LandBridge Co LLC LB
LandBridge was formed on September 27, 2023 as a Delaware limited liability company to serve as the issuer in an initial public offering of equity, which closed on July 1, 2024 (the "IPO"). LandBridge is a holding company, the principal asset of which is membership interests in OpCo. LandBridge is also the sole managing member of OpCo. Unless otherwise indicated or the context otherwise requires, references in this Annual Report to "LandBridge", "us," "we," "our" or the "Company" are to (i) OpCo and its subsidiaries before the completion of the corporate reorganization in connection with the IPO (the "Corporate Reorganization") and (ii) LandBridge and its subsidiaries as of the completion of the Corporate Reorganization.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $199.1M | $110.0M | $72.9M | — |
| Operating income | $118.5M | -$16.5M | $70.0M | — |
| Interest expense | $32.7M | $23.3M | $7.0M | — |
| Pre-tax income | $81.5M | -$39.6M | $63.5M | — |
| Income tax | $9.1M | $1.9M | $370.0K | — |
| Net income | $72.4M | -$41.5M | $63.2M | — |
| EPS, basic | 1.18 | 0.28 | — | — |
| EPS, diluted | 0.94 | 0.07 | — | — |
| Shares, diluted (wtd. avg.) | $76.5M | $73.4M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $30.7M | $37.0M | $37.8M | $25.4M |
| Total current assets | $59.8M | $53.3M | $52.3M | — |
| Property, plant and equipment | $1.08B | $902.7M | $203.0M | — |
| Other intangibles | $137.0M | $45.3M | $28.6M | — |
| Total assets | $1.37B | $1.03B | $288.9M | — |
| Short-term debt | $692.0K | $424.0K | $20.3M | — |
| Total current liabilities | $12.3M | $14.4M | $27.1M | — |
| Long-term debt | $559.6M | $380.8M | $108.3M | — |
| Total liabilities | $572.1M | $395.4M | $138.2M | — |
| Retained earnings | $23.2M | $3.3M | — | — |
| Total equity | $340.3M | $211.8M | $150.7M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | $126.3M | $67.6M | $53.0M | — |
| Depreciation and amortisation | $11.5M | $8.9M | $8.8M | — |
| Stock-based compensation | $45.3M | $95.3M | -$17.2M | — |
| Capital expenditure | $4.2M | $985.0K | $2.8M | — |
| Investing cash flow | -$233.1M | -$724.4M | -$2.8M | — |
| Financing cash flow | $100.5M | $655.9M | -$37.8M | — |
| Dividends paid | $63.7M | $178.2M | $105.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-197493.
Others in SIC 6792
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| TPL | Texas Pacific Land Corp | $25.00B | 52.0x | 13.1% |