Revenue
$199Mlow FY2023
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LB, Landbridge Company LLC
Oil & Gas Producers REIT
LandBridge is a holding company, the principal asset of which is membership interests in OpCo.
Land is a fundamental requirement for the development and production of energy and the construction and operation of critical infrastructure.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$199M
+81.1% YoY
Vital signs · TTM, with 3-yr average
Revenue $206M 3-yr avg $127M
Revenue $51M +16.0% vs yr-ago qtr
Operating margin 57.2% yr-ago 57.0%
Net income $18M yr-ago $15M
Net margin 35.0% yr-ago 35.2%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on equity has sat below the cost of equity (median 9%, above 12% in only 1 of 3 years). A mortgage REIT lives on the spread between what its mortgages earn and what its borrowing costs, levered many times over; weigh the worst rate and credit years in the record, not the average, and read the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $73M | $110M | $199M | $206M | RevenueRevenue |
| ($7M) | ($23M) | ($33M) | ($34M) | Net interest incomeNet int. |
| $63M | $5M | $30M | $32M | Net incomeNet inc. |
| 1% | 27% | 23% | 22% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| 21.9% | 0.5% | 2.2% | 2.4% | Return on assetsROA |
| 42% | 2% | 9% | 9% | Return on equityROE |
| −28% | −82% | −10% | −9% | Retained to equityRetained/eq |
| 52% | 3% | 15% | 15% | Return on tangible equityROTCE |
| Balance sheet | ||||
| $289M | $1.0B | $1.4B | $1.4B | Total assetsAssets |
| $151M | $212M | $340M | $344M | Shareholders’ equityEquity |
| Per share | ||||
| — | 73.4M | 76.5M | 77.1M | Shares out (diluted)Shares |
| — | $0.07 | $0.39 | $0.42 | EPS (diluted)EPS |
| — | $2.43 | $0.83 | $0.84 | Dividends / shareDiv/sh |
| — | $2.89 | $4.45 | $4.47 | Book value / shareBVPS |
| — | $2.27 | $2.66 | $2.73 | Tangible book / shareTBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- Below the cost of equityNet income $30M ÷ equity $340MIndustry peers: median 7%
What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
- SolidNet income ÷ (equity − goodwill $0 − intangibles $137M)Industry peers: median 7%
What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
- Not enough data
What this means
Noninterest expense or revenue missing.
Is it sound?
- Capital (equity / assets) 24.9%Well capitalizedEquity $340M ÷ assets $1.4B
What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Borrowed against bookAssets $1.4B ÷ equity $340M
What this means
A mortgage REIT finances a pool of mortgages with borrowed money — mostly short-term repo, which sits in liabilities rather than as tagged debt — so its true leverage is the whole balance sheet against the owners' equity, not just labeled debt. That leverage magnifies both the spread it earns and the loss when rates or credit move against it; read it beside the book value, the question being whether the spread compensated for the leverage through a cycle.
- Credit cost —Not enough data
What this means
Provision or net interest income missing.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$59M
- Cash & short-term investments$30M
- Other current assets$30M
Current liabilities$19M
- Debt due within a year$433K
- Other current liabilities$18M
Current ratio3.15×all current assets ÷ what's due · Graham looked for 2×
Quick ratio3.15×stricter: inventory excluded
Cash ratio1.58×strictest: cash alone against what's due
Working capital$40Mthe cushion left after near-term bills
Debt due this year vs. cash$433K due · $30M cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Revenue, latest quarter vs. a year ago+16.0%the freshest read on whether the business is still growing
Current ratio, recent quarters0.8× → 3.1×
Deeper floors
Tangible book value$210Mequity stripped of goodwill & intangibles
Net current asset value($495M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$536Mno operating-lease liability tagged this quarter, so debt alone
Deferred revenue$1Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Stock-based compensation$45M
The slice of the business handed to employees in shares this year, 23% of revenue, equal to 38% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$52M · 25% of revenue on the largest customers (TTM)
“WaterBridge has the right to construct produced water infrastructure on our Stateline and Northern Positions and is one of our largest customers, representing 25% of our revenue during the year ended December 31, 2025.”verify →
- Which reported numbers are a judgment call?Management names Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Oil & Gas Producers
The same industry, side by side on the bank lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | ROE | ROTCE | Efficiency | NII / assets |
|---|---|---|---|---|---|
| BRSPBrightSpire Capital Inc. | $331M | -5% | -5% | — | 1.5% |
| LBLandbridge Company LLC | $199M | 9% | 15% | — | -2.4% |
| LADRLadder Capital Corp | $293M | 7% | 7% | — | 1.9% |
| TRTXTPG RE Finance Trust Inc. | $146M | 6% | 6% | — | 2.4% |
| ADAMAdamas Trust Inc. | $149M | 10% | 11% | — | 1.2% |
| ARRARMOUR Residential REIT Inc. | $158M | 14% | 14% | — | 0.8% |
| RWTRedwood Trust Inc. | $155M | -7% | -7% | — | 0.3% |
| CIMChimera Investment Corporation | $266M | 9% | 9% | — | 1.7% |
| Group median | — | 8% | 8% | — | 1.3% |
The price
What a price has to assume.
What the price implies
price / tangible bookA mortgage REIT is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Landbridge Company LLC’s record justifies.
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The assumptions
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A mortgage REIT earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a mortgage REIT.
Enter a price above to run it.
Price / tangible book—
Justified by the return—
Normalized return on tangible equity15%
Price / book—
Earnings yield—
P/E (3-yr avg ’23–’25)—
Graham’s price gate—
Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Tangible book $210M on 23M shares, a 15% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the mortgage REIT keeps earning that return; a rate shock, a spread that compresses or a credit cycle changes it, which is what the record and the 10-K are for.
Cite: Owner Scorecard, "Landbridge Company LLC (LB), the owner's record," https://ownerscorecard.com/c/LB, data as of 2026-07-09.
Manual order: ← LAZ its page in the Manual LBRDA →
Industry order: ← KRP the Oil & Gas Producers chapter MGY →