LandBridge Company LLC (LB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+197.8%

$241.10

vs $80.95 price

Levered DCF

$703.06

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

7.66

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022
P/E	41.52×	222.76×	5.31×	-52.61×
P/B	4.01×	2.64×	2.23×	1.6×
P/S	6.85×	10.46×	4.61×	6.48×
EV / EBITDA	15.07×	-202.13×	5.38×	102.27×
Gross margin	91.0%	90.0%	83.2%	79.6%
Operating margin	59.5%	-15.0%	96.1%	-6.2%
Net margin	15.1%	4.6%	86.7%	-12.3%
Current ratio	4.87×	3.67×	1.93×	2.17×
Debt / equity	1.65×	0.87×	0.85×	0.29×
Interest coverage	3.62×	-0.71×	9.98×	-1.04×
Dividend yield	4.7%	15.5%	31.3%	0.3%
Payout ratio	211.5%	3488.1%	166.5%	-17.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	8.9%	1.2%	41.9%	-3.0%
Return on invested capital	7.8%	-1.7%	24.7%	-1.2%
Return on assets	2.2%	0.5%	21.9%	-2.3%
Free cash flow yield	8.9%	5.8%	15.0%	5.1%
Earnings yield	2.2%	0.4%	18.8%	-1.9%
Enterprise value	$1.9B	$1.5B	$426.5M	$371.3M
Net debt / EBITDA	4.21×	-46.55×	1.15×	9.82×
Cash conversion cycle (days)	33	32	61	79