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Side-by-side financial comparison of LandBridge Co LLC (LB) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
Phathom Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($57.6M vs $56.8M, roughly 1.0× LandBridge Co LLC). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 55.6%). LandBridge Co LLC produced more free cash flow last quarter ($122.0M vs $-167.0M).
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
LB vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $56.8M | $57.6M |
| Net Profit | $8.1M | — |
| Gross Margin | — | 86.7% |
| Operating Margin | 60.0% | — |
| Net Margin | 14.2% | — |
| Revenue YoY | 55.6% | 94.1% |
| Net Profit YoY | -83.7% | 71.6% |
| EPS (diluted) | $0.24 | — |
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.
| Q4 25 | $56.8M | $57.6M | ||
| Q3 25 | $50.8M | $49.5M | ||
| Q2 25 | $47.5M | $39.5M | ||
| Q1 25 | $44.0M | $28.5M | ||
| Q4 24 | $36.5M | $29.7M | ||
| Q3 24 | $28.5M | $16.4M | ||
| Q2 24 | $26.0M | $7.3M | ||
| Q1 24 | $19.0M | — |
| Q4 25 | $8.1M | — | ||
| Q3 25 | $8.1M | $-30.0M | ||
| Q2 25 | $7.5M | $-75.8M | ||
| Q1 25 | $6.5M | $-94.3M | ||
| Q4 24 | $49.3M | — | ||
| Q3 24 | $2.7M | $-85.6M | ||
| Q2 24 | $-57.7M | $-91.4M | ||
| Q1 24 | $10.8M | — |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | 87.2% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 87.1% | ||
| Q3 24 | — | 85.6% | ||
| Q2 24 | — | 81.2% | ||
| Q1 24 | — | — |
| Q4 25 | 60.0% | — | ||
| Q3 25 | 60.8% | -30.8% | ||
| Q2 25 | 60.0% | -151.7% | ||
| Q1 25 | 57.0% | -276.5% | ||
| Q4 24 | 49.4% | — | ||
| Q3 24 | 11.2% | -433.0% | ||
| Q2 24 | -197.4% | -1055.4% | ||
| Q1 24 | 71.1% | — |
| Q4 25 | 14.2% | — | ||
| Q3 25 | 15.9% | -60.5% | ||
| Q2 25 | 15.8% | -191.9% | ||
| Q1 25 | 14.7% | -330.7% | ||
| Q4 24 | 135.2% | — | ||
| Q3 24 | 9.3% | -523.3% | ||
| Q2 24 | -222.1% | -1248.6% | ||
| Q1 24 | 56.7% | — |
| Q4 25 | $0.24 | — | ||
| Q3 25 | $0.26 | $-0.41 | ||
| Q2 25 | $0.24 | $-1.05 | ||
| Q1 25 | $0.20 | $-1.31 | ||
| Q4 24 | — | — | ||
| Q3 24 | $-0.04 | $-1.32 | ||
| Q2 24 | — | $-1.56 | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $30.7M | $130.0M |
| Total DebtLower is stronger | $570.7M | $209.1M |
| Stockholders' EquityBook value | $340.3M | $-438.2M |
| Total Assets | $1.4B | $259.1M |
| Debt / EquityLower = less leverage | 1.68× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.7M | $130.0M | ||
| Q3 25 | $28.3M | $135.2M | ||
| Q2 25 | $20.3M | $149.6M | ||
| Q1 25 | $14.9M | $212.3M | ||
| Q4 24 | $37.0M | $297.3M | ||
| Q3 24 | $14.4M | $334.7M | ||
| Q2 24 | $24.6M | $276.2M | ||
| Q1 24 | — | — |
| Q4 25 | $570.7M | $209.1M | ||
| Q3 25 | $366.1M | $207.1M | ||
| Q2 25 | $370.9M | $205.1M | ||
| Q1 25 | $375.5M | $203.2M | ||
| Q4 24 | $385.5M | $201.4M | ||
| Q3 24 | $242.4M | $175.7M | ||
| Q2 24 | $360.8M | $174.4M | ||
| Q1 24 | — | — |
| Q4 25 | $340.3M | $-438.2M | ||
| Q3 25 | $272.0M | $-422.5M | ||
| Q2 25 | $266.4M | $-405.8M | ||
| Q1 25 | $217.0M | $-338.4M | ||
| Q4 24 | $211.8M | $-253.6M | ||
| Q3 24 | $97.2M | $-187.1M | ||
| Q2 24 | $296.4M | $-233.8M | ||
| Q1 24 | $162.3M | — |
| Q4 25 | $1.4B | $259.1M | ||
| Q3 25 | $1.1B | $240.3M | ||
| Q2 25 | $1.1B | $250.2M | ||
| Q1 25 | $1.0B | $294.2M | ||
| Q4 24 | $1.0B | $378.3M | ||
| Q3 24 | $689.9M | $387.0M | ||
| Q2 24 | $710.5M | $319.4M | ||
| Q1 24 | — | — |
| 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× | — | ||
| Q1 24 | — | — |
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 | $126.3M | $-166.8M |
| Free Cash FlowOCF − Capex | $122.0M | $-167.0M |
| FCF MarginFCF / Revenue | 214.9% | -290.0% |
| Capex IntensityCapex / Revenue | 7.5% | 0.4% |
| Cash ConversionOCF / Net Profit | 15.68× | — |
| TTM Free Cash FlowTrailing 4 quarters | $207.7M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $126.3M | $-166.8M | ||
| Q3 25 | $34.9M | $-14.1M | ||
| Q2 25 | $37.3M | $-62.7M | ||
| Q1 25 | $15.9M | $-84.9M | ||
| Q4 24 | $67.6M | $-266.8M | ||
| Q3 24 | $7.5M | $-63.6M | ||
| Q2 24 | $16.0M | $-70.7M | ||
| Q1 24 | $17.2M | — |
| Q4 25 | $122.0M | $-167.0M | ||
| Q3 25 | $33.7M | $-14.1M | ||
| Q2 25 | $36.1M | $-62.8M | ||
| Q1 25 | $15.8M | $-84.9M | ||
| Q4 24 | $66.7M | $-266.9M | ||
| Q3 24 | $7.1M | $-63.6M | ||
| Q2 24 | $15.7M | $-70.8M | ||
| Q1 24 | $17.1M | — |
| Q4 25 | 214.9% | -290.0% | ||
| Q3 25 | 66.3% | -28.6% | ||
| Q2 25 | 75.9% | -159.0% | ||
| Q1 25 | 36.0% | -297.9% | ||
| Q4 24 | 182.6% | -899.8% | ||
| Q3 24 | 25.1% | -389.0% | ||
| Q2 24 | 60.4% | -966.2% | ||
| Q1 24 | 90.1% | — |
| Q4 25 | 7.5% | 0.4% | ||
| Q3 25 | 2.3% | 0.1% | ||
| Q2 25 | 2.6% | 0.2% | ||
| Q1 25 | 0.2% | 0.1% | ||
| Q4 24 | 2.7% | 0.5% | ||
| Q3 24 | 1.1% | 0.3% | ||
| Q2 24 | 1.4% | 0.6% | ||
| Q1 24 | 0.5% | — |
| 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 | — | — | ||
| Q1 24 | 1.60× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
