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WaterBridge Infrastructure LLC Financials

WBI
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows WaterBridge Infrastructure LLC (WBI) financial statements, including the 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).

Rhea AI WBI FY2025

Rapid asset buildout is lifting cash generation, but capex and financing costs keep reported profit and free cash flow near zero.

Operating cash flow rose from $48.5M in FY2023 to $159.7M in FY2025, showing the newer asset base is producing more cash before heavy non-cash charges. But capital spending also climbed from $148.0M to $278.6M, so expansion still is not self-funded and the company remains reliant on external capital to turn growth into owned infrastructure.

Gross margin held near 27.1% in FY2025 while operating margin fell to 15.0%, which means the squeeze is happening below cost of revenue rather than in day-to-day service economics. The main absorbers are depreciation, interest expense, and other overhead tied to a larger asset base, which explains why net income nearly disappeared even as revenue scaled.

Balance-sheet posture shifted toward leverage: long-term debt reached $1.43B and debt to equity was 2.4x, so the buildout was not financed conservatively. Liquidity looked less strained than solvency, with a current ratio of 1.4x, meaning short-term obligations appear manageable even though the business now needs sustained asset-level cash generation to carry a heavier capital structure.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 45 / 100
Financial Health Score 45/100
Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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.

Profitability
69
Growth
96
Leverage
5
Liquidity
55
Cash Flow
7
Returns
38
Altman Z-Score Distress
0.56

WaterBridge Infrastructure LLC scores 0.56, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.7B) relative to total liabilities ($3.1B). 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.

Piotroski F-Score Partial
4/8

WaterBridge Infrastructure LLC passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
17743.89x

For every $1 of reported earnings, WaterBridge Infrastructure LLC generates $17743.89 in operating cash flow ($159.7M OCF vs $9K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk
1.1x

WaterBridge Infrastructure LLC earns $1.1 in operating income for every $1 of interest expense ($78.9M vs $68.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$525.6M
YoY+66.2%

WaterBridge Infrastructure LLC generated $525.6M in revenue in fiscal year 2025. This represents an increase of 66.2% from the prior year.

EBITDA
$219.8M
YoY+63.1%

WaterBridge Infrastructure LLC's EBITDA was $219.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 63.1% from the prior year.

Net Income
$9K
YoY-99.7%

WaterBridge Infrastructure LLC reported $9K in net income in fiscal year 2025. This represents a decrease of 99.7% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
-$118.9M
YoY-38.1%

WaterBridge Infrastructure LLC generated -$118.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 38.1% from the prior year.

Cash & Debt
$51.5M
YoY+288.0%

WaterBridge Infrastructure LLC held $51.5M in cash against $1.4B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
N/A

Margins & Returns

Gross Margin
27.1%
YoY-0.9pp

WaterBridge Infrastructure LLC's gross margin was 27.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.9 percentage points from the prior year.

Operating Margin
15.0%
YoY-2.8pp

WaterBridge Infrastructure LLC's operating margin was 15.0% in fiscal year 2025, reflecting core business profitability. This is down 2.8 percentage points from the prior year.

Net Margin
0.0%
YoY-0.9pp

WaterBridge Infrastructure LLC's net profit margin was 0.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.9 percentage points from the prior year.

Return on Equity
0.0%

WaterBridge Infrastructure LLC's ROE was 0.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$278.6M
YoY+74.2%

WaterBridge Infrastructure LLC invested $278.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 74.2% from the prior year.

WBI Income Statement

Metric Q1'26 Q4'25 Q3'25 Q1'25 Q4'24 Q3'24
Revenue $201.0M N/A $123.3M+25.9% $97.9M N/A $89.8M
Cost of Revenue $152.8M N/A $88.3M+40.1% $63.0M N/A $62.9M
Gross Profit $48.2M N/A $35.0M+0.2% $34.9M N/A $26.9M
R&D Expenses N/A N/A N/A N/A N/A N/A
SG&A Expenses $16.8M N/A N/A $6.6M N/A N/A
Operating Income $30.5M N/A $23.7M+50.8% $15.7M N/A $18.8M
Interest Expense -$20.0M N/A -$19.3M-37.5% -$14.1M N/A -$15.7M
Income Tax $1.1M N/A -$366K-563.3% $79K N/A $114K
Net Income $3.5M+177.5% -$4.5M-580.2% -$667K-139.0% $1.7M N/A $3.3M
EPS (Diluted) $0.08+180.0% $-0.10-400.0% $-0.02 N/A N/A N/A

WBI Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q1'25 Q4'24 Q3'24
Total Assets $3.8B+1.4% $3.7B-6.1% $3.9B N/A $1.4B N/A
Current Assets $259.2M-0.7% $261.1M-53.0% $555.1M N/A $120.3M N/A
Cash & Equivalents $50.7M-1.7% $51.5M-85.1% $346.6M+1155.8% $27.6M+107.8% $13.3M-5.6% $14.1M
Inventory N/A N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A N/A N/A
Goodwill $53.1M0.0% $53.1M+1.9% $52.1M N/A $9.1M N/A
Total Liabilities $3.1B-0.1% $3.1B-7.0% $3.3B N/A $1.4B N/A
Current Liabilities $199.5M+5.6% $188.9M+14.5% $165.0M N/A $83.5M N/A
Long-Term Debt $1.5B+1.8% $1.4B-14.9% $1.7B N/A $586.4M N/A
Total Equity $656.7M+9.0% $602.3M-0.9% $607.7M N/A $0 N/A
Retained Earnings -$3.2M+29.4% -$4.5M-580.2% -$667K N/A $0 N/A

WBI Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q1'25 Q4'24 Q3'24
Operating Cash Flow $95.1M+7.9% $88.2M N/A $43.2M+367.6% $9.2M N/A
Capital Expenditures $110.9M+24.4% $89.2M N/A $45.5M+42.8% $31.9M N/A
Free Cash Flow -$15.8M-1439.1% -$1.0M N/A -$2.3M+89.9% -$22.6M N/A
Investing Cash Flow -$109.7M-23.1% -$89.1M N/A -$26.1M+19.2% -$32.3M N/A
Financing Cash Flow $13.7M+104.7% -$294.2M N/A -$2.8M-112.7% $22.2M N/A
Dividends Paid $6.2M N/A N/A $0 N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A

WBI Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q1'25 Q4'24 Q3'24
Gross Margin 24.0% N/A 28.4%-7.3pp 35.7% N/A 30.0%
Operating Margin 15.2% N/A 19.2%+3.2pp 16.1% N/A 21.0%
Net Margin 1.8% N/A -0.5%-2.3pp 1.8% N/A 3.7%
Return on Equity 0.5%+1.3pp -0.8%-0.6pp -0.1% N/A N/A N/A
Return on Assets 0.1%+0.2pp -0.1%-0.1pp -0.0% N/A N/A N/A
Current Ratio 1.30-0.1 1.38-2.0 3.36 N/A 1.44 N/A
Debt-to-Equity 2.22-0.2 2.38-0.4 2.77 N/A N/A N/A
FCF Margin -7.9% N/A N/A -2.3% N/A N/A

Frequently Asked Questions

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.

WaterBridge Infrastructure LLC (WBI) revenue grew by 66.2% year-over-year, from $316.3M to $525.6M in fiscal year 2025.

Yes, WaterBridge Infrastructure LLC (WBI) reported a net income of $9K in fiscal year 2025, with a net profit margin of 0.0%.

WaterBridge Infrastructure LLC (WBI) had EBITDA of $219.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, WaterBridge Infrastructure LLC (WBI) had $51.5M in cash and equivalents against $1.4B in long-term debt.

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.

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.

WaterBridge Infrastructure LLC (WBI) had a net profit margin of 0.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

WaterBridge Infrastructure LLC (WBI) has a return on equity of 0.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

WaterBridge Infrastructure LLC (WBI) generated -$118.9M in free cash flow during fiscal year 2025. This represents a -38.1% change compared to the previous fiscal year. 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.

WaterBridge Infrastructure LLC (WBI) generated $159.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

WaterBridge Infrastructure LLC (WBI) had $3.7B in total assets as of fiscal year 2025, including both current and long-term assets.

WaterBridge Infrastructure LLC (WBI) invested $278.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

WaterBridge Infrastructure LLC (WBI) had a current ratio of 1.38 as of fiscal year 2025, which is considered adequate.

WaterBridge Infrastructure LLC (WBI) had a debt-to-equity ratio of 2.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

WaterBridge Infrastructure LLC (WBI) had a return on assets of 0.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

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.

WaterBridge Infrastructure LLC (WBI) has a Piotroski F-Score of 4 out of 8 computable signals; 1 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.

WaterBridge Infrastructure LLC (WBI) has an earnings quality ratio of 17743.89x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

WaterBridge Infrastructure LLC (WBI) has an interest coverage ratio of 1.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

WaterBridge Infrastructure LLC (WBI) scores 45 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite 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.

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