expense Percent (NNEP)
0.00% 0.00% 0.00% 11.73% 3.78% 0.06% 4.01% 1.96% 2.31% 2.66% 2.00%
Return On Investment Capital (ROIC_SIMPLE)
- - - - - 1.32% 2.28% 2.42% 2.56% 2.20% 1.97%
Cost of Revenue to Revenue
4.60% 5.64% 3.54% 2.48% 1.48% 1.02% 1.04% 1.03% 0.86% 1.13% 0.78%
SG&A Expenses to Revenue
-126.41% -31.30% 14.07% 284.45% 77.69% 42.54% 36.07% 33.38% 33.49% 32.09% 33.32%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
-113.24% -12.97% 25.36% 294.94% 87.33% 49.61% 41.99% 39.01% 38.38% 38.85% 42.02%
Earnings before Interest and Taxes (EBIT)
45 20 14 -51 3.19 18 25 29 31 30 29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
47 22 16 -49 5.68 21 28 32 34 34 34
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
0.00 0.00 0.00 1.13 29.44 22.17 12.49 19.38 15.02 11.10 15.45
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 1.25 41.04 28.20 13.88 23.10 17.75 18.57 25.31
Price to Revenue (P/Rev)
0.00 0.00 0.00 0.00 0.00 42.70 40.77 33.00 22.84 18.97 25.82
Price to Earnings (P/E)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 270.65 166.51 125.35 164.40
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.16% 0.28% 0.44% 0.75% 0.82% 0.61%
Earnings Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.37% 0.60% 0.80% 0.61%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00 1.06 5.14 5.57 6.15 5.73 4.68 3.59 4.79
Enterprise Value to Revenue (EV/Rev)
0.00 0.00 0.00 0.00 0.00 49.70 44.78 37.91 27.11 23.91 30.52
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 0.00 0.00 0.00 0.00 948.18 68.54 42.20 37.24 47.03
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 79.36 47.33 41.69 53.19
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 90.23 54.32 45.20 57.66
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00 0.00 0.00 80.80 91.07 67.70 42.13 37.69 41.54
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.00 0.00 0.00 1.34 0.69 0.60 0.61 0.54 0.53 0.71 0.66
Long-Term Debt to Equity
0.00 0.00 0.00 1.22 0.60 0.60 0.61 0.54 0.52 0.70 0.66
Financial Leverage
0.00 0.00 0.00 1.25 0.65 0.54 0.58 0.74 0.55 0.61 0.61
Leverage Ratio
0.00 0.00 0.00 2.40 1.71 1.68 1.62 1.81 1.60 1.68 1.66
Compound Leverage Factor
0.00 0.00 0.00 2.69 -2.08 1.02 1.11 1.31 1.19 1.17 1.12
Debt to Total Capital
0.00% 0.00% 0.00% 57.19% 40.76% 37.44% 37.71% 35.14% 34.47% 41.37% 39.86%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 5.08% 5.21% 0.04% 0.03% 0.02% 0.09% 0.05% 0.03%
Long-Term Debt to Total Capital
0.00% 0.00% 0.00% 52.11% 35.55% 37.40% 37.68% 35.12% 34.38% 41.32% 39.82%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 44.99% 41.76% 18.10% 39.63% 39.99% 33.50% 34.50%
Common Equity to Total Capital
0.00% 0.00% 0.00% 42.81% 14.25% 20.80% 44.19% 25.23% 25.54% 25.13% 25.64%
Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 -66.81 58.98 4.29 3.19 4.38 4.00
Net Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 -60.32 56.64 4.05 2.95 4.14 3.78
Long-Term Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 -66.74 58.93 4.28 3.19 4.38 4.00
Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 -32.99 -107.51 5.64 4.11 5.32 4.91
Net Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 -29.78 -103.24 5.33 3.79 5.03 4.64
Long-Term Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 -32.95 -107.43 5.64 4.10 5.31 4.90
Altman Z-Score
0.00 0.00 0.00 0.00 0.00 7.34 8.78 8.41 6.78 4.24 6.05
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 73.12% 29.05% 42.64% 66.49% 61.42% 45.07%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
0.00 0.00 0.00 0.82 0.73 3.70 3.70 4.26 4.15 4.87 3.15
Quick Ratio
0.00 0.00 0.00 0.81 0.68 3.59 3.57 3.95 3.80 4.48 2.97
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
0.00 0.00 0.00 -704 -665 0.00 -959 -342 -342 -313 -306
Operating Cash Flow to CapEx
0.00% 6,926.92% 19,342.70% 0.00% 2,458.75% 12,021.43% 32,475.51% 3,289.16% 3,168.06% 2,190.57% 26,875.82%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 -112.05 -94.10 0.00 -120.20 -43.45 -43.31 -34.88 -32.17
Operating Cash Flow to Interest Expense
0.00 5.60 5.97 0.00 1.05 3.79 1.99 4.74 4.43 4.25 4.32
Operating Cash Flow Less CapEx to Interest Expense
0.00 5.52 5.94 0.00 1.01 3.76 1.99 4.59 4.29 4.06 4.31
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.00 0.00 0.00 0.00 0.00 0.17 0.13 0.18 0.20 0.17 0.17
Accounts Receivable Turnover
0.00 0.00 0.00 0.00 0.00 7.83 4.96 8.48 9.13 10.22 7.71
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
0.00 0.00 0.00 0.00 0.00 0.20 0.15 0.20 0.23 0.20 0.21
Accounts Payable Turnover
0.00 0.00 0.00 0.00 0.00 3.70 1.14 1.76 1.58 3.86 1.31
Days Sales Outstanding (DSO)
0.00 0.00 0.00 0.00 0.00 46.60 73.64 43.02 39.96 35.72 47.31
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
0.00 0.00 0.00 0.00 0.00 98.63 320.19 207.61 230.85 94.67 279.18
Cash Conversion Cycle (CCC)
0.00 0.00 0.00 0.00 0.00 -52.04 -246.56 -164.59 -190.89 -58.96 -231.87
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
0.00 0.00 0.00 668 668 982 981 1,036 1,037 1,324 1,314
Invested Capital Turnover
0.00 0.00 0.00 0.00 0.00 0.11 0.27 0.18 0.21 0.17 0.18
Increase / (Decrease) in Invested Capital
0.00 0.00 0.00 668 668 0.00 981 368 369 342 332
Enterprise Value (EV)
0.00 0.00 0.00 707 3,432 5,465 6,041 5,932 4,848 4,760 6,292
Market Capitalization
247 247 247 336 2,862 4,695 5,500 5,163 4,084 3,777 5,323
Book Value per Share
$0.00 $0.00 $0.00 $4.05 $1.33 $2.90 $5.76 $3.49 $3.55 $4.41 $4.47
Tangible Book Value per Share
$0.00 $0.00 $0.00 $3.67 $0.95 $2.28 $5.18 $2.93 $3.01 $2.64 $2.73
Total Capital
0.00 0.00 0.00 692 682 1,018 996 1,056 1,065 1,354 1,344
Total Debt
0.00 0.00 0.00 396 278 381 376 371 367 560 536
Total Long-Term Debt
0.00 0.00 0.00 361 242 381 375 371 366 560 535
Net Debt
0.00 0.00 0.00 371 264 344 361 351 339 530 506
Capital Expenditures (CapEx)
0.00 0.23 0.09 0.00 0.30 0.22 0.05 1.14 1.10 1.74 0.15
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 0.00 0.00 1.69 9.48 2.30 17 14 16 17 11
Debt-free Net Working Capital (DFNWC)
0.00 0.00 0.00 26 24 39 32 34 44 48 41
Net Working Capital (NWC)
0.00 0.00 0.00 -8.82 -12 39 32 34 44 48 40
Net Nonoperating Expense (NNE)
0.56 2.35 2.62 22 4.99 0.19 7.23 7.06 6.96 12 8.65
Net Nonoperating Obligations (NNO)
0.00 0.00 0.00 371 264 345 361 351 339 530 506
Total Depreciation and Amortization (D&A)
2.11 2.76 2.34 2.11 2.49 3.09 3.14 3.09 3.12 4.31 4.97
Debt-free, Cash-free Net Working Capital to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 2.09% 12.72% 8.69% 9.04% 8.78% 5.43%
Debt-free Net Working Capital to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 35.77% 23.80% 21.70% 24.87% 24.22% 19.83%
Net Working Capital to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 35.38% 23.57% 21.59% 24.36% 23.87% 19.62%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.15 $0.13 $0.27 $0.30 $0.31 $0.30 $0.31
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 0.00 73.15M 17.43M 17.81M 23.26M 24.07M 25.34M 24.82M 27.84M
Adjusted Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 ($0.04) $0.11 $0.20 $0.24 $0.26 $0.24 $0.23
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 0.00 73.15M 73.15M 73.37M 76.46M 76.39M 76.52M 76.54M 77.08M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 0.00 73.15M 73.15M 76.45M 76.40M 76.55M 77.09M 77.09M 77.02M
Normalized Net Operating Profit after Tax (NOPAT)
45 19 13 -36 2.23 13 23 26 27 30 27
Normalized NOPAT Margin
208.20% 106.66% 70.45% -138.19% 7.83% 36.87% 51.62% 53.72% 53.61% 52.47% 52.00%
Pre Tax Income Margin
206.06% 94.03% 57.21% -221.62% -13.63% 29.92% 38.82% 43.39% 45.24% 36.61% 38.54%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
80.64 6.79 4.77 -8.16 0.45 2.54 3.14 3.62 3.91 3.32 3.07
NOPAT to Interest Expense
80.47 6.56 4.64 -5.71 0.32 1.90 2.84 3.24 3.45 3.32 2.79
EBIT Less CapEx to Interest Expense
0.00 6.70 4.74 0.00 0.41 2.51 3.13 3.47 3.78 3.13 3.05
NOPAT Less CapEx to Interest Expense
0.00 6.48 4.61 0.00 0.27 1.86 2.84 3.10 3.31 3.13 2.77
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% -490.10% -605.32% 486.40% 89.14% 88.00% 86.73%
Augmented Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% -512.61% -605.32% 486.40% 89.14% 89.54% 87.35%

Financials Breakdown Chart

Key Financial Trends

LandBridge Co. (LB) has data spread across 2023–2025 quarters in the provided tables. The standout themes are a clear year-over-year revenue ramp in 2025, extremely high gross margins, solid quarterly profitability, and meaningful use of debt financing to fund acquisitions. Cash flow from operations has been positive and often sizable, while investing activities reflect large acquisitions. Debt remains a meaningful factor in the balance sheet. Below is a concise bulleted view of the most relevant points for retail investors.

  • Revenue trend improving in 2025 vs. 2024: quarterly operating revenue rises from roughly $19–20M in early 2024 to about $56.8M in Q4 2025, indicating top-line growth.
  • Near-peak gross margins: gross profit in Q4 2025 is about $56.14M on revenue of $56.78M, implying a gross margin near 99% (low cost of revenue relative to sales).
  • Strong operating profitability: Q4 2025 shows operating income of about $34.08M, indicating a solid operating margin given the revenue level.
  • Consistent quarterly net income to common shareholders: quarterly net income to common shareholders near $8.1M in late-2025 quarters, with earnings per share around $0.30 (basic) to $0.31 (peak quarters).
  • Positive cash flow from operations and improving cash generation: net cash from continuing operating activities around $38.1M in Q4 2025, with positive CFO trends across 2024–2025 (supporting liquidity).
  • Substantial debt from financing activities: notable debt issuance in 2025 (long-term debt typically in the several hundred million range) to fund growth, which adds leverage risk but can support expansion.
  • Large acquisitions driving investing activity: 2025 included sizable acquisitions (cash outflows related to acquisitions) that boosted investing activity and reduced near-term liquidity.
  • Investing cash outflows weigh on liquidity: heavy outflows from investing activities in 2025 due to acquisitions, contributing to overall cash burn in some periods.
  • Interest expense remains meaningful and pressure on margins: quarterly interest expense in the high single to low double-digit millions (roughly $7–9M in recent quarters), which reduces net income relative to gross profits.
  • Dilution and shareholder structure considerations: diluted shares outstanding are substantially higher than basic in some periods, suggesting potential dilution effects that investors may want to monitor.

Overall, LB shows a meaningful top-line growth story with very high gross margins and positive cash flow from operations, supported by debt financing and acquisitions. However, the reliance on debt, large investing outlays for acquisitions, and ongoing interest costs are important caveats for risk-aware investors. If the company can continue converting strong gross margins into steady free cash flow while managing debt and integration of acquisitions, the trend could be favorable over the next several quarters. As always, consider the balance between growth financing and leverage when evaluating LB’s longer-term appeal.

05/15/26 01:01 PM ETAI Generated. May Contain Errors.

LandBridge Financials - Frequently Asked Questions

According to the most recent income statement we have on file, LandBridge's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

LandBridge's net income appears to be on an upward trend, with a most recent value of $72.40 million in 2025, rising from $63.17 million in 2023. The previous period was -$36.37 million in 2024. View LandBridge's forecast to see where analysts expect LandBridge to go next.

LandBridge's total operating income in 2025 was $118.50 million, based on the following breakdown:
  • Total Gross Profit: $197.07 million
  • Total Operating Expenses: $78.57 million

Over the last 2 years, LandBridge's total revenue changed from $72.87 million in 2023 to $199.09 million in 2025, a change of 173.2%.

LandBridge's total liabilities were at $572.07 million at the end of 2025, a 44.7% increase from 2024, and a 313.9% increase since 2023.

In the past 2 years, LandBridge's cash and equivalents has ranged from $30.74 million in 2025 to $37.82 million in 2023, and is currently $30.74 million as of their latest financial filing in 2025.

Over the last 2 years, LandBridge's book value per share changed from 0.00 in 2023 to 4.41 in 2025, a change of 441.4%.



Financial statements for NYSE:LB last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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