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Side-by-side financial comparison of BillionToOne, Inc. (BLLN) and Black Stone Minerals, L.P. (BSM). Click either name above to swap in a different company.
Black Stone Minerals, L.P. is the larger business by last-quarter revenue ($95.2M vs $83.5M, roughly 1.1× BillionToOne, Inc.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 6.8%, a 69.0% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs -8.7%).
BillionToOne, Inc. is a life sciences and molecular diagnostics firm developing high-precision genetic testing solutions. Its core offerings include non-invasive prenatal tests, oncology diagnostics, and rare disease screening, serving clinical providers and patients mainly in North America.
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
BLLN vs BSM — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $83.5M | $95.2M |
| Net Profit | $5.7M | $72.2M |
| Gross Margin | 69.9% | — |
| Operating Margin | 11.5% | 78.6% |
| Net Margin | 6.8% | 75.9% |
| Revenue YoY | 117.4% | -8.7% |
| Net Profit YoY | 138.3% | 55.8% |
| EPS (diluted) | $0.10 | — |
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 | — | $95.2M | ||
| Q3 25 | $83.5M | $105.2M | ||
| Q2 25 | — | $106.7M | ||
| Q1 25 | — | $115.3M | ||
| Q4 24 | — | $104.3M | ||
| Q3 24 | $38.4M | $103.2M | ||
| Q2 24 | — | $115.2M | ||
| Q1 24 | — | $116.8M |
| Q4 25 | — | $72.2M | ||
| Q3 25 | $5.7M | $91.7M | ||
| Q2 25 | — | $120.0M | ||
| Q1 25 | — | $15.9M | ||
| Q4 24 | — | $46.3M | ||
| Q3 24 | $-14.9M | $92.7M | ||
| Q2 24 | — | $68.3M | ||
| Q1 24 | — | $63.9M |
| Q4 25 | — | — | ||
| Q3 25 | 69.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 52.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 78.6% | ||
| Q3 25 | 11.5% | 89.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 14.9% | ||
| Q4 24 | — | 45.6% | ||
| Q3 24 | -32.9% | 90.2% | ||
| Q2 24 | — | 59.5% | ||
| Q1 24 | — | 54.8% |
| Q4 25 | — | 75.9% | ||
| Q3 25 | 6.8% | 87.2% | ||
| Q2 25 | — | 112.5% | ||
| Q1 25 | — | 13.8% | ||
| Q4 24 | — | 44.4% | ||
| Q3 24 | -38.8% | 89.9% | ||
| Q2 24 | — | 59.3% | ||
| Q1 24 | — | 54.7% |
| Q4 25 | — | — | ||
| Q3 25 | $0.10 | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-1.47 | — | ||
| Q2 24 | — | — | ||
| 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 | $195.2M | $1.5M |
| Total DebtLower is stronger | $55.0M | — |
| Stockholders' EquityBook value | $-239.5M | — |
| Total Assets | $327.5M | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.5M | ||
| Q3 25 | $195.2M | $2.9M | ||
| Q2 25 | — | $2.5M | ||
| Q1 25 | — | $2.4M | ||
| Q4 24 | — | $2.5M | ||
| Q3 24 | — | $21.0M | ||
| Q2 24 | — | $26.7M | ||
| Q1 24 | — | $40.5M |
| Q4 25 | — | — | ||
| Q3 25 | $55.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | $-239.5M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-242.9M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $1.3B | ||
| Q3 25 | $327.5M | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
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 | $13.8M | $65.1M |
| Free Cash FlowOCF − Capex | $6.5M | — |
| FCF MarginFCF / Revenue | 7.7% | — |
| Capex IntensityCapex / Revenue | 8.8% | — |
| Cash ConversionOCF / Net Profit | 2.42× | 0.90× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $65.1M | ||
| Q3 25 | $13.8M | $99.8M | ||
| Q2 25 | — | $80.5M | ||
| Q1 25 | — | $64.8M | ||
| Q4 24 | — | $91.0M | ||
| Q3 24 | — | $93.2M | ||
| Q2 24 | — | $100.4M | ||
| Q1 24 | — | $104.5M |
| Q4 25 | — | — | ||
| Q3 25 | $6.5M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 8.8% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.90× | ||
| Q3 25 | 2.42× | 1.09× | ||
| Q2 25 | — | 0.67× | ||
| Q1 25 | — | 4.07× | ||
| Q4 24 | — | 1.96× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLLN
| Prenatal | $74.1M | 89% |
| Oncology | $8.7M | 10% |
BSM
| Oil Reserves | $46.4M | 49% |
| Natural Gas Reserves | $44.1M | 46% |
| Real Estate | $4.7M | 5% |
