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LandBridge Corp

LB· NYSE· Oil Royalty Traders

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
61.3%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
–
We record prices for the companies we cover; LB is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
76.5M
Revenue
$199.1M
Free cash flow
$122.0M
Owner earnings
$76.7M

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
59.5%
Net
15.1%
Free cash flow
61.3%
Owner earnings
38.5%
Stock pay
22.8%

Returns

ROIC, FY2025
12.1%
ROIC, 5 yr avg
–
ROE, FY2025
8.9%
ROE, 5 yr avg
–

Growth (CAGR)

Revenue, 3 yr
–
Revenue, 5 yr
–
Revenue, 2 yr
65.3%
Diluted EPS, 3 yr
–
Diluted EPS, 5 yr
–
Diluted EPS, 2 yr
–
Free cash flow, 3 yr
–
Free cash flow, 5 yr
–
Free cash flow, 2 yr
55.8%

Financial health · FY2025

Cash and investments
$30.7M
Total debt
$560.3M
Net debt
$529.5M
Debt/Equity
1.6x
Debt/FCF
4.6x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
211.5%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
–

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$199.1M

+65.3% a year over 2 years

FY2023: Revenue $72.9MFY2024: Revenue $110.0MFY2025: Revenue $199.1M
FY2023FY2025

Margins

Operating59.5%Net15.1%

FY2025

FY2023: Operating 96.1%, Net –FY2024: Operating -15.0%, Net 4.6%FY2025: Operating 59.5%, Net 15.1%
FY2023FY2025

Free cash flow and owner earnings

Free cash flow$122.0MOwner earnings$76.7M

Free cash flow +55.8% a year

FY2023: Free cash flow $50.3M, Owner earnings $67.5MFY2024: Free cash flow $66.7M, Owner earnings -$28.7MFY2025: Free cash flow $122.0M, Owner earnings $76.7M
FY2023FY2025

Diluted shares

76.5M

+4.3% over 2 years, net dilution

FY2023: Diluted shares –FY2024: Diluted shares 73.4MFY2025: Diluted shares 76.5M
FY2023FY2025

Return on invested capital

12.1%

FY2025

FY2023: ROIC 28.8%FY2024: ROIC –FY2025: ROIC 12.1%
FY2023FY2025

Net debt (below zero)

-$529.5M

$529.5M more debt than cash

FY2023: Net cash -$90.9MFY2024: Net cash -$344.2MFY2025: Net cash -$529.5M
FY2023FY2025

Every figure, year by year

Fiscal yearFY2023FY2024FY2025
The business
Revenue$72.9M$110.0M$199.1M
Revenue growth–50.9%81.1%
Gross margin–––
Operating margin96.1%-15.0%59.5%
Net income–$5.1M$30.1M
Net margin–4.6%15.1%
Diluted EPS–$0.07$0.94
Return on invested capital?28.8%–12.1%
Cash
Operating cash flow$53.0M$67.6M$126.3M
Capital expenditure$2.8M$985.0K$4.2M
Free cash flow$50.3M$66.7M$122.0M
Stock-based compensation-$17.2M$95.3M$45.3M
Owner earnings?$67.5M-$28.7M$76.7M
Free cash flow per share–$0.91$1.59
Capital allocation
Dividends paid$105.2M$178.2M$63.7M
Share repurchases–––
Diluted shares–73.4M76.5M
Share count change?––4.3%
Balance sheet
Cash and equivalents$37.8M$37.0M$30.7M
Short-term investments–––
Total debt$128.7M$381.2M$560.3M
Net debt$90.9M$344.2M$529.5M
Shareholders' equity$150.7M$211.8M$340.3M

Latest filings

All on EDGAR
2026-08-0610-QQuarterly report
2026-08-058-KEarnings release
2026-05-0710-QQuarterly report
2026-05-068-KEarnings release
2026-04-30DEF 14AProxy statement
2026-02-2610-KAnnual report
2026-02-258-KEarnings release
2025-11-198-KEarnings release
2025-11-1210-QQuarterly report
2025-11-128-KEarnings release

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