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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Energy Recovery, Inc. (ERII). 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 $66.9M, roughly 1.4× Energy Recovery, Inc.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 40.2%, a 35.6% gap on every dollar of revenue. On growth, Energy Recovery, Inc. posted the faster year-over-year revenue change (-0.3% vs -8.7%). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
BSM vs ERII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $66.9M |
| Net Profit | $72.2M | $26.9M |
| Gross Margin | — | 67.2% |
| Operating Margin | 78.6% | 46.8% |
| Net Margin | 75.9% | 40.2% |
| Revenue YoY | -8.7% | -0.3% |
| Net Profit YoY | 55.8% | 14.7% |
| EPS (diluted) | — | $0.49 |
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 | $66.9M | ||
| Q3 25 | $105.2M | $32.0M | ||
| Q2 25 | $106.7M | $28.1M | ||
| Q1 25 | $115.3M | — | ||
| Q4 24 | $104.3M | $67.1M | ||
| Q3 24 | $103.2M | $38.6M | ||
| Q2 24 | $115.2M | $27.2M | ||
| Q1 24 | $116.8M | $12.1M |
| Q4 25 | $72.2M | $26.9M | ||
| Q3 25 | $91.7M | $3.9M | ||
| Q2 25 | $120.0M | $2.1M | ||
| Q1 25 | $15.9M | — | ||
| Q4 24 | $46.3M | $23.5M | ||
| Q3 24 | $92.7M | $8.5M | ||
| Q2 24 | $68.3M | $-642.0K | ||
| Q1 24 | $63.9M | $-8.3M |
| Q4 25 | — | 67.2% | ||
| Q3 25 | — | 64.2% | ||
| Q2 25 | — | 64.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 70.2% | ||
| Q3 24 | — | 65.1% | ||
| Q2 24 | — | 64.6% | ||
| Q1 24 | — | 59.0% |
| Q4 25 | 78.6% | 46.8% | ||
| Q3 25 | 89.5% | 11.4% | ||
| Q2 25 | — | 5.3% | ||
| Q1 25 | 14.9% | — | ||
| Q4 24 | 45.6% | 38.2% | ||
| Q3 24 | 90.2% | 18.3% | ||
| Q2 24 | 59.5% | -7.4% | ||
| Q1 24 | 54.8% | -90.4% |
| Q4 25 | 75.9% | 40.2% | ||
| Q3 25 | 87.2% | 12.1% | ||
| Q2 25 | 112.5% | 7.3% | ||
| Q1 25 | 13.8% | — | ||
| Q4 24 | 44.4% | 35.0% | ||
| Q3 24 | 89.9% | 22.0% | ||
| Q2 24 | 59.3% | -2.4% | ||
| Q1 24 | 54.7% | -68.3% |
| Q4 25 | — | $0.49 | ||
| Q3 25 | — | $0.07 | ||
| Q2 25 | — | $0.04 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $0.15 | ||
| Q2 24 | — | $-0.01 | ||
| Q1 24 | — | $-0.14 |
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 | $75.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $206.2M |
| Total Assets | $1.3B | $231.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $75.2M | ||
| Q3 25 | $2.9M | $70.4M | ||
| Q2 25 | $2.5M | $79.5M | ||
| Q1 25 | $2.4M | — | ||
| Q4 24 | $2.5M | $78.0M | ||
| Q3 24 | $21.0M | $118.6M | ||
| Q2 24 | $26.7M | $101.0M | ||
| Q1 24 | $40.5M | $117.4M |
| Q4 25 | — | $206.2M | ||
| Q3 25 | — | $180.8M | ||
| Q2 25 | — | $185.2M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $210.0M | ||
| Q3 24 | — | $233.9M | ||
| Q2 24 | — | $218.5M | ||
| Q1 24 | — | $216.0M |
| Q4 25 | $1.3B | $231.5M | ||
| Q3 25 | $1.3B | $209.6M | ||
| Q2 25 | $1.3B | $212.3M | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | $242.8M | ||
| Q3 24 | $1.2B | $262.7M | ||
| Q2 24 | $1.2B | $249.0M | ||
| Q1 24 | $1.2B | $244.3M |
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 | $7.1M |
| Free Cash FlowOCF − Capex | — | $6.4M |
| FCF MarginFCF / Revenue | — | 9.6% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | 0.90× | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | — | $15.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $7.1M | ||
| Q3 25 | $99.8M | $-3.1M | ||
| Q2 25 | $80.5M | $4.1M | ||
| Q1 25 | $64.8M | — | ||
| Q4 24 | $91.0M | $9.0M | ||
| Q3 24 | $93.2M | $-3.0M | ||
| Q2 24 | $100.4M | $8.1M | ||
| Q1 24 | $104.5M | $6.5M |
| Q4 25 | — | $6.4M | ||
| Q3 25 | — | $-3.5M | ||
| Q2 25 | — | $4.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.9M | ||
| Q3 24 | — | $-3.2M | ||
| Q2 24 | — | $7.9M | ||
| Q1 24 | — | $5.7M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | -10.9% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | -8.2% | ||
| Q2 24 | — | 28.9% | ||
| Q1 24 | — | 46.9% |
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 6.8% |
| Q4 25 | 0.90× | 0.26× | ||
| Q3 25 | 1.09× | -0.81× | ||
| Q2 25 | 0.67× | 2.02× | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | 0.38× | ||
| Q3 24 | 1.01× | -0.35× | ||
| 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% |
ERII
| Water Segment | $38.6M | 58% |
| Other | $11.0M | 16% |
| Original Equipment Manufacturer | $10.6M | 16% |
| Aftermarket | $6.6M | 10% |
