WaterBridge Infrastructure has posted extraordinary revenue growth of 105% year-over-year with strong positive momentum and a Piotroski F-Score of 8 out of 9, but has missed earnings estimates in both of its last 2 reported quarters and the stock trades more than 12% above analyst price targets.
Thesis pillars
- Exceptional Revenue Growth Trajectory→Stable
- Earnings Miss Both Recent Quarters→Stable
- Strong Momentum Volume Accumulation↓Deteriorating
- +1 more pillar — see the Why tab for full reasoning
WaterBridge Infrastructure LLC (WBI) Stock Analysis
Energy · Oil & Gas Equipment & Services
Sell if holding. At $29.80, A.R:R 0.8:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: Delaware Basin; Concentration risk — Customer: top five customers (51.0%).
WaterBridge Infrastructure is the largest integrated produced-water infrastructure company in the U.S., gathering, transporting, and disposing of produced water for oil and gas E&P companies under long-term contracts, mainly in the Delaware Basin of West Texas and New Mexico. As... Read more
Sell if holding. At $29.80, A.R:R 0.8:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: Delaware Basin; Concentration risk — Customer: top five customers (51.0%). Chart setup: No clear chart pattern; technical signals are mixed. Score 6.1/10, moderate confidence.
Passes 5/8 gates (clean insider activity, news events none recent, earnings proximity 40d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio. Suitability: aggressive.
About WaterBridge Infrastructure LLC
About WaterBridge Infrastructure LLC
WaterBridge Infrastructure operates the largest produced-water infrastructure network in the United States, with 2,500 miles of pipeline and 201 water handling facilities delivering 4.7 million barrels per day of capacity across roughly 2.4 million acres dedicated under long-term contracts. The Delaware Basin of West Texas and New Mexico is the company's largest operating region, accounting for a majority of 2025 revenue, alongside smaller positions in the Eagle Ford and Arkoma basins.
WaterBridge earns revenue primarily from fixed per-barrel fees for gathering, transporting, treating, and disposing of produced water under long-term contracts — 71% with an initial term of at least 15 years and a weighted-average remaining life of 10.4 years — supplemented by fee escalators tied to the Consumer Price Index and minimum-volume commitments that underwrite return thresholds on new infrastructure. Devon Energy, an equity holder that contributed acreage and facilities in a 2023 strategic partnership, was WaterBridge's largest customer in 2025 at approximately $98 million, or 19%, of water-related revenue, and Devon along with four other top customers — Permian Resources, bpx energy, Mewbourne Oil, and EOG Resources — together represented approximately 51% of total water-related revenue. The company's synergistic relationship with affiliate LandBridge, which shares WaterBridge's sponsor Five Point and management team, provides preferential access to underutilized pore space needed for produced-water disposal capacity in and around the Delaware Basin.
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WaterBridge's own risk disclosure frames the Delaware Basin dependence directly: because a majority of revenue comes from that single region, the company is 'vulnerable to risks associated with geographic concentration generally and the Delaware Basin specifically,' including regional supply-and-demand swings, weather, and recent producer consolidation activity that could reduce customers' capital spending in the basin. That concentration compounds the company's reliance on a small number of large E&P customers, since Devon alone represents roughly a fifth of water-related revenue and any shift in its drilling pace would disproportionately affect volumes across WaterBridge's network.
See also: Energy · Oil & Gas Equipment & Services
From WaterBridge Infrastructure LLC's most recent 10-K filing, extracted July 6, 2026.
Recent developments
updated 2026-09-25Recent Developments — WaterBridge Infrastructure LLC
Latest news
- NEWS WBI|WaterBridge Infrastructure LLC|Price:32.510|Chg%:+0.560 - TradingKey — TradingKey neutral
- NEWS WaterBridge Infrastructure Slides As Earnings Hype Fades - TipRanks — TipRanks negative
- NEWS WaterBridge Announces Second Quarter 2026 Results - Business Wire — Business Wire neutral
- NEWS Waterbridge Infrastructure earnings today: Can it sustain Q1 momentum? By Investing.com - Investing.com Canada — Investing.com Canada positive
- NEWS Waterbridge Infrastructure earnings today: Can it sustain Q1 momentum? - Investing.com — Investing.com positive
Generated 2026-09-26T04:42:02Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHGeographicDelaware Basin10-K Item 1A: 'The Delaware Basin of Texas and New Mexico is presently our largest operating region, accounting for a majority of our revenue for the year ended December 31, 2025.'
- LOWCustomerDevon19%10-K Item 1: 'Devon was one of our largest customers by volume and accounted for approximately $98 million of our water-related revenues, which represented approximately 19% of our total water-related revenues for the year.'
- HIGHCustomertop five customers51%10-K Item 1: 'our top five customers by revenue consisted of Devon, Permian Resources Corporation, bpx energy, Mewbourne Oil Company and EOG Resources, Inc, which collectively represented approximately 51% of our total water-related revenue for the year.'
Material Events(8-K, last 90d)
- 2026-04-14Item 5.02LOWBoard appointed Valerie Chase as an independent director and Chair of the Audit Committee, replacing Kara Goodloe Harling on that committee (Goodloe Harling remains a Board member). Routine board appointment, not a departure.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
2 floor-breakers·1 ceiling hit
Momentum below the gate floor. Component breakdown shows what dragged the score down.static
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $29.80, A.R:R 0.8:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: Delaware Basin; Concentration risk — Customer: top five customers (51.0%). Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $27.71. Score 6.1/10, moderate confidence.
Take-profit target: $31.69 (+6.4% upside). Prior stop was $27.71. Stop-loss: $27.71.
Concentration risk — Geographic: Delaware Basin; Concentration risk — Customer: top five customers (51.0%); Thin upside margin: 6.4%.
WaterBridge Infrastructure LLC trades at a P/E of N/A (forward 25.2). TrendMatrix value score: 6.5/10. Verdict: Sell.
12 analysts cover WBI with a consensus score of 4.0/5. Average price target: $36.
What does WaterBridge Infrastructure LLC do?WaterBridge Infrastructure is the largest integrated produced-water infrastructure company in the U.S., gathering,...
WaterBridge Infrastructure is the largest integrated produced-water infrastructure company in the U.S., gathering, transporting, and disposing of produced water for oil and gas E&P companies under long-term contracts, mainly in the Delaware Basin of West Texas and New Mexico. As of December 31, 2025 it operated about 2,500 miles of pipeline and 201 water handling facilities with 4.7 million bpd of capacity across 2.4 million dedicated acres.