Summary

• LandBridge Company LLC remains my largest holding and highest-conviction Strong Buy, driven by strategic Permian land ownership and a hyper-efficient, royalty-based business model.
• Despite sequential revenue and EBITDA declines in 1Q26, LB raised full-year EBITDA guidance to $210–$230M, with 16% year-over-year growth and an 80% free cash flow margin.
• Surface use royalties surged 41%, now comprising 72% of revenue, while data center and produced water projects like Speedway offer significant embedded growth optionality.
• LB targets 2028 EBITDA of $300M; at 30x multiple, this implies >70% upside, but volatility, lumpy revenues, and execution risk require a thick-skinned, growth-oriented investor.
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Introduction

I have never written an article on LandBridge Company LLC (LB) that didn’t have a Strong Buy rating. My most recent article was written on February 28, when I made clear

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of LB, TPL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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