LandBridge Company LLC Class A (LB)
NYSE:LB
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LandBridge Company LLC Class A
(NYSE:LB)
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Rating:73Outperform
Price Target:
$77.00
▲(14.53% Upside)
Action:ReiteratedDate:04/10/26
The score is primarily driven by strong financial fundamentals (deleveraged balance sheet and robust cash generation), supported by positive corporate actions (higher dividend and buyback authorization). Offsetting these strengths are a demanding valuation (high P/E with modest yield) and a mixed technical picture with near-term weakness despite a longer-term uptrend.
Positive Factors
Deleveraged balance sheet
Near-zero debt and substantial equity growth materially increase financial flexibility over the medium term. A low leverage profile reduces refinancing and solvency risk, enabling the company to fund capex, pursue M&A, sustain dividends or repurchases, and absorb cyclicality without stressing liquidity.
Negative Factors
Earnings and margin volatility
Material year-to-year swings in profitability and margins reduce predictability of earnings and complicate planning. Persistent volatility can undermine sustainable return metrics, weaken credit metrics during downturns, and make it harder for investors to rely on trailing results to forecast future cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraged balance sheet
Near-zero debt and substantial equity growth materially increase financial flexibility over the medium term. A low leverage profile reduces refinancing and solvency risk, enabling the company to fund capex, pursue M&A, sustain dividends or repurchases, and absorb cyclicality without stressing liquidity.
Read all positive factors
LandBridge Company LLC Class A (LB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.33B
Dividend Yield0.76%
Average Volume (3M)397.54K
Price to Earnings (P/E)53.1
Beta (1Y)1.66
Revenue Growth81.07%
EPS GrowthN/A
CountryUS
Employees4
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.46
Shares Outstanding27,838,200
10 Day Avg. Volume334,361
30 Day Avg. Volume397,543
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)4.70
Price to Sales (P/S)8.03
P/FCF Ratio13.11
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue27.31
Enterprise Value/Gross Profit29.66
Enterprise Value/Ebitda40.01
Forecast
1Y Price Target
$79.00Price Target Upside17.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)2.29
Revenue Forecast (FY)$247.72M
LandBridge Company LLC Class A Business Overview & Revenue Model
Company Description
LandBridge Company LLC owns and manages land and resources to support and enhance oil and natural gas development in the United States. It owns surface acres in and around the Delaware Basin in Texas and New Mexico. The company holds a portfolio o...
How the Company Makes Money
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LandBridge Company LLC Class A Earnings Call Summary
Earnings Call Date:Mar 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call emphasized strong and sustained financial momentum—double-digit sequential growth in Q4, outsized full-year revenue and adjusted EBITDA growth, high margins, meaningful free cash flow, and significant commercial wins (BESS, solar sale, ONEOK, NRG). Balance sheet actions (senior notes and revolver) and shareholder returns (dividend increase and buyback authorization) reinforce confidence. Primary risks discussed were a modest sequential decline in oil & gas royalties, leverage slightly above the target range (2.8x), limited cash on hand, and execution/timing risk tied to ramping projects (BPX Kraken, Speedway, commercialization of 1918 Ranch). Overall, the positives materially outweigh the negatives, with management pointing to clear paths for upside while acknowledging near-term conservative assumptions and some execution risk.Positive Updates
Strong Full-Year Revenue and EBITDA Growth
Fiscal 2025 revenue of $199.1M, up 81% year-over-year; adjusted EBITDA of $177M, up 83% year-over-year, delivering an 89% adjusted EBITDA margin for the year.
Negative Updates
Quarterly Decline in Oil & Gas Royalties
Oil and gas royalties declined 6% sequentially in Q4 due to lower activity on acreage; while oil & gas represents less than 10% of total revenue (limiting commodity exposure), the decline highlights activity sensitivity in that revenue stream.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year Revenue and EBITDA Growth
Fiscal 2025 revenue of $199.1M, up 81% year-over-year; adjusted EBITDA of $177M, up 83% year-over-year, delivering an 89% adjusted EBITDA margin for the year.
Read all positive updates
Company Guidance
LandBridge guided 2026 adjusted EBITDA of $205–$225 million (midpoint ~$215M), implying over 20% year‑over‑year growth versus FY2025 adjusted EBITDA of $177M; the company says the majority of that upside is expected from WaterBridge‑related volumes (BPX Kraken ramping and the Speedway pipeline coming online midyear) and notes the 1918 Ranch closed in Q4 but modest commercialization upside from 1918 was conservatively not baked into the guide. For context, Q4 adj. EBITDA was $51.1M (90% margin) and FY2025 adj. EBITDA was $177M (89% margin); free cash flow was $36.4M in Q4 (64% margin) and $122M for the year (61% margin). Balance‑sheet actions supporting the plan include a $500M senior‑notes offering, a new $275M revolver, total liquidity of $236M (cash $31M, $205M undrawn) and covenant net leverage of 2.8x (target 2.0–2.5x), while capital‑allocation priorities remain M&A, a 20% dividend increase to $0.12/share and an opportunistic $50M share‑repurchase authorization.LandBridge Company LLC Class A Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
88
Very Positive
Cash Flow
82
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 199.09M | 109.95M | 72.86M | 51.78M |
| Gross Profit | 181.08M | 98.97M | 60.66M | 41.22M |
| EBITDA | 125.64M | -7.47M | 79.16M | 3.63M |
| Net Income | 30.13M | 5.11M | 63.17M | -6.36M |
Balance Sheet | ||||
| Total Assets | 1.37B | 1.00B | 288.95M | 276.02M |
| Cash, Cash Equivalents and Short-Term Investments | 30.74M | 37.03M | 37.82M | 25.35M |
| Total Debt | 692.00K | 381.24M | 128.68M | 61.01M |
| Total Liabilities | 572.07M | 395.41M | 138.20M | 66.06M |
| Stockholders Equity | 340.30M | 436.01M | 150.75M | 209.96M |
Cash Flow | ||||
| Free Cash Flow | 122.04M | 66.65M | 50.26M | 17.21M |
| Operating Cash Flow | 126.27M | 67.64M | 53.04M | 20.50M |
| Investing Cash Flow | -233.07M | -724.35M | -2.77M | -11.67M |
| Financing Cash Flow | 100.51M | 655.92M | -37.80M | 3.27M |
LandBridge Company LLC Class A Technical Analysis
Negative
67.23
Price Trends
68.63
Negative
61.64
Positive
59.23
Positive
Market Momentum
-0.59
Positive
47.20
Neutral
65.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LB, the sentiment is Negative. The current price of 67.23 is below the 20-day moving average (MA) of 69.15, below the 50-day MA of 68.63, and above the 200-day MA of 59.23, indicating a neutral trend. The MACD of -0.59 indicates Positive momentum. The RSI at 47.20 is Neutral, neither overbought nor oversold. The STOCH value of 65.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LB.
LandBridge Company LLC Class A Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $6.74B | 3.62 | 38.72% | ― | 0.27% | 171.02% | |
74 Outperform | $5.84B | 40.03 | 6.27% | 4.86% | 12.83% | 50.71% | |
73 Outperform | $5.33B | 53.10 | 9.07% | 0.76% | 81.07% | ― | |
70 Outperform | $7.89B | 15.74 | 28.38% | 1.25% | -8.81% | >-0.01% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $4.57B | 19.74 | 14.21% | 1.16% | -4.49% | -13.24% | |
59 Neutral | $7.51B | 89.35 | 1.43% | 3.24% | -1.35% | -76.59% |
* Energy Sector Average
LB
LandBridge Company LLC Class A
68.70
-3.28
-4.55%
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LandBridge Company LLC Class A Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
LandBridge Releases 2026 Investor Day Presentation Online
Neutral
Mar 19, 2026
On March 19, 2026, LandBridge Company LLC posted a new investor presentation titled “LandBridge 2026 Investor Day” on its investor relations website, making updated company information available to the market. The company indicated tha...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresPrivate Placements and Financing
LandBridge Posts Strong Q4 Results, Boosts Capital Returns
Positive
Feb 25, 2026
LandBridge reported strong fourth-quarter and full-year 2025 results on February 25, 2026, with Q4 revenue rising 56% year over year to $56.8 million and full-year revenue up 81% to $199.1 million, underpinned by high margins and robust free cash ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.