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LB

LandBridge Company LLC

LB

LandBridge Company LLC • NYSE
$56.95 ▲ 0.25% (+0.14)
Market Cap $4.53 B
52w High $87.60
52w Low $48.55
Dividend Yield 0.40%
P/E 64.72
Volume 182.38K
Outstanding Shares 79.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $50.831M ▲ $78.694M ▲ $8.107M ▲ 15.949% ▲ $0.31 ▲ $33.469M ▲
Q2-2025 $47.533M ▲ $14.932M ▼ $7.277M ▲ 15.309% ▲ $0.3 ▲ $31.093M ▲
Q1-2025 $43.951M ▲ $15.855M ▲ $6.464M ▲ 14.707% ▲ $0.27 ▲ $27.638M ▲
Q4-2024 $36.499M ▲ $15.525M ▼ $2.454M ▼ 6.723% ▼ $0.11 ▼ $20.525M ▲
Q3-2024 $28.487M $22.839M $2.656M 9.324% $0.15 $5.225M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $28.316M ▲ $1.078B ▲ $380.092M ▼ $271.988M ▲
Q2-2025 $20.345M ▲ $1.066B ▲ $381.415M ▼ $266.448M ▼
Q1-2025 $14.935M ▼ $1.008B ▲ $387.443M ▼ $440.345M ▲
Q4-2024 $37.032M ▲ $1.003B ▲ $395.408M ▲ $436.012M ▲
Q3-2024 $14.417M $689.888M $285.871M $97.209M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $20.291M ▲ $34.912M ▼ $-1.107M ▲ $-25.834M ▲ $7.971M ▲ $33.725M ▼
Q2-2025 $18.475M ▲ $37.332M ▲ $-2.079M ▲ $-29.843M ▼ $5.41M ▲ $36.092M ▲
Q1-2025 $15.459M ▲ $15.913M ▼ $-17.867M ▲ $-20.143M ▼ $-22.097M ▼ $15.844M ▼
Q4-2024 $8.154M ▲ $26.928M ▲ $-292.331M ▼ $288.018M ▲ $22.615M ▲ $26.704M ▲
Q3-2024 $-2.756M $7.45M $-1.053M $-16.626M $-10.229M $7.147M

Revenue by Products

Product Q1-2021Q1-2025Q2-2025Q3-2025
Oil and Gas Royalties
Oil and Gas Royalties
 $0 ▲$0 ▲$0 ▲$0 ▲
Other
Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Bath Body Works
Bath Body Works
 $1.47Bn ▲$0 ▼$0 ▲$0 ▲
Victorias Secret
Victorias Secret
 $1.55Bn ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily over the last few years, with healthy gross profitability for such a young, niche business. Earnings have swung around a bit: the company moved from a small loss to solid profitability, then saw operating profits dip again most recently as it appears to be spending more to grow. Net income is still positive, but recent results suggest a phase of reinvestment and scaling rather than smooth, mature profit stability. Given the company’s size and recent IPO, some volatility in margins and earnings is to be expected.

Balance Sheet

Balance Sheet The balance sheet has expanded quickly, with total assets and shareholder equity both rising meaningfully, which is a positive sign of growth and capital backing. At the same time, debt levels have increased a lot, while cash balances have stayed relatively modest. This points to a more leveraged structure: the business has more financial flexibility to grow, but also higher sensitivity to interest costs and lender confidence. Overall it looks like a growth-focused but more debt‑dependent balance sheet, not a cash‑rich one.

Cash Flow

Cash Flow Operating cash flow has been consistently positive and has improved over time, which is a key strength. Free cash flow closely tracks operating cash flow, because the business model is light on capital spending so far. This suggests that once revenue comes in, a good share of it tends to convert to cash. The combination of positive, growing cash generation and low capital needs is attractive, but it is still early days and the cash base itself remains relatively small, so there is limited buffer against big shocks or project delays.

Competitive Edge

Competitive Edge LandBridge’s edge comes from its large, concentrated land position in a highly active energy basin and its ability to monetize that land in many ways: surface access, water, oil and gas royalties, and other land‑based services. The model is asset‑light in operations but anchored by difficult‑to-replicate land holdings, which creates a natural barrier to entry. Its close ties to infrastructure-focused owners and partners also add strategic support. However, its fortunes remain tied to activity levels in the Delaware/Permian region and to demand from energy, industrial, and data‑center users, so regional and sector downturns remain important risks.

Innovation and R&D

Innovation and R&D The key “innovation” is not lab research but the way the company packages land, power, water, and connectivity into ready‑to-build sites, especially for data centers. Its water management capabilities, including handling produced water and selling brackish water, give it a practical technological edge in a water‑constrained, highly regulated environment. The company is also pushing into solar and exploring future uses like carbon storage, showing a clear intent to stay relevant in both traditional and transition‑energy themes. Execution risk is meaningful: success depends on actually landing and building out large digital and renewable projects, not just having the ideas and acreage.

Summary

LandBridge is a small but fast‑evolving land and resource platform, recently listed, with growing revenue, positive cash generation, and expanding assets, but also rising leverage and some earnings volatility as it invests for scale. Its core strength lies in unique land holdings in a prime energy region and a business model that can serve oil and gas, water solutions, data centers, and renewables. The opportunity is sizable if demand for “powered land” and sustainable water and infrastructure solutions continues to grow, but the company is still in an early, build‑out phase, exposed to project execution, regional activity levels, and its higher reliance on debt financing.

NEWS

November 19, 2025 · 4:30 PM UTC

LandBridge Announces Pricing of $500,000,000 Offering of Senior Notes

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November 19, 2025 · 8:05 AM UTC

LandBridge Announces Launch of $500,000,000 Offering of Senior Notes

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November 17, 2025 · 9:10 AM UTC

LandBridge Announces Pricing of Secondary Public Offering of Class A Shares

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November 17, 2025 · 6:39 AM UTC

LandBridge Announces Secondary Public Offering of Class A Shares

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November 12, 2025 · 4:51 PM UTC

LandBridge Company LLC Announces Third Quarter 2025 Results

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