WBI - WaterBridge Infrastructure LLC
Price:
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--
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CONSENSUS:
Buy
DETAILS
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PRICE TARGET:
$36.50
DETAILS
HIGH:
$43.00
LOW:
$28.00
MEDIAN:
$37.00
CONSENSUS:
$36.50
UPSIDE:
13.32%
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||
| Revenue | 217.8 | 201.0 | 27.4 | 123.2 | 196.8 | 178.1 | 87.2 | 89.8 |
| Cost of Revenue | 159.6 | 152.8 | (1.9) | 88.3 | 175.2 | 121.8 | 63.9 | 42.9 |
| Gross Profit | 58.1 | 48.2 | 29.3 | 35.0 | 21.6 | 56.3 | 23.3 | 46.9 |
| Operating Expenses | ||||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 17.7 | 16.8 | 8.2 | 9.0 | 15.8 | 14.3 | 5.7 | 6.9 |
| Other Expenses | 0.2 | 1.0 | (17.3) | 2.3 | 1.9 | 13.1 | 1.3 | 21.2 |
| Operating Expenses | 17.9 | 17.8 | (9.1) | 11.3 | 17.7 | 27.3 | 7.0 | 28.1 |
| Operating Income | ||||||||
| Operating Income | 40.3 | 30.4 | 22.3 | 23.7 | 3.9 | 29.0 | 16.3 | 18.8 |
| Interest Expense | 22.7 | 20.0 | 25.4 | 19.3 | 31.5 | 40.6 | 14.5 | 15.7 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profitability | ||||||||
| EBITDA | 39.5 | 99.5 | 91.0 | 53.8 | 4.8 | 29.9 | 39.4 | 38.3 |
| EBIT | 39.5 | 30.4 | 0 | 23.7 | 4.8 | 29.9 | 16.3 | 18.9 |
| Income Before Tax | 16.8 | 10.6 | (3.9) | 4.4 | (26.7) | (10.7) | 0.6 | 3.4 |
| Income Tax Expense | 2.2 | 1.1 | 1.7 | (0.4) | (2.4) | 0.0 | 0.1 | 0.1 |
| Net Income | 5.1 | 9.5 | (0.1) | 4.8 | 1.5 | (10.7) | 0.5 | 3.3 |
| Per Share Data | ||||||||
| EPS (Basic) | 0.12 | 0.22 | -0.00 | 0.11 | 0.04 | -0.28 | 0.01 | 0.09 |
| EPS (Diluted) | 0.12 | 0.22 | -0.00 | 0.11 | 0.04 | -0.28 | 0.01 | 0.09 |
| Shares Outstanding | 43.3 | 43.3 | 43.3 | 43.3 | 38.5 | 38.5 | 43.3 | 38.5 |
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 |
|---|---|---|---|---|---|---|---|
| Current Assets | |||||||
| Cash & Cash Equivalents | 47.6 | 50.7 | 51.5 | 346.6 | 32.0 | 40.9 | 13.3 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 212.8 | 158.3 | 164.3 | 155.2 | 138.1 | 144.1 | 101.0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 50.3 | 45.3 | 53.2 | 38.7 | 45.6 | 0.7 |
| Total Current Assets | 268.5 | 259.2 | 261.1 | 555.1 | 215.9 | 240.1 | 119.9 |
| Non-Current Assets | |||||||
| Property, Plant & Equipment | 2,477.4 | 2,353.4 | 2,285.5 | 2,201.2 | 2,069.3 | 2,341.4 | 1,101.0 |
| Goodwill | 52.0 | 53.1 | 53.1 | 52.1 | 9.1 | 178.5 | 9.1 |
| Intangible Assets | 923.2 | 912.2 | 935.7 | 967.7 | 1,006.8 | 138.8 | 98.6 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 31.4 | 32.0 | 32.7 | 29.4 | 49.2 | 45.5 | 22.0 |
| Total Non-Current Assets | 3,669.8 | 3,493.3 | 3,438.9 | 3,384.1 | 3,134.3 | 2,704.1 | 1,230.7 |
| Total Assets | 3,938.2 | 3,752.5 | 3,700.0 | 3,939.2 | 3,350.2 | 2,944.2 | 1,350.6 |
| Current Liabilities | |||||||
| Account Payables | 51.2 | 55.7 | 38.7 | 43.1 | 61.9 | 54.7 | 30.6 |
| Short-Term Debt | 6.6 | 9.1 | 12.5 | 33.3 | 23.1 | 14.1 | 7.9 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 4.3 | 134.7 | 137.7 | 88.5 | 7.9 | 27.2 | 42.6 |
| Total Current Liabilities | 174.3 | 199.5 | 188.9 | 165.0 | 184.2 | 171.2 | 83.5 |
| Non-Current Liabilities | |||||||
| Long-Term Debt | 1,609.9 | 0 | 0 | 0 | 1,768.3 | 1,659.7 | 586.4 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 325.7 | 1,705.1 | 1,663.5 | 1,914.1 | 33.7 | 33.7 | 11.0 |
| Total Non-Current Liabilities | 1,935.6 | 1,705.1 | 1,663.5 | 1,914.1 | 1,802.0 | 1,693.4 | 604.1 |
| Total Liabilities | 2,109.9 | 1,904.6 | 1,852.4 | 2,079.1 | 1,986.2 | 1,864.6 | 687.5 |
| Stockholders' Equity | |||||||
| Common Stock | 760.5 | 0 | 0 | 0 | 1,364.0 | 984.6 | 0 |
| Retained Earnings | (0.6) | (3.2) | (4.5) | (0.7) | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 | 0 | 0 | 663.0 |
| Total Stockholders' Equity | 759.9 | 656.7 | 602.3 | 607.7 | 1,364.0 | 1,079.6 | 663.0 |
| Total Liabilities & Equity | 3,938.2 | 3,752.5 | 3,700.0 | 3,939.2 | 3,350.2 | 2,944.2 | 1,350.6 |
| Debt Metrics | |||||||
| Total Debt | 1,616.5 | 9.1 | 12.5 | 33.3 | 1,791.4 | 1,673.8 | 597.1 |
| Net Debt | 1,568.9 | (41.6) | (39.0) | (313.3) | 1,759.4 | 1,632.8 | 583.8 |
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | 14.6 | 9.5 | (13.6) | (0.7) | 10.7 | 1.7 | 0.5 | 3.3 |
| Depreciation & Amortization | 72.1 | 68.9 | 69.1 | 0 | 0 | 21.5 | 21.8 | 0 |
| Stock-Based Compensation | 2.6 | 2.6 | 2.7 | 1.2 | 1.4 | 0.3 | 0.1 | 0.7 |
| Change in Working Capital | (24.0) | 11.4 | 17.8 | 0 | 0 | 7.0 | (13.9) | 0 |
| Other Non-Cash Items | (2.2) | 1.8 | 12.9 | (0.5) | (12.1) | 12.7 | 0.7 | (4.0) |
| Operating Cash Flow | 64.9 | 95.1 | 88.2 | 0 | 0 | 43.2 | 9.2 | 0 |
| Investing Activities | ||||||||
| Capital Expenditure | (123.3) | (110.9) | (89.2) | 0 | 0 | (45.5) | (31.9) | 0 |
| Acquisitions | (82.8) | 0 | 0 | 0 | 0 | (0.0) | (0.7) | 0 |
| Purchases of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0.1 | 1.2 | 0.1 | 0 | 0 | 19.4 | 0.3 | 0 |
| Investing Cash Flow | (206.0) | (109.7) | (89.1) | 0 | 0 | (26.1) | (32.3) | 0 |
| Financing Activities | ||||||||
| Net Debt Issuance | 145.5 | 20.5 | (264.2) | 0 | 0 | (2.5) | 21.6 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | (6.2) | (6.2) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (1.2) | (0.0) | (30.0) | 0 | 0 | (0.3) | 0.7 | 0 |
| Financing Cash Flow | 138.1 | 13.7 | (294.2) | 0 | 0 | (2.8) | 22.2 | 0 |
| Cash Position | ||||||||
| Net Change in Cash | (3.0) | (0.9) | (295.1) | 0 | 0 | 14.3 | (0.8) | 0 |
| Cash at Beginning | 50.7 | 51.5 | 346.6 | 0 | 0 | 13.3 | 14.1 | 0 |
| Cash at End | 47.6 | 50.7 | 51.5 | 0 | 0 | 27.6 | 13.3 | 0 |
| Free Cash Flow | (58.4) | (15.8) | (1.0) | 0 | 0 | (2.3) | (22.6) | 0 |
| Key Metrics | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 217.8 | 201.0 | 27.4 | 123.2 | 196.8 | 178.1 | 87.2 | 89.8 |
| Gross Profit | 58.1 | 48.2 | 29.3 | 35.0 | 21.6 | 56.3 | 23.3 | 46.9 |
| Operating Income | 40.3 | 30.4 | 22.3 | 23.7 | 3.9 | 29.0 | 16.3 | 18.8 |
| Net Income | 5.1 | 9.5 | (0.1) | 4.8 | 1.5 | (10.7) | 0.5 | 3.3 |
| EPS (Diluted) | 0.12 | 0.22 | -0.00 | 0.11 | 0.04 | -0.28 | 0.01 | 0.09 |
| Balance Sheet | ||||||||
| Cash & Equivalents | 47.6 | 50.7 | 51.5 | 346.6 | 32.0 | 40.9 | 13.3 | |
| Total Assets | 3,938.2 | 3,752.5 | 3,700.0 | 3,939.2 | 3,350.2 | 2,944.2 | 1,350.6 | |
| Total Debt | 1,616.5 | 9.1 | 12.5 | 33.3 | 1,791.4 | 1,673.8 | 597.1 | |
| Stockholders' Equity | 759.9 | 656.7 | 602.3 | 607.7 | 1,364.0 | 1,079.6 | 663.0 | |
| Cash Flow | ||||||||
| Operating Cash Flow | 64.9 | 95.1 | 88.2 | 0 | 0 | 43.2 | 9.2 | 0 |
| Capital Expenditure | (123.3) | (110.9) | (89.2) | 0 | 0 | (45.5) | (31.9) | 0 |
| Free Cash Flow | (58.4) | (15.8) | (1.0) | 0 | 0 | (2.3) | (22.6) | 0 |