LB - LandBridge Company LLC
Price:
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--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$78.00
DETAILS
HIGH:
$90.00
LOW:
$66.00
MEDIAN:
$78.00
CONSENSUS:
$78.00
DOWNSIDE:
0.80%
| Metric | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Revenue | ||||
| Revenue | 199.1 | 110.0 | 72.9 | 51.8 |
| Cost of Revenue | 18.0 | 11.0 | 12.2 | 10.6 |
| Gross Profit | 181.1 | 99.0 | 60.7 | 41.2 |
| Operating Expenses | ||||
| R&D Expenses | 0 | 0 | 0 | 0 |
| SG&A Expenses | 62.4 | 112.3 | (12.1) | 41.8 |
| Other Expenses | 0 | 3.2 | 2.7 | 2.6 |
| Operating Expenses | 62.4 | 115.5 | (9.4) | 44.4 |
| Operating Income | ||||
| Operating Income | 118.5 | (16.5) | 70.0 | (3.2) |
| Interest Expense | 32.7 | 23.3 | 7.0 | 3.1 |
| Interest Income | 0 | 0 | 0 | 0 |
| Profitability | ||||
| EBITDA | 125.6 | (7.5) | 79.2 | 3.6 |
| EBIT | 114.2 | (16.3) | 70.6 | (3.1) |
| Income Before Tax | 81.5 | (39.6) | 63.5 | (6.2) |
| Income Tax Expense | 9.1 | 1.9 | 0.4 | 0.2 |
| Net Income | 30.1 | 5.1 | 63.2 | (6.4) |
| Per Share Data | ||||
| EPS (Basic) | 1.18 | 0.29 | 4.36 | -0.44 |
| EPS (Diluted) | 1.08 | 0.07 | 4.36 | -0.44 |
| Shares Outstanding | 27.8 | 17.8 | 14.5 | 14.5 |
| Metric | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Current Assets | ||||
| Cash & Cash Equivalents | 30.7 | 37.0 | 37.8 | 25.4 |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Net Receivables | 19.4 | 14.7 | 13.4 | 11.3 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Current Assets | 9.7 | 1.1 | 0.3 | 0.6 |
| Total Current Assets | 59.8 | 52.8 | 52.3 | 37.3 |
| Non-Current Assets | ||||
| Property, Plant & Equipment | 1,084.5 | 902.7 | 203.0 | 207.3 |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 137.0 | 45.3 | 28.6 | 30.9 |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 3.9 | 2.7 | 5.0 | 0.5 |
| Total Non-Current Assets | 1,306.2 | 950.7 | 236.7 | 238.7 |
| Total Assets | 1,366.1 | 1,003.5 | 288.9 | 276.0 |
| Current Liabilities | ||||
| Account Payables | 0.6 | 0.5 | 0.2 | 0.0 |
| Short-Term Debt | 0.7 | 0.4 | 20.3 | 12.2 |
| Deferred Revenue | 1.3 | 1.2 | 0.3 | 1.3 |
| Other Current Liabilities | 9.8 | 2.1 | 0.5 | 1.4 |
| Total Current Liabilities | 12.3 | 14.4 | 27.1 | 17.2 |
| Non-Current Liabilities | ||||
| Long-Term Debt | 0 | 380.8 | 108.3 | 48.8 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 559.8 | 0.2 | 2.8 | 0.1 |
| Total Non-Current Liabilities | 559.8 | 381.0 | 111.1 | 48.9 |
| Total Liabilities | 572.1 | 395.4 | 138.2 | 66.1 |
| Stockholders' Equity | ||||
| Common Stock | 0 | 432.7 | 150.7 | 210.0 |
| Retained Earnings | 23.2 | 3.3 | 0 | 0 |
| Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 |
| Total Stockholders' Equity | 340.3 | 436.0 | 150.7 | 210.0 |
| Total Liabilities & Equity | 1,366.1 | 1,003.5 | 288.9 | 276.0 |
| Debt Metrics | ||||
| Total Debt | 0.7 | 381.2 | 128.7 | 61.0 |
| Net Debt | (30.0) | 344.2 | 90.9 | 35.7 |
| Metric | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Operating Activities | ||||
| Net Income | 72.4 | (41.5) | 63.2 | (6.4) |
| Depreciation & Amortization | 11.5 | 5.2 | 4.6 | 6.7 |
| Stock-Based Compensation | 45.3 | 95.3 | (17.2) | 36.4 |
| Change in Working Capital | (13.6) | 3.6 | (1.8) | (16.3) |
| Other Non-Cash Items | 6.6 | 5.4 | 4.3 | 0.0 |
| Operating Cash Flow | 126.3 | 67.6 | 53.0 | 20.5 |
| Investing Activities | ||||
| Capital Expenditure | (4.2) | (1.0) | (2.8) | (3.3) |
| Acquisitions | (229.0) | (723.4) | 0 | (8.4) |
| Purchases of Investments | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0.2 | 0 | 0.0 | 0 |
| Investing Cash Flow | (233.1) | (724.4) | (2.8) | (11.7) |
| Financing Activities | ||||
| Net Debt Issuance | 184.4 | 255 | 72.6 | (6.5) |
| Stock Repurchased | 0 | 0 | 0 | 0 |
| Dividends Paid | (63.7) | (178.2) | (105.2) | (1.1) |
| Other Financing Activities | (20.1) | (38.4) | (5.2) | 10.9 |
| Financing Cash Flow | 100.5 | 655.9 | (37.8) | 3.3 |
| Cash Position | ||||
| Net Change in Cash | (6.3) | (0.8) | 12.5 | 12.1 |
| Cash at Beginning | 37.0 | 37.8 | 25.4 | 13.3 |
| Cash at End | 30.7 | 37.0 | 37.8 | 25.4 |
| Free Cash Flow | 122.0 | 66.7 | 50.3 | 17.2 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | 199.1 | 110.0 | 72.9 | 51.8 |
| Gross Profit | 181.1 | 99.0 | 60.7 | 41.2 |
| Operating Income | 118.5 | (16.5) | 70.0 | (3.2) |
| Net Income | 30.1 | 5.1 | 63.2 | (6.4) |
| EPS (Diluted) | 1.08 | 0.07 | 4.36 | -0.44 |
| Balance Sheet | ||||
| Cash & Equivalents | 30.7 | 37.0 | 37.8 | 25.4 |
| Total Assets | 1,366.1 | 1,003.5 | 288.9 | 276.0 |
| Total Debt | 0.7 | 381.2 | 128.7 | 61.0 |
| Stockholders' Equity | 340.3 | 436.0 | 150.7 | 210.0 |
| Cash Flow | ||||
| Operating Cash Flow | 126.3 | 67.6 | 53.0 | 20.5 |
| Capital Expenditure | (4.2) | (1.0) | (2.8) | (3.3) |
| Free Cash Flow | 122.0 | 66.7 | 50.3 | 17.2 |