MeritValue

WaterBridge Infrastructure LLC

WBIdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'epsDiluted'

The thesis, from the filings

WaterBridge Infrastructure LLC earns about -5% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2023FY 2024FY 2025
Revenue$200.8M1$316.3M1$525.6M1
Net income$14.7M2$2.99M2$9,0002
Operating cash flow$48.5M3$73.9M3$159.7M3
Capital expenditure$148M4$159.9M4$278.6M4
Free cash flow (derived)−$99.5M3−$86.1M3−$118.9M3
Total debt—$593M5$2.91B5
Cash & equivalents$12.9M6$13.3M7$51.5M7
Diluted shares———

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
-5% avg · 3y
FY23 —FY24 -8%FY25 -2%

It earned an average -5% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 3y

Total debt has risen 391% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0001193125-26-106541 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001193125-26-106541 (ProfitLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-106541 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2023-12-31 · accession 0001193125-26-106541 (PaymentsToAcquireProductiveAssets)
  5. 10-K · period ending 2024-12-31 · accession 0001193125-26-106541 (LongTermDebtNoncurrent)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-106541 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-106541 (CashAndCashEquivalentsAtCarryingValue)