WaterBridge Infrastructure LLC (WBI) Stock

WaterBridge Infrastructure LLC (WBI) is a Energy stock trading at $34.97 (as of 2026-07-24), with a market capitalization of $4.32B and a trailing P/E of 549.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

WaterBridge Infrastructure LLC operates water infrastructure networks that manage produced water for oil exploration and production companies, including collection, transportation, recycling, and related water management services. Its assets are primarily in the Delaware Basin, with additional operations in the Eagle Ford and Arkoma basins.

Understand WaterBridge Infrastructure LLC: how it makes money

WaterBridge Infrastructure provides produced water collection, transportation, recycling, and management for oil exploration and production companies, earning revenue primarily from produced water handling (including related party revenue) with smaller contributions from water solutions and other services.

The profit engine is produced water handling, where revenue is driven by the volume of produced water that moves through its water infrastructure networks to support oil and gas operations.

Revenue by segment (latest quarter)
Produced Water	$0.1B
Produced Water (Rel)	$0.0B
Water Solutions	$0.0B
Other	$0.0B

Business quality (Mixed): Revenue is dominated by produced water handling, supported by operational volume metrics tied to energy activity, but performance can be concentrated in basins where its networks operate.

Valuation: At 375× earnings, WBI trades 2079% above the Petroleum & Natural Gas average (17×). Note: one-time items can distort reported P/E.

Bull case

Built around produced water infrastructure: The company operates water infrastructure networks that handle produced water, including collection, transportation, recycling, and management to support energy industry operations.
Scale signal from handling volumes and capacity: It tracks combined produced water handling volumes (2,500,000) and produced water handling capacity (4,500,000), which can help investors gauge utilization over time.
Broad basin footprint beyond one area: While primarily in the Delaware Basin, it also has additional assets in the Eagle Ford and Arkoma basins.

Bear case

Business is exposed to oil and gas activity levels: Because services are for oil exploration and production produced water, changes in produced water volumes from customer operations could impact throughput and revenue.
Concentration risk to the network basins: The network is mainly in the Delaware Basin, so performance may depend on conditions in those operating regions.
Related party revenue may affect interpretability: A portion of produced water revenue is reported as produced water handling related party revenue (0.03B), which can make trend comparisons less straightforward.

Valuation — source: SEC EDGAR (first-party)
Price	$34.97
Market Cap	$4.32B
P/E Ratio	549.0
EV / EBITDA	29.6
Price / Book	2.34
Price / Sales	8.43
FCF Yield	-4.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$525.55M
Net Margin	0.0%
Revenue Growth (YoY)	105.3%
FCF Growth (YoY)	591.3%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.72 (distress)

Valuation vs Sector & Industry
Stock P/E	549.0
Sector P/E (Energy)	19.0
Industry P/E (Petroleum & Natural Gas)	19.0
vs Sector	2784.8%
vs Industry	2793.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	DEVON ENERGY CORP/DE ($475.72M)
Institutional Holders Tracked	10
Congressional Trades (recent)	4

Company
Sector	Energy
Industry	Petroleum & Natural Gas
CEO	Jason Long
Employees	444
Country	US
IPO Date	1987-11-05

Related Companies (Business model: Engineering & Construction Services; 8 closest by market cap; US-domiciled)

Data as of 2026-07-24.

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