$29.94

+0.22 (+0.74%)

After Hours: $29.61 (-0.33, -1.10%)

Weekly Expected Move ±6.2%

$26 $28 $30 $32 $33

NYSE · Energy · Oil & Gas Equipment & Services · Tech Score Neutral · Power 60 · $1.4B mcap · 36M float · 2.83% daily turnover · Short 63% of daily vol

Credit Risk of going bust: higher than 70% of companies Debt: 53.6% of company value Bonds: $142.8M held by 210 funds, 188 bp over Treasuries → details ▾

Of US companies ranked in the third-riskiest tenth, about 1 in 140 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $2.32 (down 92%), WaterBridge Infrastructure LLC would be worth roughly what it owes.
Total debt $1.62B against a stock market value of $1.40B.
Distance to default 3.41 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $811.6M (short-term plus half of long-term), stock volatility 45.0%; Altman Z 0.65. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

49.8 / 100

NoneWeakNarrowWide

Primary source: Switching Costs · ROIC: 3.1%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. WBI shows a Weak competitive edge (49.8/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Switching Costs. ROIC of 3.1% suggests modest returns relative to capital deployed.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

$28

Low

$36

Avg Target

$43

High

Based on 5 analysts since Aug 5, 2026 earnings

Analyst Recommendations

Strong Buy: 1Buy: 3Hold: 1Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$36.40

Analysts5

Consensus Change History

Date	Field	From	To
2026-05-22	consensus	Hold	Buy
2026-03-19	consensus	Strong Buy	Hold
2026-01-07	_new_coverage	None	ADDED

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-09-28	Piper Sandler	Alexander Goldfarb	$27	$37	+10	+24.2%	$29.80
2026-08-19	Barclays	—	$33	$34	+1	+6.4%	$31.94
2026-08-18	Raymond James	Justin Jenkins	$30	$40	+10	+25.2%	$31.94
2026-08-13	Wells Fargo	Praneeth Satish	$25	$28	+3	-10.4%	$31.25
2026-08-12	Morgan Stanley	—	$38	$43	+5	+32.8%	$32.38
2026-07-15	Goldman Sachs	—	$36	$41	+5	+14.3%	$35.88
2026-05-28	Goldman Sachs	John Mackay	$32	$36	+4	+22.2%	$29.46
2026-05-21	Barclays	—	$29	$33	+4	+8.3%	$30.47
2026-05-20	Morgan Stanley	Robert Kad	$32	$38	+6	+23.2%	$30.85
2026-04-19	Goldman Sachs	—	$26	$32	+6	+27.3%	$25.14
2026-03-17	Goldman Sachs	John Mackay	$21	$26	+5	+4.7%	$24.84
2026-03-16	UBS	—	Initiated	$33	—	+36.4%	$24.20
2026-01-05	Raymond James	Justin Jenkins	Initiated	$30	—	+52.1%	$19.72
2025-10-14	Barclays	Theresa Chen	Initiated	$29	—	+13.5%	$25.55
2025-10-13	Wells Fargo	—	Initiated	$25	—	+3.4%	$24.17
2025-10-13	Stifel Nicolaus	Selman Akyol	Initiated	$30	—	+24.1%	$24.17
2025-10-13	Morgan Stanley	—	Initiated	$32	—	+32.4%	$24.17
2025-10-13	Piper Sandler	Mark Lear	Initiated	$27	—	+11.7%	$24.17
2025-10-13	Goldman Sachs	—	Initiated	$21	—	-13.1%	$24.17

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

Oct 27, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. WBI receives an overall rating of C. Areas of concern: DCF (1/5), ROE (2/5), D/E (1/5), P/E (1/5).

Rating Change History

Date	From	To
2026-10-22	C+	C
2026-10-12	B-	C+
2026-10-01	C	B-
2026-09-16	C-	C
2026-08-06	C+	C-
2026-08-03	B-	C+
2026-05-11	C+	B-
2026-05-06	C	C+
2026-04-27	C-	C
2026-04-01	C	C-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 28 Grade D

Profitability

Balance Sheet

Earnings Quality

Growth

—

Value

Momentum

—

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. WBI scores highest in Earnings Quality (60/100) and lowest in Safety (15/100). A grade of D flags significant fundamental concerns across multiple dimensions.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

0.62

Distress Zone

Piotroski F-Score

4/9

✓ ✓ ✗ ✓ ✗ ✗ ✓ ✗ ✗

Beneish M-Score

—

Ohlson O-Score

-7.87

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

Score: 25.2/100

Earnings Quality

75/100

OCF/NI: 22.02x

Accruals: -7.7%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. WBI scores 0.62, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. WBI scores 4/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. WBI's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. WBI receives an estimated rating of B (score: 25.2/100). The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). WBI's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

66.82x

PEG

0.13x

P/S

1.87x

P/B

1.70x

P/FCF

-7.68x

P/OCF

4.64x

EV/EBITDA

10.10x

EV/Revenue

6.84x

EV/EBIT

43.68x

EV/FCF

-15.80x

Earnings Yield

0.98%

FCF Yield

-13.02%

Shareholder Yield

0.84%

Graham Number

$11.52

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 66.8x earnings, WBI is priced for high growth expectations. Graham's intrinsic value formula yields $11.52 per share, 160% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.619

NI / EBT

Interest Burden

0.336

EBT / EBIT

EBIT Margin

0.157

EBIT / Rev

Asset Turnover

0.113

Rev / Assets

Equity Multiplier

5.182

Assets / Equity

ROE

1.9%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. WBI's ROE of 1.9% is driven by financial leverage (equity multiplier: 5.18x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

$2.85

Price/Value

12.01x

Margin of Safety

-1101.25%

Premium

1101.25%

Assessment

Overvalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with WBI's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. WBI trades at a 1101% premium to its adjusted intrinsic value of $2.85, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 66.8x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 280 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$29.86

Median 1Y

$34.42

5th Pctile

$15.52

95th Pctile

$76.37

Ann. Volatility

44.8%

Analyst Target

$36.40

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Jason Long Chief Executive Officer	$633,930	$3,107,500	$6,421,871
Michael Reitz Operating and Chief Operating Officer	$445,830	$2,147,000	$4,646,679
Scott L. McNeely Executive Vice President, Chief Financial Officer	$402,360	$1,695,000	$3,383,589
Jason Williams President, Vice President, Chief Administrative Officer	$391,210	$1,582,000	$3,194,456
Harrison Bolling Counsel ve Vice President and General Counsel	$391,210	$1,582,000	$3,191,836

CEO Pay Ratio

73:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $6,421,871

Avg Employee Cost (SGA/emp): $87,476

Employees: 540

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

540

Revenue / Employee

$973,246

Rev: $525,553,000

Profit / Employee

$-8,402

NI: $-4,537,000

SGA / Employee

$87,476

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q4'25	Q1'26	Q2'26	Current
ROE	-0.0%	1.4%	1.9%	1.91%
ROA	-0.0%	0.3%	0.4%	0.37%
ROIC	3.1%	5.1%	3.1%	3.15%
ROCE	0.0%	0.9%	1.9%	1.86%
Gross Margin	1.1%	24.0%	26.7%	26.69%
Operating Margin	81.2%	15.1%	18.5%	18.49%
Net Margin	-0.4%	4.7%	2.3%	2.35%
EBITDA Margin	3.3%	49.5%	51.2%	51.23%
FCF Margin	-4.3%	-59.0%	-43.3%	-43.28%
OCF Margin	5.8%	1.1%	71.7%	71.65%
ROIC Economic	snapshot only			3.10%
Cash ROA	snapshot only			8.12%
Cash ROIC	snapshot only			13.73%
CROIC	snapshot only			-8.29%
NOPAT Margin	snapshot only			16.43%
Pretax Margin	snapshot only			5.26%
R&D / Revenue	snapshot only			0.00%
SGA / Revenue	snapshot only			9.57%
SBC / Revenue	snapshot only			1.77%

Valuation

Metric	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	-7942.47	123.15	102.11	66.816
P/S Ratio	31.56	5.07	3.32	1.872
P/B Ratio	1.44	1.77	1.95	1.702
P/FCF	-7.28	-8.60	-7.68	-7.678
P/OCF	5.42	4.55	4.64	4.638
EV/EBITDA	9.09	5.87	10.10	10.103
EV/Revenue	30.14	4.89	6.84	6.839
EV/EBIT	—	36.78	43.68	43.684
EV/FCF	-6.95	-8.30	-15.80	-15.803
Earnings Yield	-0.0%	0.8%	1.0%	0.98%
FCF Yield	-13.7%	-11.6%	-13.0%	-13.02%
PEG Ratio	snapshot only			0.129
EV/OCF	snapshot only			9.545
EV/Gross Profit	snapshot only			22.502
Acquirers Multiple	snapshot only			32.837
Shareholder Yield	snapshot only			0.84%
Graham Number	snapshot only			$11.52

Leverage & Solvency

Metric	Q4'25	Q1'26	Q2'26	Current
Current Ratio	1.38	1.30	1.54	1.540
Quick Ratio	1.38	1.30	1.54	1.540
Debt/Equity	0.02	0.01	2.13	2.127
Net Debt/Equity	-0.06	-0.06	2.06	2.065
Debt/Assets	0.00	0.00	0.41	0.410
Debt/EBITDA	0.14	0.05	5.35	5.352
Net Debt/EBITDA	-0.43	-0.22	5.19	5.194
Interest Coverage	0.00	0.67	1.03	1.026
Equity Multiplier	6.14	5.71	5.18	5.182
Cash Ratio	snapshot only			0.273
Debt Service Coverage	snapshot only			4.437
Cash to Debt	snapshot only			0.029
FCF to Debt	snapshot only			-0.119
Defensive Interval	snapshot only			3575.7 days

Efficiency & Turnover

Metric	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.01	0.06	0.11	0.113
Inventory Turnover	—	—	—	—
Receivables Turnover	0.17	1.44	2.59	2.594
Payables Turnover	-0.05	2.71	6.06	6.062
DSO	2186	253	141	140.7 days
DIO	—	0	0	0.0 days
DPO	—	135	60	60.2 days
Cash Conversion Cycle	—	118	80	80.5 days
Fixed Asset Turnover	snapshot only			0.180
Cash Velocity	snapshot only			9.369
Capital Intensity	snapshot only			8.827

Growth Quality

Metric	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	—	—	—	—
Earnings Stability	—	—	—	—
Margin Stability	—	—	—	—
Rev. Growth Consistency	0.00	0.00	0.00	0.000
Earn. Growth Consistency	0.00	0.00	0.00	0.000
FCF Positive Streak	0	0	0	0
Earnings Persistence	—	—	—	—
Earnings Smoothness	—	—	—	—
ROE Trend	—	—	—	—
Gross Margin Trend	—	—	—	—
FCF Margin Trend	—	—	—	—
Sustainable Growth Rate	—	0.5%	0.3%	0.27%
Internal Growth Rate	—	0.1%	0.1%	0.05%

Cash Flow Quality

Metric	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	-1465.09	27.07	22.02	22.016
FCF/OCF	-0.74	-0.53	-0.60	-0.604
FCF/Net Income	snapshot only			-13.298
OCF/EBITDA	snapshot only			1.058
CapEx/Revenue	10.2%	1.7%	1.1%	1.15%
CapEx/Depreciation	snapshot only			2.445
Accruals Ratio	-0.04	-0.07	-0.08	-0.077
Sloan Accruals	snapshot only			-0.040
Cash Flow Adequacy	snapshot only			0.609
Earnings Quality Score	snapshot only			0.750

Dividends & Buybacks

Metric	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	0.0%	0.5%	0.8%	0.50%
Dividend/Share	$0.00	$0.14	$0.29	$0.15
Payout Ratio	—	66.1%	85.6%	85.61%
FCF Payout Ratio	—	—	—	—
Total Payout Ratio	—	66.1%	85.6%	85.61%
Div. Increase Streak	—	0	0	0
Chowder Number	—	—	—	—
Buyback Yield	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	0.0%	-0.0%	-0.0%	-0.04%
Total Shareholder Return	0.0%	0.5%	0.8%	0.80%

DuPont Factors

Metric	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.03	1.40	0.62	0.619
Interest Burden (EBT/EBIT)	—	0.22	0.34	0.336
EBIT Margin	0.00	0.13	0.16	0.157
Asset Turnover	0.01	0.06	0.11	0.113
Equity Multiplier	6.14	5.71	5.18	5.182

Per Share

Metric	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$-0.00	$0.22	$0.34	$0.34
Book Value/Share	$13.92	$15.18	$17.56	$42.26
Tangible Book/Share	$-8.93	$-7.14	$-4.98	$-4.98
Revenue/Share	$0.63	$5.28	$10.31	$17.36
FCF/Share	$-2.75	$-3.11	$-4.46	$-1.74
OCF/Share	$3.69	$5.89	$7.39	$5.74
Cash/Share	$1.19	$1.17	$1.10	$1.10
EBITDA/Share	$2.10	$4.40	$6.98	$6.98
Debt/Share	$0.29	$0.21	$37.36	$37.36
Net Debt/Share	$-0.90	$-0.96	$36.26	$36.26

Academic Models

Metric	Q4'25	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	0.622
Altman Z-Prime	snapshot only			1.013
Piotroski F-Score	3	4	4	4
Beneish M-Score	—	—	—	—
Ohlson O-Score	snapshot only			-7.874
Net-Net WC	snapshot only			$-42.56
EVA	snapshot only			$-159568997.03

Credit

Metric	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only			B
Credit Score	33.43	35.25	25.22	25.220
Credit Grade	snapshot only			15
Implied Spread (bps)	snapshot only			750.000
Industry Credit Rank	snapshot only			11
Sector Credit Rank	snapshot only			16

WBI NYSE

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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