LB
LandBridge Company LLC
LB's fundamentals are strong: revenue grew 37% and its operating margin rose 6 points to 63%. At 54x earnings, it's trading below its usual 77x. Analysts expect earnings growth.
LB Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Weak |
LB's revenue, profitability and cash flow are currently strong, but its balance sheet is weak.
LB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 32x | $70.68 | — |
| Current | 54x | $70.68 | — |
| Cheap | 71x | $92.59 | +31% |
| Fair | 77x | $101 | +42% |
| Expensive | 119x | $156 | +120% |
Historical ranges are pointers, not guarantees.
LB's PE is in its cheap range at 54x. If earnings grow as analysts expect, today's price would be 32x next year's earnings.
LB Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for LB, but weaker profitability.
LB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.19 | +68% |
| Q3 2026 | $1.31 | +79% |
| Q2 2026 | $1.13 | +163% |
| Q1 2026 | $0.97 | +$4.09 |
| Q4 2025 | $0.94 | +$3.52 |
| Q3 2025 | $0.73 | +$6.75 |
| Q2 2025 | $0.43 | +$5.26 |
| Q1 2025 | -$3.12 | -300% |
| Q4 2024 | -$2.58 | -431% |
LB's earnings per share have fallen from their peak: $1.31 over the past year, against $4.36 in late 2023.
LB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $70.9M | +39% |
| Q2 2026 | $66.8M | +41% |
| Q1 2026 | $51M | +16% |
| Q4 2025 | $56.8M | +56% |
| Q3 2025 | $50.8M | +78% |
| Q2 2025 | $47.5M | +83% |
| Q1 2025 | $44M | +131% |
| Q4 2024 | $36.5M | -2.7% |
LB's revenue has grown year over year for seven quarters in a row: $71M last quarter, up 39% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 68% | +7.3 points |
| Q2 2026 | 66% | +6.1 points |
| Q1 2026 | 57% | +0.2 points |
| Q4 2025 | 60% | +11 points |
| Q3 2025 | 61% | +50 points |
| Q2 2025 | 60% | +257 points |
| Q1 2025 | 57% | -14 points |
| Q4 2024 | 49% | -17 points |
LB's operating margin was 68% last quarter, up 7.3 points from the same quarter a year ago.
LB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $49M | +45% |
| Q2 2026 | $40.2M | +11% |
| Q1 2026 | $40.9M | +158% |
| Q4 2025 | $36.4M | +36% |
| Q3 2025 | $33.7M | +372% |
| Q1 2025 | $15.8M | -7.5% |
| Q4 2024 | $26.7M | +117% |
| Q3 2024 | $7.1M | -55% |
LB's free cash flow has been positive every quarter since late 2022: $167M over the past year, up 48% from the year before.
LB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -62% | -47.8M shares |
| 1 year | -62% | -47.4M shares |
| 3 years | +101% | +14.6M shares |
LB has 29M diluted shares, down 62% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
LB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.3x | High |
| Q2 2026 | 3.2x | Elevated |
| Q1 2026 | 3.7x | Elevated |
| Q4 2025 | 4.1x | High |
| Q3 2025 | 3.0x | Elevated |
| Q2 2025 | 4.2x | High |
| Q1 2025 | 95.0x | High |
| Q1 2024 | 1.2x | Healthy |
LB's net debt is about 4.3 years of its operating earnings (EBITDA), up from 3.0 years a year ago.
LB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.6 | Neutral |
| Stochastic | 33.7 | Neutral |
LB's weekly RSI is 45 (neutral) and its Stochastic is 34 (neutral).
LB PE vs Energy Sector
| Metric | LB | Sector median | Relative |
|---|---|---|---|
| PE | 54x | 13x | 311% above |
| PE % | 2 | 42 | 40 pts below |
LB is trading at 54x earnings, a 311% premium to the Energy sector's median of 13x.
LB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $78.9 | 10% below |
| 20 week MA | $80.2 | 12% below |
| 50 week MA | $70.9 | 0.4% below |
| 100 week MA | $67.7 | 4.4% above |
LB has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 4.4% above its 100-week average.
LB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $23.2 | $64.8 | +180% |
| 2025 | $64.8 | $52.0 | -20% |
| 2026 YTD | $52.0 | $70.7 | +36% |
LB is up 36% so far in 2026, after finishing lower in one of the previous two years.