Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data WaterBridge Infrastructure LLC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2025
FY2025
Revenue
201
316
526
Cost of revenue
145
228
383
Gross profit
55.3
88.4
142
General and administrative
14.7
33.8
47.2
Operating income
40.5
56.4
78.9
Other non-operating income
0.52
0.25
0.43
Pre-tax income
14.8
3.31
-1.06
Income tax
0.11
0.32
-1.07
Net income
14.7
2.99
0.01
EBITDA
88.9
135
220
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
12.9
13.3
51.5
Other current assets
6.01
14.8
Total current assets
120
261
Property, plant and equipment
1,101
2,286
Lease right-of-use assets
0
6.54
Goodwill
9.09
53.1
Intangible assets
98.6
936
Other non-current assets
21.5
32.7
Total assets
1,351
3,700
Accounts payable
13.2
26.3
Accrued liabilities
44.6
130
Short-term debt
6.54
12.5
Total current liabilities
83.5
189
Long-term debt
586
1,432
Lease liabilities
0
5.77
Other non-current liabilities
17.7
30.3
Total liabilities
688
1,852
Total debt
593
1,465
Retained earnings
0
-4.54
Shareholders' equity
0
602
Minority interests
0
1,245
Total equity
0
1,848
Total liabilities and equity
1,351
3,700
Cash flow statement
FY2023
FY2025
FY2025
Net income
14.7
2.99
0.01
Depreciation and amortization
48.4
78.3
141
Stock-based compensation
-0.36
9.53
5.34
Deferred income tax
0
0
-1.25
Change in receivables
-13.4
-4.93
-37.1
Cash from operations
48.5
73.9
160
Capital expenditures
-148
-160
-279
Acquisitions
-25.3
-167
39.9
Cash from investing
-171
-324
-219
Debt issued
150
630
1,505
Debt repaid
-28.6
-360
-1,849
Stock issued
0
0
685
Cash from financing
129
250
97.2
Net change in cash
5.98
0.42
38.3
Free cash flow
-99.5
-86.1
-119
Interest paid
24.9
49.7
49.4
Income taxes paid
0
0.11
0.31
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $29.80 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
25.1%
Gross profit / revenue.
Operating margin
15.5%
Operating income / revenue.
EBITDA margin
41.1%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
2.3%
Pre-tax income / revenue.
Net margin
-0.0%
Net income / revenue.
FCF margin
-16.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
34.7%
Cash from operations / revenue.
Effective tax rate
12.2%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
-0.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-0.0%
Net income / average total assets.
Return on invested capital (ROIC)
4.4%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
1.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
51.0%
Capital expenditures / revenue.
D&A / revenue
25.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
66.2%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
60.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y
39.8%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
63.1%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-99.7%
Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
116.2%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
174.0%
Total assets vs the same period a year earlier. Only from a positive base.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.54x
Current assets / current liabilities.
Quick ratio
0.27x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.27x
(Cash + short-term investments) / current liabilities.
Debt / equity
2.13x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
41.0%
Total debt / total assets.
Liabilities / assets
53.6%
Total liabilities / total assets.
Net debt
$1.57B
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
5.09x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.00
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$15.40
Revenue / diluted weighted shares.
FCF per share
-$2.51
Free cash flow / diluted weighted shares.
Operating cash flow per share
$5.34
Cash from operations / diluted weighted shares.
Book value per share
$15.59
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
4.90x
Market cap / revenue.
P/B
4.84x
Market cap / shareholders' equity. Only when equity is positive.
P/OCF
14.1x
Market cap / cash from operations, when positive.
EV/Sales
6.99x
Enterprise value / revenue.
EV/EBIT
45.0x
Enterprise value / operating income, when both are positive.
EV/EBITDA
17.0x
Enterprise value / EBITDA, when both are positive.
FCF yield
-3.3%
Free cash flow / market cap.
Earnings yield
-0.0%
Net income / market cap (the inverse of P/E).
What was WaterBridge Infrastructure LLC's revenue in fiscal 2025?
WaterBridge Infrastructure LLC reported revenue of $525.6M for fiscal 2025, 66.2% higher than the year before.
Was WaterBridge Infrastructure LLC profitable in fiscal 2025?
Yes. Net income was $9.0K, a net margin of 0%.
How much free cash flow did WaterBridge Infrastructure LLC generate in fiscal 2025?
Cash from operations of $159.7M minus capital expenditures of $278.6M left free cash flow of -$118.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.