LandBridge Corp (LB) stock analysis
Close on Nov 11, 2026Market cap $2.13BP/E 62.3Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed10 of 30 checks passed
LandBridge passes 10 of the 30 checks behind our score; 12 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 2/6
- Past performance
- 3/6
- Financial health
- 3/6
- Dividend
- 2/6
What stands out
Return on capital over 10%
Return on invested capital was 15.9%, above the 10% that usually covers the cost of capital.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 22.5% of total debt.
Low bankruptcy risk
The Altman Z-score is 4.84; above 3 is the safe zone and below 1.8 the distress zone.
Guidance raised
LandBridge raised its fiscal year 2026 Adjusted EBITDA outlook on May 6, 2026.
What to watch
Margin of safety under 20%
The price is 281% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $72.90 is above our fair value estimate of $19.11.
High debt
Debt is 194% of shareholders' equity, above the 40% we consider low.
P/E above the industry
LandBridge's P/E of 62.3 is above the Miscellaneous Investing median of 26.3.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E above the industry
LandBridge's P/E of 62.3 is above the Miscellaneous Investing median of 26.3.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B above the industry
LandBridge's price-to-book of 14.41 is above the Miscellaneous Investing median of 1.20.
Trading above fair value
The share price of $72.90 is above our fair value estimate of $19.11.
Margin of safety under 20%
The price is 281% above fair value, so there is no margin of safety.
Growth2/6
Revenue growth over 3 years
Needs three years of positive revenue.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 37.3% over the last twelve months; the Miscellaneous Investing median is 4.6%.
Guidance raised
LandBridge raised its fiscal year 2026 Adjusted EBITDA outlook on May 6, 2026.
Gross margin trend
This company does not report gross profit.
Past performance3/6
Return on equity
Needs positive equity and five years of results.
Return on capital over 10%
Return on invested capital was 15.9%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
LandBridge's return on equity of 12.7% is above the Miscellaneous Investing median of 3.1%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin above the industry
LandBridge's net margin of 17.1% is above the Miscellaneous Investing median of 10.3%.
Financial health3/6
High debt
Debt is 194% of shareholders' equity, above the 40% we consider low.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 22.5% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 2.78 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 4.84; above 3 is the safe zone and below 1.8 the distress zone.
Dividend2/6
Pays a dividend
LandBridge paid dividends worth 0.6% of the share price over the last twelve months.
Yield below Treasuries
The 0.6% yield is below the 4.4% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.8% or more; LandBridge yields 0.6%.
Dividend stability
Fewer than five years of dividend history.
Not covered by earnings
Dividends take 147% of net income, leaving little room.
Covered by free cash flow
Dividends take 37.0% of free cash flow.
Fair value
How we estimate itOur estimate per share
$19.11
The share price is 281% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 26.3× | – | 26.3× | $30.81 | 40% |
| EV/EBITDA | 9.5× | – | 9.5× | $11.66 | 35% |
| P/B | 1.2× | – | 1.2× | $6.05 | 10% |
| Earnings power | 7.4% cost of equity | – | – | $14.00 | 15% |
| Fair value | $19.11 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/B at month end
- Miscellaneous Investing median 1.2
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $28.71M
- Value traded per 1% price move
- $12.12M
Downside
High risk
- Typical loss in a bad month
- 26.7%
- Volatility (annualized)
- 63%
- Sharpe ratio, 1 year
- -0.11
- Beta to the S&P 500 (5Y)
- -0.57
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2022 to 2025
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +81.1% | – | – | – | |
| Net income | +489.6% | – | – | – | |
| EPS, diluted | +1242.9% | – | – | – | |
| Free cash flow | +83.1% | – | – | – |
Returns and balance sheet
4 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2022 | FY2022 | FY2025 | Trend |
|---|---|---|---|---|
| Return on assets | – | – | 2.5% | |
| Current ratio | – | – | 4.87 | |
| Debt to equity | – | – | 1.65 | |
| Net debt to EBITDA | – | – | 4.07× | |
| Capex to revenue | – | – | 2.1% | |
| Diluted shares | – | – | 77M |
Cash use needs five years of cash flow figures
LandBridge does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 15.1% | 0.17× | 4.34× | 10.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$30.13M
- Cash generatingOperating cash flow above zero$126.27M
- Return on assets improvedROA up on the prior year1.8% → 2.9%
- Earnings backed by cashOperating cash flow above net income$126.27M vs $30.13M
- Less leverageLong-term debt to assets fell36.9% → 41.0%
- Better liquidityCurrent ratio rose3.70 → 4.87
- No dilutionShare count did not rise73M → 77M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.38 → 0.19
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