WATERBRIDGE INFRASTRUCTURE LLC (WBI)
NYSEEnergyOil & Gas Equipment & ServicesSnapshot 2026-09-09
$33.02+0.82%
Close 2026-09-09 · 1-day change
NYSEEnergyOil & Gas Equipment & ServicesSnapshot 2026-09-09
Intact: The reason to own it still holds.
WaterBridge Infrastructure aims to grow adjusted EBITDA to at least $425 million in 2026. Net income improved from a loss of $667K in 2025-Q3 to a profit of $3.5 million in 2026-Q1. The company raised its EBITDA guidance despite recent earnings misses. This shows management is focused on improving financial performance.
The company has missed earnings multiple times recently and remains unprofitable on a trailing basis. Free cash flow yield is negative at -8%. Debt levels are high after recent $825 million issuance. These factors may limit recovery and growth.
The price is about 42% above our fair value near $24 and 28% below the Street median target of $33. Analysts expect nearly 49% revenue growth next year. Our view is more cautious given recent earnings misses and negative free cash flow.
Breaks if: Adjusted EBITDA falls below $425 million in FY26
Raise full-year 2026 Adjusted EBITDA guidance reflecting acquisitions and commercial project developments.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
WBI represents a durable compounder with a focus on expanding its infrastructure and environmental services. The current thesis state is intact, bolstered by recent earnings beats and management's commitment to increasing guidance.
The market seems to have priced in a durable premium compared to peers, reflecting strong expectations for future growth. However, there is a slight expectations gap, indicating that some upside may not be fully recognized yet.
Fundamentals are likely to remain strong in the near term, supported by management's focus on increasing Adjusted EBITDA and strategic acquisitions. However, there is a moderate risk of missing earnings expectations, given the company's recent erratic performance.
The thesis hinges on WBI's ability to maintain or raise guidance without credibility issues, as well as favorable sector conditions. Key factors include inflation trends and the performance of sector leaders like SLB, BKR, and FTI.
The most important moves since the prior daily snapshot.
Mixed, the news cuts both ways. The latest earnings beat supports the thesis. However, increased debt from a recent senior notes offering may challenge balance sheet strength. Additionally, despite raised guidance, shares slipped, indicating market skepticism.
as of 2026-09-09
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Stated as a priority in 2 of last 2 quarters. Adjusted EBITDA guidance increased from $425-$465 million in 2026-Q1 to $435-$475 million in 2026-Q2, reflecting contributions from acquisitions and projects. The trajectory is delivering with raised guidance and improved Adjusted EBITDA from $102.9 million in 2026-Q1 to $115.8 million in 2026-Q2.
“Increased Adjusted EBITDA guidance range to $435 to $475 million reflecting acquisitions and projects.”
“Increased full-year 2026 Adjusted EBITDA guidance to $425 million to $465 million.”
Breaks if: Free cash flow yield remains negative over next 4 quarters
Breaks if: Net income remains negative over next 4 quarters
Breaks if: Revenue growth falls below 30% in FY26
Raise full-year 2026 Adjusted EBITDA guidance reflecting acquisitions and commercial project developments.
Stated as a priority in 2 of last 2 quarters. Adjusted EBITDA guidance increased from $425-$465 million in 2026-Q1 to $435-$475 million in 2026-Q2, reflecting contributions from acquisitions and projects. The trajectory is delivering with raised guidance and improved Adjusted EBITDA from $102.9 million in 2026-Q1 to $115.8 million in 2026-Q2.
“Increased Adjusted EBITDA guidance range to $435 to $475 million reflecting acquisitions and projects.”
“Increased full-year 2026 Adjusted EBITDA guidance to $425 million to $465 million.”
Overall, WBI's multi-year view remains positive, driven by strong financials and strategic initiatives, but it faces risks that could impact performance. Not investment advice.