Latest Ratios: P/E Ratio 69.4x · EV/EBITDA 44.2x · ROE 4.3%. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | $5.8B | $1.6B | $4.7B | — | — |
| Enterprise Value | $5.7B | $1.6B | $5.1B | — | — |
| P/E Ratio → | 69.35 | 53.20 | 895.98 | — | — |
| P/S Ratio | 29.00 | 8.03 | 43.11 | — | — |
| P/B Ratio | 2.63 | 2.01 | 7.79 | — | — |
| P/FCF | 47.31 | 13.11 | 71.11 | — | — |
| P/OCF | 45.73 | 12.67 | 70.08 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | 7.88 | 46.24 | — | — |
| EV / EBITDA | 44.19 | 12.08 | — | — | — |
| EV / EBIT | 48.47 | 13.75 | — | — | — |
| EV / FCF | — | 12.86 | 76.28 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | 91.0% | 91.0% | 90.0% | 83.2% | 79.6% |
| Operating Margin | 59.5% | 59.5% | -15.0% | 96.1% | -6.2% |
| Net Profit Margin | 15.1% | 15.1% | 4.6% | 86.7% | -12.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | 4.3% | 4.3% | 1.3% | 35.0% | -3.0% |
| ROA | 2.5% | 2.5% | 0.8% | 22.4% | -2.3% |
| ROIC | 10.4% | 10.4% | -2.1% | 21.6% | -1.0% |
| ROCE | 10.1% | 10.1% | -2.6% | 26.9% | -1.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.63 | 0.85 | 0.29 |
| Debt / EBITDA | 0.01 | 0.01 | — | 1.64 | 17.49 |
| Net Debt / Equity | — | -0.04 | 0.57 | 0.60 | 0.17 |
| Net Debt / EBITDA | -0.23 | -0.23 | — | 1.16 | 10.22 |
| Debt / FCF | — | -0.25 | 5.16 | 1.81 | 2.07 |
| Interest Coverage | 3.49 | 3.49 | -0.70 | 10.06 | -0.99 |
Net cash position: cash ($31M) exceeds total debt ($692000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 4.87 | 4.87 | 3.67 | 1.93 | 2.17 |
| Quick Ratio | 4.87 | 4.87 | 3.67 | 1.93 | 2.17 |
| Cash Ratio | 2.50 | 2.50 | 2.57 | 1.40 | 1.47 |
| Asset Turnover | — | 0.15 | 0.11 | 0.25 | 0.19 |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | 35.50 | 48.65 | 67.22 | 79.85 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | 3.1% | 4.0% | 3.8% | — | — |
| Payout Ratio | 211.5% | 211.5% | 3488.1% | 166.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | 1.4% | 1.9% | 0.1% | — | — |
| FCF Yield | 2.1% | 7.6% | 1.4% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 3.1% | 4.0% | 3.8% | — | — |
| Shares Outstanding | — | $28M | $73M | $15M | $15M |
Delaware Basin geographic concentration
As reported in financial statements, LandBridge trades at a 60.30x TTM P/E ratio, which suggests that investors are pricing in significant future growth rather than current yield, especially when compared to the more mature, yield-focused royalty peers like Black Stone Minerals that trade at much lower multiples.
The current valuation appears to reflect a market expectation that LandBridge will successfully transition into a long-term infrastructure-like utility. Investors should monitor whether the forward P/E of 46.53 can be sustained if the pace of Delaware Basin drilling activity moderates or if the company fails to secure additional high-margin surface easements.
Based on reported figures, LandBridge's ROIC has shown a volatile recovery from negative levels in 2024Q2 to 2.8% in 2026Q1, indicating that the company is still in the early stages of optimizing its asset base to generate meaningful returns on its recently acquired Delaware Basin land holdings.
The low ROIC relative to peers like Texas Pacific Land suggests that the company is currently prioritizing asset aggregation over immediate capital efficiency. Future improvements in return metrics will likely depend on the company's ability to increase the utilization of its water infrastructure and capture higher-margin surface use agreements.
According to recent SEC filings, LandBridge maintains a DSO of approximately 34 days as of 2026Q1, which suggests that the company is effectively managing its receivables from oil and gas operators despite the inherent complexity of its multi-stream revenue model involving royalties, water sales, and surface easements.
The relatively consistent DSO indicates that the company's customer base, primarily composed of active Delaware Basin operators, remains creditworthy and timely in their payments. Investors should monitor whether this efficiency holds if the company expands its water midstream operations, which may introduce more complex billing and collection cycles.
As indicated by the company's balance sheet, LandBridge has achieved a 0.00% debt-to-equity ratio as of 2026Q1, which represents a significant improvement from the leverage observed in 2024Q2 and positions the company with substantial financial flexibility to pursue opportunistic acquisitions or return capital to shareholders.
This fortress balance sheet is a critical differentiator in the energy sector, allowing the company to navigate commodity price volatility without the burden of interest coverage requirements. The absence of debt suggests that management is prioritizing long-term financial stability over the risks associated with aggressive, debt-funded expansion strategies.
The P/E ratio is frequently misapplied to LandBridge because it fails to account for the significant non-cash depletion and amortization charges inherent in its land-management model, which artificially depress GAAP net income and obscure the company's true cash-generating capacity as a high-margin surface and royalty owner.
Analysts should instead focus on EV/EBITDA or P/FCF to better capture the underlying profitability of the business, as these metrics normalize for the non-cash expenses that currently distort the P/E ratio. Relying solely on P/E may lead to an incorrect assessment of the company's valuation relative to its peers.
Includes 30+ ratios · 4 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying LB stock.
LandBridge Company LLC's current P/E ratio is 69.4x. The historical average is 53.2x. This places it at the 100th percentile of its historical range.
LandBridge Company LLC's current EV/EBITDA is 44.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
LandBridge Company LLC's return on equity (ROE) is 4.3%. The historical average is 9.4%.
Based on historical data, LandBridge Company LLC is trading at a P/E of 69.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
LandBridge Company LLC's current dividend yield is 3.06% with a payout ratio of 211.5%.
LandBridge Company LLC has 91.0% gross margin and 59.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
LandBridge Company LLC's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.