# WaterBridge Infrastructure LLC (WBI)

> Source: Nexqual · https://nexqual.com/WBI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, WaterBridge Infrastructure LLC (WBI), nexqual.com/WBI" · informational, not investment advice.

**Price:** USD 28.33 (-5.50% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 29.98 · day 27.88–29.7 · 52w 18.64–36.89 · market cap $3.50B · NYQ

## Key facts
- 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)
| 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)
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)
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
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)
|  | 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) |

## Peers (Oil & Gas Equipment & Services)
OII (Oceaneering International, Inc.) USD 36.62 -16.94% · TDW (Tidewater Inc.) USD 79.61 -2.10% · 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 -10.10% · LBRT (Liberty Energy Inc.) USD 15.38 -7.85%

## More
Full page: https://nexqual.com/WBI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WBI's own 10-K filed 2026-03-16 (https://www.sec.gov/Archives/edgar/data/2064947/000119312526106541/wbi-20251231.htm):

| 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-rel…" |
| 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 Rece…" |
| 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…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Produced Water Handling | $197.6M | 90.8% | +121.7% |
| Produced Water Handling Revenues Excluding Skim Oil | $177.6M | 81.5% | +120.6% |
| Skim Oil | $20.0M | 9.2% | +131.2% |
| Total revenue | $217.8M | 100% | — |
The lines above cover 181.5% of total revenue.

## Customer concentration

Period ended 2025-12-31: 18%, 12% of revenue from unnamed direct customers (10-K, filed 2026-03-16).

## Company outlook (8-K filed 2026-08-05)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.19 | $0.20 | -5.4% | $233.4M | 4 |
| Next quarter (ends 2026-12-31) | $0.24 | $0.23 | +2.0% | $246.9M | 4 |
| Current fiscal year (ends 2026-12-31) | $0.60 | $0.61 | -2.8% | $904.3M | 4 |
| Next fiscal year (ends 2027-12-31) | $1.20 | $1.12 | +6.9% | $1.11B | 4 |