WaterBridge Infrastructure (WBI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 28, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WBI SEC filings page.
WaterBridge Infrastructure LLC (WBI) reported $750.9M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
WaterBridge is scaling revenue, but heavy infrastructure investment and rising leverage keep reported growth from becoming free cash flow.
From FY2023 to FY2025, operating cash flow increased from$48.5M to$159.7M , yet free cash flow was still-$118.9M in FY2025. That gap reflects a business whose cash generation is being absorbed by expansion: capital expenditures reached$278.6M , or53.0% of revenue, rather than being left available after operations.
FY2025 revenue grew
The balance sheet is heavily debt-financed: liabilities represented
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of WaterBridge Infrastructure LLC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
WaterBridge Infrastructure LLC has an operating margin of 15.0%, meaning the company retains $15 of operating profit per $100 of revenue. This strong profitability earns a score of 71/100, reflecting efficient cost management and pricing power. This is down from 17.8% the prior year.
WaterBridge Infrastructure LLC's revenue surged 66.2% year-over-year to $525.6M, reflecting rapid business expansion. This strong growth earns a score of 96/100.
WaterBridge Infrastructure LLC has elevated debt relative to equity (D/E of 2.38), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 4/100, reflecting increased financial risk.
WaterBridge Infrastructure LLC's current ratio of 1.38 indicates adequate short-term liquidity, earning a score of 55/100. The company can meet its near-term obligations, though with limited headroom.
While WaterBridge Infrastructure LLC generated $159.7M in operating cash flow, capex of $278.6M consumed most of it, leaving -$118.9M in free cash flow. This results in a low score of 10/100, reflecting heavy capital investment rather than weak cash generation.
WaterBridge Infrastructure LLC scores 0.56, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $4.5M against total assets of $3.7B. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
WaterBridge Infrastructure LLC passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). All 1 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Key Financial Metrics
Earnings & Revenue
WaterBridge Infrastructure LLC generated $217.8M in revenue in Q2 2026. This represents an increase of 128.0% from the same quarter a year earlier. Against the prior quarter it is up 8.4%.
WaterBridge Infrastructure LLC's EBITDA was $88.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 143.6% from the same quarter a year earlier. Against the prior quarter it is up 17.1%.
WaterBridge Infrastructure LLC reported $5.1M in net income in Q2 2026. Against the prior quarter it is up 45.3%.
Cash & Balance Sheet
WaterBridge Infrastructure LLC recorded an outflow of $58.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
WaterBridge Infrastructure LLC held $47.6M in cash against $1.6B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
WaterBridge Infrastructure LLC's gross margin was 26.7% in Q2 2026, indicating the percentage of revenue retained after direct costs. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 2.7 percentage points.
WaterBridge Infrastructure LLC's operating margin was 18.5% in Q2 2026, reflecting core business profitability. This is up 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.3 percentage points.
WaterBridge Infrastructure LLC's net profit margin was 2.4% in Q2 2026, showing the share of revenue converted to profit. Against the prior quarter it is up 0.6 percentage points.
WaterBridge Infrastructure LLC's quarterly ROE was 0.7% in Q2 2026: one quarter's net income over shareholder equity, not annualized. Against the prior quarter it is up 0.1 percentage points.
Capital Allocation
WaterBridge Infrastructure LLC invested $123.3M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 45.9% from the same quarter a year earlier. Against the prior quarter it is up 11.1%.
Not reported for Q2 2026.
Not reported for Q2 2026.
WBI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $217.8M+128.0% | $201.0M+105.3% | $208.9M | $123.3M+37.2% | $95.5M | $97.9M | N/A | $89.8M |
| Cost of Revenue | $159.6M+128.0% | $152.8M+142.6% | $162.1M | $88.3M+40.4% | $70.0M | $63.0M | N/A | $62.9M |
| Gross Profit | $58.1M+128.0% | $48.2M+38.0% | $46.8M | $35.0M+29.9% | $25.5M | $34.9M | N/A | $26.9M |
| SG&A Expenses | $17.7M+133.2% | $16.8M+155.0% | N/A | N/A | $7.6M | $6.6M | N/A | N/A |
| Operating Income | $40.3M+134.5% | $30.5M+93.8% | $22.3M | $23.7M+25.8% | $17.2M | $15.7M | N/A | $18.8M |
| EBITDA | $88.3M+143.6% | $75.4M+117.3% | $95.1M | $53.7M+38.4% | $36.3M | $34.7M | N/A | $38.8M |
| Income Tax | $2.2M+22010.0% | $1.1M+1235.4% | -$788K | -$366K-421.1% | $10K | $79K | N/A | $114K |
| Net Income | $5.1M | $3.5M | -$4.5M | -$667K | N/A | N/A | N/A | N/A |
| EPS (Basic) | $0.10 | $0.08 | -$0.10 | -$0.02 | N/A | N/A | N/A | N/A |
| EPS (Diluted) | $0.10 | $0.08 | -$0.10 | -$0.02 | N/A | N/A | N/A | N/A |
| Diluted Shares (Avg) | 49M | 123M | 43M | 43M | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses, Interest Expense.
WBI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.9B | $3.8B | $3.7B+174.0% | $3.9B | N/A | N/A | $1.4B | N/A |
| Current Assets | $268.5M | $259.2M | $261.1M+117.0% | $555.1M | N/A | N/A | $120.3M | N/A |
| Cash & Equivalents | $47.6M+300.1% | $50.7M+83.6% | $51.5M+288.0% | $346.6M+2362.7% | $11.9M | $27.6M | $13.3M | $14.1M |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0 | $0 | $0 | $0 |
| Goodwill | $52.0M | $53.1M | $53.1M+484.4% | $52.1M | N/A | N/A | $9.1M | N/A |
| Total Liabilities | $3.2B | $3.1B | $3.1B+129.4% | $3.3B | N/A | N/A | $1.4B | N/A |
| Current Liabilities | $174.3M | $199.5M | $188.9M+126.4% | $165.0M | N/A | N/A | $83.5M | N/A |
| Non-Current Liabilities | $1.9B | $1.7B | $1.7B+175.4% | $1.9B | N/A | N/A | $604.1M | N/A |
| Long-Term Debt | $1.6B | $1.5B | $1.4B+144.2% | $1.7B | N/A | N/A | $586.4M | N/A |
| Total Equity | $759.9M | $656.7M | $602.3Mn/m | $607.7M | N/A | N/A | $0 | N/A |
| Retained Earnings | -$551K | -$3.2M | -$4.5Mn/m | -$667K | N/A | N/A | $0 | N/A |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable.
WBI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $64.9M+306.4% | $95.1M+120.1% | $88.2M+854.2% | $12.3M | $16.0M | $43.2M | $9.2M | N/A |
| Depreciation & Amortization | $48.1M+151.8% | $45.0M+136.8% | $68.7M+221.2% | $30.0M+50.2% | $19.1M | $19.0M | $21.4M | $20.0M |
| Stock-Based Compensation | $2.6M+144.1% | $2.6M+697.5% | N/A | N/A | $1.1M | $324K | N/A | N/A |
| Capital Expenditures | $123.3M+45.9% | $110.9M+143.8% | $89.2M+179.9% | $59.4M | $84.5M | $45.5M | $31.9M | N/A |
| Free Cash Flow | -$58.4Mn/m | -$15.8Mn/m | -$1.0Mn/m | -$47.0M | -$68.5M | -$2.3M | -$22.6M | N/A |
| Investing Cash Flow | -$206.0Mn/m | -$109.7Mn/m | -$89.1Mn/m | -$19.2M | -$84.2M | -$26.1M | -$32.3M | N/A |
| Financing Cash Flow | $138.1M+162.7% | $13.7Mn/m | -$294.2M-1423.0% | $341.7M | $52.6M | -$2.8M | $22.2M | N/A |
| Dividends Paid | $6.2Mn/m | $6.2Mn/m | N/A | N/A | $0 | $0 | N/A | N/A |
Not reported in any period shown, so not listed: Share Buybacks.
WBI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.7%0.0pp | 24.0%-11.7pp | 22.4% | 28.4%-1.6pp | 26.7% | 35.7% | N/A | 30.0% |
| Operating Margin | 18.5%+0.5pp | 15.2%-0.9pp | 10.7% | 19.2%-1.8pp | 18.0% | 16.1% | N/A | 21.0% |
| Net Margin | 2.4% | 1.8% | -2.2% | -0.5% | N/A | N/A | N/A | N/A |
| Return on Equity | 0.7% | 0.5% | -0.8% | -0.1% | N/A | N/A | N/A | N/A |
| Return on Assets | 0.1% | 0.1% | -0.1% | 0.0% | N/A | N/A | N/A | N/A |
| Current Ratio | 1.54 | 1.30 | 1.38-0.1x | 3.36 | N/A | N/A | 1.44 | N/A |
| Debt-to-Equity | 2.12 | 2.22 | 2.38 | 2.77 | N/A | N/A | N/A | N/A |
| Liabilities-to-Equity | 4.18 | 4.71 | 5.14 | 5.48 | N/A | N/A | N/A | N/A |
| Asset Turnover | 0.06 | 0.05 | 0.06 | 0.03 | N/A | N/A | N/A | N/A |
| FCF Margin | -26.8%+44.9pp | -7.9%-5.5pp | -0.5% | -38.2% | -71.7% | -2.3% | N/A | N/A |
Where WaterBridge Infrastructure LLC Ranks
Frequently Asked Questions
What is WaterBridge Infrastructure LLC's annual revenue?
WaterBridge Infrastructure LLC (WBI) reported $525.6M in total revenue for fiscal year 2025. This represents a 66.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is WaterBridge Infrastructure LLC's revenue growing?
WaterBridge Infrastructure LLC (WBI) revenue grew by 66.2% year-over-year, from $316.3M to $525.6M in fiscal year 2025.
What is WaterBridge Infrastructure LLC's EBITDA?
WaterBridge Infrastructure LLC (WBI) had EBITDA of $219.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does WaterBridge Infrastructure LLC have?
As of fiscal year 2025, WaterBridge Infrastructure LLC (WBI) had $51.5M in cash and equivalents against $1.4B in long-term debt.
What is WaterBridge Infrastructure LLC's gross margin?
WaterBridge Infrastructure LLC (WBI) had a gross margin of 27.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is WaterBridge Infrastructure LLC's operating margin?
WaterBridge Infrastructure LLC (WBI) had an operating margin of 15.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is WaterBridge Infrastructure LLC's free cash flow?
WaterBridge Infrastructure LLC (WBI) recorded an outflow of $118.9M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is WaterBridge Infrastructure LLC's operating cash flow?
WaterBridge Infrastructure LLC (WBI) generated $159.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are WaterBridge Infrastructure LLC's total assets?
WaterBridge Infrastructure LLC (WBI) had $3.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are WaterBridge Infrastructure LLC's capital expenditures?
WaterBridge Infrastructure LLC (WBI) invested $278.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is WaterBridge Infrastructure LLC's current ratio?
WaterBridge Infrastructure LLC (WBI) had a current ratio of 1.38 as of fiscal year 2025, which is considered adequate.
What is WaterBridge Infrastructure LLC's debt-to-equity ratio?
WaterBridge Infrastructure LLC (WBI) had a debt-to-equity ratio of 2.38 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is WaterBridge Infrastructure LLC's liabilities-to-equity ratio?
WaterBridge Infrastructure LLC (WBI) had a liabilities-to-equity ratio of 5.14 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is WaterBridge Infrastructure LLC's P/E ratio?
WaterBridge Infrastructure LLC (WBI) trades at 489x earnings, its market capitalization divided by $3.4M net income, trailing 12 months to June 30, 2026. The market capitalization is $1.7B as of Oct 28, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is WaterBridge Infrastructure LLC's price-to-sales ratio?
WaterBridge Infrastructure LLC (WBI) trades at 2.2x sales, its market capitalization divided by $750.9M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.7B as of Oct 28, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is WaterBridge Infrastructure LLC's Altman Z-Score?
WaterBridge Infrastructure LLC (WBI) has an Altman Z-Score of 0.56, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is WaterBridge Infrastructure LLC's Piotroski F-Score?
WaterBridge Infrastructure LLC (WBI) has a Piotroski F-Score of 2 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
How financially healthy is WaterBridge Infrastructure LLC?
WaterBridge Infrastructure LLC (WBI) scores 46 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.