LB

LandBridge owns or manages more than 315,000 surface acres in and around the Delaware Basin of the Permian, monetizing them through surface-use agreements, royalties and resource sales rather than operating wells itself. The model is asset-light and extraordinarily profitable: FY2025 revenue jumped to $199M (+81.1%), operating income surged to $119M (+817.7%) for a 59.5% operating margin, and operating cash flow reached $126M (+86.7%) against capital expenditures of just $4.24M. Net income rose to $30.1M (+489.6%) and diluted EPS to $0.94 (+1242.9%). The land-economics flywheel — adding new uses like solar, power storage, data centers and crypto mining on top of oil-and-gas royalties — gives a long runway.

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