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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Emerald Holding, Inc. (EEX). Click either name above to swap in a different company.
Emerald Holding, Inc. is the larger business by last-quarter revenue ($132.7M vs $95.2M, roughly 1.4× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs -22.8%, a 98.6% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs -8.7%). Over the past eight quarters, Emerald Holding, Inc.'s revenue compounded faster (-0.3% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
BSM vs EEX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $132.7M |
| Net Profit | $72.2M | $-30.2M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | -11.8% |
| Net Margin | 75.9% | -22.8% |
| Revenue YoY | -8.7% | 24.3% |
| Net Profit YoY | 55.8% | -692.2% |
| EPS (diluted) | — | $-0.15 |
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 | $132.7M | ||
| Q3 25 | $105.2M | $77.5M | ||
| Q2 25 | $106.7M | $105.5M | ||
| Q1 25 | $115.3M | $147.7M | ||
| Q4 24 | $104.3M | $106.8M | ||
| Q3 24 | $103.2M | $72.6M | ||
| Q2 24 | $115.2M | $86.0M | ||
| Q1 24 | $116.8M | $133.4M |
| Q4 25 | $72.2M | $-30.2M | ||
| Q3 25 | $91.7M | $-14.4M | ||
| Q2 25 | $120.0M | $-1.4M | ||
| Q1 25 | $15.9M | $15.3M | ||
| Q4 24 | $46.3M | $5.1M | ||
| Q3 24 | $92.7M | $-11.1M | ||
| Q2 24 | $68.3M | $-2.8M | ||
| Q1 24 | $63.9M | $11.0M |
| Q4 25 | 78.6% | -11.8% | ||
| Q3 25 | 89.5% | -10.1% | ||
| Q2 25 | — | 9.7% | ||
| Q1 25 | 14.9% | 24.2% | ||
| Q4 24 | 45.6% | 19.5% | ||
| Q3 24 | 90.2% | -6.5% | ||
| Q2 24 | 59.5% | 7.4% | ||
| Q1 24 | 54.8% | 18.2% |
| Q4 25 | 75.9% | -22.8% | ||
| Q3 25 | 87.2% | -18.6% | ||
| Q2 25 | 112.5% | -1.3% | ||
| Q1 25 | 13.8% | 10.4% | ||
| Q4 24 | 44.4% | 4.8% | ||
| Q3 24 | 89.9% | -15.3% | ||
| Q2 24 | 59.3% | -3.3% | ||
| Q1 24 | 54.7% | 8.2% |
| Q4 25 | — | $-0.15 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $0.08 | ||
| Q4 24 | — | $0.01 | ||
| Q3 24 | — | $-0.05 | ||
| Q2 24 | — | $-0.03 | ||
| Q1 24 | — | $0.00 |
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 | $100.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $338.8M |
| Total Assets | $1.3B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $100.9M | ||
| Q3 25 | $2.9M | $95.4M | ||
| Q2 25 | $2.5M | $156.4M | ||
| Q1 25 | $2.4M | $276.8M | ||
| Q4 24 | $2.5M | $194.8M | ||
| Q3 24 | $21.0M | $188.9M | ||
| Q2 24 | $26.7M | $193.2M | ||
| Q1 24 | $40.5M | $186.8M |
| Q4 25 | — | $338.8M | ||
| Q3 25 | — | $369.5M | ||
| Q2 25 | — | $389.4M | ||
| Q1 25 | — | $392.1M | ||
| Q4 24 | — | $385.9M | ||
| Q3 24 | — | $391.1M | ||
| Q2 24 | — | $407.6M | ||
| Q1 24 | — | $-90.7M |
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.2B | $1.1B | ||
| Q2 24 | $1.2B | $1.1B | ||
| Q1 24 | $1.2B | $1.1B |
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 | $12.3M |
| Free Cash FlowOCF − Capex | — | $11.7M |
| FCF MarginFCF / Revenue | — | 8.8% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $41.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $12.3M | ||
| Q3 25 | $99.8M | $1.8M | ||
| Q2 25 | $80.5M | $15.9M | ||
| Q1 25 | $64.8M | $12.6M | ||
| Q4 24 | $91.0M | $20.6M | ||
| Q3 24 | $93.2M | $9.1M | ||
| Q2 24 | $100.4M | $9.8M | ||
| Q1 24 | $104.5M | $7.3M |
| Q4 25 | — | $11.7M | ||
| Q3 25 | — | $1.5M | ||
| Q2 25 | — | $15.8M | ||
| Q1 25 | — | $12.4M | ||
| Q4 24 | — | $19.9M | ||
| Q3 24 | — | $9.0M | ||
| Q2 24 | — | $9.6M | ||
| Q1 24 | — | $7.0M |
| Q4 25 | — | 8.8% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 15.0% | ||
| Q1 25 | — | 8.4% | ||
| Q4 24 | — | 18.6% | ||
| Q3 24 | — | 12.4% | ||
| Q2 24 | — | 11.2% | ||
| Q1 24 | — | 5.2% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.2% |
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 4.07× | 0.82× | ||
| Q4 24 | 1.96× | 4.04× | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.63× | 0.66× |
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% |
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
