LandBridge Co LLC
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SEC XBRL · annual| FY25 | FY24 | FY23 | |
|---|---|---|---|
| Revenue | $199.1M | $110.0M | $72.9M |
| Operating income | $118.5M | −$16.5M | $70.0M |
| Net income | $30.1M | $5.1M | $63.2M |
| Total assets | $1.37B | $1.03B | $288.9M |
| Total liabilities | $572.1M | $395.4M | $138.2M |
| Equity | $340.3M | $211.8M | $150.7M |
| EPS (diluted) | $0.94 | $0.07 | — |
| Shares out. | 76.5M | 23.3M | — |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- 59.5%
- Net margin
- 15.1%
- Return on equity
- 8.9%
- Return on assets
- 2.2%
- Return on capital (ROCE)
- 8.8%
- Liabilities / assets
- 41.9%
- Debt / equity
- 1.68×
- Book value / share
- $4.45
- Revenue growth (YoY)
- 81.1%
- Net income growth (YoY)
- 489.6%
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- 1.49grey zone
- Accruals / assets
- −7.0%clean
- Piotroski F-Score
- 7/9strong
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 1 warning● 5 good- Altman Z″ in the grey zone
- Operating margin is positive
- Revenue is growing year-over-year
- Conservative leverage (liabilities < 50% of assets)
- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Morgan StanleyPassive (13G)May 12, 2026
- Landbridge Holdings LlcActivist (13D)Nov 21, 2025
- First Manhattan Co. Llc.Passive (13G)Nov 7, 2025
- Horizon Kinetics Asset Management LlcActivist (13D)Oct 29, 2025
- T. Rowe Price Investment Management, Inc.Passive (13G)May 14, 2025
- Fmr LlcPassive (13G)May 12, 2025
- Hill City Capital, LpPassive (13G)Feb 14, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Watson Charles L.Director | Mar 2, 2026 | Sell | 30,680 | $74.07 |
| Bolling Harrison FennerOfficer — See Remarks | Jan 5, 2026 | Buy | 850 | $46.84 |
| Mcneely Scott LloydOfficer — See Remarks | Jan 6, 2026 | Buy | 549 | $45.49 |
| Long Jason ThomasOfficer — See Remarks | Jan 5, 2026 | Buy | 2,143 | $46.59 |
| Five Point Energy Fund Ii Aiv-Vii LpDirector | Nov 18, 2025 | J | 2.5M | $0.00 |
| Landbridge Holdings LlcDirector | Nov 18, 2025 | J | 2.5M | $0.00 |
| Capobianco David NDirector | Nov 18, 2025 | J | 2.5M | $0.00 |
| Chase ValerieDirector | Aug 27, 2025 | Grant | 3,895 | $0.00 |
| Daul Ty P.Director | Aug 27, 2025 | Grant | 3,895 | $0.00 |
| Watson Charles L.Director | Aug 27, 2025 | Grant | 3,895 | $0.00 |
| Nicolas Andrea LiriaDirector | Aug 27, 2025 | Grant | 3,895 | $0.00 |
| Long Jason ThomasOfficer — See Remarks | Jul 1, 2025 | Tax withholding | 33,424 | $66.38 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 3.4M | 9.1 | +25.3% |
| Apr 30, 2026 | 2.7M | 13.0 | -12.1% |
| Apr 15, 2026 | 3.1M | 8.3 | +6.7% |
| Mar 31, 2026 | 2.9M | 5.8 | +7.0% |
| Mar 13, 2026 | 2.7M | 6.9 | -0.8% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Results of operations · Regulation FD disclosureMay 6, 2026
- Regulation FD disclosureMar 19, 2026
- Results of operations · Regulation FD disclosureFeb 25, 2026
- Entered a material agreement · New financial obligationNov 25, 2025
- Regulation FD disclosureNov 19, 2025
- Entered a material agreement · Results of operations · New financial obligation · Regulation FD disclosure · Other material eventNov 19, 2025
- Regulation FD disclosure · Other material eventNov 19, 2025
- Results of operations · Regulation FD disclosureNov 12, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗Event-driven situations (2)
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