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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and DULUTH HOLDINGS INC. (DLTH). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $95.2M, roughly 1.2× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs -8.8%, a 84.7% gap on every dollar of revenue. On growth, Black Stone Minerals, L.P. posted the faster year-over-year revenue change (-8.7% vs -9.6%). Over the past eight quarters, Black Stone Minerals, L.P.'s revenue compounded faster (-9.7% CAGR vs -31.6%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
BSM vs DLTH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $114.9M |
| Net Profit | $72.2M | $-10.1M |
| Gross Margin | — | 53.8% |
| Operating Margin | 78.6% | -7.7% |
| Net Margin | 75.9% | -8.8% |
| Revenue YoY | -8.7% | -9.6% |
| Net Profit YoY | 55.8% | 64.6% |
| EPS (diluted) | — | $-0.29 |
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 | $114.9M | ||
| Q3 25 | $105.2M | $131.7M | ||
| Q2 25 | $106.7M | $102.7M | ||
| Q1 25 | $115.3M | $241.3M | ||
| Q4 24 | $104.3M | $127.1M | ||
| Q3 24 | $103.2M | $141.6M | ||
| Q2 24 | $115.2M | $116.7M | ||
| Q1 24 | $116.8M | $245.6M |
| Q4 25 | $72.2M | $-10.1M | ||
| Q3 25 | $91.7M | $1.3M | ||
| Q2 25 | $120.0M | $-15.3M | ||
| Q1 25 | $15.9M | $-5.6M | ||
| Q4 24 | $46.3M | $-28.2M | ||
| Q3 24 | $92.7M | $-2.0M | ||
| Q2 24 | $68.3M | $-7.9M | ||
| Q1 24 | $63.9M | $6.4M |
| Q4 25 | — | 53.8% | ||
| Q3 25 | — | 54.7% | ||
| Q2 25 | — | 52.0% | ||
| Q1 25 | — | 44.1% | ||
| Q4 24 | — | 52.3% | ||
| Q3 24 | — | 52.3% | ||
| Q2 24 | — | 52.8% | ||
| Q1 24 | — | 48.2% |
| Q4 25 | 78.6% | -7.7% | ||
| Q3 25 | 89.5% | 1.8% | ||
| Q2 25 | — | -12.0% | ||
| Q1 25 | 14.9% | -1.8% | ||
| Q4 24 | 45.6% | -17.4% | ||
| Q3 24 | 90.2% | -1.1% | ||
| Q2 24 | 59.5% | -7.7% | ||
| Q1 24 | 54.8% | 3.6% |
| Q4 25 | 75.9% | -8.8% | ||
| Q3 25 | 87.2% | 1.0% | ||
| Q2 25 | 112.5% | -14.9% | ||
| Q1 25 | 13.8% | -2.3% | ||
| Q4 24 | 44.4% | -22.2% | ||
| Q3 24 | 89.9% | -1.4% | ||
| Q2 24 | 59.3% | -6.7% | ||
| Q1 24 | 54.7% | 2.6% |
| Q4 25 | — | $-0.29 | ||
| Q3 25 | — | $0.04 | ||
| Q2 25 | — | $-0.45 | ||
| Q1 25 | — | $-0.17 | ||
| Q4 24 | — | $-0.84 | ||
| Q3 24 | — | $-0.06 | ||
| Q2 24 | — | $-0.24 | ||
| Q1 24 | — | $0.20 |
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 | $8.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $160.6M |
| Total Assets | $1.3B | $468.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $8.2M | ||
| Q3 25 | $2.9M | $5.7M | ||
| Q2 25 | $2.5M | $8.6M | ||
| Q1 25 | $2.4M | $3.3M | ||
| Q4 24 | $2.5M | $9.3M | ||
| Q3 24 | $21.0M | $9.8M | ||
| Q2 24 | $26.7M | $6.8M | ||
| Q1 24 | $40.5M | $32.2M |
| Q4 25 | — | $160.6M | ||
| Q3 25 | — | $170.0M | ||
| Q2 25 | — | $167.9M | ||
| Q1 25 | — | $182.7M | ||
| Q4 24 | — | $188.1M | ||
| Q3 24 | — | $215.7M | ||
| Q2 24 | — | $218.4M | ||
| Q1 24 | — | $222.8M |
| Q4 25 | $1.3B | $468.0M | ||
| Q3 25 | $1.3B | $433.8M | ||
| Q2 25 | $1.3B | $463.7M | ||
| Q1 25 | $1.2B | $452.4M | ||
| Q4 24 | $1.2B | $533.1M | ||
| Q3 24 | $1.2B | $488.6M | ||
| Q2 24 | $1.2B | $471.4M | ||
| Q1 24 | $1.2B | $491.2M |
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 | $-6.7M |
| Free Cash FlowOCF − Capex | — | $-8.9M |
| FCF MarginFCF / Revenue | — | -7.8% |
| Capex IntensityCapex / Revenue | — | 2.0% |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $-6.7M | ||
| Q3 25 | $99.8M | $32.0M | ||
| Q2 25 | $80.5M | $-56.5M | ||
| Q1 25 | $64.8M | $41.2M | ||
| Q4 24 | $91.0M | $-41.1M | ||
| Q3 24 | $93.2M | $16.6M | ||
| Q2 24 | $100.4M | $-33.7M | ||
| Q1 24 | $104.5M | $69.7M |
| Q4 25 | — | $-8.9M | ||
| Q3 25 | — | $29.8M | ||
| Q2 25 | — | $-57.8M | ||
| Q1 25 | — | $38.7M | ||
| Q4 24 | — | $-43.7M | ||
| Q3 24 | — | $15.0M | ||
| Q2 24 | — | $-35.2M | ||
| Q1 24 | — | $60.6M |
| Q4 25 | — | -7.8% | ||
| Q3 25 | — | 22.6% | ||
| Q2 25 | — | -56.3% | ||
| Q1 25 | — | 16.0% | ||
| Q4 24 | — | -34.4% | ||
| Q3 24 | — | 10.6% | ||
| Q2 24 | — | -30.2% | ||
| Q1 24 | — | 24.7% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 3.7% |
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | 25.40× | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.63× | 10.86× |
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% |
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
