LandBridge Company LLC (LB) Stock Price & How to Invest

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.

The company was formed in 2021 by private-equity firm Five Point Energy, which also controls WaterBridge, and it went public on the NYSE in June 2024 at $19 to $22 per share. LandBridge has grown both by acquiring more acreage (including a roughly $245 million purchase of Permian land from VTX Energy) and by signing higher-value surface deals. The most watched of these is a lease-development agreement with PowerBridge announced in April 2026 that grants an option on up to 3,400 acres in Reeves County, Texas, for a large data-center campus with up to 2 gigawatts of co-located power. That deal reframes the story: the same land that hosts oil activity can also host power generation and AI compute, adding a growth avenue beyond drilling.

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. The valuation is demanding, with a trailing P/E around 72, so slower growth or delays in the data-center and power projects could pressure the shares. The AI and power optionality is real but early, and large campuses can take years and face permitting, grid, and financing hurdles before generating meaningful income. LandBridge also carries debt (about $545 million as of Q1 2026) and is closely tied to sponsor Five Point Energy and affiliate WaterBridge, which creates related-party and control considerations. As a recently public, relatively small company, the stock can be volatile.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see LandBridge Company LLC's investor relations page or your broker.

• 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)
• P/E ratio: ~72x
• Market cap: ~$5.6 billion (stock ~$72 per share)

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.

There are three common ways to get LB exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so LB sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where LB fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

LandBridge is a small, fast-growing, asset-light land and resource-management company that collected roughly $199 million of 2025 revenue at very high margins by charging others to use its Permian surface acreage, and it trades at a rich multiple that already prices in continued growth from oil, water, and new AI data-center and power deals.

Whether LB is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is LB a buy?, and where the stock could go from here in the LB stock forecast.

For income investors, whether LB pays a dividend and how the payout looks is covered in does LB pay a dividend?