WaterBridge Infrastructure LLC (WBI) Stock Price & Analysis
WaterBridge Infrastructure LLC (WBI) closed at USD 28.33 on Thursday, October 22, 2026, down 5.50% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 29.98; the Oct 22, 2026 session ranged USD 27.88–29.7 on volume of 701,672 shares. Market capitalization is $3.50B, with a 52-week range of USD 18.64–36.89 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 08:36 UTC.
Also available as compact Markdown for AI agents: nexqual.com/WBI.md
Key facts (WBI)
- Last four reported quarters (through Jun 30, 2026): revenue $751M, net income $3.4M (0.5% margin), free cash flow -$122M (SEC filings).
- Valuation: P/E 1022.7x, EV/EBITDA 16.4x, net debt $1.57B.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $584M; 4 not under a Rule 10b5-1 plan ($584M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.50 on a 1–5 scale) (8 analysts), mean target USD 36.5 (range 28–43).
- Total return with dividends: 1Y +17.8% vs S&P 500 +14.9%; 5Y +23.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.19, revenue estimate $233M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (WBI)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $201M | $316M | $526M | $751M |
| Gross profit | $55.3M | $88.4M | $142M | — |
| Operating income | $40.5M | $56.4M | $78.9M | $117M |
| Net income | $14.7M | $3.0M | $9K | $3.4M |
| Free cash flow | -$99.5M | -$86.1M | -$119M | -$122M |
| Gross margin | 27.5% | 28.0% | 27.1% | — |
| Operating margin | 20.2% | 17.8% | 15.0% | 15.5% |
| Net margin | 7.3% | 0.9% | 0.0% | 0.5% |
| Revenue growth | — | +57.5% | +66.2% | — |
| Cash + short-term investments | $12.9M | $13.3M | $51.5M | — |
| Total debt | — | $593M | $1.46B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (WBI)
P/E 1022.7x · P/S 4.7x · EV/EBITDA 16.4x · EV/Sales 6.8x · P/B 4.6x · FCF yield -3.50% · Earnings yield 0.10% · Net debt $1.57B · EV $5.07B
Insider sales (SEC Form 4, open-market, last ~7 months) (WBI)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-22 | Devon Energy Corp/de | 1,755,174 | $52.7M | 100% | No | Too little history (no open-market trades in 2023–2025) | |
| 2026-06-22 | Waterbridge Resources Llc | 5,894,826 | $177M | 74.8% | No | Too little history (no open-market trades in 2023–2025) | |
| 2026-06-22 | Wbr Holdings Llc | 5,894,826 | $177M | 74.8% | No | Too little history (no open-market trades in 2023–2025) | |
| 2026-06-22 | Capobianco David N | Director | 5,894,826 | $177M | 74.8% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (WBI)
Consensus Buy (mean 1.50 on a 1–5 scale), 8 analysts; mean target USD 36.5 (low 28, high 43).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-19 | Barclays | Target raised | Overweight | $33 → $34 |
| 2026-08-14 | Wells Fargo | Target raised | Equal-Weight | $26 → $28 |
| 2026-08-12 | Morgan Stanley | Target raised | Overweight | $38 → $43 |
| 2026-07-15 | Goldman Sachs | Target raised | Buy | $36 → $41 |
Total return (dividends reinvested) (WBI)
| 1Y (from 2025-10-23) | 5Y (from 2025-09-15) | |
|---|---|---|
| Total return | +17.8% | +23.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +17.9% | +21.0% |
| Volatility (annualized) | 44.9% | 39.1% |
| Max drawdown | -27.8% (Nov 2025→Jan 2026) | -23.7% (Sep 2025→Dec 2025) |
WBI suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Devon Energy | “For the year ended December 31, 2025, Devon was one of our largest customers by volume and accounted for approximately $98 million of our water-related revenues, which represented approximately 19% of our total water-related revenues for the year.” |
| Customer | EOG RESOURCES INC (EOG) | “Our customers include many of the top-tier operators in the regions in which we operate, including bpx energy, Chevron Corporation, Devon, EOG Resources, Inc. and Permian Resources Corporation.” |
| Customer | Permian Resources Corp (PR) | “Our customers include many of the top-tier operators in the regions in which we operate, including bpx energy, Chevron Corporation, Devon, EOG Resources, Inc. and Permian Resources Corporation.” |
| Customer | Delaware | “our reliance on a limited number of customers, as well as our operations in the Delaware Basin, for a substantial majority of our revenues;” |
| Customer | Chevron (CVX) | “Our customers include many of the top-tier operators in the regions in which we operate, including bpx energy, Chevron Corporation, Devon, EOG Resources, Inc. and Permian Resources Corporation.” |
| Partner | WBI Operating | “For example, the earlier disposition of assets following a redemption or exchange of OpCo Units may accelerate the recognition of associated tax benefits for which we would be required to make payments under the Tax Receivable Agreement and increase the present value of such payments, and the disposition of assets before a redemption or exchange of OpCo Units may increase the tax liability of the TRA Holders (or t…” |
| Partner | LandBridge Corp (LB) | “The Company and its subsidiaries, including WaterBridge Management Company, LLC, are parties to a shared services agreement with WBR, Holdings, WaterBridge NDB LLC ("NDB") and its subsidiaries, LandBridge Company LLC and its subsidiaries ("LandBridge"), and Desert Environmental LLC and its subsidiaries, each being an affiliate of the Company, pursuant to which the Company and its subsidiaries provide various gener…” |
Quoted from the company's 10-K filed Mar 16, 2026.
WBI company outlook (results filed Aug 5, 2026)
- “WaterBridge is updating its full-year 2026 guidance across three key metrics.”
- “Produced water handling volumes are now expected in the range of 2.55 to 2.75 million Bbl/d, reflecting the second-half volume impact of the Ranger infrastructure acquisition.”
- “Capital expenditures guidance has increased by $100 million to a range of $530 to $590 million, driven by high-return projects including integration-related capex for the Ranger infrastructure assets, construction of the Stateline landfill, acceleration of the New Devon Project, and incremental strategic capital projects across the footprint.”
- “Adjusted EBITDA guidance is now expected in the range of $435 to $475 million, reflecting 6 expected second-half EBITDA contributions from both the Ranger infrastructure acquisition and the NDB Landfill acquisition.”
Quoted word-for-word from the SEC 8-K results press release.
WBI analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.19 | $0.20 | -5.4% | $233.4M | 4 |
| Next quarter (ends Dec 2026) | $0.24 | $0.23 | +2.0% | $246.9M | 4 |
| Current fiscal year (ends Dec 2026) | $0.60 | $0.61 | -2.8% | $904.3M | 4 |
| Next fiscal year (ends Dec 2027) | $1.20 | $1.12 | +6.9% | $1.11B | 4 |
WBI options: expected move
Options price a move of about ±12.1% (±$3.43) by Nov 20, 2026, which includes earnings on Nov 4, 2026. Over the last 4 reports the stock moved ±4.4% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 47.8% | ±12.1% |
| Dec 18, 2026 | 56 | 48.5% | ±16.5% |
| Mar 19, 2027 | 147 | 48.9% | ±25.8% |
| Jun 17, 2027 | 237 | 50.0% | ±32.9% |
30-day implied volatility 41.5% vs 36.7% realized over the last 30 trading days. Put/call ratio (volume) 0.04. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 08:36 UTC)
| Price | USD 28.33 |
|---|---|
| Change | ▼ 5.50% (down) |
| Previous Close | USD 29.98 |
| Open | USD 29.33 |
| Day Range | USD 27.88 – 29.7 |
| 52-Week Range | USD 18.64 – 36.89 |
| Volume | 701,672 shares |
| Market Cap | $3.50B |
| Exchange | NYQ |
Technical Analysis (WBI)
Nexqual's technical model rates WBI "SELL" based on 1 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 08:36 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 40.57 (neutral) |
| vs SMA50 | Below (USD 30.65) |
| MACD | -0.46 (negative) |
Analyst Ratings (WBI)
Wall Street analysts rate WBI "Buy" based on 8 analysts, with a mean price target of USD 36.5 (range USD 28–43), per Nexqual as of October 23, 2026 at 08:36 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 8 |
| Mean Target | USD 36.5 |
| High Target | USD 43 |
| Low Target | USD 28 |
| Buy / Hold / Sell | 7 / 1 / 0 |
Earnings (WBI)
| Next Earnings Date | 2026-11-04 |
|---|---|
| EPS Estimate | USD 0.19 |
| Revenue Estimate | $233.37M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.05 vs est 0.11 ▼ miss |
| 2026-03-31 | USD 0.03 vs est 0.1 ▼ miss |
| 2025-09-30 | USD -0.3 vs est 0.08 ▼ miss |
Source: Nexqual, October 23, 2026 at 08:36 UTC.
Financials & Fundamentals (WBI)
| Total Revenue | $750.88M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +128.00% |
| Gross Margin | +56.99% |
| Operating Margin | +18.50% |
| Profit Margin | +1.42% |
| Debt / Equity | 0.89 |
| Current Ratio | 1.54 |
| Total Cash | $47.62M |
| Total Debt | $1.62B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$122.30M (-16.3% of revenue) |
Source: Nexqual, October 23, 2026 at 08:36 UTC.
Financial Health Score (WBI)
Nexqual rates WaterBridge Infrastructure LLC's overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 08:36 UTC.
| Growth | Strong — Revenue +22% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 57%, operating 18% (last 12 months) |
| Balance Sheet | Mixed — $48M cash and investments vs $1.62B debt (Jun 2026, SEC) |
| Cash Flow | Weak — FCF negative: -$122M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Mixed — No data |
Ownership (WBI)
| Insider Ownership | +45.42% |
|---|---|
| Institutional Ownership | +112.91% |
| Shares Outstanding | 55.45M |
| Float | 43.92M |
| Short % of Float | +11.49% |
Source: Nexqual, October 23, 2026 at 08:36 UTC.
Leadership (WBI)
WaterBridge Infrastructure LLC is led by Jason Long, CEO & Director, per Nexqual as of October 23, 2026 at 08:36 UTC.
| CEO & Director | Jason Long |
|---|---|
| COO & President | Michael Reitz |
| Executive VP & CFO | Scott L. McNeely |
| Director of Investor Relations | Mae Herrington |
Major Backers & Investors (WBI)
Notable institutional backers of WaterBridge Infrastructure LLC include Devon Energy Corp., Alps Advisors Inc., Horizon Kinetics Asset Management LLC, according to Nexqual as of October 23, 2026 at 08:36 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Devon Energy Corp. | 28.66% |
| Alps Advisors Inc. | 17.64% |
| Horizon Kinetics Asset Management LLC | 13.7% |
| T. Rowe Price | 9.63% |
| FMR, LLC | 6.93% |
| Listed Funds Trust-Horizon Kinetics Inflation Beneficiaries ETF | 4.47% |
| Hood River Capital Management LLC | 3.51% |
| UBS Group AG | 3.47% |
Source: Nexqual, October 23, 2026 at 08:36 UTC.
From WaterBridge Infrastructure LLC's Latest SEC 10-K Filing (filed 2026-03-16)
Key Strengths & Strategy (as disclosed to the SEC)
- We manage our extensive infrastructure network through the use of our fit-for-purpose technology solutions, including our state-of-the-art centralized operations center and proprietary water forecasting platform, which enable us to monitor, measure and forecast water volumes in real-time across our infrastructure network and provide our customers with reliable and efficient water management solutions.
- For the year ended December 31, 2025, Devon was one of our largest customers by volume and accounted for approximately $98 million of our water-related revenues, which represented approximately 19% of our total water-related revenues for the year.
- We further enhance our data-driven operations through our proprietary WAVE software platform, a custom forecasting tool that we developed in-house that integrates field-level data with reservoir modeling to generate daily operational and planning forecasts, optimize capacity utilization and capital deployment and provide customers with insights into system capacities, hydraulics and flowback planning.
- As of December 31, 2025, our infrastructure network included approximately 2,500 miles of pipelines and 201 produced water handling facilities with approximately 4.7 million bpd of produced water handling capacity supported by approximately 2.4 million acres dedicated to us under long-term, fixed-fee contracts with E&P companies.
Partnerships
- We entered into a long-term, strategic partnership with Devon Energy Corporation ("Devon") in the Delaware Basin in 2023.
Legal & Regulatory Risks (Item 1A, quoted)
- Changes in laws or adverse court rulings related to the ownership of produced water in our areas of operation could lead to uncertainty with respect to produced water management, delayed or cancelled development by our customers and increased operating costs and litigation expenses for our customers and us, which could have a material adverse effect on our results of operations, cash flows and financial position.
- Increased regulation of hydraulic fracturing could result in reductions or delays in oil and natural gas production by our customers, which could reduce the volumes of produced water through our water infrastructure systems, which could adversely impact our revenues.
- Changes to applicable tax laws and regulations, exposure to additional income tax liabilities, changes in our effective tax rates or an assessment of taxes resulting from an examination of our income or other tax returns could adversely affect our results of operations, cash flows and financial position, including our ability to repay our debt.
- The requirements of being a public company, including compliance with the reporting requirements of the Exchange Act, and the requirements of the Sarbanes-Oxley Act, will increase demands on our resources, increase our costs and divert management's attention, and we may be unable to comply with these requirements in a timely or cost-effective manner.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
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|---|---|---|---|
| OII | Oceaneering International, Inc. | USD 36.62 | ▼ 16.94% |
| TDW | Tidewater Inc. | USD 79.61 | ▼ 2.1% |
| WHD | Cactus, Inc. Class A Common Sto | USD 60.38 | ▼ 5.91% |
| EFXT | Enerflex Ltd | USD 22.89 | ▼ 7.29% |
| KGS | Kodiak Gas Services, Inc. | USD 44.07 | ▼ 10.1% |
| LBRT | Liberty Energy Inc. | USD 15.38 | ▼ 7.85% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 08:36 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt