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LandBridge was formed on September 27, 2023 as a Delaware limited liability company to serve as the issuer in an initial public offering of equity, which closed on July 1, 2024 (the IPO ). LandBridge is a holding company, the principal asset of which is membership interests in OpCo.
59.52% operating margin is above average. ROIC at 12.74%.
Revenue up 81.1% YoY with margins expanding 74.5pp.
Net debt of $530M represents 4.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$206M
▲ +81.1% YoY
Net Income (TTM)
$23M
▲ +489.6% YoY
Op. Margin
59.49%
▲ +74.5pp YoY
ROIC
14.84%
▲ +15.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$147M
▲ +83.1% YoY
Op. Cash Flow (TTM)
$151M
▲ +86.7% YoY
Net Debt
$506M
Cash & Equiv.
$30M
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