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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and FIRST MID BANCSHARES, INC. (FMBH). 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 $88.2M, roughly 1.1× FIRST MID BANCSHARES, INC.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 26.8%, a 49.0% gap on every dollar of revenue. On growth, FIRST MID BANCSHARES, INC. posted the faster year-over-year revenue change (3.4% vs -8.7%). Over the past eight quarters, FIRST MID BANCSHARES, INC.'s revenue compounded faster (5.0% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
First Mid Bancshares Inc. is a U.S.-headquartered regional financial services holding company. It provides full-range retail and commercial banking products, wealth management, insurance solutions, and agricultural financing, mainly serving individual consumers, small and medium-sized enterprises, and agricultural clients across multiple Midwestern states including Illinois, Missouri, and Indiana.
BSM vs FMBH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $88.2M |
| Net Profit | $72.2M | $23.7M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | 34.0% |
| Net Margin | 75.9% | 26.8% |
| Revenue YoY | -8.7% | 3.4% |
| Net Profit YoY | 55.8% | 23.5% |
| EPS (diluted) | — | $0.98 |
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 | $88.2M | ||
| Q3 25 | $105.2M | $89.3M | ||
| Q2 25 | $106.7M | $87.5M | ||
| Q1 25 | $115.3M | $84.3M | ||
| Q4 24 | $104.3M | $85.3M | ||
| Q3 24 | $103.2M | $80.6M | ||
| Q2 24 | $115.2M | $79.2M | ||
| Q1 24 | $116.8M | $79.9M |
| Q4 25 | $72.2M | $23.7M | ||
| Q3 25 | $91.7M | $22.5M | ||
| Q2 25 | $120.0M | $23.4M | ||
| Q1 25 | $15.9M | $22.2M | ||
| Q4 24 | $46.3M | $19.2M | ||
| Q3 24 | $92.7M | $19.5M | ||
| Q2 24 | $68.3M | $19.7M | ||
| Q1 24 | $63.9M | $20.5M |
| Q4 25 | 78.6% | 34.0% | ||
| Q3 25 | 89.5% | 32.2% | ||
| Q2 25 | — | 34.4% | ||
| Q1 25 | 14.9% | 33.4% | ||
| Q4 24 | 45.6% | 29.7% | ||
| Q3 24 | 90.2% | 31.5% | ||
| Q2 24 | 59.5% | 33.7% | ||
| Q1 24 | 54.8% | 33.7% |
| Q4 25 | 75.9% | 26.8% | ||
| Q3 25 | 87.2% | 25.2% | ||
| Q2 25 | 112.5% | 26.8% | ||
| Q1 25 | 13.8% | 26.3% | ||
| Q4 24 | 44.4% | 22.5% | ||
| Q3 24 | 89.9% | 24.2% | ||
| Q2 24 | 59.3% | 24.9% | ||
| Q1 24 | 54.7% | 25.6% |
| Q4 25 | — | $0.98 | ||
| Q3 25 | — | $0.94 | ||
| Q2 25 | — | $0.98 | ||
| Q1 25 | — | $0.93 | ||
| Q4 24 | — | $0.81 | ||
| Q3 24 | — | $0.81 | ||
| Q2 24 | — | $0.82 | ||
| Q1 24 | — | $0.86 |
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 | — |
| Total DebtLower is stronger | — | $354.5M |
| Stockholders' EquityBook value | — | $958.7M |
| Total Assets | $1.3B | $8.0B |
| Debt / EquityLower = less leverage | — | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | — | ||
| Q3 25 | $2.9M | — | ||
| Q2 25 | $2.5M | — | ||
| Q1 25 | $2.4M | — | ||
| Q4 24 | $2.5M | — | ||
| Q3 24 | $21.0M | — | ||
| Q2 24 | $26.7M | — | ||
| Q1 24 | $40.5M | — |
| Q4 25 | — | $354.5M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $958.7M | ||
| Q3 25 | — | $932.2M | ||
| Q2 25 | — | $894.1M | ||
| Q1 25 | — | $870.9M | ||
| Q4 24 | — | $846.4M | ||
| Q3 24 | — | $858.5M | ||
| Q2 24 | — | $813.6M | ||
| Q1 24 | — | $798.0M |
| Q4 25 | $1.3B | $8.0B | ||
| Q3 25 | $1.3B | $7.8B | ||
| Q2 25 | $1.3B | $7.7B | ||
| Q1 25 | $1.2B | $7.6B | ||
| Q4 24 | $1.2B | $7.5B | ||
| Q3 24 | $1.2B | $7.6B | ||
| Q2 24 | $1.2B | $7.6B | ||
| Q1 24 | $1.2B | $7.7B |
| Q4 25 | — | 0.37× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $130.9M |
| Free Cash FlowOCF − Capex | — | $124.0M |
| FCF MarginFCF / Revenue | — | 140.6% |
| Capex IntensityCapex / Revenue | — | 7.8% |
| Cash ConversionOCF / Net Profit | 0.90× | 5.53× |
| TTM Free Cash FlowTrailing 4 quarters | — | $207.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $130.9M | ||
| Q3 25 | $99.8M | $33.0M | ||
| Q2 25 | $80.5M | $7.7M | ||
| Q1 25 | $64.8M | $47.9M | ||
| Q4 24 | $91.0M | $124.4M | ||
| Q3 24 | $93.2M | $33.1M | ||
| Q2 24 | $100.4M | $24.0M | ||
| Q1 24 | $104.5M | $29.0M |
| Q4 25 | — | $124.0M | ||
| Q3 25 | — | $31.9M | ||
| Q2 25 | — | $6.0M | ||
| Q1 25 | — | $46.0M | ||
| Q4 24 | — | $119.5M | ||
| Q3 24 | — | $32.0M | ||
| Q2 24 | — | $22.9M | ||
| Q1 24 | — | $27.6M |
| Q4 25 | — | 140.6% | ||
| Q3 25 | — | 35.8% | ||
| Q2 25 | — | 6.8% | ||
| Q1 25 | — | 54.5% | ||
| Q4 24 | — | 140.0% | ||
| Q3 24 | — | 39.7% | ||
| Q2 24 | — | 28.9% | ||
| Q1 24 | — | 34.5% |
| Q4 25 | — | 7.8% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.9% |
| Q4 25 | 0.90× | 5.53× | ||
| Q3 25 | 1.09× | 1.47× | ||
| Q2 25 | 0.67× | 0.33× | ||
| Q1 25 | 4.07× | 2.16× | ||
| Q4 24 | 1.96× | 6.49× | ||
| Q3 24 | 1.01× | 1.70× | ||
| Q2 24 | 1.47× | 1.21× | ||
| Q1 24 | 1.63× | 1.42× |
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% |
FMBH
Segment breakdown not available.
