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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $95.2M, roughly 1.1× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs -33.5%, a 109.4% gap on every dollar of revenue. On growth, FORRESTER RESEARCH, INC. posted the faster year-over-year revenue change (-6.5% vs -8.7%). Over the past eight quarters, FORRESTER RESEARCH, INC.'s revenue compounded faster (0.5% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
BSM vs FORR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $101.1M |
| Net Profit | $72.2M | $-33.9M |
| Gross Margin | — | 56.7% |
| Operating Margin | 78.6% | -36.6% |
| Net Margin | 75.9% | -33.5% |
| Revenue YoY | -8.7% | -6.5% |
| Net Profit YoY | 55.8% | -7941.4% |
| EPS (diluted) | — | $-1.75 |
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 | $101.1M | ||
| Q3 25 | $105.2M | $94.3M | ||
| Q2 25 | $106.7M | $111.7M | ||
| Q1 25 | $115.3M | $89.9M | ||
| Q4 24 | $104.3M | $108.0M | ||
| Q3 24 | $103.2M | $102.5M | ||
| Q2 24 | $115.2M | $121.8M | ||
| Q1 24 | $116.8M | $100.1M |
| Q4 25 | $72.2M | $-33.9M | ||
| Q3 25 | $91.7M | $-2.1M | ||
| Q2 25 | $120.0M | $3.9M | ||
| Q1 25 | $15.9M | $-87.3M | ||
| Q4 24 | $46.3M | $432.0K | ||
| Q3 24 | $92.7M | $-5.8M | ||
| Q2 24 | $68.3M | $6.3M | ||
| Q1 24 | $63.9M | $-6.7M |
| Q4 25 | — | 56.7% | ||
| Q3 25 | — | 60.0% | ||
| Q2 25 | — | 55.5% | ||
| Q1 25 | — | 55.9% | ||
| Q4 24 | — | 58.8% | ||
| Q3 24 | — | 60.5% | ||
| Q2 24 | — | 57.3% | ||
| Q1 24 | — | 54.9% |
| Q4 25 | 78.6% | -36.6% | ||
| Q3 25 | 89.5% | 4.7% | ||
| Q2 25 | — | 6.2% | ||
| Q1 25 | 14.9% | -97.5% | ||
| Q4 24 | 45.6% | -0.5% | ||
| Q3 24 | 90.2% | -0.7% | ||
| Q2 24 | 59.5% | 9.3% | ||
| Q1 24 | 54.8% | -9.3% |
| Q4 25 | 75.9% | -33.5% | ||
| Q3 25 | 87.2% | -2.3% | ||
| Q2 25 | 112.5% | 3.5% | ||
| Q1 25 | 13.8% | -97.1% | ||
| Q4 24 | 44.4% | 0.4% | ||
| Q3 24 | 89.9% | -5.7% | ||
| Q2 24 | 59.3% | 5.2% | ||
| Q1 24 | 54.7% | -6.7% |
| Q4 25 | — | $-1.75 | ||
| Q3 25 | — | $-0.11 | ||
| Q2 25 | — | $0.20 | ||
| Q1 25 | — | $-4.62 | ||
| Q4 24 | — | $0.02 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $0.33 | ||
| Q1 24 | — | $-0.35 |
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 | $63.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $126.5M |
| Total Assets | $1.3B | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $63.3M | ||
| Q3 25 | $2.9M | $65.1M | ||
| Q2 25 | $2.5M | $67.8M | ||
| Q1 25 | $2.4M | $75.6M | ||
| Q4 24 | $2.5M | $56.1M | ||
| Q3 24 | $21.0M | $62.8M | ||
| Q2 24 | $26.7M | $58.9M | ||
| Q1 24 | $40.5M | $61.4M |
| Q4 25 | — | $126.5M | ||
| Q3 25 | — | $157.7M | ||
| Q2 25 | — | $159.5M | ||
| Q1 25 | — | $147.4M | ||
| Q4 24 | — | $229.5M | ||
| Q3 24 | — | $234.3M | ||
| Q2 24 | — | $237.1M | ||
| Q1 24 | — | $230.9M |
| Q4 25 | $1.3B | $404.0M | ||
| Q3 25 | $1.3B | $414.2M | ||
| Q2 25 | $1.3B | $436.0M | ||
| Q1 25 | $1.2B | $439.8M | ||
| Q4 24 | $1.2B | $503.9M | ||
| Q3 24 | $1.2B | $505.3M | ||
| Q2 24 | $1.2B | $524.2M | ||
| Q1 24 | $1.2B | $555.7M |
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 | $-3.2M |
| Free Cash FlowOCF − Capex | — | $-4.3M |
| FCF MarginFCF / Revenue | — | -4.2% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $-3.2M | ||
| Q3 25 | $99.8M | $1.2M | ||
| Q2 25 | $80.5M | $-3.6M | ||
| Q1 25 | $64.8M | $26.7M | ||
| Q4 24 | $91.0M | $-1.8M | ||
| Q3 24 | $93.2M | $264.0K | ||
| Q2 24 | $100.4M | $-2.9M | ||
| Q1 24 | $104.5M | $611.0K |
| Q4 25 | — | $-4.3M | ||
| Q3 25 | — | $524.0K | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | — | $26.1M | ||
| Q4 24 | — | $-2.5M | ||
| Q3 24 | — | $-223.0K | ||
| Q2 24 | — | $-3.7M | ||
| Q1 24 | — | $-815.0K |
| Q4 25 | — | -4.2% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | -3.8% | ||
| Q1 25 | — | 29.0% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | — | -0.2% | ||
| Q2 24 | — | -3.1% | ||
| Q1 24 | — | -0.8% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 0.67× | -0.93× | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | -4.24× | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | -0.46× | ||
| 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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
