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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and GRAHAM CORP (GHM). 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 $56.7M, roughly 1.7× GRAHAM CORP). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 5.0%, a 70.9% gap on every dollar of revenue. On growth, GRAHAM CORP posted the faster year-over-year revenue change (20.5% vs -8.7%). Over the past eight quarters, GRAHAM CORP's revenue compounded faster (7.5% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
BSM vs GHM — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $56.7M |
| Net Profit | $72.2M | $2.8M |
| Gross Margin | — | 23.8% |
| Operating Margin | 78.6% | 5.5% |
| Net Margin | 75.9% | 5.0% |
| Revenue YoY | -8.7% | 20.5% |
| Net Profit YoY | 55.8% | 79.2% |
| EPS (diluted) | — | $0.25 |
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 | $56.7M | ||
| Q3 25 | $105.2M | $66.0M | ||
| Q2 25 | $106.7M | $55.5M | ||
| Q1 25 | $115.3M | $59.3M | ||
| Q4 24 | $104.3M | $47.0M | ||
| Q3 24 | $103.2M | $53.6M | ||
| Q2 24 | $115.2M | $50.0M | ||
| Q1 24 | $116.8M | $49.1M |
| Q4 25 | $72.2M | $2.8M | ||
| Q3 25 | $91.7M | $3.1M | ||
| Q2 25 | $120.0M | $4.6M | ||
| Q1 25 | $15.9M | $4.4M | ||
| Q4 24 | $46.3M | $1.6M | ||
| Q3 24 | $92.7M | $3.3M | ||
| Q2 24 | $68.3M | $3.0M | ||
| Q1 24 | $63.9M | $1.3M |
| Q4 25 | — | 23.8% | ||
| Q3 25 | — | 21.7% | ||
| Q2 25 | — | 26.5% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 24.8% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 24.8% | ||
| Q1 24 | — | 25.9% |
| Q4 25 | 78.6% | 5.5% | ||
| Q3 25 | 89.5% | 6.5% | ||
| Q2 25 | — | 8.9% | ||
| Q1 25 | 14.9% | 9.3% | ||
| Q4 24 | 45.6% | 4.7% | ||
| Q3 24 | 90.2% | 7.9% | ||
| Q2 24 | 59.5% | 6.5% | ||
| Q1 24 | 54.8% | 3.1% |
| Q4 25 | 75.9% | 5.0% | ||
| Q3 25 | 87.2% | 4.7% | ||
| Q2 25 | 112.5% | 8.3% | ||
| Q1 25 | 13.8% | 7.4% | ||
| Q4 24 | 44.4% | 3.4% | ||
| Q3 24 | 89.9% | 6.1% | ||
| Q2 24 | 59.3% | 5.9% | ||
| Q1 24 | 54.7% | 2.7% |
| Q4 25 | — | $0.25 | ||
| Q3 25 | — | $0.28 | ||
| Q2 25 | — | $0.42 | ||
| Q1 25 | — | $0.40 | ||
| Q4 24 | — | $0.14 | ||
| Q3 24 | — | $0.30 | ||
| Q2 24 | — | $0.27 | ||
| Q1 24 | — | $0.11 |
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 | $22.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $131.3M |
| Total Assets | $1.3B | $292.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $22.3M | ||
| Q3 25 | $2.9M | $20.6M | ||
| Q2 25 | $2.5M | $10.8M | ||
| Q1 25 | $2.4M | $21.6M | ||
| Q4 24 | $2.5M | $30.0M | ||
| Q3 24 | $21.0M | $32.3M | ||
| Q2 24 | $26.7M | $21.6M | ||
| Q1 24 | $40.5M | $16.9M |
| Q4 25 | — | $131.3M | ||
| Q3 25 | — | $127.6M | ||
| Q2 25 | — | $123.4M | ||
| Q1 25 | — | $119.6M | ||
| Q4 24 | — | $114.4M | ||
| Q3 24 | — | $112.5M | ||
| Q2 24 | — | $108.2M | ||
| Q1 24 | — | $105.6M |
| Q4 25 | $1.3B | $292.9M | ||
| Q3 25 | $1.3B | $287.0M | ||
| Q2 25 | $1.3B | $252.3M | ||
| Q1 25 | $1.2B | $264.1M | ||
| Q4 24 | $1.2B | $264.3M | ||
| Q3 24 | $1.2B | $249.5M | ||
| Q2 24 | $1.2B | $244.2M | ||
| Q1 24 | $1.2B | $233.9M |
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 | $4.8M |
| Free Cash FlowOCF − Capex | — | $2.4M |
| FCF MarginFCF / Revenue | — | 4.3% |
| Capex IntensityCapex / Revenue | — | 4.1% |
| Cash ConversionOCF / Net Profit | 0.90× | 1.67× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-6.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $4.8M | ||
| Q3 25 | $99.8M | $13.6M | ||
| Q2 25 | $80.5M | $-2.3M | ||
| Q1 25 | $64.8M | $-3.6M | ||
| Q4 24 | $91.0M | $5.2M | ||
| Q3 24 | $93.2M | $13.9M | ||
| Q2 24 | $100.4M | $8.7M | ||
| Q1 24 | $104.5M | $8.6M |
| Q4 25 | — | $2.4M | ||
| Q3 25 | — | $9.4M | ||
| Q2 25 | — | $-9.3M | ||
| Q1 25 | — | $-8.7M | ||
| Q4 24 | — | $-2.1M | ||
| Q3 24 | — | $10.4M | ||
| Q2 24 | — | $5.7M | ||
| Q1 24 | — | $4.6M |
| Q4 25 | — | 4.3% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | -16.7% | ||
| Q1 25 | — | -14.7% | ||
| Q4 24 | — | -4.5% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 11.5% | ||
| Q1 24 | — | 9.4% |
| Q4 25 | — | 4.1% | ||
| Q3 25 | — | 6.3% | ||
| Q2 25 | — | 12.6% | ||
| Q1 25 | — | 8.7% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | — | 6.5% | ||
| Q2 24 | — | 6.0% | ||
| Q1 24 | — | 8.2% |
| Q4 25 | 0.90× | 1.67× | ||
| Q3 25 | 1.09× | 4.40× | ||
| Q2 25 | 0.67× | -0.49× | ||
| Q1 25 | 4.07× | -0.81× | ||
| Q4 24 | 1.96× | 3.29× | ||
| Q3 24 | 1.01× | 4.25× | ||
| Q2 24 | 1.47× | 2.94× | ||
| Q1 24 | 1.63× | 6.45× |
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% |
GHM
| Defense | $35.3M | 62% |
| Energy And Process | $18.3M | 32% |
| Space | $3.1M | 6% |
