LandBridge Company LLC Class A Shares Representing Limited Liability Company Interests (LB) Stock

LandBridge Company LLC Class A Shares Representing Limited Liability Company Interests (LB) is a Financials stock trading at $86.07 (as of 2026-09-18), with a market capitalization of $6.63B and a trailing P/E of 178.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

LandBridge Company LLC owns and manages land and related resources used in U.S. oil and natural gas development, including surface acreage in and around the Delaware Basin in Texas and New Mexico. It holds oil and gas royalty interests and sells brackish water and surface composite materials, operating as a subsidiary of LandBridge Holdings LLC and based in Houston, Texas.

Understand LandBridge Company LLC Class A Shares Representing Limited Liability Company Interests: how it makes money

LandBridge owns surface land and water resources in the Delaware Basin, earning oil and gas royalties, produced-water fees, and expanding into digital-infrastructure site leases. Most revenue flows from royalty streams on E&P activity across roughly 315,000 managed acres, with data-center leases positioned as the next growth leg.

LandBridge collects royalties and water-use fees from energy companies operating on land it already owns, so marginal revenue scales with basin drilling activity without proportional CapEx, producing a 66% operating margin on a largely asset-light royalty book.

Business quality (Strong): Underlying royalty-and-water cash flows are high-margin and low-CapEx, but the 142.7x P/E (299% above the Trading sector) means the current price already embeds a successful digital-infrastructure transition that is still nonbinding.

Valuation: At 143× earnings, LB trades 299% above the Trading average (36×).

Bull case

  • Sustained EBITDA guidance reaffirmed: Management reaffirmed full-year adjusted EBITDA guidance of $210 million to $230 million, confirming the royalty-plus-water model compounds with basin activity at minimal incremental cost.
  • Scarcity water asset for data centers: The company holds approximately 13.4 million acre-feet of brackish groundwater positioned for data-center cooling, a resource that is scarce in the Permian and gives LandBridge a structural siting advantage over general-purpose land owners.
  • Firm lease revenue next year: Management expects multiple digital-infrastructure options to become firm leases with revenue generating by the end of next year, adding a recurring rental stream on top of the royalty base.

Bear case

  • 299% P/E premium priced in: At 142.7x P/E versus a 35.7x industry average, the stock trades 299% above the Trading sector norm, meaning any delay in digital-lease conversion hits a multiple that already assumes full execution.
  • Pipeline still nonbinding and partner-dependent: Digital opportunities remain nonbinding and require diligence and final documentation before they become leases; some also require LandBridge to bring in power partners, adding a layer of third-party execution risk to the stated conversion timeline.
  • Produced-water growth decelerating: Management guided that third-quarter produced-water growth will be less pronounced than the second-quarter increase, suggesting the fastest-growing current revenue line is already moderating its pace.
Valuation — source: SEC EDGAR (first-party)
Price$86.07
Market Cap$6.63B
P/E Ratio178.3
EV / EBITDA47.6
Price / Book7.97
Price / Sales29.39
Dividend Yield0.9%
FCF Yield2.3%
DCF Value (model)$5.82
DCF Upside vs Price-93.2%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$199.09M
Net Margin15.1%
Return on Equity4.5%
Debt / Equity0.64
Current Ratio7.27
Revenue Growth (YoY)40.6%
EPS Growth (YoY)43.3%
FCF Growth (YoY)11.5%
Financial Health — source: SEC EDGAR
Altman Z-Score2.74 (grey)
Valuation vs Sector & Industry
Stock P/E178.3
Sector P/E (Financials)13.4
Industry P/E (Trading)26.5
vs Sector1232.8%
vs Industry571.8%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderFIRST MANHATTAN CO. LLC. ($561.24M)
Institutional Holders Tracked10
Congressional Trades (recent)3
Company
SectorFinancials
IndustryTrading
CEOJason Long
Employees4
CountryUS
IPO Date2024-06-28

LandBridge Company LLC Class A Shares Representing Limited Liability Company Interests earnings call transcripts

  • LB Q2 FY26 earnings call transcript (reported 2026-08-05) · analysis
  • LB Q1 FY26 earnings call transcript (reported 2026-05-06) · analysis
  • LB Q4 FY25 earnings call transcript (reported 2026-02-25) · analysis
  • LB Q2 FY25 earnings call transcript (reported 2025-08-06) · analysis

All LB earnings calls

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LB earnings history · LB institutional & insider holders · LB KPIs & operating metrics · LB financials · LB filings, presentations & press releases · LB investor presentations & press releases · LB SEC filings · LB peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-18.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.