Latest Ratios: P/E Ratio 60.3x · EV/EBITDA 42.7x · 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 | $5.0B | $1.6B | $4.7B | — | — |
| Enterprise Value | $5.5B | $2.1B | $5.1B | — | — |
| P/E Ratio → | 60.28 | 53.20 | 895.98 | — | — |
| P/S Ratio | 25.18 | 8.03 | 43.11 | — | — |
| P/B Ratio | 2.28 | 2.01 | 7.79 | — | — |
| P/FCF | 41.08 | 13.11 | 71.11 | — | — |
| P/OCF | 39.71 | 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 | — | 10.69 | 46.24 | — | — |
| EV / EBITDA | 42.65 | 16.38 | — | — | — |
| EV / EBIT | 46.78 | 18.65 | — | — | — |
| EV / FCF | — | 17.45 | 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 | 7.8% | 7.8% | -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 | 0.71 | 0.71 | 0.63 | 0.85 | 0.29 |
| Debt / EBITDA | 4.31 | 4.31 | — | 1.63 | 17.49 |
| Net Debt / Equity | — | 0.67 | 0.57 | 0.60 | 0.17 |
| Net Debt / EBITDA | 4.07 | 4.07 | — | 1.15 | 10.22 |
| Debt / FCF | — | 4.34 | 5.16 | 1.81 | 2.07 |
| Interest Coverage | 3.49 | 3.49 | -0.70 | 10.06 | -0.99 |
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 | — | 44.56 | 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 | 3.5% | 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 | 1.7% | 1.9% | 0.1% | — | — |
| FCF Yield | 2.4% | 7.6% | 1.4% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 3.5% | 4.0% | 3.8% | — | — |
| Shares Outstanding | — | $28M | $73M | $15M | $15M |
Includes 30+ ratios · 4 years · Updated daily
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10-year return with dividends reinvested.
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 60.3x. 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 42.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.4x.
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 60.3x. 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 3.52% 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 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Acquisition-dependent growth concentration
Metrics are mathematically derived from official filings.
Premium Multiples Price in Sustained Growth
As reported in the supplied market data, LB trades at 60.3x trailing earnings, 42.7x EV/EBITDA and 25.2x sales, multiples that sit well above the 39.1x P/E and 28.5x EV/EBITDA of Texas Pacific Land, suggesting investors are capitalizing growth rather than current earnings.
The gap between the 60.3x trailing and 37.6x forward P/E implies the market expects earnings to rise sharply as acquired acreage matures, which is a conditional assumption rather than a demonstrated result. The forward EV/EBITDA rising to 59.9x versus 42.7x trailing is an unusual inversion that warrants scrutiny of whether consensus expectations already embed aggressive acquisition-driven growth. Investors should monitor whether the premium persists if quarterly revenue growth continues to decelerate from the 81.1% trailing rate toward the 39.5% latest year-over-year figure.
Operating Strength Undercut by Net Margin Gap
Based on reported figures, LB's gross margin of 96.5% and operating margin of 68.1% in 2026Q3 are strong, yet the net margin of 18.3% indicates roughly half of operating profit is absorbed below the operating line.
The persistent gap between operating and net margin suggests meaningful interest, amortization, or other non-operating charges tied to the company's 0.71 debt-to-equity position and expanding asset base. Operating leverage appears real, with operating margin improving from 60.8% to 68.1% over recent quarters while SG&A held near flat, though this improvement may not carry through to net earnings if financing costs rise. Earnings power should be judged on operating and free cash flow margins rather than the headline net figure until the drivers of the gap are better understood.
Returns Recovering but Still Thin
As reported in the quarterly statements, LB's ROIC has recovered from negative territory to 3.3% in 2026Q3, and ROE of 1.5% remains well below the 35.8% ROE reported by Texas Pacific Land and the 22.2% reported by Black Stone Minerals.
The recovery from the -8.0% ROIC in 2024Q2 reflects the reversal of the earlier loss history, but a 3.3% ROIC on a rapidly expanded asset base suggests newly acquired capital is not yet earning returns comparable to mature royalty peers. The ROE-to-ROIC relationship indicates returns are being diluted by the equity and debt layered onto the balance sheet, which is typical of an acquisition-led build-out. Investors should look for ROIC to climb materially as acquired acreage contributes a full period of revenue, otherwise the capital deployed may be compounding slowly.
Moderate Leverage Against Rising Liabilities
According to the reported figures, LB's debt-to-equity ratio sits at 0.71 in 2025Q4 and 0.00 in 2026Q3, while interest coverage of 4.9x in the latest quarter indicates debt service is currently manageable.
The inconsistency between the 0.71 and 0.00 debt-to-equity readings across adjacent quarters suggests either a reclassification of obligations or incomplete data, and this should be reconciled before relying on either figure. Interest coverage improving from 2.5x in 2024Q4 to 4.9x in 2026Q3 points to strengthening debt service capacity as operating earnings grow. Total liabilities exceeding $780M against a thin cash buffer means refinancing conditions and any future acquisition funding could materially shift the leverage profile.
Operating Cash Flow Flatters Acquisition Spending
The most commonly misapplied metric here is free cash flow margin, which at 69.1% in 2026Q3 may overstate organic cash generation given acquisition outflows of $266.8M in the same quarter.
Free cash flow margin appears strong relative to earnings, but it does not isolate the cash consumed by acquisitions that drive the reported growth, so organic cash generation is likely overstated. A more appropriate lens would be free cash flow after acquisition spending or cash return on acquired capital, which would show whether growth is self-funding. Investors should also reconcile the wide operating cash flow to net income gap against the depreciation and amortization add-backs before treating that conversion as durable.