Latest revenue
$51.0M
as of 2026-03-31
Latest net income
$8.7M
as of 2026-03-31
Net margin
17.1%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $1.83B
- Enterprise value
- $1.83B
- P/E (trailing)
- 60.7×
- Forward P/E
- —
- P/B
- —
- Dividend yield
- 0.5%
- 52-wk high
- $85.60
- 52-wk low
- $43.75
- Beta
- —
- Shares out
- 23.3M
5-year trend
What this company does
LandBridge owns or manages over 315,000 surface acres in the Delaware Basin's Permian region, leasing the land to oil, gas, infrastructure, and digital customers. It earns money through surface-use royalties and fees, resource sales (brackish water, caliche, sand), and oil and gas mineral royalties, with customers covering nearly all capital costs. Revenue nearly doubled to $199 million in 2025, driven by deepening ties with affiliated water-midstream operator WaterBridge and expansion into data centers and power infrastructure on its acreage.
Generated from LB's filing dated 2026-02-26
Key risks
- Customer concentration: WaterBridge (sister company sharing sponsor Five Point and management) drives produced water royalties, creating related-party dependency and conflict-of-interest exposure.
- Commodity exposure: revenues tied to Delaware Basin oil/gas activity; any Permian slowdown directly hits surface royalties, resource sales, and 4,400-acre mineral royalties.
- Heavy share-based compensation: $45.3M in 2025 and $95.3M in 2024 dilutes shareholders and distorts GAAP earnings versus Free Cash Flow narrative.
Generated from LB's filing dated 2026-02-26
Profitability
Operating margin
59.5%
496.4%Net margin
15.1%
225.6%Return on equity
8.9%
655.4%Return on assets
2.2%
333.1%Leverage
Debt / equity
3.01×
131.6%Long-term debt / equity
1.64×
88.3%Debt / assets
75.1%
32.8%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $51.0M | +16.0% | $8.7M | +34.8% | 17.1% |
Q4 2025 2025-12-31 | $56.8M | +55.6% | $8.1M | — | 14.2% |
Q3 2025 2025-09-30 | $50.8M | +78.4% | $8.1M | +205.2% | 15.9% |
Q2 2025 2025-06-30 | $47.5M | +83.2% | $7.5M | +116.0% | 15.8% |
Q1 2025 2025-03-31 | $44.0M | +131.2% | $6.5M | — | 14.7% |
Q4 2024 2024-12-31 | $36.5M | — | — | — | — |
Q3 2024 2024-09-30 | $28.5M | +60.0% | $2.7M | — | 9.3% |
Q2 2024 2024-06-30 | $26.0M | +19.5% | $-46.9M | -206.5% | -180.6% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Oil Royalty Traders · SIC 6792
Your notes
Keep private notes on LB — thesis, target price, catalysts to watch.
Visible only to you. Never shared. Never used to train AI.
Insider activity
Insider buying
$164.6K
Insider selling
$529.0M
Net activity
−$528.8M
Distinct insiders
7
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns LB
Institutional value
$471.2M
Total shares held
6.9M
Distinct holders
110
-42 vs prior
As of
2026-03-31
Prior: 2025-12-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD PORTFOLIO MANAGEMENT LLC | 1.2M | $85.6M | — | New |
| 2 | WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | 887.5K | $61.3M | +197.2K (+28.6%) | Added |
| 3 | UBS Group AG | 633.2K | $43.7M | +358.3K (+130.4%) | Added |
| 4 | SCHWARTZ INVESTMENT COUNSEL INC | 592.9K | $40.9M | +0 (+0.0%) | No change |
| 5 | CORTLAND ASSOCIATES INC/MO | 398.7K | $27.5M | -9.6K (-2.3%) | Trimmed |
| 6 | MAD RIVER INVESTORS | 266.4K | $18.4M | +3.5K (+1.3%) | Added |
| 7 | One Charles Private Wealth Services, LLC | 235.8K | $16.3M | -942 (-0.4%) | Trimmed |
| 8 | Moors & Cabot, Inc. | 224.0K | $15.5M | +17.9K (+8.7%) | Added |
| 9 | JANE STREET GROUP, LLC | 214.7K | $14.8M | +112.7K (+110.4%) | Added |
| 10 | EagleClaw Capital Managment, LLC | 209.0K | $14.4M | +8.1K (+4.0%) | Added |
| 11 | WELLS FARGO & COMPANY/MN | 188.3K | $13.0M | +53.4K (+39.6%) | Added |
| 12 | HighTower Advisors, LLC | 156.9K | $10.8M | +46.3K (+41.8%) | Added |
| 13 | SEI INVESTMENTS CO | 134.7K | $9.3M | +67.4K (+100.0%) | Added |
| 14 | TOCQUEVILLE ASSET MANAGEMENT L.P. | 101.0K | $7.0M | -2.5K (-2.4%) | Trimmed |
| 15 | SEVEN GRAND MANAGERS, LLC | 100.0K | $6.9M | +0 (+0.0%) | No change |
| 16 | SPROTT INC. | 98.6K | $6.8M | +13.4K (+15.7%) | Added |
| 17 | MSRH, LLC | 93.8K | $6.5M | -110 (-0.1%) | Trimmed |
| 18 | BlackRock, Inc. | 87.0K | $6.0M | +37.1K (+74.4%) | Added |
| 19 | one8zero8, LLC | 77.7K | $5.4M | +4.8K (+6.5%) | Added |
| 20 | PROMETHIUM ADVISORS,LLC | 67.2K | $4.6M | -799 (-1.2%) | Trimmed |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Revenue grew 81% to $199M in 2025—what percentage came from WaterBridge versus third parties, and how sustainable is that mix?
- 2
With $45M of share-based comp in 2025 and prior LBH/NDB unit charges, when do non-cash dilution headwinds actually normalize for shareholders?
- 3
Given Five Point and WaterBridge share your management team, how do you police related-party pricing on royalties and surface-use agreements?
Refreshed when LB files a new report · last from 2026-02-26