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LandBridge Corp

LB NYSE Oil Royalty Traders Financials FY2023–FY2025

Revenue Total sales reported in the income statement.
$199M
81.1% vs prior year
Operating margin Operating income as a share of revenue.
59.5%
74.5 pts
Net income Profit after all expenses, interest and tax.
$30.1M
489.6%
Free cash flow Cash from operations minus capital spending.
$122M
83.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
12.0%
14.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
—
P/E Last close divided by diluted earnings per share over the last four quarters.
—
On $1.13 EPS (TTM)

What LandBridge Corp does

No business description yet.

Legal name
LandBridge Corp
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 26, 2026
Accession · CIK
0001193125-26-072404
0001995807

Revenue and margins

LandBridge Corp had $199M of revenue in fiscal 2025, up 81.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $122M in fiscal 2025, 61.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

LandBridge Corp returned $63.7M to shareholders in fiscal 2025, 52% of free cash flow. The diluted share count rose 4.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably LandBridge Corp can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY23FY24FY25
Cash and short-term investments $37.8M$37.0M$30.7M
Debt incl. finance leases $129M$385M$571M
Net debt / EBITDA 1.2x—4.2x
Debt / equity 0.9x1.8x1.7x
Current ratio 1.9x3.7x4.9x
Quick ratio 1.9x3.7x4.9x
Total assets $289M$1.0B$1.4B
Total liabilities $138M$395M$572M
Shareholders' equity $151M$212M$340M
Net debt (− = net cash) $90.9M$348M$540M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose — ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets — ✓ ✕
Current ratio rose — ✓ ✓
Share count didn't rise — — ✕
Gross margin rose — — —
Revenue rose relative to assets — ✕ ✓
F-score — / 35 / 76 / 8
Accruals ratio 3.5%−9.5%−8.0%
Altman Z'' —0.711.49

3 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY23FY24FY25
Income statement
Revenue $72.9M $110M $199M
Net interest income −$7.0M −$23.3M −$32.7M
Operating income $70.0M −$16.5M $119M
Pretax income $63.5M −$39.6M $81.5M
Income tax $0.4M $1.9M $9.1M
Net income $63.2M $5.1M $30.1M
Net income to common — — $29.4M
Diluted EPS — $0.07 $0.94
Diluted shares — 0.07B 0.08B
Cash flow
Cash from operations $53.0M $67.6M $126M
Capital expenditure $2.8M $1.0M $4.2M
Free cash flow $50.3M $66.7M $122M
Depreciation and amortization $8.8M $8.9M $11.5M
Stock-based compensation −$17.2M $95.3M $45.3M
Acquisitions $0.0M $723M $229M
Dividends paid $105M $178M $63.7M
Dividends and buybacks $105M $178M $63.7M
Balance sheet
Cash and short-term investments $37.8M $37.0M $30.7M
Total debt $129M $385M $571M
Current assets $52.3M $53.3M $59.8M
Current liabilities $27.1M $14.4M $12.3M
Property and equipment, net $203M $903M $1.1B
Intangible assets $28.6M $45.3M $137M
Total assets $289M $1.0B $1.4B
Total liabilities $138M $395M $572M
Shareholders' equity $151M $212M $340M
Margins
Operating margin 96.1% −15.0% 59.5%
EBITDA margin 108.1% −6.9% 65.3%
Net margin 86.7% 4.6% 15.1%
FCF margin 69.0% 60.6% 61.3%
Net interest share of revenue −9.6% −21.2% −16.4%
Returns
Return on capital 28.8% −2.3% 12.0%
Return on capital employed 26.7% −1.6% 8.8%
Return on equity 41.9% 2.8% 10.9%
Return on assets 21.9% 0.8% 2.5%
Return on tangible equity 51.7% 3.1% 14.4%
Growth
Revenue growth — 50.9% 81.1%
Net income growth — −91.9% 489.6%
EPS growth — — 1,242.9%
FCF growth — 32.6% 83.1%
Share count change — — 4.3%
Financial health
Net debt / EBITDA 1.2x — 4.2x
Debt / equity 0.9x 1.8x 1.7x
Current ratio 1.9x 3.7x 4.9x
Quick ratio 1.9x 3.7x 4.9x
Capital allocation
Capex / revenue 3.8% 0.9% 2.1%
Stock comp / revenue −23.6% 86.7% 22.8%
Payouts / FCF 209.2% 267.4% 52.2%
Quality scores
Piotroski F-score — 5.0 6.0
Altman Z'' — 0.7 1.5
Accruals ratio 3.5% −9.5% −8.0%

Source: SEC EDGAR XBRL filings (CIK 0001995807). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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