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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Ellington Financial Inc. (EFC). 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 $78.2M, roughly 1.2× Ellington Financial Inc.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 28.9%, a 47.0% gap on every dollar of revenue. On growth, Ellington Financial Inc. posted the faster year-over-year revenue change (8.7% vs -8.7%). Over the past eight quarters, Ellington Financial Inc.'s revenue compounded faster (1.8% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Ellington Management Group is an American hedge fund firm. As of June 2019, the firm was reportedly managing $8.5 billion in structured products and other credit instruments.
BSM vs EFC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $78.2M |
| Net Profit | $72.2M | $22.6M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | 7.4% |
| Net Margin | 75.9% | 28.9% |
| Revenue YoY | -8.7% | 8.7% |
| Net Profit YoY | 55.8% | -26.2% |
| 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 | $78.2M | ||
| Q3 25 | $105.2M | $82.8M | ||
| Q2 25 | $106.7M | $92.5M | ||
| Q1 25 | $115.3M | $82.9M | ||
| Q4 24 | $104.3M | $72.0M | ||
| Q3 24 | $103.2M | $67.0M | ||
| Q2 24 | $115.2M | $91.2M | ||
| Q1 24 | $116.8M | $75.5M |
| Q4 25 | $72.2M | $22.6M | ||
| Q3 25 | $91.7M | $29.5M | ||
| Q2 25 | $120.0M | $42.9M | ||
| Q1 25 | $15.9M | $31.6M | ||
| Q4 24 | $46.3M | $30.7M | ||
| Q3 24 | $92.7M | $16.2M | ||
| Q2 24 | $68.3M | $52.3M | ||
| Q1 24 | $63.9M | $26.9M |
| Q4 25 | 78.6% | 7.4% | ||
| Q3 25 | 89.5% | 31.1% | ||
| Q2 25 | — | 38.3% | ||
| Q1 25 | 14.9% | 37.3% | ||
| Q4 24 | 45.6% | 28.0% | ||
| Q3 24 | 90.2% | 24.0% | ||
| Q2 24 | 59.5% | 52.8% | ||
| Q1 24 | 54.8% | 42.2% |
| Q4 25 | 75.9% | 28.9% | ||
| Q3 25 | 87.2% | 35.7% | ||
| Q2 25 | 112.5% | 46.4% | ||
| Q1 25 | 13.8% | 38.2% | ||
| Q4 24 | 44.4% | 42.6% | ||
| Q3 24 | 89.9% | 24.1% | ||
| Q2 24 | 59.3% | 57.4% | ||
| Q1 24 | 54.7% | 35.6% |
| Q4 25 | — | $0.10 | ||
| Q3 25 | — | $0.29 | ||
| Q2 25 | — | $0.45 | ||
| Q1 25 | — | $0.35 | ||
| Q4 24 | — | $0.23 | ||
| Q3 24 | — | $0.19 | ||
| Q2 24 | — | $0.62 | ||
| Q1 24 | — | $0.32 |
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 | $201.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $1.8B |
| Total Assets | $1.3B | $19.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $201.9M | ||
| Q3 25 | $2.9M | $184.8M | ||
| Q2 25 | $2.5M | $211.0M | ||
| Q1 25 | $2.4M | $203.3M | ||
| Q4 24 | $2.5M | $192.4M | ||
| Q3 24 | $21.0M | $217.7M | ||
| Q2 24 | $26.7M | $198.5M | ||
| Q1 24 | $40.5M | $187.5M |
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | $1.3B | $19.4B | ||
| Q3 25 | $1.3B | $17.8B | ||
| Q2 25 | $1.3B | $17.1B | ||
| Q1 25 | $1.2B | $16.6B | ||
| Q4 24 | $1.2B | $16.3B | ||
| Q3 24 | $1.2B | $16.0B | ||
| Q2 24 | $1.2B | $15.1B | ||
| Q1 24 | $1.2B | $15.1B |
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 | $-925.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 0.90× | -40.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $-925.5M | ||
| Q3 25 | $99.8M | $-290.4M | ||
| Q2 25 | $80.5M | $-210.5M | ||
| Q1 25 | $64.8M | $-126.4M | ||
| Q4 24 | $91.0M | $-430.5M | ||
| Q3 24 | $93.2M | $-141.7M | ||
| Q2 24 | $100.4M | $-88.6M | ||
| Q1 24 | $104.5M | $-59.5M |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | 0.90× | -40.92× | ||
| Q3 25 | 1.09× | -9.84× | ||
| Q2 25 | 0.67× | -4.90× | ||
| Q1 25 | 4.07× | -3.99× | ||
| Q4 24 | 1.96× | -14.04× | ||
| Q3 24 | 1.01× | -8.76× | ||
| Q2 24 | 1.47× | -1.69× | ||
| Q1 24 | 1.63× | -2.21× |
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% |
EFC
Segment breakdown not available.
