Start here if you're new
what it is
LandBridge owns 277,000 acres in the Permian and monetizes the land, water, and infrastructure built across it.
how it gets paid
Last year Landbridge made $199M in revenue. surface use agreements was the main engine at $76M, or 38% of sales.
why it's growing
Revenue grew 81.1% FY. A single quarter can still print ~180% vs. prior year off a small base—do not treat that as the same measure as FY without matching the filing period.
what just happened
Quarterly revenue near ~$50M (≈¼ of $199M FY)—not $142M as one quarter unless the 10-Q labels a different window. EPS $0.70 with ~180% vs. prior year on the quarter the feed meant.
At a glance
n/a balance sheet
15.3x trailing p/e — the market's not buying it — or you found a deal
0.6% dividend yield — cash in your pocket every quarter
~$0.70 recent quarter EPS (feed)
$199M FY revenue +81.1% (filed scale)
What they do
LandBridge owns 277,000 acres in the Permian and monetizes the land, water, and infrastructure built across it.
The asset is not a gadget. It is 277,000 acres in the Delaware Basin, where U.S. oil activity is already happening. Land ownership → control of access and usage → so what: if operators want to move water, build pipes, or use the surface, your land gets a vote and usually a check.
How they make money
$199M
annual revenue · their business grew +81.1% last year
surface use agreements
$76M
produced water and pipeline fees
$54M
royalties and resource payments
$36M
easements and right-of-way income
$21M
digital and other land uses
$12M
The products that matter
owns and manages acreage
land & resource management
$199M revenue · +81.1%
it generated the full $199M revenue base last year. that growth rate is why the market cared in the first place.
core revenue stream
produced water transportation
speedway pipeline
2026 capex: $430M–$490M
phase ii is the big swing. it is a pipeline expansion attached to a capital plan that runs at more than 2x last year's revenue.
the growth bet
Key numbers
$366M
long-term debt
Long-term debt → money owed over years → so what: debt was $366M, or 6% of capital, which is light next to a roughly $6B market value.
59.5%
operating margin
Operating margin → revenue left after running the business → so what: keeping 59.5 cents of each dollar is unusually rich for a company tied to energy acreage.
$199M
annual revenue
Annual revenue → total sales over 12 months → so what: the business nearly doubled, up 81.1% vs. prior year from the SEC filing.
15.3x
trailing p/e
P/E → price compared with profit → so what: 15.3x is not expensive if the recent revenue growth holds, but it gets expensive fast if Permian activity slows.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $366M (6% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for LB right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Quarterly revenue near ~$50M (≈¼ of $199M FY); quarter vs. prior year near ~180% where the feed matches; EPS $0.70.
More activity on LandBridge acreage can spike a quarter vs a tiny prior-year comp while FY growth stays 81.1%. Annual operating margin 59.5% is the profitability anchor.
~$50M
Q revenue (approx.)
$0.70
eps
59.5%
operating margin
the number that mattered
The anchor is 81.1% FY revenue growth plus 59.5% operating margin—quarter vs. prior year spikes are secondary until the period matches the filing.
source: SEC filing, 2025
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What could go wrong
The top risk is speedway phase ii failing to earn back its cost. LandBridge is asking you to underwrite a build cycle that is larger than last year's revenue base.
med
phase ii has to work
2026 capex is guided at $430M–$490M, with Speedway Pipeline Phase II as the main driver. That is a giant swing for a company that generated $199M in revenue last year.
If the project runs late, over budget, or ramps slower than planned, the cash story breaks before the growth story finishes.
med
there is no moat buffer
A 2/10 moat score means LandBridge does not have much protection if customer activity slows or another operator offers a better route, price, or contract.
Fast growth without a durable edge works until it doesn't. When the cycle turns, valuation usually compresses before the income statement does.
med
permian activity sets the pace
The company earns money because oil and gas development stays active on its acreage and surrounding infrastructure. That leaves your thesis tied to drilling conditions, not just company execution.
If activity cools, volume and pricing power cool with it. The market will not wait around for a perfect explanation.
Put the numbers side by side: $430M–$490M of 2026 capex against $199M of last-year revenue. That is an aggressive buildout, and it leaves little room for sloppy execution.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
2026 EBITDA target
Management guided to $205M–$225M. If quarterly updates drift below that range, the market will start treating the capex as cost, not investment.
project timing
speedway phase ii milestones
Bids were opened in February 2026. Your next checkpoints are construction timing, final cost control, and when the asset starts contributing.
growth trend
the seven-quarter streak
Seven straight quarters of revenue growth is the cleanest proof point on the page. If that streak breaks while spend stays high, the narrative gets much harder to defend.
capital discipline
capex staying inside the plan
The stated 2026 spend is $430M–$490M. If that number rises without a matching lift in EBITDA expectations, you are funding more risk for the same payoff.
Analyst rankings
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for LB is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$51
current price
n/a
target midpoint · n/a from current
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