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 September 30, 2026; growth uses fiscal years. Valuation uses the share price of $26.26 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
24.9%
Gross profit / revenue.
Operating margin
15.5%
Operating income / revenue.
EBITDA margin
41.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
3.2%
Pre-tax income / revenue.
Net margin
0.7%
Net income / revenue.
FCF margin
-10.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
40.8%
Cash from operations / revenue.
Effective tax rate
14.6%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
0.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
0.1%
Net income / average total assets.
Return on invested capital (ROIC)
4.5%
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
51.5%
Capital expenditures / revenue.
D&A / revenue
25.8%
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
1.17x
Current assets / current liabilities.
Quick ratio
0.13x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.13x
(Cash + short-term investments) / current liabilities.
Debt / equity
2.37x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
42.9%
Total debt / total assets.
Liabilities / assets
56.7%
Total liabilities / total assets.
Net debt
$1.78B
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
4.98x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
126.5%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.11
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
$15.62
Revenue / diluted weighted shares.
FCF per share
-$1.68
Free cash flow / diluted weighted shares.
Operating cash flow per share
$6.37
Cash from operations / diluted weighted shares.
Book value per share
$13.80
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
541x
Market cap / net income. Only when net income is positive.
P/S
3.74x
Market cap / revenue.
P/B
4.23x
Market cap / shareholders' equity. Only when equity is positive.
P/OCF
9.16x
Market cap / cash from operations, when positive.
EV/Sales
5.79x
Enterprise value / revenue.
EV/EBIT
37.4x
Enterprise value / operating income, when both are positive.
EV/EBITDA
14.0x
Enterprise value / EBITDA, when both are positive.
FCF yield
-2.9%
Free cash flow / market cap.
Earnings yield
0.2%
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.