EROK vs LB: How EagleRock Land and LandBridge Company Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. EROK and LB share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined EROK and LB exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

EagleRock Land does not drill. It owns the ground other companies drill on: roughly ~236,000 surface acres across the Delaware and Midland sub-basins, plus about ~70,000 acres tied to water infrastructure assets. Operators pay it for surface use, easements and rights of way, for road and pipeline construction on its land, for caliche and topsoil used to build pads and lease roads, and for water on both ends of the well cycle (fresh and brackish supply going in, produced water gathered, recycled or disposed going out). It also holds oil and gas royalty interests under some of that acreage. The customer list reads like a roll call of the basin: Chevron, ConocoPhillips, ExxonMobil, Occidental, Devon, Diamondback, EOG Resources, Matador, Permian Resources and Double Eagle. The company was formed in 2023 and backed by EnCap Investments and TCW Group before listing.

Full EROK guide

LandBridge Company owns and manages surface land, not the oil and gas beneath it. Its more than 315,000 acres sit primarily in the Delaware sub-region of the Permian Basin across Texas and New Mexico, the most active onshore oil area in the United States. Rather than drilling wells itself, LandBridge charges the companies that operate on its land: surface-use royalties and payments for well pads, roads, pipelines, and facilities, resource sales such as brackish water and caliche and sand, oil and gas royalties on production, and fees tied to produced-water handling (often through affiliate WaterBridge). The model is deliberately capital-light. In 2025 the company generated about $199.1 million of revenue and roughly $177.2 million of Adjusted EBITDA on only about $4.2 million of capital spending, because tenants fund most of the infrastructure. That structure produced roughly $122 million of free cash flow for the year.

Full LB guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• EROK drivers: Acreage operators cannot route around; Water on both ends of the well.
• LB drivers: Asset-light royalty economics; Recurring, diversified surface revenue.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The valuation is the first-order risk: roughly ~41 times trailing revenue on a ~$3.0B market capitalisation leaves very little room for a slower Permian year, and the trailing GAAP result is a loss of about ~$69M rather than a profit. For LB, the largest risk is dependence on Permian oil and gas activity, since much of the revenue is tied to drilling, production, and produced-water volumes that fall when oil prices or rig counts drop.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick EROK if you believe its drivers more; LB if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the EROK and LB guides.

EROK. The two headline numbers point in opposite directions: the pro forma quarter shows an ~87% Adjusted EBITDA margin, while the trailing GAAP line is a loss, because pre-IPO structure, the April 2025 Accelerated Water Resources acquisition and equity compensation sit inside the reported figures. Revenue also grew from ~$17.7M in 2024 to ~$72.2M in 2025, so trailing multiples flatter or punish the stock depending on which twelve months are used. The August 10, 2026 Q2 report is the first clean public quarter, and the six analysts covering it carry an average twelve-month target of about ~$25.83.

LB. Figures are approximate and tied to the asOf date; verify live numbers before acting. LandBridge trades at a rich multiple relative to traditional land or royalty companies, which reflects its high margins, rapid growth, and the optionality of power and data-center deals rather than steady-state earnings. The valuation already embeds continued Permian activity and new commercial wins, so the numbers matter most as a gauge of how much optimism is priced in.

Headline figures (approximate, August 2026): EROK shows revenue (ttm) ~$88M, up ~308% year over year, net income (ttm) ~-$69M (2025 net loss ~$73.1M on revenue of ~$72.2M), q1 2026 pro forma revenue ~$32.8M, Adjusted EBITDA ~$28.6M (~87% margin), net income ~$14.7M, market cap ~$3.0B, about ~41x trailing revenue; LB shows revenue (2025 full year) ~$199.1 million, up ~81% year over year, adjusted ebitda (2025) ~$177.2 million (very high margin), revenue (q1 2026) ~$51.0 million, up ~16% year over year, 2026 adjusted ebitda guidance ~$210 million to $230 million (raised).

EROK and LB are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined EROK and LB exposure against your real portfolio. It is not an investment adviser.