LandBridge (LB)
Market Price (7/15/2026): $78.96 | Market Cap: $2.2 BilSector: Energy | Industry: Oil & Gas Equipment & Services
LandBridge (LB)
Market Price (7/15/2026): $78.96Market Cap: $2.2 BilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 53% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 59% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 73%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 71% Attractive yieldDividend Yield is 3.0%, FCF Yield is 6.7% Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers. Themes include E-commerce Logistics REITs, Data Center REITs, and Cold Storage Facilities. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% | Expensive valuation multiplesP/SPrice/Sales ratio is 11x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 14x, P/EPrice/Earnings or Price/(Net Income) is 68x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 22% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 63% Key risksLB key risks include [1] significant concerns regarding its financial credibility and corporate governance, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 53% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 59% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 73%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 71% |
| Attractive yieldDividend Yield is 3.0%, FCF Yield is 6.7% |
| Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers. Themes include E-commerce Logistics REITs, Data Center REITs, and Cold Storage Facilities. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 11x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 14x, P/EPrice/Earnings or Price/(Net Income) is 68x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 63% |
| Key risksLB key risks include [1] significant concerns regarding its financial credibility and corporate governance, Show more. |
Qualitative Assessment
AI Analysis | Feedback
LandBridge (LB) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Increased Full-Year 2026 Adjusted EBITDA Guidance.
LandBridge raised its full-year 2026 Adjusted EBITDA guidance to a range of $210 million to $230 million, representing a projected year-over-year growth of approximately 24% at the midpoint. This revised outlook, announced with Q1 2026 results, signaled strong anticipated financial performance.
2. Strategic Expansion into Digital Infrastructure and Acreage Growth.
The company announced a significant agreement with PowerBridge LLC for a lease option on approximately 3,400 acres in Reeves County, Texas, to develop a giga-scale data center campus with up to 2 GW of initial co-located power generation. This move diversifies revenue streams beyond traditional oil and gas. LandBridge also expanded its asset base by acquiring approximately 5,700 acres year-to-date (as of Q1 2026), increasing its total owned or managed surface acreage to over 320,000 acres across the Delaware Basin.
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LandBridge (LB) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Increased Full-Year 2026 Adjusted EBITDA Guidance.
LandBridge raised its full-year 2026 Adjusted EBITDA guidance to a range of $210 million to $230 million, representing a projected year-over-year growth of approximately 24% at the midpoint. This revised outlook, announced with Q1 2026 results, signaled strong anticipated financial performance.
2. Strategic Expansion into Digital Infrastructure and Acreage Growth.
The company announced a significant agreement with PowerBridge LLC for a lease option on approximately 3,400 acres in Reeves County, Texas, to develop a giga-scale data center campus with up to 2 GW of initial co-located power generation. This move diversifies revenue streams beyond traditional oil and gas. LandBridge also expanded its asset base by acquiring approximately 5,700 acres year-to-date (as of Q1 2026), increasing its total owned or managed surface acreage to over 320,000 acres across the Delaware Basin.
3. Strong Q1 2026 Year-over-Year Financial Performance.
For the first fiscal quarter ended March 31, 2026, LandBridge reported revenues of $51.0 million, a 16% increase year-over-year. Net income also rose 16% year-over-year to $17.9 million, and Adjusted EBITDA grew 16% year-over-year to $44.9 million. Cash flows from operating activities surged 158% year-over-year to $41.1 million, and Free Cash Flow increased by 158% year-over-year to $40.9 million.
4. Shareholder Return Initiatives.
LandBridge declared a quarterly cash dividend of $0.12 per share, payable on June 18, 2026, to shareholders of record as of June 4, 2026. The company also previously authorized a $50 million share repurchase program in February 2026.
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Stock Movement Drivers
Fundamental Drivers
The 14.2% change in LB stock from 3/31/2026 to 7/14/2026 was primarily driven by a 11.3% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.94 | 78.74 | 14.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 199 | 206 | 3.5% |
| Net Income Margin (%) | 15.1% | 15.7% | 3.8% |
| P/E Multiple | 60.8 | 67.7 | 11.3% |
| Shares Outstanding (Mil) | 27 | 28 | -4.5% |
| Cumulative Contribution | 14.2% |
Market Drivers
3/31/2026 to 7/14/2026| Return | Correlation | |
|---|---|---|
| LB | 14.2% | |
| Market (SPY) | 15.6% | 1.9% |
| Sector (XLE) | -7.0% | 39.9% |
Fundamental Drivers
The 61.2% change in LB stock from 12/31/2025 to 7/14/2026 was primarily driven by a 34.2% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.83 | 78.74 | 61.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 179 | 206 | 15.3% |
| Net Income Margin (%) | 13.7% | 15.7% | 14.5% |
| P/E Multiple | 50.4 | 67.7 | 34.2% |
| Shares Outstanding (Mil) | 25 | 28 | -9.0% |
| Cumulative Contribution | 61.2% |
Market Drivers
12/31/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| LB | 61.2% | |
| Market (SPY) | 10.6% | 6.2% |
| Sector (XLE) | 28.2% | 34.2% |
Fundamental Drivers
The 17.3% change in LB stock from 6/30/2025 to 7/14/2026 was primarily driven by a 52.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.13 | 78.74 | 17.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 135 | 206 | 52.8% |
| P/S Multiple | 11.6 | 10.6 | -8.1% |
| Shares Outstanding (Mil) | 23 | 28 | -16.5% |
| Cumulative Contribution | 17.3% |
Market Drivers
6/30/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| LB | 17.3% | |
| Market (SPY) | 22.7% | 18.9% |
| Sector (XLE) | 37.5% | 38.5% |
Fundamental Drivers
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Market Drivers
6/30/2023 to 7/14/2026| Return | Correlation | |
|---|---|---|
| LB | ||
| Market (SPY) | 75.6% | 34.7% |
| Sector (XLE) | 53.4% | 40.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LB Return | - | - | - | 179% | -24% | 61% | 243% |
| Peers Return | 39% | 41% | -14% | 100% | -10% | 22% | 271% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| LB Win Rate | - | - | - | 71% | 50% | 57% | |
| Peers Win Rate | 56% | 53% | 60% | 67% | 38% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| LB Max Drawdown | - | - | - | - | -43% | -22% | |
| Peers Max Drawdown | -26% | -33% | -40% | -20% | -34% | -24% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TPL, VNOM, ARIS, WBI, HESM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/14/2026 (YTD)
How Low Can It Go
| Event | LB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.5% | -18.8% |
| % Gain to Breakeven | 22.7% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
In The Past
LandBridge's stock fell -18.5% during the 2025 US Tariff Shock. Such a loss loss requires a 22.7% gain to breakeven.
Preserve Wealth
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Asset Allocation
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In The Past
LandBridge's stock fell -18.5% during the 2025 US Tariff Shock. Such a loss loss requires a 22.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About LandBridge (LB)
LandBridge (LB) is a company that owns and actively manages approximately 220,000 surface acres primarily in the Delaware sub-basin of the Permian Basin, one of the most active oil and natural gas regions in the United States. The company's core business revolves around monetizing this strategic land position by supporting and encouraging diverse industrial and commercial activities, with a strong focus on energy development. Its land is situated in a highly productive area along the Texas-New Mexico border, positioning LandBridge to capture revenues from the extensive infrastructure and operations required to develop these resources.
LandBridge generates multiple revenue streams from its land and resources. These include surface use fees and royalties charged to customers for activities such as oil and natural gas drilling and production, produced water handling, pipeline and electrical infrastructure, commercial fuel distribution, and the development of solar facilities and waste disposal sites. Additionally, LandBridge sells resources like brackish water used in well completions and receives royalties from sand extracted from its land. The company also earns recurring revenues from oil and gas production on its approximately 4,180 gross mineral acres, with customers typically bearing the significant development costs, allowing LandBridge to benefit from their growth with minimal capital investment.
The primary customers for LandBridge's services are large, well-capitalized exploration and production (E&P) companies, as well as various industrial and commercial entities operating in the Delaware Basin that require critical access to surface acreage and resources. LandBridge benefits significantly from its shared management and financial sponsor, Five Point, with WaterBridge, a major water midstream company whose infrastructure development on LandBridge's land drives substantial revenue. Relationships with entities like Desert Environmental for waste facilities and strategic partnerships with landowners such as Texas Pacific Land Company further enhance LandBridge's revenue opportunities and offer greater development efficiency for its customer base.
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LandBridge is like a Texas Pacific Land Company (TPL) specifically focused on owning and monetizing vast surface acreage in the high-activity Delaware Basin, earning revenue from surface leases, resource sales, and oil & gas royalties for energy and industrial development.
Alternatively, LandBridge can be compared to a cell tower REIT such as American Tower or Crown Castle, but instead of leasing out space on towers, it leases out extensive surface land in the Permian Basin for essential energy, water, and other industrial infrastructure.
AI Analysis | Feedback
LandBridge (LB) provides the following major services and products:
- Surface Land Leasing: The company generates revenue by leasing its surface acreage for a variety of industrial and commercial uses, including oil and natural gas development, midstream infrastructure, renewable energy projects, and waste management facilities.
- Resource Sales: LandBridge sells brackish water and receives royalties from sand extracted from its land, both used primarily to support oil and natural gas operations in the Delaware Basin.
- Mineral Rights Royalties: The company collects a share of revenues from the production of oil and natural gas on its owned mineral acres.
AI Analysis | Feedback
LandBridge (LB) primarily sells its services and resources to other companies. Based on the provided description, its major customers include:
- WaterBridge
- Devon Energy (Symbol: DVN)
- Desert Environmental
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Jason Long - Chief Executive Officer and Director
Mr. Long has approximately 20 years of entrepreneurial and operating experience in oil and natural gas, including founding produced water businesses in the Delaware Basin such as EnWater Solutions LLC and Pelagic Water Systems LLC. He led the funding, construction, and commercialization of a produced water-gathering and disposal system. Mr. Long also serves as the Chief Executive Officer of WaterBridge.
Scott L. McNeely - Executive Vice President and Chief Financial Officer
Mr. McNeely joined LandBridge in September 2021 as Vice President, Finance. He also serves as Executive Vice President and Chief Financial Officer of WaterBridge. Prior to WaterBridge, he was an Investment Banking Senior Associate at Citigroup and previously served in various roles within the intelligence community, including for CACI International Inc.
Harrison Bolling - Executive Vice President and General Counsel
Mr. Bolling has over 15 years of experience advising energy clients, specializing in mergers and acquisitions, midstream commercial agreements, and surface land transactions. He has served as General Counsel of LandBridge since October 2021 and joined WaterBridge as General Counsel in 2018. Earlier in his career, he was assistant general counsel at PennTex Midstream Partners LP and practiced at Bracewell LLP.
Jason Williams - Executive Vice President and Chief Administrative Officer
Mr. Williams has more than 16 years of accounting and finance leadership experience in the oil and gas industry. Before LandBridge, he spent nine years at BHP in various North America and global leadership roles, focusing on asset acquisition and integration, financial and production systems, organizational transformation, and operational finance and accounting.
AI Analysis | Feedback
The key risks to LandBridge's business operations include:
- Dependence on Oil and Natural Gas Industry Activity: A substantial portion of LandBridge's revenue streams, including surface use royalties, resource sales (like brackish water and sand), and direct oil and gas royalties, are directly tied to the level of exploration, development, and production activity in the Delaware Basin. A sustained downturn in commodity prices, reduced drilling and completion activity, or adverse regulatory changes impacting the oil and natural gas industry could significantly diminish demand for LandBridge’s services and resources, thereby materially impacting its financial performance. The company's strategy is heavily reliant on supporting and encouraging oil and natural gas development and its associated infrastructure.
- Geographic Concentration Risk: LandBridge's entire asset base, comprising approximately 220,000 surface acres and 4,180 gross mineral acres, is concentrated within the Delaware sub-basin of the Permian Basin. While this region is highlighted as prolific and active, this geographic concentration exposes the company to specific risks associated with that area. These risks could include localized adverse weather events, region-specific regulatory changes, environmental issues unique to the Delaware Basin, or an economic downturn that disproportionately affects this particular area, all of which could have a concentrated negative impact on LandBridge's operations and revenues.
- Reliance on Strategic Partners and Related Entities: LandBridge has significant ties to WaterBridge and Desert Environmental, both formed by its shared financial sponsor, Five Point. The background explicitly states that WaterBridge’s future growth is expected to "underpin increased revenues" for LandBridge. While these relationships offer strategic advantages and visibility into production trends, they also create a degree of reliance. Any operational, financial, or market challenges faced by WaterBridge, Desert Environmental, or other key partners could directly and negatively affect LandBridge's revenue streams, growth prospects, and overall business stability.
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LandBridge (LB) participates in several significant addressable markets related to its land and resource management in the Permian Basin. These markets include:
- Produced Water Transportation and Handling: The Permian Basin midstream water market, which includes the supply, transport, storage, treatment, and disposal of water, is projected to reach a total of US$101.8 billion between 2025 and 2030. This represents nearly two-thirds of the overall U.S. midstream water market. (Region: Permian Basin, United States)
- Non-Hazardous Oilfield Reclamation and Solid Waste Facilities (Drilling Waste Management): The North America drilling waste management market was valued at approximately USD 1.9 billion in 2024 and is estimated to grow to USD 4.4 billion by 2034. This market includes the collection, treatment, and disposal of waste generated during drilling operations. (Region: North America, which includes the Permian Basin)
- Sand Sales (Frac Sand): The global frac sand market was valued at around USD 7.6 billion in 2023. The Permian Basin consistently accounts for a substantial portion of this market, representing just over half of the total U.S. proppant demand. North America dominated the global frac sand market with a revenue share exceeding 55.0% in 2024. (Region: Global, with significant demand from the Permian Basin, United States)
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Expected Drivers of Future Revenue Growth for LandBridge (LB)
LandBridge (LB) is positioned for future revenue growth over the next 2-3 years, driven by its strategic land management in the Permian Basin and expansion into new commercial activities. Key drivers include:
- Expansion and Increased Utilization of Produced Water Infrastructure: LandBridge anticipates significant revenue contributions from the growth of its shared management team's water midstream company, WaterBridge. Specifically, the Speedway Pipeline is expected to come online mid-year 2026, and increased volumes from BPX Kraken will further boost produced water royalties, a key revenue stream.
- Commercialization of Expanded Land Footprint: The company's active land management strategy focuses on increasing the monetization of its extensive acreage. This includes the commercialization of recently acquired land, such as the 1918 Ranch acquisition which is projected to add approximately $20 million in yearly EBITDA in 2026. LandBridge also aims to improve its Surface Use Economic Efficiency (SUEE) across its more than 315,000 acres by securing new easements and development agreements.
- Development of Digital Infrastructure and Renewable Energy Projects: LandBridge is strategically leveraging its land for high-growth industrial developments beyond traditional energy. This includes securing agreements for battery energy storage systems, such as the 350 MW capacity projects with Samsung expected to be operational by late 2028, and exploring opportunities for natural gas processing facilities and gigawatt-scale power generation facilities for data centers.
- Increased Surface Use Royalties and Resource Sales: Ongoing growth in surface use royalties and revenues is expected from various commercial and industrial activities on LandBridge's land, including oil and natural gas development, pipeline and electrical infrastructure, and non-hazardous oilfield waste facilities. Additionally, increased sales of resources like brackish water, particularly from newly acquired acreage, and royalties from sand extraction will continue to contribute to revenue growth.
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Capital Allocation Decisions for LandBridge (LB)
Share Repurchases
- LandBridge's board approved a $50.0 million share repurchase program on February 25, 2026. This authorization allows the company to buy back up to 1% of its outstanding Class A shares over a two-year period, through year-end 2027.
Share Issuance
- On July 1, 2024, LandBridge completed its initial public offering (IPO), issuing 14,500,000 Class A shares at $17.00 per share, raising approximately $246.5 million.
- The underwriters fully exercised their option to purchase an additional 2,175,000 Class A shares, contributing to a total of approximately $270.9 million raised from the IPO.
- Concurrently with the IPO on July 1, 2024, LandBridge also sold 750,000 Class A shares at $17.00 per share in a private placement to an accredited investor.
Inbound Investments
- LandBridge was formed on September 27, 2023, by WaterBridge NDB LLC, with Five Point Energy serving as a financial sponsor.
Outbound Investments
- In 2025, LandBridge's subsidiary, DBR Land Holdings LLC, agreed to acquire approximately 37,500 acres and related assets for an aggregate purchase price of $250.0 million, which included approximately $208.3 million in cash and $41.7 million in OpCo units and Class B shares.
- LandBridge made significant land acquisitions in 2024 and 2025, expanding its acreage positions in the Stateline, Northern, and Southern areas of the Delaware Basin.
- Acquisitions for the fiscal year ended December 31, 2025, amounted to $229.0 million in investing outflows.
Capital Expenditures
- Capital expenditures for the fiscal year ended December 31, 2025, were minimal, totaling $4.2 million, reflecting the company's asset-light model where customers primarily bear the cost of infrastructure development.
- In the fourth quarter of 2025, capital expenditures were $1.7 million.
- For the first quarter of 2025, capital expenditures amounted to $0.1 million.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 41.42 |
| Mkt Cap | 4.1 |
| Rev LTM | 991 |
| Op Inc LTM | 555 |
| FCF LTM | 147 |
| FCF 3Y Avg | 90 |
| CFO LTM | 551 |
| CFO 3Y Avg | 501 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 52.8% |
| Rev Chg 3Y Avg | 19.7% |
| Rev Chg Q | 63.1% |
| QoQ Delta Rev Chg LTM | 9.8% |
| Op Inc Chg LTM | 24.5% |
| Op Inc Chg 3Y Avg | 6.9% |
| Op Mgn LTM | 51.6% |
| Op Mgn 3Y Avg | 60.7% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 65.7% |
| CFO/Rev 3Y Avg | 66.5% |
| FCF/Rev LTM | 23.9% |
| FCF/Rev 3Y Avg | 25.4% |
Price Behavior
| Market Price | $78.74 | |
| Market Cap ($ Bil) | 2.2 | |
| First Trading Date | 06/28/2024 | |
| Distance from 52W High | -7.5% | |
| 50 Days | 200 Days | |
| DMA Price | $70.30 | $63.64 |
| DMA Trend | up | up |
| Distance from DMA | 12.0% | 23.7% |
| 3M | 1YR | |
| Volatility | 56.7% | 62.9% |
| Downside Capture | 25.74 | 95.90 |
| Upside Capture | 91.11 | 108.52 |
| Correlation (SPY) | 13.1% | 18.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.50 | 0.87 | 0.16 | 0.33 | 0.97 | -0.29 |
| Up Beta | 1.00 | 1.36 | -0.40 | -0.41 | 0.06 | -0.84 |
| Down Beta | 0.97 | 0.74 | 1.27 | 1.72 | 1.57 | -0.31 |
| Up Capture | 291% | 119% | 37% | 54% | 110% | 172% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 22 | 34 | 66 | 125 | 265 |
| Down Capture | 106% | 39% | -23% | -54% | 109% | 98% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 19 | 29 | 59 | 125 | 234 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LB | |
|---|---|---|---|---|
| LB | 33.0% | 62.8% | 0.70 | - |
| Sector ETF (XLE) | 31.0% | 21.0% | 1.18 | 39.2% |
| Equity (SPY) | 21.7% | 12.6% | 1.28 | 18.6% |
| Gold (GLD) | 20.5% | 27.9% | 0.65 | 10.6% |
| Commodities (DBC) | 27.3% | 18.9% | 1.14 | 26.5% |
| Real Estate (VNQ) | 13.0% | 13.9% | 0.64 | 17.7% |
| Bitcoin (BTCUSD) | -47.0% | 42.7% | -1.37 | 12.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LB | |
|---|---|---|---|---|
| LB | 28.0% | 67.9% | 1.18 | - |
| Sector ETF (XLE) | 20.7% | 25.9% | 0.72 | 40.9% |
| Equity (SPY) | 13.1% | 17.1% | 0.59 | 34.7% |
| Gold (GLD) | 17.2% | 18.4% | 0.76 | 13.9% |
| Commodities (DBC) | 8.6% | 19.5% | 0.33 | 27.6% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 27.5% |
| Bitcoin (BTCUSD) | 12.8% | 53.4% | 0.42 | 11.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LB | |
|---|---|---|---|---|
| LB | 13.2% | 67.9% | 1.18 | - |
| Sector ETF (XLE) | 9.5% | 29.6% | 0.36 | 40.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 34.7% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 13.9% |
| Commodities (DBC) | 6.3% | 18.0% | 0.27 | 27.6% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 27.5% |
| Bitcoin (BTCUSD) | 57.3% | 66.2% | 0.97 | 11.9% |
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Returns Analyses
Earnings Returns History
Updated 6/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -3.1% | 2.1% | 6.7% |
| 2/25/2026 | 13.7% | 13.8% | 11.3% |
| 11/19/2025 | 4.2% | -9.5% | -15.2% |
| 8/7/2025 | 1.4% | 5.5% | 0.9% |
| 5/7/2025 | -11.4% | 0.6% | -5.8% |
| 3/5/2025 | -5.9% | 5.8% | 1.5% |
| 11/7/2024 | 11.6% | 14.7% | 4.3% |
| 8/7/2024 | -0.5% | 4.5% | 7.7% |
| SUMMARY STATS | |||
| # Positive | 4 | 7 | 6 |
| # Negative | 4 | 1 | 2 |
| Median Positive | 7.9% | 5.5% | 5.5% |
| Median Negative | -4.5% | -9.5% | -10.5% |
| Max Positive | 13.7% | 14.7% | 11.3% |
| Max Negative | -11.4% | -9.5% | -15.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -3.1% | 2.1% | 6.7% |
| 2/25/2026 | 13.7% | 13.8% | 11.3% |
| 11/19/2025 | 4.2% | -9.5% | -15.2% |
| 8/7/2025 | 1.4% | 5.5% | 0.9% |
| 5/7/2025 | -11.4% | 0.6% | -5.8% |
| 3/5/2025 | -5.9% | 5.8% | 1.5% |
| 11/7/2024 | 11.6% | 14.7% | 4.3% |
| 8/7/2024 | -0.5% | 4.5% | 7.7% |
| SUMMARY STATS | |||
| # Positive | 4 | 7 | 6 |
| # Negative | 4 | 1 | 2 |
| Median Positive | 7.9% | 5.5% | 5.5% |
| Median Negative | -4.5% | -9.5% | -10.5% |
| Max Positive | 13.7% | 14.7% | 11.3% |
| Max Negative | -11.4% | -9.5% | -15.2% |
Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | 210.00 Mil | 220.00 Mil | 230.00 Mil | Raised | Guidance: 215.00 Mil for 2026 | ||
Insider Activity
Updated 7/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Watson, Charles L | See Footnote | Sell | 3062026 | 75.00 | 13,000 | 975,056 | 4,819,026 | Form | |
| 2 | Watson, Charles L | See Footnote | Sell | 3062026 | 75.19 | 9,670 | 727,072 | 5,808,304 | Form | |
| 3 | Watson, Charles L | See Footnote | Sell | 3062026 | 74.07 | 30,680 | 2,272,348 | 6,437,825 | Form | |
| 4 | Five, Point Energy Fund II Aiv-Vii LP | See Footnotes | Sell | 11202025 | 70.00 | 2,500,000 | Form | |||
| 5 | Landbridge, Holdings Llc | Direct | Sell | 11202025 | 70.00 | 2,500,000 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Watson, Charles L | See Footnote | Sell | 3062026 | 75.00 | 13,000 | 975,056 | 4,819,026 | Form | |
| 2 | Watson, Charles L | See Footnote | Sell | 3062026 | 75.19 | 9,670 | 727,072 | 5,808,304 | Form | |
| 3 | Watson, Charles L | See Footnote | Sell | 3062026 | 74.07 | 30,680 | 2,272,348 | 6,437,825 | Form | |
| 4 | Five, Point Energy Fund II Aiv-Vii LP | See Footnotes | Sell | 11202025 | 70.00 | 2,500,000 | Form | |||
| 5 | Landbridge, Holdings Llc | Direct | Sell | 11202025 | 70.00 | 2,500,000 | Form | |||
| 6 | Capobianco, David N | See Footnote | Sell | 11202025 | 70.00 | 2,500,000 | Form |
Investor Activity (13F)
Updated Jul 15, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.
| Active Manager |
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| Active Manager |
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Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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