LB

MKT CAP:$5B

LandBridge Company LLC

Market Cap

$5B

Energy·Oil & Gas Equipment & Services·🇺🇸 United States·NYSE

Energy·Oil & Gas Equipment & Services·🇺🇸·NYSE

Stock Price

$67.89+$19.43 (+40.11%)

Apr 22, 2026

Company Details

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 port...

CEO

Jason Long

IPO Date

Jun 28, 2024

Website

www.landbridgeco.com

Key Metrics TTM

Revenue

$120M

— YoY

Net Income

-$22M

EPS (Diluted)

-$1.04

Free Cash Flow

$104M

Revenue / Share

$4.29

Gross Margin

89.9%

Operating Margin

17.9%

Net Margin

-18.6%

FCF Margin

86.9%

P/S

45.1x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Mar 12, 2026

$199MEPS $1.08

Q4 2025

Mar 12, 2026

$57MEPS $0.38

Q2 2024

Aug 28, 2024

$26M+19.5%EPS -$3.31

Q1 2024

Mar 30, 2024

$19M+19.7%EPS $0.74

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$16M	$15M	$3M
Q1 23	$16M	$15M	$159.0K
Q2 23	$22M	$21M	$45M
Q3 23	$18M	$17M	$19M
Q1 24	$19M	$16M	$14M
Q2 24	$26M	$23M	-$51M
Q4 25	$57M	$51M	$40M

Valuation

Quarter	P/S	P/E
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	75.3x	85.5x
Q1 24	72.5x	75.5x
Q2 24	63.8x	374.1x
Q4 25	45.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$12M	$11M
Q1 23	$12M	$10M
Q2 23	$12M	$12M
Q3 23	$16M	$16M
Q1 24	$17M	$17M
Q2 24	$16M	$16M
Q4 25	$38M	$55M

Capital Expenditures

Quarter	CapEx
Q4 22	$629.0K
Q1 23	$2M
Q2 23	$780.0K
Q3 23	$234.0K
Q1 24	$89.0K
Q2 24	$369.0K
Q4 25	$17M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 24	+17.3%	-57.7%
Q2 24	+63.4%	+390.8%
Q4 25	+161.4%	+171.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$7M	44.2%
Q1 23	$11M	70.7%
Q2 23	-$29M	-132.3%
Q3 23	-$7M	-39.0%
Q1 24	$810.0K	4.3%
Q2 24	$72M	276.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 22	$9M
Q1 23	$12M
Q1 24	$2M
Q2 24	$74M
Q4 25	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$25M	$0	$25M
Q1 23	$0	$0	$0
Q3 23	$17M	$0	$17M
Q4 23	$38M	$0	$38M
Q1 24	$9M	$0	$9M
Q2 24	$25M	$0	$25M
Q3 24	$14M	$0	$14M
Q4 24	$37M	$0	$37M
Q1 25	$15M	$0	$15M
Q2 25	$20M	$0	$20M
Q3 25	$28M	$0	$28M
Q4 25	$31M	$0	$31M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	15M	—	—
Q1 23	15M	0.0%	—
Q2 23	15M	0.0%	—
Q3 23	15M	0.0%	—
Q1 24	15M	0.0%	0.0%
Q2 24	17M	+20.2%	+20.2%
Q4 25	28M	+59.8%	+92.0%

Shares Outstanding