What moves the needle: Gross margin has run about 28% and operating margin about 18% through the cycle, a solid spread between what it charges and what the product costs to make. That margin has stayed fairly steady relative to where it runs (15%–20% over the years), so unit growth and cost discipline, not a moving line, are the lever. Capital spending runs about 53% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on the commodity price, and the cost to lift a barrel. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.

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
$201M	$316M	$526M	$629M	RevenueRevenue
28%	28%	27%	25%	Gross marginGross mgn
7%	11%	9%	9%	SG&A / revenueSG&A/rev
$40M	$56M	$79M	$94M	Operating incomeOp. inc.
20.2%	17.8%	15.0%	14.9%	Operating marginOp. mgn
$15M	$3M	$9K	$2M	Net incomeNet inc.
1%	10%	—	-5%	Effective tax rateTax rate
				Cash flow & returns
$48M	$74M	$160M	$212M	Operating cash flowOp. cash
$48M	$78M	$141M	$167M	DepreciationDeprec.
($14M)	($17M)	$13M	$35M	Working capital & otherWC & other
$148M	$160M	$279M	$344M	CapexCapex
73.7%	50.6%	53.0%	54.7%	Capex / revenueCapex/rev
$37K	($4M)	$19M	$45M	Owner earningsOwner earn.
0.0%	−1.4%	3.6%	7.1%	Owner earnings marginOE mgn
($99M)	($86M)	($119M)	($132M)	Free cash flowFCF
−49.6%	−27.2%	−22.6%	−21.1%	Free cash flow marginFCF mgn
$25M	$167M	$0	$0	AcquisitionsAcquis.
—	9%	3%	5%	ROICROIC
—	—	0%	0%	Return on equityROE
—	—	0%	0%	Retained to equityRetained/eq
				Balance sheet
$13M	$13M	$52M	$51M	Cash & investmentsCash+inv
—	$13M	$26M	$43M	Accounts payablePayables
—	$120M	$261M	$259M	Current assetsCur. assets
—	$83M	$189M	$199M	Current liabilitiesCur. liab.
—	1.4×	1.4×	1.3×	Current ratioCurr. ratio
—	$9M	$53M	$53M	GoodwillGoodwill
—	$1.4B	$3.7B	$3.8B	Total assetsAssets
—	$593M	$1.4B	$1.5B	Total debtDebt
—	$580M	$1.4B	$1.4B	Net debt / (cash)Net debt
—	$0	$602M	$657M	Shareholders’ equityEquity
−0.2%	3.0%	1.0%	1.2%	Stock comp / revenueSBC/rev

The record, charted

FY2023–2025

Each measure over its full record; the current point and the worst year marked.

Gross margin

27%low FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$19Mowner earningsvs.$9Knet incomelow FY2024

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2023FY2025

Owner-earnings bridge

FY2023–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $19M of owner earnings, the operating cash left after the $141M it takes just to hold its position. It put $138M more into growth; free cash flow, after that spending, was ($119M).

Reported net income$9K

Owner earnings$19M · 4% of revenue

	FY2025	FY2024	FY2023
Reported net income	$9K	$3M	$15M
Depreciation & amortizationnon-cash charge added back	+$141M	+$78M	+$48M
Stock-based compensationreal costnon-cash, but a real cost	+$5M	+$10M	−$359K
Working capital & othertiming of cash in and out, other non-cash items	+$13M	−$17M	−$14M
Cash from operations	$160M	$74M	$48M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$141M	−$78M	−$48M
Owner earnings	$19M	($4M)	$37K
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$138M	−$82M	−$100M
Free cash flow	($119M)	($86M)	($99M)
Owner-earnings marginowner earnings ÷ revenue	4%	-1%	0%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $141M, roughly its depreciation, the rate its assets wear out). The other $138M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $5M), owner earnings is nearer $13M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

Interest expense not tagged in the data

What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
How heavy is the debt, net of cash? $1.4B · 17.7× operating profit

Heavy net debt

Cash $52M − debt $1.4B

What this means
Netting $52M of cash and short-term investments against $1.4B of debt leaves $1.4B owed, about 17.7× a year's operating profit (18.3× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 3%

Below average

NOPAT $62M ÷ invested capital $2.0B (debt + equity − cash)

Industry peers: median 1%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 0%

Thin through the cycle

3-yr median margin, range -1%–4%; latest $19M = operating cash $160M − maintenance capex $141M

Industry peers: median 7%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 4% of revenue this year, a 0% median across 3 years. It chose to put $138M more into growth, so free cash flow this year was ($119M) — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $5M of SBC) leaves $13M.
Are earnings backed by cash? 17743.89×

Cash-backed

Cash from ops $160M ÷ net income $9K

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 1.98×

Expanding

Capex $279M ÷ depreciation $141M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 3 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $526M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.38×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $1.4B vs $72M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.13/share (latest year $0.00), the averaged base the calculator's gate runs on, and book value is $13.72/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Does AI threaten the moat?

Low contestability

The 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; it frames AI mainly as a capability.

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, and the company is using it that way.

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, 2026

Can 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$259M

Cash & short-term investments$51M
Other current assets$209M

Current liabilities$199M

Debt due within a year$9M
Accounts payable$43M
Other current liabilities$148M

Current ratio1.30×all current assets ÷ what's due · Graham looked for 2×

Quick ratio—inventory untagged this quarter, so withheld rather than shown equal to the current ratio

Cash ratio0.25×strictest: cash alone against what's due

Working capital$60Mthe cushion left after near-term bills

Debt due this year vs. cash$9M due · $51M 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+105.3%the freshest read on whether the business is still growing

Current ratio, recent quarters1.4× → 1.3×

Deeper floors

Tangible book value($309M)equity stripped of goodwill & intangibles

Net current asset value($1.6B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$1.5B$6M of it operating leases

Deferred revenue$5Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Acquisitions & goodwill

from the balance sheet & the 3-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$989M27% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity9%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$232Mover 3 years buying other businesses, against $586M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 3-year record, from the company's own filings.

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$5M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 7% 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.

Peers, Oilfield Services & Equipment

The same industry, side by side on owner economics. 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	Gross margin	Op. margin	ROIC	Owner earn. margin
WTTRSelect Water Solutions	$1.4B	12%	1.9%	-0%	6%
NESRNational Energy Services Reunited Corp	$1.3B	13%	7.4%	8%	9%
PUMPProPetro Holding Corp.	$1.3B	—	0.1%	0%	7%
GTEGran Tierra Energy Inc.	$597M	68%	17.8%	3%	10%
RNGRRanger Energy Services Inc.	$547M	—	1.1%	1%	6%
CLBCore Laboratories Inc.	$527M	20%	10.7%	11%	5%
WBIWaterbridge Infrastructure LLC	$526M	28%	17.8%	3%	0%
NGSNatural Gas Services Group Inc.	$172M	—	5.5%	1%	25%
Group median	—	20%	6.5%	2%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Waterbridge Infrastructure LLC has delivered.

Waterbridge Infrastructure LLC’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Base Normalize · through-cycle (($101M)) Net of stock comp (−$8M) Steady-state · maintenance capex ($71M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($132M) on 44M shares outstanding (a weighted basic average, the only count this filer tags); net debt $1.4B. The if-converted diluted count is 123M, 181% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($344M) runs well above depreciation ($167M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $71M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh WBI against another business →

The owners of WBI: the meeting and the votes →

Cite: Owner Scorecard, "Waterbridge Infrastructure LLC (WBI), the owner's record," https://ownerscorecard.com/c/WBI, data as of 2026-07-09.

Manual order: ← WBD its page in the Manual WBS →

Industry order: ← STAK the Oilfield Services & Equipment chapter WFRD →