LB vs TS: LandBridge Company LLC and Tenaris SA ADR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Tenaris SA ADR is the larger company, worth $27.7B, about 3.9 times LandBridge Company LLC.
- LandBridge Company LLC grew revenue faster over the last year (+40.6% vs -4.3%).
- LandBridge Company LLC keeps more of each dollar of revenue as operating profit (61.3% vs 19.1%).
- On earnings, Tenaris SA ADR is the cheaper stock (31.3x vs 95.4x).
- LandBridge Company LLC's price assumes faster free cash flow growth: about 19% a year, against 0% for Tenaris SA ADR (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | LB | TS |
|---|---|---|
| Market cap | $7.1B | $27.7B |
| Share price | $86.25 | $57.34 |
| Revenue (last fiscal year) | $199M | $12.0B |
| Free cash flow (last fiscal year) | $122M | $2.0B |
| Revenue growth, last year | +40.6% | -4.3% |
| Revenue growth per year, last 5 fiscal years | +65.3% | +16.4% |
| Operating margin | 61.3% | 19.1% |
| Net margin | 16.5% | 16.1% |
| Return on equity | 10.4% | 11.6% |
| P/E (trailing) | 95.4x | 31.3x |
| Price / free cash flow | 58.4x | 14.0x |
| EV / EBITDA | 34.1x | 8.58x |
| FCF growth the price implies | 19.1% | 0.29% |
| Dividend yield | 0.47% | 3.2% |
| Debt / equity | 1.53x | 0.20x |
| Fundamental grade | B | C |
| Superinvestors holding it | 0 | 0 |
| Insider purchases, last 12 months | 7 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
LandBridge Company LLC
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2023 | $73M | $50M | 96.1% |
| 2024 | $110M | $67M | -15.0% |
| 2025 | $199M | $122M | 59.5% |
Tenaris SA ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.5B | -$120M | 10.8% |
| 2022 | $11.8B | $789M | 25.2% |
| 2023 | $14.9B | $3.8B | 29.0% |
| 2024 | $12.5B | $2.2B | 19.3% |
| 2025 | $12.0B | $2.0B | 19.1% |
Where the revenue comes from
LandBridge Company LLC
No segment breakdown reported.
Tenaris SA ADR · by segments, 2025
Tubes$11.4B95%
Other$581M5%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open LB in InvestinglyQuestions
Which is bigger, LandBridge Company LLC or Tenaris SA ADR?
Tenaris SA ADR (TS), at $27.7B against $7.1B.
Is LB or TS cheaper?
By trailing P/E, Tenaris SA ADR (31.3x) is cheaper than LandBridge Company LLC (95.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, LB or TS?
LandBridge Company LLC: revenue grew +40.6% over the last year, against -4.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.