California Resources Corporation (CRC) vs LandBridge Company LLC (LB)

California Resources Corporation and LandBridge Company LLC are both Oil & Gas E&P companies. LandBridge Company LLC is the larger, with a market value of $4.8B against $4.0B — 1.2× the size. California Resources Corporation has negative trailing earnings, so its P/E is not meaningful; LandBridge Company LLC trades at 42.4×. LandBridge Company LLC grew revenue faster over the last twelve months: 37.3% against −23.8%. LandBridge Company LLC has the higher net margin (0.00% vs −18.1%) and the higher return on invested capital (6.06% vs −8.22%). Across the 18 metrics below, LandBridge Company LLC leads on 12 and California Resources Corporation on 6.

Valuation

Metric CRC LB Oil & Gas E&P median
P/E n/m 42.36 9.67
P/S 1.47 7.39 1.76
P/B 1.35 2.09 1.19
Price to free cash flow 12.00 10.90 8.37
EV/EBITDA n/m 16.41 4.59
EV/Sales 1.96 10.40 2.27
Earnings yield (12.30%) 2.36% 7.55%
Free cash flow yield 8.33% 9.18% 3.98%

Profitability

Metric CRC LB Oil & Gas E&P median
Gross margin 43.10% 0.00% 79.54%
Operating margin (20.28%) 63.40% 24.01%
Net margin (18.11%) 0.00% 14.11%
Free cash flow margin 12.28% 67.86% 7.72%
Return on equity (15.46%) 0.00% 8.99%
Return on assets (7.11%) 0.00% 4.63%
Return on invested capital (8.22%) 6.06% 6.33%

Growth

Metric CRC LB Oil & Gas E&P median
Revenue growth (TTM) (23.77%) 37.30% 13.60%
EPS growth (last fiscal year) (10.17%) 266.28% (10.17%)
Revenue growth, 5-year CAGR 18.67% — 18.67%
Net income growth, 5-year CAGR (27.12%) — 0.00%

Health

Metric CRC LB Oil & Gas E&P median
Debt to equity 0.42 0.87 0.29
Current ratio 0.51 2.78 0.92
Net debt to EBITDA 1.04 4.01 0.93

Dividend

Metric CRC LB Oil & Gas E&P median
Dividend yield 3.53% — 3.76%
Payout ratio — — 0.33

Size

Metric CRC LB Oil & Gas E&P median
Market cap 4.03b 4.77b 953.29m

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