The company has achieved a fortress-like balance sheet by eliminating nearly all debt, moving from $1.8 billion in 2025Q2 to just $9.1 million in 2026Q1, while concentrating $2.4 billion in net PPE assets.
| Total Current Assets | 259.21M | 261.13M |
| Cash & Short-Term Investments | 50.67M | 51.54M |
| Cash Only | 50.67M | 51.54M |
| Short-Term Investments | 0 | 0 |
| Accounts Receivable | 158.26M | 164.28M |
| Days Sales Outstanding | 102.47 | 114.09 |
| Inventory | 0 | 0 |
| Days Inventory Outstanding | - | - |
| Other Current Assets | 50.28M | 45.3M |
| Total Non-Current Assets | 3.49B | 3.44B |
| Property, Plant & Equipment | 2.35B | 2.29B |
| Fixed Asset Turnover | 0.25x | 0.23x |
| Goodwill | 53.13M | 53.13M |
| Intangible Assets | 912.23M | 935.71M |
| Long-Term Investments | 0 | 0 |
| Other Non-Current Assets | 31.99M | 32.72M |
| Total Assets | 3.75B | 3.7B |
| Asset Turnover | 0.15x | 0.14x |
| Asset Growth % | 27.45% | - |
| Total Current Liabilities | 199.49M | 188.94M |
| Accounts Payable | 55.66M | 38.73M |
| Days Payables Outstanding | 43.92 | 36.88 |
| Short-Term Debt | 9.11M | 12.55M |
| Deferred Revenue (Current) | 0 | 0 |
| Other Current Liabilities | 134.72M | 137.66M |
| Current Ratio | 1.30x | 1.38x |
| Quick Ratio | 1.30x | 1.38x |
| Cash Conversion Cycle | 58.55 | - |
| Total Non-Current Liabilities | 1.71B | 1.66B |
| Long-Term Debt | 0 | 0 |
| Capital Lease Obligations | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 |
| Other Non-Current Liabilities | 1.71B | 1.66B |
| Total Liabilities | 1.9B | 1.85B |
| Total Debt | 9.11M | 12.55M |
| Net Debt | -41.56M | -39M |
| Debt / Equity | 0.00x | 0.01x |
| Debt / EBITDA | 0.04x | 0.06x |
| Net Debt / EBITDA | -0.17x | -0.18x |
| Interest Coverage | 0.30x | 1.14x |
| Total Equity | 1.85B | 1.85B |
| Equity Growth % | 71.17% | - |
| Book Value per Share | 24.17 | 42.70 |
| Total Shareholders' Equity | 656.65M | 602.31M |
| Common Stock | 0 | 0 |
| Retained Earnings | -3.2M | -4.54M |
| Treasury Stock | 0 | 0 |
| Accumulated OCI | 0 | 0 |
| Minority Interest | 1.19B | 1.25B |
High capital intensity requirements
According to recent financial disclosures, WBI has undergone a dramatic transformation, reducing its debt-to-equity ratio from 1.55 in 2025Q1 to a negligible 0.00 by 2026Q1, while simultaneously growing total assets to $3.8 billion, signaling a pivot toward a highly conservative, equity-funded capital structure for its infrastructure projects.
The shift from a leveraged profile to a near-zero debt position suggests a strategic move to insulate the company from interest rate volatility and refinancing risks. This trajectory implies that management is prioritizing balance sheet resilience over the potential returns of financial leverage, likely to accommodate the high capital intensity of its Williston Basin operations.
As reported in quarterly filings, WBI’s total debt has plummeted from $1.8 billion in 2025Q2 to just $9.1 million in 2026Q1, effectively eliminating traditional debt-servicing burdens and providing the company with an unusual degree of financial maneuverability within the capital-intensive midstream energy sector.
This near-total absence of debt is an outlier for an industrial energy firm and suggests that the company may be positioning itself for significant future capital deployment or a potential corporate restructuring. Investors should monitor whether this lack of leverage is a permanent strategic choice or a temporary state preceding a new phase of debt-funded expansion.
Based on the provided balance sheet data, WBI maintains a heavy concentration in net PPE, which reached $2.4 billion in 2026Q1, representing the vast majority of its $3.8 billion total asset base and underscoring the company's reliance on physical infrastructure to generate its core gathering and transmission revenue.
The high proportion of fixed assets confirms the company's status as an asset-heavy operator, where long-term value is tied to the physical integrity and utilization of its pipeline network. The stability of these assets is critical, as any impairment or underutilization would directly threaten the company's ability to generate sufficient returns on its massive invested capital base.
Financial statements indicate that WBI held $50.7 million in cash as of 2026Q1, maintaining a current ratio of 1.30, which provides a modest but necessary buffer against the operational volatility and high maintenance costs inherent in its regional midstream energy business model.
While the current ratio suggests adequate short-term liquidity, the company's ongoing negative free cash flow warrants close observation of its cash burn rate. The current cash position appears sufficient for immediate operational needs, but it may prove inadequate if the company faces unexpected regulatory or maintenance-related capital requirements.
Quick answers to the most common questions about buying WBI stock.
As of 2025, WaterBridge Infrastructure LLC (WBI) had total assets of $3.70B including $261.1M in current assets.
WaterBridge Infrastructure LLC (WBI) carries total debt of $12.5M, offset by $51.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
WaterBridge Infrastructure LLC (WBI) has total shareholders' equity (book value) of $602.3M ($42.70 book value per share). Book value represents the net worth of the company belonging to common stock holders.
WaterBridge Infrastructure LLC (WBI) reported a current ratio of 1.38x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.