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Side-by-side financial comparison of LandBridge Co LLC (LB) and Whitestone REIT (WSR). Click either name above to swap in a different company.
LandBridge Co LLC is the larger business by last-quarter revenue ($51.0M vs $43.9M, roughly 1.2× Whitestone REIT). Whitestone REIT runs the higher net margin — 52.0% vs 35.0%, a 17.0% gap on every dollar of revenue. On growth, LandBridge Co LLC posted the faster year-over-year revenue change (16.0% vs 7.5%). Whitestone REIT produced more free cash flow last quarter ($50.5M vs $40.9M). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (40.2% CAGR vs 8.7%).
Whitestone REIT is a publicly traded real estate investment trust that acquires, owns, manages and redevelops open-air community shopping centers, primarily located in high-growth metropolitan areas across the southwestern and southeastern United States. Its property portfolio is largely anchored by daily necessity, service-focused retail tenants that cater to regular local consumer demand.
LB vs WSR — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.0M | $43.9M |
| Net Profit | $17.9M | $22.8M |
| Gross Margin | — | — |
| Operating Margin | 57.2% | 53.0% |
| Net Margin | 35.0% | 52.0% |
| Revenue YoY | 16.0% | 7.5% |
| Net Profit YoY | 15.6% | 31.7% |
| EPS (diluted) | — | $0.43 |
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 | $56.8M | $43.9M | ||
| Q3 25 | $50.8M | $41.0M | ||
| Q2 25 | $47.5M | $37.9M | ||
| Q1 25 | $44.0M | $38.0M | ||
| Q4 24 | $36.5M | $40.8M | ||
| Q3 24 | $28.5M | $38.6M | ||
| Q2 24 | $26.0M | $37.6M |
| Q1 26 | $17.9M | — | ||
| Q4 25 | $8.1M | $22.8M | ||
| Q3 25 | $8.1M | $18.3M | ||
| Q2 25 | $7.5M | $5.1M | ||
| Q1 25 | $6.5M | $3.7M | ||
| Q4 24 | $49.3M | $17.3M | ||
| Q3 24 | $2.7M | $7.6M | ||
| Q2 24 | $-57.7M | $2.6M |
| Q1 26 | 57.2% | — | ||
| Q4 25 | 60.0% | 53.0% | ||
| Q3 25 | 60.8% | 45.5% | ||
| Q2 25 | 60.0% | 13.8% | ||
| Q1 25 | 57.0% | 10.2% | ||
| Q4 24 | 49.4% | 43.3% | ||
| Q3 24 | 11.2% | 20.3% | ||
| Q2 24 | -197.4% | 7.2% |
| Q1 26 | 35.0% | — | ||
| Q4 25 | 14.2% | 52.0% | ||
| Q3 25 | 15.9% | 44.7% | ||
| Q2 25 | 15.8% | 13.3% | ||
| Q1 25 | 14.7% | 9.7% | ||
| Q4 24 | 135.2% | 42.5% | ||
| Q3 24 | 9.3% | 19.7% | ||
| Q2 24 | -222.1% | 6.9% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $0.43 | ||
| Q3 25 | $0.26 | $0.35 | ||
| Q2 25 | $0.24 | $0.10 | ||
| Q1 25 | $0.20 | $0.07 | ||
| Q4 24 | — | $0.34 | ||
| Q3 24 | $-0.04 | $0.15 | ||
| Q2 24 | — | $0.05 |
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 | $4.9M |
| Total DebtLower is stronger | $433.0K | $649.4M |
| Stockholders' EquityBook value | — | $458.1M |
| Total Assets | $1.4B | $1.2B |
| Debt / EquityLower = less leverage | — | 1.42× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $29.7M | — | ||
| Q4 25 | $30.7M | $4.9M | ||
| Q3 25 | $28.3M | $6.8M | ||
| Q2 25 | $20.3M | $5.3M | ||
| Q1 25 | $14.9M | $5.6M | ||
| Q4 24 | $37.0M | $5.2M | ||
| Q3 24 | $14.4M | $2.5M | ||
| Q2 24 | $24.6M | $3.2M |
| Q1 26 | $433.0K | — | ||
| Q4 25 | $570.7M | $649.4M | ||
| Q3 25 | $366.1M | — | ||
| Q2 25 | $370.9M | — | ||
| Q1 25 | $375.5M | — | ||
| Q4 24 | $385.5M | $632.5M | ||
| Q3 24 | $242.4M | — | ||
| Q2 24 | $360.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | $340.3M | $458.1M | ||
| Q3 25 | $272.0M | $439.5M | ||
| Q2 25 | $266.4M | $427.5M | ||
| Q1 25 | $217.0M | $431.0M | ||
| Q4 24 | $211.8M | $438.2M | ||
| Q3 24 | $97.2M | $419.5M | ||
| Q2 24 | $296.4M | $418.3M |
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.0B | $1.1B | ||
| Q4 24 | $1.0B | $1.1B | ||
| Q3 24 | $689.9M | $1.1B | ||
| Q2 24 | $710.5M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | 1.42× | ||
| Q3 25 | 1.35× | — | ||
| Q2 25 | 1.39× | — | ||
| Q1 25 | 1.73× | — | ||
| Q4 24 | 1.82× | 1.44× | ||
| 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 | $50.8M |
| Free Cash FlowOCF − Capex | $40.9M | $50.5M |
| FCF MarginFCF / Revenue | 80.3% | 114.9% |
| Capex IntensityCapex / Revenue | — | 0.7% |
| Cash ConversionOCF / Net Profit | 2.30× | 2.22× |
| TTM Free Cash FlowTrailing 4 quarters | $232.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $41.1M | — | ||
| Q4 25 | $126.3M | $50.8M | ||
| Q3 25 | $34.9M | $18.0M | ||
| Q2 25 | $37.3M | $13.8M | ||
| Q1 25 | $15.9M | $3.1M | ||
| Q4 24 | $67.6M | $58.2M | ||
| Q3 24 | $7.5M | $16.4M | ||
| Q2 24 | $16.0M | $12.3M |
| Q1 26 | $40.9M | — | ||
| Q4 25 | $122.0M | $50.5M | ||
| Q3 25 | $33.7M | — | ||
| Q2 25 | $36.1M | — | ||
| Q1 25 | $15.8M | — | ||
| Q4 24 | $66.7M | $58.0M | ||
| Q3 24 | $7.1M | — | ||
| Q2 24 | $15.7M | — |
| Q1 26 | 80.3% | — | ||
| Q4 25 | 214.9% | 114.9% | ||
| Q3 25 | 66.3% | — | ||
| Q2 25 | 75.9% | — | ||
| Q1 25 | 36.0% | — | ||
| Q4 24 | 182.6% | 142.1% | ||
| Q3 24 | 25.1% | — | ||
| Q2 24 | 60.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 7.5% | 0.7% | ||
| Q3 25 | 2.3% | — | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 2.7% | 0.5% | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 1.4% | — |
| Q1 26 | 2.30× | — | ||
| Q4 25 | 15.68× | 2.22× | ||
| Q3 25 | 4.31× | 0.98× | ||
| Q2 25 | 4.98× | 2.74× | ||
| Q1 25 | 2.46× | 0.83× | ||
| Q4 24 | 1.37× | 3.36× | ||
| Q3 24 | 2.80× | 2.15× | ||
| Q2 24 | — | 4.73× |
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% |
WSR
Segment breakdown not available.
