The company has achieved a fortress balance sheet, successfully reducing its debt-to-equity ratio from 1.33 in 2024Q2 to 0.00 by 2026Q1.
| Total Current Assets | 59.26M | 59.81M | 52.81M | 52.28M | 37.31M |
| Cash & Short-Term Investments | 29.68M | 30.74M | 37.03M | 37.82M | 25.35M |
| Cash Only | 29.68M | 30.74M | 37.03M | 37.82M | 25.35M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 18.49M | 19.36M | 14.65M | 13.42M | 11.33M |
| Days Sales Outstanding | 34.57 | 35.5 | 48.65 | 67.22 | 79.85 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 11.1M | 9.71M | 1.13M | 300K | 630K |
| Total Non-Current Assets | 1.3B | 1.31B | 950.66M | 236.67M | 238.71M |
| Property, Plant & Equipment | 1.08B | 1.08B | 902.74M | 203.02M | 207.31M |
| Fixed Asset Turnover | 0.21x | 0.18x | 0.12x | 0.36x | 0.25x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 134.2M | 136.96M | 45.27M | 28.64M | 30.88M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 3.8M | 3.86M | 2.65M | 5.01M | 521K |
| Total Assets | 1.36B | 1.37B | 1B | 288.95M | 276.02M |
| Asset Turnover | 0.17x | 0.15x | 0.11x | 0.25x | 0.19x |
| Asset Growth % | 177.6% | 36.13% | 247.28% | 4.68% | - |
| Total Current Liabilities | 18.82M | 12.29M | 14.41M | 27.1M | 17.19M |
| Accounts Payable | 369K | 562K | 489K | 200K | 38K |
| Days Payables Outstanding | 14.96 | 11.39 | 16.24 | 5.98 | 1.31 |
| Short-Term Debt | 433K | 692K | 424K | 20.34M | 12.19M |
| Deferred Revenue (Current) | 4.56M | 1.26M | 1.22M | 278K | 1.33M |
| Other Current Liabilities | 18.02M | 9.77M | 2.12M | 500K | 1.36M |
| Current Ratio | 3.15x | 4.87x | 3.67x | 1.93x | 2.17x |
| Quick Ratio | 3.15x | 4.87x | 3.67x | 1.93x | 2.17x |
| Cash Conversion Cycle | 19.61 | - | - | - | - |
| Total Non-Current Liabilities | 535.3M | 559.78M | 381M | 111.1M | 48.87M |
| Long-Term Debt | 0 | 0 | 380.81M | 108.34M | 48.82M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 535.3M | 559.78M | 183K | 2.76M | 55K |
| Total Liabilities | 554.12M | 572.07M | 395.41M | 138.2M | 66.06M |
| Total Debt | 433K | 692K | 381.24M | 128.68M | 61.01M |
| Net Debt | -29.25M | -30.05M | 344.21M | 90.86M | 35.66M |
| Debt / Equity | 0.00x | 0.00x | 0.63x | 0.85x | 0.29x |
| Debt / EBITDA | 0.00x | 0.01x | - | 1.64x | 17.49x |
| Net Debt / EBITDA | -0.21x | -0.23x | - | 1.16x | 10.22x |
| Interest Coverage | 2.90x | 3.49x | -0.70x | 10.06x | -0.99x |
| Total Equity | 808.12M | 793.99M | 608.07M | 150.75M | 209.96M |
| Equity Growth % | 263.79% | 30.58% | 303.37% | -28.2% | - |
| Book Value per Share | 29.03 | 28.52 | 8.29 | 10.40 | 14.48 |
| Total Shareholders' Equity | 344.5M | 340.3M | 436.01M | 150.75M | 209.96M |
| Common Stock | 0 | 0 | 432.66M | 150.75M | 209.96M |
| Retained Earnings | 28.58M | 23.23M | 3.35M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 463.62M | 453.68M | 172.05M | 0 | 0 |
Delaware Basin geographic concentration
As reported in recent financial statements, LandBridge has successfully transitioned from a levered entity to a debt-free position, with the debt-to-equity ratio dropping from 1.33 in 2024Q2 to 0.00 by 2026Q1, signaling a significant strengthening of the company's overall balance sheet quality and financial resilience.
The rapid elimination of debt suggests a strategic pivot toward self-funded growth, likely intended to insulate the company from interest rate volatility. This trajectory implies that management is prioritizing long-term capital preservation over aggressive, debt-fueled expansion, which should provide a substantial buffer during cyclical energy downturns.
Based on the company's reported figures, total assets have expanded to $1.4 billion as of 2026Q1, with the vast majority comprised of net property, plant, and equipment, reflecting the company's heavy investment in land and water-related infrastructure within the Delaware Basin.
The concentration of assets in PPE suggests an asset-heavy model that functions as a toll-road for regional operators. Investors should monitor whether the carrying value of these assets remains supported by sustained drilling activity, as the lack of diversification outside the Delaware Basin creates significant valuation sensitivity.
According to quarterly filings, LandBridge has maintained a robust liquidity profile, with the current ratio improving from 0.72 in 2024Q1 to 3.15 in 2026Q1, indicating that the company has successfully built a substantial buffer to cover its short-term obligations and operational requirements.
This improvement in liquidity appears to be a direct result of the company's debt repayment and cash management strategy. The current ratio suggests that the company is well-positioned to navigate potential short-term disruptions in regional drilling activity without needing to access external capital markets.
As indicated by the company's balance sheet, retained earnings have grown from zero in 2023Q4 to $28.6 million by 2026Q1, reflecting a shift toward internal capital accumulation that strengthens the equity base and provides a foundation for future dividend or reinvestment capacity.
The growth in retained earnings suggests that the business is beginning to generate consistent, organic value beyond its initial formation. This trend warrants further investigation into how management intends to balance this growing equity base against potential future share-based compensation dilution.
Quick answers to the most common questions about buying LB stock.
As of 2025, LandBridge Company LLC (LB) had total assets of $1.37B including $59.8M in current assets.
LandBridge Company LLC (LB) carries total debt of $0.7M, offset by $30.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
LandBridge Company LLC (LB) has total shareholders' equity (book value) of $340.3M ($28.52 book value per share). Book value represents the net worth of the company belonging to common stock holders.
LandBridge Company LLC (LB) reported a current ratio of 4.87x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.