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Side-by-side financial comparison of AEMETIS, INC (AMTX) and LandBridge Co LLC (LB). Click either name above to swap in a different company.
LandBridge Co LLC is the larger business by last-quarter revenue ($51.0M vs $43.3M, roughly 1.2× AEMETIS, INC). On growth, LandBridge Co LLC posted the faster year-over-year revenue change (16.0% vs -7.9%). LandBridge Co LLC produced more free cash flow last quarter ($40.9M vs $-10.8M). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (40.2% CAGR vs -22.8%).
Aemetis, Inc. is a renewable fuels and sustainable biochemicals producer operating across North America and India. Its core products include low-carbon ethanol, renewable natural gas and biodiesel, serving transportation, industrial and agricultural sectors with decarbonization solutions for commercial clients.
AMTX vs LB — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $43.3M | $51.0M |
| Net Profit | — | $17.9M |
| Gross Margin | 17.8% | — |
| Operating Margin | -5.7% | 57.2% |
| Net Margin | — | 35.0% |
| Revenue YoY | -7.9% | 16.0% |
| Net Profit YoY | — | 15.6% |
| EPS (diluted) | $-0.03 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $51.0M | ||
| Q4 25 | $43.3M | $56.8M | ||
| Q3 25 | $59.2M | $50.8M | ||
| Q2 25 | $52.2M | $47.5M | ||
| Q1 25 | $42.9M | $44.0M | ||
| Q4 24 | $47.0M | $36.5M | ||
| Q3 24 | $81.4M | $28.5M | ||
| Q2 24 | $66.6M | $26.0M |
| Q1 26 | — | $17.9M | ||
| Q4 25 | — | $8.1M | ||
| Q3 25 | $-23.7M | $8.1M | ||
| Q2 25 | $-23.4M | $7.5M | ||
| Q1 25 | $-24.5M | $6.5M | ||
| Q4 24 | — | $49.3M | ||
| Q3 24 | $-17.9M | $2.7M | ||
| Q2 24 | $-29.2M | $-57.7M |
| Q1 26 | — | — | ||
| Q4 25 | 17.8% | — | ||
| Q3 25 | -0.1% | — | ||
| Q2 25 | -6.4% | — | ||
| Q1 25 | -11.8% | — | ||
| Q4 24 | -4.3% | — | ||
| Q3 24 | 4.8% | — | ||
| Q2 24 | -2.7% | — |
| Q1 26 | — | 57.2% | ||
| Q4 25 | -5.7% | 60.0% | ||
| Q3 25 | -14.4% | 60.8% | ||
| Q2 25 | -20.4% | 60.0% | ||
| Q1 25 | -36.3% | 57.0% | ||
| Q4 24 | -28.7% | 49.4% | ||
| Q3 24 | -4.8% | 11.2% | ||
| Q2 24 | -20.4% | -197.4% |
| Q1 26 | — | 35.0% | ||
| Q4 25 | — | 14.2% | ||
| Q3 25 | -40.1% | 15.9% | ||
| Q2 25 | -44.8% | 15.8% | ||
| Q1 25 | -57.2% | 14.7% | ||
| Q4 24 | — | 135.2% | ||
| Q3 24 | -22.0% | 9.3% | ||
| Q2 24 | -43.8% | -222.1% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.03 | $0.24 | ||
| Q3 25 | $-0.37 | $0.26 | ||
| Q2 25 | $-0.41 | $0.24 | ||
| Q1 25 | $-0.47 | $0.20 | ||
| Q4 24 | $-0.29 | — | ||
| Q3 24 | $-0.38 | $-0.04 | ||
| Q2 24 | $-0.66 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.9M | $29.7M |
| Total DebtLower is stronger | — | $433.0K |
| Stockholders' EquityBook value | $-306.8M | — |
| Total Assets | $259.8M | $1.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $29.7M | ||
| Q4 25 | $4.9M | $30.7M | ||
| Q3 25 | $5.6M | $28.3M | ||
| Q2 25 | $1.6M | $20.3M | ||
| Q1 25 | $499.0K | $14.9M | ||
| Q4 24 | $898.0K | $37.0M | ||
| Q3 24 | $296.0K | $14.4M | ||
| Q2 24 | $234.0K | $24.6M |
| Q1 26 | — | $433.0K | ||
| Q4 25 | — | $570.7M | ||
| Q3 25 | — | $366.1M | ||
| Q2 25 | — | $370.9M | ||
| Q1 25 | — | $375.5M | ||
| Q4 24 | $338.1M | $385.5M | ||
| Q3 24 | $322.2M | $242.4M | ||
| Q2 24 | $309.0M | $360.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-306.8M | $340.3M | ||
| Q3 25 | $-304.9M | $272.0M | ||
| Q2 25 | $-289.3M | $266.4M | ||
| Q1 25 | $-280.7M | $217.0M | ||
| Q4 24 | $-263.9M | $211.8M | ||
| Q3 24 | $-258.9M | $97.2M | ||
| Q2 24 | $-249.0M | $296.4M |
| Q1 26 | — | $1.4B | ||
| Q4 25 | $259.8M | $1.4B | ||
| Q3 25 | $241.1M | $1.1B | ||
| Q2 25 | $240.0M | $1.1B | ||
| Q1 25 | $242.5M | $1.0B | ||
| Q4 24 | $259.3M | $1.0B | ||
| Q3 24 | $259.3M | $689.9M | ||
| Q2 24 | $259.3M | $710.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.68× | ||
| Q3 25 | — | 1.35× | ||
| Q2 25 | — | 1.39× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 1.82× | ||
| Q3 24 | — | 2.49× | ||
| Q2 24 | — | 1.22× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.8M | $41.1M |
| Free Cash FlowOCF − Capex | $-10.8M | $40.9M |
| FCF MarginFCF / Revenue | -24.9% | 80.3% |
| Capex IntensityCapex / Revenue | 38.2% | — |
| Cash ConversionOCF / Net Profit | — | 2.30× |
| TTM Free Cash FlowTrailing 4 quarters | $-22.7M | $232.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $41.1M | ||
| Q4 25 | $5.8M | $126.3M | ||
| Q3 25 | $3.1M | $34.9M | ||
| Q2 25 | $-5.7M | $37.3M | ||
| Q1 25 | $160.0K | $15.9M | ||
| Q4 24 | $-12.6M | $67.6M | ||
| Q3 24 | $-5.0M | $7.5M | ||
| Q2 24 | $-5.1M | $16.0M |
| Q1 26 | — | $40.9M | ||
| Q4 25 | $-10.8M | $122.0M | ||
| Q3 25 | $-1.0M | $33.7M | ||
| Q2 25 | $-9.3M | $36.1M | ||
| Q1 25 | $-1.7M | $15.8M | ||
| Q4 24 | $-19.4M | $66.7M | ||
| Q3 24 | $-9.5M | $7.1M | ||
| Q2 24 | $-10.5M | $15.7M |
| Q1 26 | — | 80.3% | ||
| Q4 25 | -24.9% | 214.9% | ||
| Q3 25 | -1.7% | 66.3% | ||
| Q2 25 | -17.7% | 75.9% | ||
| Q1 25 | -3.9% | 36.0% | ||
| Q4 24 | -41.2% | 182.6% | ||
| Q3 24 | -11.6% | 25.1% | ||
| Q2 24 | -15.8% | 60.4% |
| Q1 26 | — | — | ||
| Q4 25 | 38.2% | 7.5% | ||
| Q3 25 | 6.9% | 2.3% | ||
| Q2 25 | 6.7% | 2.6% | ||
| Q1 25 | 4.3% | 0.2% | ||
| Q4 24 | 14.4% | 2.7% | ||
| Q3 24 | 5.5% | 1.1% | ||
| Q2 24 | 8.1% | 1.4% |
| Q1 26 | — | 2.30× | ||
| Q4 25 | — | 15.68× | ||
| Q3 25 | — | 4.31× | ||
| Q2 25 | — | 4.98× | ||
| Q1 25 | — | 2.46× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | — | 2.80× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMTX
| Ethanol Sales | $28.8M | 66% |
| Wet Distillers Grains | $6.8M | 16% |
| California Dairy Renewable Natural Gas | $5.2M | 12% |
| Other | $1.8M | 4% |
LB
| Other | $14.2M | 28% |
| Easements and other surface-related revenues | $11.6M | 23% |
| Surface use royalties - related party | $11.0M | 22% |
| Resource sales | $5.2M | 10% |
| Resource royalties | $4.3M | 8% |
| Easements and other surface-related revenues - related party | $3.2M | 6% |
| Resource royalties - related party | $1.3M | 2% |
| Resource sales - related party | $205.0K | 0% |
