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Side-by-side financial comparison of LandBridge Co LLC (LB) and PubMatic, Inc. (PUBM). Click either name above to swap in a different company.
PubMatic, Inc. is the larger business by last-quarter revenue ($62.6M vs $51.0M, roughly 1.2× LandBridge Co LLC). LandBridge Co LLC runs the higher net margin — 35.0% vs -20.0%, a 55.0% gap on every dollar of revenue. On growth, LandBridge Co LLC posted the faster year-over-year revenue change (16.0% vs -2.0%). LandBridge Co LLC produced more free cash flow last quarter ($40.9M vs $10.7M). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (40.2% CAGR vs -3.6%).
PubMatic, Inc. develops and implements online advertising software and strategies for the digital publishing and advertising industry. PubMatic's sell-side, real-time programmatic ad transaction advertising software puts publishers of websites, videos, and mobile apps into contact with ad buyers by using automated systems, while allowing users to opt-out of having their personal information collected on internet searches. PubMatic has a number of offices in countries around the world.
LB vs PUBM — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $51.0M | $62.6M |
| Net Profit | $17.9M | $-12.5M |
| Gross Margin | — | 58.3% |
| Operating Margin | 57.2% | 17.3% |
| Net Margin | 35.0% | -20.0% |
| Revenue YoY | 16.0% | -2.0% |
| Net Profit YoY | 15.6% | -31.9% |
| EPS (diluted) | — | $-0.27 |
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 | $62.6M | ||
| Q4 25 | $56.8M | $80.0M | ||
| Q3 25 | $50.8M | $68.0M | ||
| Q2 25 | $47.5M | $71.1M | ||
| Q1 25 | $44.0M | $63.8M | ||
| Q4 24 | $36.5M | $85.5M | ||
| Q3 24 | $28.5M | $71.8M | ||
| Q2 24 | $26.0M | $67.3M |
| Q1 26 | $17.9M | $-12.5M | ||
| Q4 25 | $8.1M | — | ||
| Q3 25 | $8.1M | $-6.5M | ||
| Q2 25 | $7.5M | $-5.2M | ||
| Q1 25 | $6.5M | $-9.5M | ||
| Q4 24 | $49.3M | — | ||
| Q3 24 | $2.7M | $-912.0K | ||
| Q2 24 | $-57.7M | $2.0M |
| Q1 26 | — | 58.3% | ||
| Q4 25 | — | 68.2% | ||
| Q3 25 | — | 62.6% | ||
| Q2 25 | — | 62.6% | ||
| Q1 25 | — | 59.9% | ||
| Q4 24 | — | 70.8% | ||
| Q3 24 | — | 64.5% | ||
| Q2 24 | — | 62.6% |
| Q1 26 | 57.2% | 17.3% | ||
| Q4 25 | 60.0% | 10.6% | ||
| Q3 25 | 60.8% | -12.4% | ||
| Q2 25 | 60.0% | -7.7% | ||
| Q1 25 | 57.0% | -18.6% | ||
| Q4 24 | 49.4% | 17.3% | ||
| Q3 24 | 11.2% | -1.9% | ||
| Q2 24 | -197.4% | -5.9% |
| Q1 26 | 35.0% | -20.0% | ||
| Q4 25 | 14.2% | — | ||
| Q3 25 | 15.9% | -9.5% | ||
| Q2 25 | 15.8% | -7.3% | ||
| Q1 25 | 14.7% | -14.9% | ||
| Q4 24 | 135.2% | — | ||
| Q3 24 | 9.3% | -1.3% | ||
| Q2 24 | -222.1% | 2.9% |
| Q1 26 | — | $-0.27 | ||
| Q4 25 | $0.24 | $0.14 | ||
| Q3 25 | $0.26 | $-0.14 | ||
| Q2 25 | $0.24 | $-0.11 | ||
| Q1 25 | $0.20 | $-0.20 | ||
| Q4 24 | — | $0.26 | ||
| Q3 24 | $-0.04 | $-0.02 | ||
| Q2 24 | — | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $29.7M | $144.9M |
| Total DebtLower is stronger | $433.0K | — |
| Stockholders' EquityBook value | — | $251.0M |
| Total Assets | $1.4B | $659.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $29.7M | $144.9M | ||
| Q4 25 | $30.7M | $145.5M | ||
| Q3 25 | $28.3M | $136.5M | ||
| Q2 25 | $20.3M | $90.5M | ||
| Q1 25 | $14.9M | $101.8M | ||
| Q4 24 | $37.0M | $100.5M | ||
| Q3 24 | $14.4M | $78.9M | ||
| Q2 24 | $24.6M | $73.5M |
| Q1 26 | $433.0K | — | ||
| Q4 25 | $570.7M | — | ||
| Q3 25 | $366.1M | — | ||
| Q2 25 | $370.9M | — | ||
| Q1 25 | $375.5M | — | ||
| Q4 24 | $385.5M | — | ||
| Q3 24 | $242.4M | — | ||
| Q2 24 | $360.8M | — |
| Q1 26 | — | $251.0M | ||
| Q4 25 | $340.3M | $262.6M | ||
| Q3 25 | $272.0M | $245.1M | ||
| Q2 25 | $266.4M | $243.3M | ||
| Q1 25 | $217.0M | $275.6M | ||
| Q4 24 | $211.8M | $277.3M | ||
| Q3 24 | $97.2M | $263.2M | ||
| Q2 24 | $296.4M | $282.7M |
| Q1 26 | $1.4B | $659.4M | ||
| Q4 25 | $1.4B | $680.2M | ||
| Q3 25 | $1.1B | $676.2M | ||
| Q2 25 | $1.1B | $675.2M | ||
| Q1 25 | $1.0B | $668.6M | ||
| Q4 24 | $1.0B | $739.5M | ||
| Q3 24 | $689.9M | $689.1M | ||
| Q2 24 | $710.5M | $673.1M |
| 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 | $41.1M | $17.3M |
| Free Cash FlowOCF − Capex | $40.9M | $10.7M |
| FCF MarginFCF / Revenue | 80.3% | 17.1% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 2.30× | — |
| TTM Free Cash FlowTrailing 4 quarters | $232.8M | $63.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $41.1M | $17.3M | ||
| Q4 25 | $126.3M | $18.2M | ||
| Q3 25 | $34.9M | $32.4M | ||
| Q2 25 | $37.3M | $14.9M | ||
| Q1 25 | $15.9M | $15.6M | ||
| Q4 24 | $67.6M | $18.0M | ||
| Q3 24 | $7.5M | $19.1M | ||
| Q2 24 | $16.0M | $11.9M |
| Q1 26 | $40.9M | $10.7M | ||
| Q4 25 | $122.0M | $11.3M | ||
| Q3 25 | $33.7M | $27.7M | ||
| Q2 25 | $36.1M | $13.6M | ||
| Q1 25 | $15.8M | $14.2M | ||
| Q4 24 | $66.7M | $13.7M | ||
| Q3 24 | $7.1M | $7.4M | ||
| Q2 24 | $15.7M | $11.2M |
| Q1 26 | 80.3% | 17.1% | ||
| Q4 25 | 214.9% | 14.1% | ||
| Q3 25 | 66.3% | 40.8% | ||
| Q2 25 | 75.9% | 19.1% | ||
| Q1 25 | 36.0% | 22.2% | ||
| Q4 24 | 182.6% | 16.1% | ||
| Q3 24 | 25.1% | 10.3% | ||
| Q2 24 | 60.4% | 16.7% |
| Q1 26 | — | — | ||
| Q4 25 | 7.5% | 8.6% | ||
| Q3 25 | 2.3% | 6.9% | ||
| Q2 25 | 2.6% | 1.9% | ||
| Q1 25 | 0.2% | 2.3% | ||
| Q4 24 | 2.7% | 5.1% | ||
| Q3 24 | 1.1% | 16.3% | ||
| Q2 24 | 1.4% | 1.1% |
| 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 | — | 6.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
PUBM
Segment breakdown not available.
