NYSE : WBI
WaterBridge Infrastructure LLC — Financial statements
Energy · Oil & Gas Equipment & Services · United States
Last price 30.39 USD (Oct 30, 2026, 9:39 AM EDT) · Market cap 3.75B
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Financial statements
WaterBridge Infrastructure LLC (WBI) reported revenue of 750.88M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Operating Revenue | 717.78M | 512.08M | 307.79M | 193.09M |
| Other Revenue | 33.09M | 13.47M | 8.50M | 7.67M |
| Revenue | 750.88M | 525.55M | 316.30M | 200.77M |
| Cost of Revenue | 322.98M | 242.41M | 149.53M | 97.03M |
| Gross Profit | 427.90M | 283.14M | 166.76M | 103.74M |
| Selling, General & Admin | 67.56M | 47.24M | 33.79M | 14.69M |
| Other Operating Expenses | 3.66M | 4.16M | -1.62M | 21.00K |
| Operating Expenses | 310.98M | 192.30M | 110.48M | 63.15M |
| Operating Income | 116.92M | 90.84M | 56.28M | 40.59M |
| Interest Expense | -87.01M | -68.94M | -53.36M | -26.24M |
| Other Non Operating Income (Expenses) | -1.34M | 433.00K | 251.00K | 523.00K |
| EBT Excluding Unusual Items | 29.00M | 22.34M | 3.17M | 14.88M |
| Gain (Loss) on Sale of Assets | -223.00K | -11.98M | 137.00K | -97.00K |
| Other Unusual Items | -27.84M | -27.84M | ||
| Pretax Income | 937.00K | -17.48M | 3.31M | 14.78M |
| Income Tax Expense | 2.11M | -1.06M | 320.00K | 111.00K |
| Earnings From Continuing Operations | -1.18M | -16.41M | 2.99M | 14.67M |
| Minority Interest in Earnings | 11.88M | 11.88M | ||
| Net Income | 10.70M | -4.54M | 2.99M | 14.67M |
| Net Income to Common | 10.54M | -4.54M | 2.99M | 14.67M |
| Shares Outstanding (Basic) | 44.80M | 43.26M | ||
| Shares Outstanding (Diluted) | 44.80M | 43.26M | ||
| EPS (Basic) | 0.24 | -0.10 | ||
| EPS (Diluted) | 0.24 | -0.10 | ||
| Free Cash Flow | -122.30M | -118.87M | -86.06M | -99.50M |
| Free Cash Flow Per Share | -2.73 | -2.75 | ||
| Gross Margin | 56.99% | 53.87% | 52.72% | 51.67% |
| Operating Margin | 15.57% | 17.29% | 17.79% | 20.22% |
| Profit Margin | 1.40% | -0.86% | 0.95% | 7.31% |
| Free Cash Flow Margin | -16.29% | -22.62% | -27.21% | -49.56% |
| EBITDA | 358.52M | 233.57M | 136.34M | 90.28M |
| EBITDA Margin | 47.75% | 44.44% | 43.11% | 44.97% |
| D&A For EBITDA | 241.59M | 142.73M | 80.06M | 49.69M |
| EBIT | 116.92M | 90.84M | 56.28M | 40.59M |
| EBIT Margin | 15.57% | 17.29% | 17.79% | 20.22% |
| Effective Tax Rate | 225.40% | 9.66% | 0.75% | |
| Revenue as Reported | 750.88M | 525.55M | 316.30M | 200.77M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Cash & Equivalents | 47.62M | 51.54M | 13.28M | |
| Cash & Short-Term Investments | 47.62M | 51.54M | 13.28M | |
| Accounts Receivable | 211.72M | 192.11M | 99.50M | |
| Other Receivables | 1.11M | 2.63M | 1.55M | |
| Receivables | 212.83M | 194.75M | 101.05M | |
| Prepaid Expenses | 2.56M | 1.88M | 505.00K | |
| Other Current Assets | 5.45M | 12.95M | 5.50M | |
| Total Current Assets | 268.46M | 261.12M | 120.34M | |
| Property, Plant & Equipment | 2.48B | 2.29B | 1.10B | |
| Goodwill | 51.99M | 53.13M | 9.09M | |
| Other Intangible Assets | 923.23M | 935.71M | 98.59M | |
| Long-Term Accounts Receivable | 17.11M | 18.03M | 19.86M | |
| Long-Term Deferred Tax Assets | 185.76M | 131.81M | ||
| Long-Term Deferred Charges | 3.69M | 4.25M | 671.00K | |
| Other Long-Term Assets | 4.48M | 3.90M | 996.00K | |
| Total Assets | 3.94B | 3.70B | 1.35B | |
| Accounts Payable | 56.84M | 44.58M | 30.62M | |
| Accrued Expenses | 106.57M | 129.35M | 44.55M | |
| Current Portion of Long-Term Debt | 6.61M | 12.55M | 6.54M | |
| Current Portion of Leases | 1.82M | 1.32M | ||
| Other Current Liabilities | 4.29M | 640.00K | 437.00K | |
| Total Current Liabilities | 174.31M | 188.94M | 83.47M | |
| Long-Term Debt | 1.61B | 1.43B | 586.42M | |
| Long-Term Leases | 6.66M | 7.40M | 2.83M | |
| Long-Term Unearned Revenue | 5.09M | 5.39M | 3.80M | |
| Other Long-Term Liabilities | 313.93M | 218.85M | 11.03M | |
| Total Liabilities | 2.11B | 1.85B | 687.54M | |
| Common Stock | 760.47M | 606.84M | 663.05M | |
| Retained Earnings | -551.00K | -4.54M | ||
| Total Common Equity | 759.92M | 602.31M | 663.05M | |
| Minority Interest | 1.07B | 1.25B | ||
| Shareholders' Equity | 1.83B | 1.85B | 663.05M | |
| Total Liabilities & Equity | 3.94B | 3.70B | 1.35B | |
| Total Debt | 1.62B | 1.45B | 597.10M | |
| Net Cash (Debt) | -1.58B | -1.40B | -583.82M | |
| Net Cash Per Share | -35.17 | -32.41 | ||
| Filing Date Shares Outstanding | 55.45M | 43.26M | ||
| Total Common Shares Outstanding | 55.45M | 43.26M | ||
| Working Capital | 94.15M | 72.19M | 36.87M | |
| Book Value Per Share | 13.70 | 13.92 | ||
| Tangible Book Value | -215.30M | -386.53M | 555.37M | |
| Tangible Book Value Per Share | -3.88 | -8.93 | ||
| Land | 16.98M | 16.98M | 4.56M | |
| Buildings | 127.61M | 118.35M | 28.02M | |
| Construction In Progress | 290.09M | 146.59M | 58.70M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Net Income | 10.70M | -4.54M | 2.99M | 14.67M |
| Depreciation & Amortization | 241.59M | 142.73M | 80.06M | 49.69M |
| Other Amortization | 4.29M | 4.36M | 5.30M | 1.39M |
| Loss (Gain) From Sale of Assets | 223.00K | 11.98M | -137.00K | 97.00K |
| Stock-Based Compensation | 9.12M | 5.34M | 9.53M | -359.00K |
| Other Operating Activities | 21.88M | 15.22M | 1.31M | 647.00K |
| Change in Accounts Receivable | -24.90M | -22.60M | -27.32M | -24.53M |
| Change in Accounts Payable | 16.70M | 8.81M | 5.68M | 3.37M |
| Change in Unearned Revenue | -241.00K | -120.00K | -37.00K | 4.22M |
| Change in Other Net Operating Assets | -19.38M | -1.49M | -3.54M | -716.00K |
| Operating Cash Flow | 260.51M | 159.69M | 73.86M | 48.47M |
| Capital Expenditures | -382.81M | -278.57M | -159.92M | -147.97M |
| Sale of Property, Plant & Equipment | 1.58M | 20.05M | 2.78M | 2.03M |
| Cash Acquisitions | -42.79M | 39.90M | -166.52M | -25.34M |
| Investing Cash Flow | -424.02M | -218.62M | -323.66M | -171.28M |
| Long-Term Debt Issued | 1.50B | 630.00M | 150.00M | |
| Long-Term Debt Repaid | -1.85B | -360.93M | -29.49M | |
| Net Debt Issued (Repaid) | -210.45M | -345.36M | 269.07M | 120.51M |
| Issuance of Common Stock | 685.43M | 705.43M | 9.82M | |
| Repurchase of Common Stock | -228.17M | -228.16M | ||
| Other Financing Activities | -42.98M | -34.72M | -18.86M | -1.54M |
| Financing Cash Flow | 199.23M | 97.19M | 250.22M | 128.79M |
| Net Cash Flow | 35.72M | 38.26M | 415.00K | 5.98M |
| Free Cash Flow | -122.30M | -118.87M | -86.06M | -99.50M |
| Free Cash Flow Margin | -16.29% | -22.62% | -27.21% | -49.56% |
| Free Cash Flow Per Share | -2.73 | -2.75 | ||
| Levered Free Cash Flow | -116.02M | |||
| Unlevered Free Cash Flow | -77.29M | |||
| Change in Working Capital | -27.30M | -15.39M | -25.21M | -17.66M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Market Capitalization | 3.80B | 865.73M | ||
| Enterprise Value | 5.38B | 3.49B | ||
| Last Close Price | 30.78 | 19.90 | ||
| Forward PE | 33.69 | 125.85 | ||
| PS Ratio | 5.06 | 1.65 | ||
| PB Ratio | 2.25 | 0.47 | ||
| P/OCF Ratio | 14.59 | 5.42 | ||
| EV/Sales Ratio | 7.16 | 6.65 | ||
| EV/EBITDA Ratio | 14.99 | 14.96 | ||
| EV/EBIT Ratio | 45.97 | 38.47 | ||
| Debt / Equity Ratio | 0.89 | 0.79 | 0.90 | |
| Debt / EBITDA Ratio | 4.53 | 6.22 | 4.38 | |
| Net Debt / Equity Ratio | 0.86 | 0.76 | 0.88 | |
| Net Debt / EBITDA Ratio | 4.39 | 6.00 | 4.28 | |
| Net Debt / FCF Ratio | -12.88 | -11.79 | -6.78 | |
| Asset Turnover | 0.21 | |||
| Quick Ratio | 1.49 | 1.30 | 1.37 | |
| Current Ratio | 1.54 | 1.38 | 1.44 | |
| Return on Equity (ROE) | -1.31% | |||
| Return on Assets (ROA) | 2.25% | |||
| Return on Invested Capital (ROIC) | -4.39% | 4.04% | 4.08% | |
| Return on Capital Employed (ROCE) | 3.10% | 2.60% | 4.40% | |
| Earnings Yield | 0.76% | -0.52% | ||
| FCF Yield | -3.22% | -13.73% |