WBI
WaterBridge Infrastructure LLC
NYSEUSDEQUITY
Energy
DELAYED
Last price
31.70
▼ 0.79 (2.43%)
MARKET · —
Price
Too many bars for candle bodies at this width — showing high/low range per bar. Zoom in or pick a shorter range.
Open
32.49
Prev close
32.49
Day high
32.84
Day low
31.53
Volume
472.68K
Market cap
$3.91B
P/E (TTM)
—
52W range
18.64 – 36.89
Insider net activity
Net shares
-2.68M
Net selling
Buy transactions
9
10.86M shares
Sell transactions
3
13.54M shares
Net transactions
+12
Buys less sells
Sell : buy shares
1.2 : 1
Mixed
Insider-held shares
25.22M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 4, 26 | WILLIAMS JASON FREDERICK Officer |
STOCK | 29.89K | $0 | Direct |
| Aug 4, 26 | MCNEELY SCOTT LLOYD Chief Financial Officer |
STOCK | 32.88K | $0 | Direct |
| Aug 4, 26 | LONG JASON THOMAS Chief Executive Officer |
STOCK | 44.83K | $0 | Direct |
| Aug 4, 26 | BOLLING HARRISON FENNER General Counsel |
STOCK | 29.89K | $0 | Direct |
| Aug 4, 26 | REITZ MICHAEL HOWARD JR President |
STOCK | 39.60K | $0 | Direct |
| Jun 22, 26 | DEVON ENERGY CORP Beneficial Owner of more than 10% of a Class of Security |
— | 1.76M | — | Indirect |
| Jun 22, 26 | CAPOBIANCO DAVID N Director and Beneficial Owner of more than 10% of a Class of Security |
— | 4.46M | — | Indirect |
| Jun 22, 26 | WATERBRIDGE RESOURCES LLC Beneficial Owner of more than 10% of a Class of Security |
— | 4.46M | — | Indirect |
| Jun 22, 26 | DEVON ENERGY CORP Beneficial Owner of more than 10% of a Class of Security |
SELL | 1.76M | $52.74M | Indirect |
| Jun 22, 26 | CAPOBIANCO DAVID N Director and Beneficial Owner of more than 10% of a Class of Security |
SELL | 5.89M | $177.14M | Indirect |
| Jun 22, 26 | WATERBRIDGE RESOURCES LLC Beneficial Owner of more than 10% of a Class of Security |
SELL | 5.89M | $177.14M | Indirect |
| Apr 13, 26 | CHASE VALERIE Director |
STOCK | 2.83K | $0 | Direct |
| Jan 6, 26 | MCNEELY SCOTT LLOYD Chief Financial Officer |
BUY | 1.28K | $25.00K | Direct |
| Jan 6, 26 | REITZ MICHAEL HOWARD JR President |
BUY | 4.87K | $99.68K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BOLLING HARRISON FENNER |
General Counsel | 101.89K | Stock Award(Grant) |
CAPOBIANCO DAVID N |
Director and Beneficial Owner of more than 10% of a Class of Security | — | Conversion of Exercise of derivative security |
CARRIG JANET LANGFORD |
Director | 6.50K | Stock Award(Grant) |
CRANE JAMES ROBERT |
Director | 306.50K | Stock Award(Grant) |
DAILY GREGORY S |
Director | 81.50K | Stock Award(Grant) |
LONG JASON THOMAS |
Chief Executive Officer | 187.33K | Stock Award(Grant) |
MCNEELY SCOTT LLOYD |
Chief Financial Officer | 109.15K | Stock Award(Grant) |
REITZ MICHAEL HOWARD JR |
President | 139.46K | Stock Award(Grant) |
WATERBRIDGE RESOURCES LLC |
Beneficial Owner of more than 10% of a Class of Security | — | Conversion of Exercise of derivative security |
WILLIAMS JASON FREDERICK |
Officer | 99.89K | Stock Award(Grant) |
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Options analytics
Put / call volume
0.37
Call-heavy session
Put / call open interest
0.87
Positioning, not flow
Max pain
30.00
-5.4% from spot
ATM implied vol
72.2%
Nearest strike to spot
Skew (10% OTM)
+0.3%
Puts bid over calls
Call volume
81
Contracts, this expiry
Put volume
30
Contracts, this expiry
Heaviest call OI
35.00
1.00K contracts
Heaviest put OI
30.00
679 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Trailing performance
Returnvs SPY
1W
-0.09%
+1.3%
1M
-10.80%
-14.5%
3M
+3.02%
-0.1%
6M
+24.56%
+13.5%
YTD
+58.42%
+46.1%
1Y
—
-20.0%
3Y
—
-74.2%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Fundamentals
Market cap$3.91B
Enterprise value$4.40B
Revenue (TTM)$750.88M
Gross profit$427.90M
EBITDA$358.52M
Net income$10.54M
EPS (TTM)$-0.15
Free cash flow—
Total cash$47.62M
Total debt$1.62B
Book value / share$13.70
Shares outstanding55.45M
Float44.02M
Short % of float13.78%
Dividend yield0.63%
Beta (5Y)—
Short interest
Shares short
5.49M
Prior 6.36M
Change vs prior
-13.7%
Shorts covering
% of float
13.78%
Elevated
% of shares out
11.67%
Against total outstanding
Days to cover
6.9
Crowded exit
Float
44.02M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Valuation & profitability ratios
Trailing P/E—
Forward P/E26.67
PEG ratio—
Price / sales—
Price / book2.31
EV / revenue5.86
EV / EBITDA12.28
Gross margin56.99%
Operating margin18.50%
Profit margin1.42%
Return on equity—
Return on assets—
Debt / equity88.78
Current ratio1.54
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|
| Total revenue | $525.55M | $316.30M | $200.77M | +66.2% |
| Operating revenue | $512.08M | $307.79M | $193.09M | +66.4% |
| Cost of revenue | $383.31M | $227.85M | $145.47M | +68.2% |
| Gross profit | $142.24M | $88.45M | $55.30M | +60.8% |
| Selling, general & admin | $47.24M | $33.79M | $14.69M | +39.8% |
| Total operating expense | $51.40M | $32.17M | $14.71M | +59.8% |
| Operating income | $90.84M | $56.28M | $40.59M | +61.4% |
| Net interest income | -$68.94M | -$53.36M | -$26.24M | -29.2% |
| Pre-tax income | -$1.06M | $3.31M | $14.78M | -131.9% |
| Tax provision | -$1.06M | $320.00K | $111.00K | -432.8% |
| Net income | $11.89M | $2.99M | $14.67M | +297.3% |
| Net income to common | -$4.54M | $2.99M | $14.67M | -251.6% |
| Basic EPS | -0.10 | 0.08 | 0.38 | -229.8% |
| Diluted EPS | -0.10 | 0.08 | 0.38 | -229.8% |
| EBIT | $67.88M | $56.67M | $41.01M | +19.8% |
| EBITDA | $210.62M | $136.73M | $90.70M | +54.0% |
| Basic shares | 43.26M | 38.82M | 38.82M | +11.4% |
| Diluted shares | 43.26M | 38.82M | 38.82M | +11.4% |
| Line item | 2025 | 2024 | YoY |
|---|---|---|---|
| Cash & equivalents | $51.54M | $13.28M | +288.0% |
| Cash & short-term investments | $51.54M | $13.28M | +288.0% |
| Accounts receivable | $161.65M | $49.47M | +226.7% |
| Total current assets | $261.13M | $120.34M | +117.0% |
| Property, plant & equipment | $2.29B | $1.10B | +108.2% |
| Goodwill & intangibles | $1.01B | $127.54M | +689.4% |
| Total assets | $3.70B | $1.35B | +174.0% |
| Total current liabilities | $188.94M | $83.47M | +126.4% |
| Current debt | $12.55M | $6.54M | +92.0% |
| Long-term debt | $1.43B | $586.42M | +144.2% |
| Total debt | $1.45B | $595.78M | +143.7% |
| Total liabilities | $1.85B | $687.54M | +169.4% |
| Retained earnings | -$4.54M | $0 | — |
| Shareholder equity | $602.31M | $663.05M | -9.2% |
| Working capital | $72.19M | $36.87M | +95.8% |
| Net tangible assets | -$404.56M | $535.51M | -175.5% |
| Shares issued | 43.26M | 38.51M | +12.3% |
| Line item | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|
| Net income | $9.00K | $2.99M | $14.67M | -99.7% |
| Depreciation & amortisation | $142.73M | $80.06M | $49.69M | +78.3% |
| Stock-based compensation | $5.34M | $9.53M | -$359.00K | -44.0% |
| Change in working capital | -$15.39M | -$22.16M | -$10.72M | +30.5% |
| Operating cash flow | $159.69M | $73.86M | $48.47M | +116.2% |
| Capital expenditure | -$278.57M | -$159.92M | -$147.97M | -74.2% |
| Investing cash flow | -$218.62M | -$323.66M | -$171.28M | +32.5% |
| Financing cash flow | $97.19M | $250.22M | $128.79M | -61.2% |
| Free cash flow | -$118.87M | -$86.06M | -$99.50M | -38.1% |
| End cash position | $51.54M | $13.28M | $12.87M | +288.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $217.77M | $200.98M | $208.88M | $123.25M | $95.51M | +8.4% |
| Operating revenue | $206.95M | $190.95M | $198.09M | $121.79M | $95.47M | +8.4% |
| Cost of revenue | $159.65M | $152.78M | $162.05M | $88.25M | $70.02M | +4.5% |
| Gross profit | $58.12M | $48.19M | $46.83M | $34.99M | $25.49M | +20.6% |
| Selling, general & admin | $17.68M | $16.81M | $24.06M | $9.00M | $7.58M | +5.2% |
| Total operating expense | $17.85M | $17.81M | $24.40M | $11.16M | $8.24M | +0.2% |
| Operating income | $40.28M | $30.38M | $22.43M | $23.84M | $17.25M | +32.6% |
| Net interest income | -$22.71M | -$19.99M | -$25.38M | -$19.34M | -$10.17M | -13.6% |
| Pre-tax income | $16.77M | $10.58M | -$14.37M | $4.39M | $7.13M | +58.5% |
| Tax provision | $2.21M | $1.05M | -$788.00K | -$366.00K | $10.00K | +109.6% |
| Net income | $5.11M | $3.52M | -$3.87M | $6.92M | $7.13M | +45.3% |
| Net income to common | $5.11M | $9.43M | -$3.87M | -$667.00K | $7.13M | -45.8% |
| Basic EPS | 0.10 | 0.08 | -0.09 | -0.02 | 0.19 | +25.0% |
| Diluted EPS | 0.10 | 0.08 | -0.09 | -0.02 | 0.19 | +25.0% |
| EBIT | $39.47M | $30.57M | $11.01M | $23.73M | $17.30M | +29.1% |
| EBITDA | $112.03M | $99.97M | $80.15M | $54.21M | $38.91M | +12.1% |
| Basic shares | 48.76M | 43.89M | 43.26M | 43.26M | 38.51M | +11.1% |
| Diluted shares | 48.76M | 123.46M | 43.26M | 43.26M | 38.51M | -60.5% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2024-12-31 | YoY |
|---|---|---|---|---|---|---|---|
| Cash & equivalents | $47.62M | $50.67M | $51.54M | $346.65M | $297.14M | — | -6.0% |
| Cash & short-term investments | $47.62M | $50.67M | $51.54M | $346.65M | $297.25M | — | -6.0% |
| Accounts receivable | $171.97M | $156.84M | $161.65M | $153.22M | $147.72M | — | +9.7% |
| Total current assets | $268.46M | $259.21M | $261.13M | $555.09M | $490.60M | — | +3.6% |
| Property, plant & equipment | $2.48B | $2.36B | $2.29B | $2.21B | $2.22B | — | +5.2% |
| Goodwill & intangibles | $992.33M | $982.93M | $1.01B | $1.02B | $983.32M | — | +1.0% |
| Total assets | $3.94B | $3.75B | $3.70B | $3.94B | $3.86B | — | +4.9% |
| Total current liabilities | $174.31M | $199.49M | $188.94M | $165.00M | $186.29M | — | -12.6% |
| Current debt | $6.61M | $9.11M | $12.55M | $33.34M | $25.83M | — | -27.5% |
| Long-term debt | $1.61B | $1.46B | $1.43B | $1.68B | $1.68B | — | +10.5% |
| Total debt | $1.62B | $1.47B | $1.45B | $1.72B | $1.71B | — | +10.2% |
| Total liabilities | $2.11B | $1.90B | $1.85B | $2.08B | $2.10B | — | +10.8% |
| Retained earnings | -$551.00K | -$3.20M | -$4.54M | -$667.00K | — | $0 | +82.8% |
| Shareholder equity | $759.92M | $656.65M | $602.31M | $607.70M | $569.98M | — | +15.7% |
| Working capital | $94.15M | $59.72M | $72.19M | $390.09M | $304.31M | — | +57.6% |
| Net tangible assets | -$232.41M | -$326.27M | -$404.56M | -$412.14M | -$413.34M | — | +28.8% |
| Shares issued | 47.02M | 47.02M | 43.26M | 43.26M | 38.51M | — | 0.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Net income | $14.55M | $9.52M | -$13.58M | $4.76M | $7.13M | — | +52.9% |
| Depreciation & amortisation | $72.56M | $69.41M | $69.14M | $30.48M | $21.61M | — | +4.5% |
| Stock-based compensation | $2.58M | $2.58M | $2.75M | $1.21M | $1.06M | — | -0.0% |
| Change in working capital | -$31.38M | $11.41M | $17.82M | -$25.14M | -$15.05M | — | -375.1% |
| Operating cash flow | $64.89M | $95.10M | $88.18M | $12.34M | $15.97M | — | -31.8% |
| Capital expenditure | -$123.29M | -$110.94M | -$89.21M | -$59.38M | -$84.48M | — | -11.1% |
| Investing cash flow | -$205.99M | -$109.70M | -$89.09M | -$19.24M | -$84.22M | — | -87.8% |
| Dividends paid | -$6.21M | -$6.22M | — | — | $0 | $0 | +0.0% |
| Financing cash flow | $138.05M | $13.72M | -$294.19M | $341.65M | $52.55M | — | +906.3% |
| Free cash flow | -$58.39M | -$15.84M | -$1.03M | -$47.04M | -$68.51M | — | -268.7% |
| End cash position | $47.62M | $50.67M | $51.54M | $346.65M | $11.90M | — | -6.0% |
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.11 | 0.05 | -53.1% |
| Mar 2026 | 0.10 | 0.03 | -64.5% |
| Dec 2025 | 0.01 | — | — |
| Sep 2025 | 0.08 | -0.30 | -499.8% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.17 | 4 | $231.84M | +12.8% |
| Next quarter | 0.22 | 4 | $243.90M | +16.8% |
| Current year | 0.57 | 4 | $903.41M | +14.4% |
| Next year | 1.19 | 4 | $1.11B | +22.5% |
Analyst targets & ownership
Mean target$36.43
High target$43.00
Low target$28.00
Implied upside14.92%
Analyst count7
ConsensusBUY
Strong buy / Buy4 / 2
Hold1
Sell / Strong sell0 / 0
Held by insiders45.49%
Held by institutions107.70%
Institutions holding211
Price targets, consensus spread, insider and institutional ownership.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 19, 26 | Barclays | MAINTAINED | Overweight | Overweight |
| Aug 14, 26 | Wells Fargo | MAINTAINED | Equal-Weight | Equal-Weight |
| Aug 12, 26 | Morgan Stanley | MAINTAINED | Overweight | Overweight |
| Jul 15, 26 | Goldman Sachs | MAINTAINED | Buy | Buy |
| May 29, 26 | Goldman Sachs | MAINTAINED | Buy | Buy |
| May 21, 26 | Barclays | MAINTAINED | Overweight | Overweight |
| May 20, 26 | Morgan Stanley | MAINTAINED | Overweight | Overweight |
| Apr 22, 26 | Morgan Stanley | UPGRADE | Equal-Weight | Overweight |
| Mar 25, 26 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Mar 18, 26 | Goldman Sachs | MAINTAINED | Neutral | Neutral |
| Mar 13, 26 | Wells Fargo | MAINTAINED | Equal-Weight | Equal-Weight |
| Jan 5, 26 | Raymond James | UPGRADE | Outperform | Strong Buy |
Moving averages & technicals
SMA 10
31.89
-0.61% from price
SMA 20
32.47
-2.37% from price
SMA 50
32.78
-3.29% from price
SMA 100
30.63
+3.48% from price
SMA 200
26.90
+17.85% from price
EMA 12
32.17
-1.45% from price
EMA 26
32.54
-2.58% from price
EMA 50
32.23
-1.64% from price
RSI (14)
44.4
Neutral
MACD (12,26,9)
-0.37
Hist -0.10
ATR (14)
1.15
3.63% of price
Realised vol 30D
34.5%
Annualised
Bollinger upper
34.09
20, 2σ
Bollinger lower
30.85
20, 2σ
50 / 200 cross
Golden
32.78 vs 26.90
Trend bias
Above 200
+17.85%
Risk profile
Beta vs SPY
0.38
Less volatile than market
Correlation to SPY
0.11
Largely independent
Realised vol 30D
34.5%
Annualised
Market vol 1Y
13.1%
SPY, annualised
Max drawdown 1Y
-30.7%
Peak to trough
Max drawdown 5Y
-30.7%
Peak to trough
ATR 14
1.15
3.63% of price
Beta (reported)
—
5Y monthly, from filing
Dividends & splits
Forward rate$0.20 / yr
Forward yield0.63%
5-year avg yield—
Payout ratio73.99%
Ex-dividend dateAug 27, 2026
Next pay dateSep 10, 2026
Last split—
Split date—
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-08-18
Periodic Financial Reports
10-Q · 2026-08-06
Corporate Changes & Voting Matters
8-K · 2026-08-05
Corporate Changes & Voting Matters
8-K · 2026-06-24
Periodic Financial Reports
10-Q · 2026-05-07
Corporate Changes & Voting Matters
8-K · 2026-05-06
Proxy Statements
DEF 14A · 2026-04-30
Corporate Changes & Voting Matters
8-K · 2026-04-14
Headlines
WaterBridge (WBI) Raised Guidance Again, So Why Did Shares Slip?
Insider Monkey · 8d ago
WaterBridge Infrastructure Unit Prices Expanded $150 Million Notes Offering
MT Newswires · 9d ago
WaterBridge Announces Pricing of Upsized $150,000,000 Offering of Additional 6.500% Senior Notes due 2033
Business Wire · 9d ago
WaterBridge Infrastructure Unit Plans $100 Million Senior Notes Offering
MT Newswires · 9d ago
WaterBridge Announces Launch of $100,000,000 Offering of Additional 6.500% Senior Notes due 2033
Business Wire · 9d ago
WaterBridge Infrastructure (WBI) Q2 2026 Earnings Call Transcript
Motley Fool · 10d ago
WaterBridge Infrastructure (WBI) Could Be 5% Undervalued On Earnings Guidance And Dividend
Simply Wall St. · 13d ago
WBI Q2 Earnings Call Highlights
MarketBeat · 13d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.