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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Cipher Mining Inc. (CIFR). 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 $59.7M, roughly 1.6× Cipher Mining Inc.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs -1229.6%, a 1305.5% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs -8.7%). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
BSM vs CIFR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $59.7M |
| Net Profit | $72.2M | $-734.2M |
| Gross Margin | — | 59.4% |
| Operating Margin | 78.6% | -503.4% |
| Net Margin | 75.9% | -1229.6% |
| Revenue YoY | -8.7% | 41.4% |
| Net Profit YoY | 55.8% | -4293.1% |
| EPS (diluted) | — | $-1.91 |
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 | $59.7M | ||
| Q3 25 | $105.2M | $71.7M | ||
| Q2 25 | $106.7M | $43.6M | ||
| Q1 25 | $115.3M | $49.0M | ||
| Q4 24 | $104.3M | $42.2M | ||
| Q3 24 | $103.2M | $24.1M | ||
| Q2 24 | $115.2M | $36.8M | ||
| Q1 24 | $116.8M | $48.1M |
| Q4 25 | $72.2M | $-734.2M | ||
| Q3 25 | $91.7M | $-3.3M | ||
| Q2 25 | $120.0M | $-45.8M | ||
| Q1 25 | $15.9M | $-39.0M | ||
| Q4 24 | $46.3M | $17.5M | ||
| Q3 24 | $92.7M | $-86.8M | ||
| Q2 24 | $68.3M | $-15.3M | ||
| Q1 24 | $63.9M | $39.9M |
| Q4 25 | — | 59.4% | ||
| Q3 25 | — | 62.7% | ||
| Q2 25 | — | 64.8% | ||
| Q1 25 | — | 69.6% | ||
| Q4 24 | — | 56.9% | ||
| Q3 24 | — | 37.5% | ||
| Q2 24 | — | 61.2% | ||
| Q1 24 | — | 69.2% |
| Q4 25 | 78.6% | -503.4% | ||
| Q3 25 | 89.5% | -52.5% | ||
| Q2 25 | — | -103.9% | ||
| Q1 25 | 14.9% | -77.8% | ||
| Q4 24 | 45.6% | 40.5% | ||
| Q3 24 | 90.2% | -379.2% | ||
| Q2 24 | 59.5% | -43.9% | ||
| Q1 24 | 54.8% | 97.2% |
| Q4 25 | 75.9% | -1229.6% | ||
| Q3 25 | 87.2% | -4.6% | ||
| Q2 25 | 112.5% | -105.1% | ||
| Q1 25 | 13.8% | -79.6% | ||
| Q4 24 | 44.4% | 41.5% | ||
| Q3 24 | 89.9% | -359.9% | ||
| Q2 24 | 59.3% | -41.5% | ||
| Q1 24 | 54.7% | 82.9% |
| Q4 25 | — | $-1.91 | ||
| Q3 25 | — | $-0.01 | ||
| Q2 25 | — | $-0.12 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | — | $0.04 | ||
| Q3 24 | — | $-0.26 | ||
| Q2 24 | — | $-0.05 | ||
| Q1 24 | — | $0.13 |
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 | $628.3M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | — | $805.5M |
| Total Assets | $1.3B | $4.3B |
| Debt / EquityLower = less leverage | — | 3.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $628.3M | ||
| Q3 25 | $2.9M | $1.2B | ||
| Q2 25 | $2.5M | $62.7M | ||
| Q1 25 | $2.4M | $23.2M | ||
| Q4 24 | $2.5M | $5.6M | ||
| Q3 24 | $21.0M | $25.3M | ||
| Q2 24 | $26.7M | $122.6M | ||
| Q1 24 | $40.5M | $88.7M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $167.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $805.5M | ||
| Q3 25 | — | $783.2M | ||
| Q2 25 | — | $748.9M | ||
| Q1 25 | — | $734.8M | ||
| Q4 24 | — | $682.0M | ||
| Q3 24 | — | $672.0M | ||
| Q2 24 | — | $690.8M | ||
| Q1 24 | — | $600.9M |
| Q4 25 | $1.3B | $4.3B | ||
| Q3 25 | $1.3B | $2.8B | ||
| Q2 25 | $1.3B | $1.0B | ||
| Q1 25 | $1.2B | $913.8M | ||
| Q4 24 | $1.2B | $855.4M | ||
| Q3 24 | $1.2B | $775.4M | ||
| Q2 24 | $1.2B | $775.6M | ||
| Q1 24 | $1.2B | $677.1M |
| Q4 25 | — | 3.37× | ||
| Q3 25 | — | 1.31× | ||
| Q2 25 | — | 0.22× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-207.9M |
| Free Cash FlowOCF − Capex | — | $-695.9M |
| FCF MarginFCF / Revenue | — | -1165.4% |
| Capex IntensityCapex / Revenue | — | 817.1% |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $-207.9M | ||
| Q3 25 | $99.8M | $-50.1M | ||
| Q2 25 | $80.5M | $-56.2M | ||
| Q1 25 | $64.8M | $-47.2M | ||
| Q4 24 | $91.0M | $-87.5M | ||
| Q3 24 | $93.2M | $-6.5M | ||
| Q2 24 | $100.4M | $-25.4M | ||
| Q1 24 | $104.5M | $-26.6M |
| Q4 25 | — | $-695.9M | ||
| Q3 25 | — | $-256.2M | ||
| Q2 25 | — | $-87.5M | ||
| Q1 25 | — | $-71.8M | ||
| Q4 24 | — | $-227.0M | ||
| Q3 24 | — | $-83.2M | ||
| Q2 24 | — | $-33.2M | ||
| Q1 24 | — | $-34.5M |
| Q4 25 | — | -1165.4% | ||
| Q3 25 | — | -357.3% | ||
| Q2 25 | — | -200.9% | ||
| Q1 25 | — | -146.7% | ||
| Q4 24 | — | -537.6% | ||
| Q3 24 | — | -345.0% | ||
| Q2 24 | — | -90.2% | ||
| Q1 24 | — | -71.7% |
| Q4 25 | — | 817.1% | ||
| Q3 25 | — | 287.5% | ||
| Q2 25 | — | 71.8% | ||
| Q1 25 | — | 50.2% | ||
| Q4 24 | — | 330.4% | ||
| Q3 24 | — | 317.8% | ||
| Q2 24 | — | 21.4% | ||
| Q1 24 | — | 16.4% |
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | -5.00× | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.63× | -0.67× |
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% |
CIFR
Segment breakdown not available.
