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Oil & gas equipment & services · Energy · Fiscal year ends Dec 31
WaterBridge Infrastructure LLC reported revenue of $526M in the fiscal year ended Dec 2025, up 66.2% from the year before. Operating income was $79M, an operating margin of 15.0%, and net income was $9,000. Operating cash flow of $160M less capital expenditure of $279M left free cash flow of −$119M. Net debt was $1.4B.
Ranks among the 17 oil & gas equipment & services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 201 | 316 | 526 |
| Cost of revenue | 145 | 228 | 383 |
| Gross profit | 55.3 | 88.4 | 142 |
| Operating income | 40.5 | 56.4 | 78.9 |
| Net interest incomeBanks | −26.2 | −53.4 | −68.9 |
| Pre-tax income | 14.8 | 3.3 | −1.1 |
| Income tax | 0.1 | 0.3 | −1.1 |
| Net income | 14.7 | 3.0 | 0.0 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 12.9 | 13.3 | 51.5 |
| Current assets | – | 120 | 261 |
| Net PP&E | – | 1,101 | 2,286 |
| Goodwill | – | 9.1 | 53.1 |
| Total assets | – | 1,351 | 3,700 |
| Payables | – | 13.2 | 26.3 |
| Current liabilities | – | 83.5 | 189 |
| Short-term debt | – | 6.5 | 12.5 |
| Long-term debt | – | 586 | 1,432 |
| Total liabilities | – | 688 | 1,852 |
| Shareholders' equity | – | 0.0 | 602 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 48.5 | 73.9 | 160 |
| Capital expenditure | 148 | 160 | 279 |
| Free cash flow | −99.5 | −86.1 | −119 |
| Depreciation & amortisation | 48.4 | 78.3 | 141 |
| Stock-based compensation | −0.4 | 9.5 | 5.3 |
| Acquisitions | 25.3 | 167 | −39.9 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 57.5% | 66.2% |
| Operating income growth (YoY) | – | 39.3% | 39.8% |
| Gross margin | 27.5% | 28.0% | 27.1% |
| Operating margin | 20.2% | 17.8% | 15.0% |
| Net margin | 7.3% | 0.9% | 0.0% |
| Return on equityBlank when equity is negative | – | – | 0.0% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 4.5% | 2.2% |
| Free cash flow margin | −49.6% | −27.2% | −22.6% |
| Cash conversion (CFO ÷ net income) | 3.30x | 24.7x | 17744x |
| Payable days | – | 21 | 25 |
| Debt ÷ equity | – | – | 2.40x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 580 | 1,393 |
| Current ratio | – | 1.44x | 1.38x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.