WaterBridge Infrastructure LLC (WBI) Stock Analysis
WaterBridge Infrastructure LLC
▾ What's in the 45/100 risk score? (higher = riskier)
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). It excludes the the Altman Z score, whose retained-earnings input this filer does not report separately, which relies on a proxied (estimated) input. See the Financial Health section for the full balance-sheet read.
How to read WBI
We are not publishing an intrinsic value for this one — the section below says exactly why. Everything on this page that comes straight from the filings and the tape is still here; treat the missing valuation as a known gap, not as a verdict on the business.
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Reported earnings & margins ↓
What the company actually reported — unaffected by the valuation being held.
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Balance sheet & book value ↓
Assets, liabilities and equity as filed.
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Who's selling & betting against it ↓
Insider and short-interest behaviour needs no valuation model.
The share count we read for WBI looks wrong — common for multi-class / founder-controlled filers that report shares per share-class. That makes per-share figures (including intrinsic value) misleading, so we suppressed them. The company's total financials below are sound.
What to use instead: Lean on the totals — revenue, net income, cash flow — and the balance sheet. Multi-class share counts are being corrected; once fixed, the per-share valuation returns automatically.
This note is only about the single DCF fair-value number — WBI's full financial statements, health scores, and written analysis are all below.
Quality & solvency checks
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
The Z-score needs working capital, retained earnings, EBIT, sales and total assets from the latest balance sheet, and at least one of those isn't reported in machine-readable form here — common for foreign private issuers. We leave it blank rather than compute a distress verdict from an estimated input. It doesn't affect the reported figures in the financial tables below.
▾ The checks — what passed, what didn't (and what we couldn't measure)
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✓ Positive net incomeNet income $0.0M in the latest year.
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✓ Positive operating cash flowOperating cash flow $159.7M (was $73.9M the prior year).
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✓ Cash flow backs up reported profitOperating cash flow $159.7M vs net income $0.0M.
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✗ Return on assets improvingReturn on assets 0.0% vs 0.2% a year ago.Why this matters: Is the company squeezing more profit out of each dollar of assets than last year? Rising = getting more efficient; falling = the opposite.
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✓ Debt load (vs assets)Long-term debt is 39.6% of assets vs 43.4% a year ago ($1,464.9M now).
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✗ Short-term liquidity (current ratio)Current ratio 1.38x vs 1.44x a year ago.Why this matters: The current ratio compares assets it can turn to cash within a year against bills due within a year. Below 1.0 means it may struggle to cover near-term obligations.
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· Share count (dilution) (n/a — data not reported; not scored)
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· Pricing power (gross margin) (n/a — data not reported; not scored)
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✗ Sales per asset (asset turnover)Asset turnover 0.14x vs 0.23x a year ago.Why this matters: Asset turnover measures how much revenue each dollar of assets generates. Rising = more productive use of the asset base.
Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.
A standard discounted cash flowDCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
Full explanation → (DCF) valuation is not meaningful for WaterBridge Infrastructure LLC due to its cash-burning growth stage, as indicated by its rapidly rising long-term debt. While the company is profitable and generating positive operating cash flow, its valuation is likely driven by expectations of continued revenue growth (61.8%/yr over 2yr) and its ability to manage its increasing debt load. The #1 quantifiable risk is the significant increase in long-term debt from $0M to $1465M.
As of 2 months ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
- Continued high revenue growth rates
- Stabilization or reduction in long-term debt growth
- Maintenance of positive operating cash flow
The trend, in plain numbers (2024 → 2025)
Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.
- Revenue grew +66% to $525.6M.
- Free cash flow is negative at -$124.2M — the cash burn widened vs last year.
- Net income fell -100% to $9K.
Management & Leadership
WaterBridge Infrastructure LLC is a privately held company focused on water management solutions for the energy industry. The company's leadership is not widely publicized in the same manner as public companies, but it is known for its specialized services in the Permian Basin.
What They Make
WaterBridge Infrastructure LLC provides water management solutions, including gathering, disposal, and recycling services, primarily to oil and gas producers in the Permian Basin.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
The market is likely pricing WaterBridge Infrastructure based on its rapid revenue growth of 61.8%/yr over two years, indicating strong demand for its services. Despite being profitable and cash flow positive, the significant increase in long-term debt suggests the market is also focused on the company's ability to fund its expansion and manage its balance sheet.
Business Model & Valuation
How They Make Money
The company funds its operations and growth through debt, as evidenced by the rise in long-term debt from $0M to $1465M.
Normalized FCF
Cyclical/commodity sector (Oilfield Services) with negative current FCF: normalized FCF uses multi-year median to smooth through the cycle.
Show advanced inputs
| RevenueGrowth | 61.8% |
| SectorDefault | 4.0% |
| BestEstimate | 40.0% |
| Method | blend(70% revenue_cagr, 30% sector) |
| GrowthBasis | total |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project production volumes, realized commodity prices and unit cash costs independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Revenue is growing at 61.8%/yr over two years, and net income has been positive for 3/3 years.
Geography & Markets
WaterBridge Infrastructure LLC primarily operates in the United States, with a significant presence in the Permian Basin, a key region for oil and gas production.
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)49.9NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BearishLine below signalThe fast trend is below the slow trend — short-term momentum is currently downward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (7 notes — click to expand/collapse)
Guardrail Notes (7)
- Cyclical sector: using normalized cash flow (median OCF minus estimated maintenance capex).
- Median OCF: $73.86M, est. maintenance capex: $44.32M, normalized FCF: $29.54M.
- Shares from unknown — per-share values may be less accurate.
- Illiquidity discount 25% applied (small/micro-cap — harder to exit, demand a margin).
- Shares/market cap missing or defaulted; per-share valuation unreliable.
- Shares defaulted to 1; IV is NOT meaningful — treat as data-unavailable.
- DATA UNAVAILABLE: per-share values suppressed due to missing/unreliable shares data.
FINANCIALS
Financial Statements (5-year tables — click to expand)
From WaterBridge Infrastructure LLC's SEC filings (EDGAR).
Income (5yr)
| Year | Revenue | Net Income | EPS |
|---|---|---|---|
| 2025 | 525.6M | 9,000 | $0.00 |
| 2024 | 316.3M | 3.0M | — |
| 2023 | 200.8M | 14.7M | — |
Cash Flow (5yr)
| Year | Operating CF | CapEx | − SBC & adj. | Free Cash Flow |
|---|---|---|---|---|
| 2025 | 159.7M | 278.6M | 5.3M | -124.2M |
| 2024 | 73.9M | 159.9M | 9.5M | -95.6M |
| 2023 | 48.5M | 148.0M | 359,000 | -99.9M |
How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: 159.7M − 278.6M − 5.3M (SBC & adj.) = -124.2M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a normalized multi-year median, not this single year.
Balance Sheet
| Total Assets | 3.7B |
| Total Liabilities | 1.9B |
| Equity | 602.3M |
| Total Debt | 1.5B |