vs
Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Bitcoin Depot Inc. (BTM). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $95.2M, roughly 1.7× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 3.4%, a 72.5% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs -8.7%). Over the past eight quarters, Bitcoin Depot Inc.'s revenue compounded faster (-4.9% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Bitcoin Depot Inc. is one of the largest cryptocurrency ATM operators across North America. It provides retail consumers with accessible in-person kiosks to buy and sell Bitcoin and other leading digital assets, alongside online crypto purchase services via bank transfer. Its self-service kiosks are located in high-traffic retail spaces including grocery stores, gas stations and convenience stores.
BSM vs BTM — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $162.5M |
| Net Profit | $72.2M | $5.5M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | 7.3% |
| Net Margin | 75.9% | 3.4% |
| Revenue YoY | -8.7% | 20.1% |
| Net Profit YoY | 55.8% | 690.4% |
| EPS (diluted) | — | $0.08 |
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 | $105.2M | $162.5M | ||
| Q2 25 | $106.7M | $172.1M | ||
| Q1 25 | $115.3M | $164.2M | ||
| Q4 24 | $104.3M | — | ||
| Q3 24 | $103.2M | $135.3M | ||
| Q2 24 | $115.2M | $163.1M | ||
| Q1 24 | $116.8M | $138.5M |
| Q4 25 | $72.2M | — | ||
| Q3 25 | $91.7M | $5.5M | ||
| Q2 25 | $120.0M | $6.1M | ||
| Q1 25 | $15.9M | $4.2M | ||
| Q4 24 | $46.3M | — | ||
| Q3 24 | $92.7M | $-939.0K | ||
| Q2 24 | $68.3M | $-2.6M | ||
| Q1 24 | $63.9M | $-1.5M |
| Q4 25 | 78.6% | — | ||
| Q3 25 | 89.5% | 7.3% | ||
| Q2 25 | — | 9.2% | ||
| Q1 25 | 14.9% | 10.8% | ||
| Q4 24 | 45.6% | — | ||
| Q3 24 | 90.2% | 4.1% | ||
| Q2 24 | 59.5% | 4.7% | ||
| Q1 24 | 54.8% | 0.5% |
| Q4 25 | 75.9% | — | ||
| Q3 25 | 87.2% | 3.4% | ||
| Q2 25 | 112.5% | 3.5% | ||
| Q1 25 | 13.8% | 2.6% | ||
| Q4 24 | 44.4% | — | ||
| Q3 24 | 89.9% | -0.7% | ||
| Q2 24 | 59.3% | -1.6% | ||
| Q1 24 | 54.7% | -1.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | $0.08 | ||
| Q2 25 | — | $0.16 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-0.05 | ||
| Q2 24 | — | $-0.13 | ||
| Q1 24 | — | $-0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.5M | $59.3M |
| Total DebtLower is stronger | — | $67.5M |
| Stockholders' EquityBook value | — | $21.0M |
| Total Assets | $1.3B | $125.3M |
| Debt / EquityLower = less leverage | — | 3.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | — | ||
| Q3 25 | $2.9M | $59.3M | ||
| Q2 25 | $2.5M | $48.0M | ||
| Q1 25 | $2.4M | $35.0M | ||
| Q4 24 | $2.5M | — | ||
| Q3 24 | $21.0M | $32.2M | ||
| Q2 24 | $26.7M | $43.9M | ||
| Q1 24 | $40.5M | $42.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | $67.5M | ||
| Q2 25 | — | $66.5M | ||
| Q1 25 | — | $56.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $44.5M | ||
| Q2 24 | — | $41.2M | ||
| Q1 24 | — | $37.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | $21.0M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $-4.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-7.9M | ||
| Q2 24 | — | $4.4M | ||
| Q1 24 | — | $5.0M |
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $125.3M | ||
| Q2 25 | $1.3B | $109.1M | ||
| Q1 25 | $1.2B | $89.7M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | $87.4M | ||
| Q2 24 | $1.2B | $97.5M | ||
| Q1 24 | $1.2B | $90.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | 3.21× | ||
| Q2 25 | — | 14.18× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.27× | ||
| Q1 24 | — | 7.54× |
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 | $65.1M | $6.6M |
| Free Cash FlowOCF − Capex | — | $2.5M |
| FCF MarginFCF / Revenue | — | 1.6% |
| Capex IntensityCapex / Revenue | — | 2.5% |
| Cash ConversionOCF / Net Profit | 0.90× | 1.20× |
| TTM Free Cash FlowTrailing 4 quarters | — | $27.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | — | ||
| Q3 25 | $99.8M | $6.6M | ||
| Q2 25 | $80.5M | $10.2M | ||
| Q1 25 | $64.8M | $16.3M | ||
| Q4 24 | $91.0M | — | ||
| Q3 24 | $93.2M | $5.8M | ||
| Q2 24 | $100.4M | $10.1M | ||
| Q1 24 | $104.5M | $1.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | $2.5M | ||
| Q2 25 | — | $9.8M | ||
| Q1 25 | — | $15.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-1.0M | ||
| Q2 24 | — | $7.6M | ||
| Q1 24 | — | $789.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 5.7% | ||
| Q1 25 | — | 9.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.8% | ||
| Q2 24 | — | 4.7% | ||
| Q1 24 | — | 0.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 5.0% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | 0.4% |
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | 1.20× | ||
| Q2 25 | 0.67× | 1.67× | ||
| Q1 25 | 4.07× | 3.88× | ||
| 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
BSM
| Oil Reserves | $46.4M | 49% |
| Natural Gas Reserves | $44.1M | 46% |
| Real Estate | $4.7M | 5% |
BTM
Segment breakdown not available.
