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Friday 6 November 2026
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LandBridge Company LLC
LandBridge Company LLC’s revenue for fiscal 2025 (year ended December 2025) was $199.1 million, up 81.1% from fiscal 2024.
- Revenue
- +39.5%
- EPS
- +41.9%
- Free cash flow
- +44.9%
- Total debt
- +105.9%
Quarter to September 2026, against a year earlier
62.27
6.99
−10.09%
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Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 73 | 110 | 199 | 246 | +65.3% | 184 | 228 | 274 | +11.2% | |
| Gross margin, % | — | — | — | — | — | — | — | 95.27 | 98.08 | 98.98 | 0.00 | +3.7 pt | ||||||
| EBT | — | — | — | — | — | — | — | 64 | (40) | 81 | 114 | +13.2% | ||||||
| EBT margin, % | — | — | — | — | — | — | — | 87.21 | (36.02) | 40.92 | 46.35 | (46.3) pt | ||||||
| Net income | — | — | — | — | — | — | — | 63 | (41) | 72 | 101 | +7.1% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | — | 0.00 | 6.17 | 8.02 | 8.42 | n/m | |||||
| Earnings | — | — | — | — | — | — | — | — | 0.28 | 1.18 | 1.47 | +321.4% | ||||||
| Cash flow | — | — | — | — | — | — | — | 0.00 | 3.80 | 5.09 | 5.84 | n/m | ||||||
| Capex | — | — | — | — | — | — | — | 0.00 | (0.06) | (0.16) | (0.12) | n/m | ||||||
| Free cash flow | — | — | — | — | — | — | — | 0.00 | 3.74 | 4.93 | 5.72 | n/m | ||||||
| Book value | — | — | — | — | — | — | — | 0.00 | 35.78 | 32.00 | 29.73 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | — | — | 18 | 25 | 27 | +39.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 79.51 | 79.51 | 41.87 | 42.36 | 67.0 | |||||
| P/S | — | — | — | — | — | — | — | 7.47 | 10.46 | 6.11 | 7.39 | 8.0 | ||||||
| P/B | — | — | — | — | — | — | — | 0.00 | 1.81 | 1.53 | 2.09 | 1.1 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 0.00 | 13.59 | 8.77 | 10.40 | 7.5 | ||||||
| EV/FCF | — | — | — | — | — | — | — | 0.00 | 22.42 | 14.28 | 15.33 | 12.2 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | 53 | 68 | 126 | 170 | +54.3% | |||||
| Capex | — | — | — | — | — | — | — | (3) | (1) | (4) | (4) | +20.5% | ||||||
| Free cash flow | — | — | — | — | — | — | — | 50 | 67 | 122 | 167 | +55.9% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | 25 | 39 | 48 | 41 | +37.4% | |||||
| Net debt | — | — | — | — | — | — | — | 91 | 344 | 530 | 739 | +141.4% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | 151 | 637 | 794 | 867 | +129.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | — | 0.00 | 0.77 | 2.51 | 0.00 | +2.5 pt | |||||
| ROIC | — | — | — | — | — | — | — | 18.11 | (1.05) | 5.60 | 6.06 | (12.5) pt | ||||||
| ROE | — | — | — | — | — | — | — | 0.00 | 1.30 | 4.21 | 0.00 | +4.2 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 6 | 6 | 4 | — | (18.4%) | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 12.14 | 18.33 | 49.77 | — | +102.4% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
LandBridge Company LLC vs peers in Oil & Gas E&P (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CHRD Chord Energy Corporation | $7.2B | 8.3× | 6.8× | +30.01% (above 0%: growing) | +46.02% (above 0%: growing) | +257.56% (above 0%: growing) | 0.00% | 29.60% | Compare |
| VIST Vista Energy, S.A.B. de C.V. - Sponsored ADR | $6.4B | 7.5× | 9.9× | +83.39% (above 0%: growing) | −10.66% (below 0%: shrinking) | −82.86% (below 0%: shrinking) | 54.75% | 45.65% | Compare |
| MGY Magnolia Oil & Gas Corp | $6.3B | 10.3× | 9.4× | +58.15% (above 0%: growing) | +136.59% (above 0%: growing) | +176.03% (above 0%: growing) | 0.00% | 30.08% | Compare |
| MTDR Matador Resources Company | $6.2B | 8.4× | 8.7× | +23.82% (above 0%: growing) | +10.97% (above 0%: growing) | −65.09% (below 0%: shrinking) | 85.09% | 30.44% | Compare |
| MUR Murphy Oil Corporation | $5.2B | 11.2× | 10.6× | +16.64% (above 0%: growing) | n/m | −59.09% (below 0%: shrinking) | 100.00% | 30.00% | Compare |
| CNX CNX Resources Corporation. | $5.0B | 5.5× | 7.4× | −0.66% (below 0%: shrinking) | −22.07% (below 0%: shrinking) | −42.35% (below 0%: shrinking) | 82.78% | 44.70% | Compare |
| LB LandBridge Company LLC | $4.8B | 42.4× | 57.6× | +39.46% (above 0%: growing) | +41.94% (above 0%: growing) | +44.89% (above 0%: growing) | 0.00% | 68.06% | |
| CRGY Crescent Energy Company | $4.7B | 62.7× | 10.5× | +55.92% (above 0%: growing) | n/m | +41.37% (above 0%: growing) | 100.00% | 35.43% | Compare |
| CRC California Resources Corporation | $4.0B | — (loss-making) | 106× | −50.76% (below 0%: shrinking) | n/m | −24.47% (below 0%: shrinking) | (0.24%) | (96.67%) | Compare |
| Median of peers | $5.7B | 8.4× | 9.6× | +26.92% | +10.97% | −33.41% | 68.77% | 30.26% |
From the latest earnings call
- CEO Jason Long said acquisitions added approximately 25,000 acres during the quarter and brought undeveloped pore space that could serve produced-water disposal demand.
- Long said PowerBridge began construction at the Alpha Digital Campus after exercising an acreage option and entering a ground lease and power royalty agreement.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
36.90%
Held by the ten largest
27.31%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| FIRST MANHATTAN CO. LLC. | 7.08m | 9.19% | +25.62k |
| HORIZON KINETICS ASSET MANAGEMENT LLC | 5.82m | 7.55% | +164.13k |
| Fidelity (FMR) | 1.78m | 2.30% | +440.62k |
| Vanguard | 1.29m | 1.68% | +27.22k |
| T. Rowe Price | 1.28m | 1.66% | +1.28m |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | 1.24m | 1.60% | +347.80k |
| Morgan Stanley | 731.84k | 0.95% | −743.99k |
| SCHWARTZ INVESTMENT COUNSEL INC | 644.72k | 0.84% | +51.83k |
| UBS | 596.54k | 0.77% | −56.90k |
| Hood River Capital Management LLC | 592.62k | 0.77% | −28.46k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 30 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2024 | 24.61m | 90.30m | 380.59 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
LandBridge Company LLC (LB) Latest News
13 Oct
22 Sep
6 Aug
7 Mar
LB metrics, ten years each
- Revenue
- Net income
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Book value per share
LandBridge owns and manages land in and around the Delaware Basin, an oil and natural gas producing region spanning Texas and New Mexico. Rather than primarily drilling for oil and gas itself, it earns money by allowing other businesses to use its land and resources. Its customers include energy producers, companies that handle water from oil and gas wells, and other infrastructure developers.
The company receives payments for activities such as transporting and handling produced water—the water brought to the surface alongside oil and gas. It also sells brackish water and caliche, a material used to build roads and well pads, and collects royalties when customers extract sand or water from its land. A smaller mineral position gives it a share of revenue from oil and gas production.