LandBridge Corporation: financial statements
Price
$73.15
November 13, 2026Market cap $1.8B
What Ploutos Investor adds for LandBridge
Part of Ploutos Investor, €9.99 a month
- The full history: 3 fiscal years, from 2023
- The estimated fair value, with its range and its certainty
- The full analysis, 18 a month
- More questions to the chat on its filings
- Excel with every year
- An email when it reports, changes its dividend or an officer buys
Sign in with a free account to see the last 5 fiscal years.
Notes on these figures
- Earnings per share here are the last twelve months' earnings over today's shares, so they agree with the P/E. The number of shares changed a lot during the year, so they differ from the earnings per share the company filed, which use the year's average number of shares.
Financial statements
Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.
Click a line to see it on the chart.
Revenue
+65.2% a year over 2 years
Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.
Debt and obligations
What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.
When the debt falls due
Dec 31, 2025Due within 2 years
$712.0K
Principal of loans and bonds falling due, from the annual report dated December 31, 2025, without leases and interest. The filing
- 2026: $692.0K
- 2027: $20.0K
From the statutory to the effective tax rate, 2025
Dec 31, 2025Statutory rate
21.0%
Effective rate
11.1%
The company paid 11.1% in tax on its profit, 9.9 points below the US federal rate (21.0%). Below, the reasons it gives.
Statutory rate
21.0%
Partnerships and minority interests
-10.8 pts
Difference the filing does not itemize
+0.9 pts
Effective rate
11.1%
One point is 1% of profit before tax. The lines are as the company states them in the notes to its annual report. The filing
Claims ahead of shareholders
What stands between the business and its shareholders besides the debt, and the financial assets on the other side, from the latest balance sheet.
Besides its $756M of debt, $477M of other claims rank ahead of the shares, about 26% of the market value.
Ahead of the shares
- at Sep 30, 2026
- $477M
From the balance sheet of September 30, 2026. The retirement and environmental lines and the pension deficit come from the latest annual report when the quarter's filing does not state them, each with its own date. Market value at the price of November 13, 2026. A line is listed when it is at least 0.5% of the market value. A description of the balance sheet, not a valuation.
Earnings quality
How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.
Taxes: deferred and paid
The deferred part was 45.1% of the tax charge in the year to Dec 31, 2025. The rows show the last 3 years.
Cash taxes paid were 175.2% of the current tax charge in the year to Dec 31, 2025.
- Deferred share, year to Dec 31, 2025$4.1M of $9.1M
- 45.1%
- Deferred share, year to Dec 31, 2024-$411.0K of $1.9M
- -21.9%
- Deferred share, year to Dec 31, 2023$0 of $370.0K
- 0.0%
- $8.7M paid, $5.0M current
- 175.2%
When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.
The earnings per share split is not shown: it needs a profit before tax in both years, since a tax rate on a loss has no meaning as a source.
Receivables and inventory against sales are not shown: a figure it needs is missing from the company's structured filings.
The allowance for doubtful accounts is not shown: the company does not tag it in its structured filings.
A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.
The full analysis
What do LandBridge's filings show?
These are LandBridge's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.
- A fair value range built from the filings
- Earnings quality, debt and red flags
- Insider and institutional moves
- The case for and the case against
How much revenue did LB have in 2025?
LandBridge had revenue of $199M and net income of $30M in fiscal 2025, a net margin of 15.1%.
How much debt does LB have?
On December 31, 2025 LandBridge had total assets of $1.4B, debt of $560M and shareholders' equity of $340M.
How much free cash flow does LB have?
In fiscal 2025 LandBridge had cash from operations of $126M and spent $4.2M on capital expenditure, leaving $122M of free cash flow.
Where are the figures from?
From LandBridge Corporation's annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.
Related pages
The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.
The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.