Fundamentals Hub
▼ FY 2025 Summary Analysis
Annual report ending Dec 31, 2025Overview and Growth
In fiscal 2025, LandBridge Corp recorded $199.09M of revenue, net income of $30.13M, and an operating cash inflow of $126.27M. At $199.09M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $109.95M in fiscal 2024, revenue recorded a 81.1% year-over-year increase. On a per-share basis, diluted EPS was $0.94, which connects the reported earnings outcome with the company’s diluted share count. Asset turnover was 0.15x, relating the company’s annual revenue directly to the total assets reported at the period end.Profitability
The reported operating result was $118.50M, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 59.5%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $30.13M for the fiscal year. Measured against reported revenue, net income produced a 15.1% margin after operating costs and the remaining recognized items. The earnings statement records $81.47M of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 40.9%, adding a pre-tax profitability layer between revenue and net income. The company recognized $9.07M of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 11.1% of pretax income, showing the tax burden absorbed by the year’s earnings. Net income equaled 3.8% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 2.2%, showing earnings relative to the full balance sheet.Liquidity and Capital Structure
Total assets were $1.37B, supported by $572.07M of liabilities and $793.99M of shareholder equity. The near-term balance sheet paired $59.81M of current assets with $12.29M of current liabilities at the reporting date. The current ratio was 4.87x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $30.74M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 250.2% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $560.28M of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.71x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 41.0% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 41.9%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 2.3%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 32.3% from $1.03B in fiscal 2024, leaving current total assets higher year over year. Book equity was 24.6% higher than fiscal 2024 equity of $637.07M, showing how shareholder capital changed year over year.Cash Flow and Earnings Quality
The company reported $126.27M of operating cash flow, a cash inflow that shows the cash generated by operations. Against net income, operating cash flow measured 4.19x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $4.24M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 3.4% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $122.04M, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 61.3% of revenue, linking post-investment cash generation with the company’s operating scale. Free cash flow equaled 8.9% of total assets, relating post-investment cash generation to the company’s resource base.
Based on the annual report for the fiscal year ending Dec 31, 2025.
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