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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and HA Sustainable Infrastructure Capital, Inc. (HASI). Click either name above to swap in a different company.
HA Sustainable Infrastructure Capital, Inc. is the larger business by last-quarter revenue ($114.8M vs $95.2M, roughly 1.2× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs -46.8%, a 122.7% gap on every dollar of revenue. On growth, HA Sustainable Infrastructure Capital, Inc. posted the faster year-over-year revenue change (13.3% vs -8.7%). Over the past eight quarters, HA Sustainable Infrastructure Capital, Inc.'s revenue compounded faster (4.2% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
BSM vs HASI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $114.8M |
| Net Profit | $72.2M | $-53.8M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | -57.4% |
| Net Margin | 75.9% | -46.8% |
| Revenue YoY | -8.7% | 13.3% |
| Net Profit YoY | 55.8% | -176.7% |
| EPS (diluted) | — | $-0.38 |
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 | $114.8M | ||
| Q3 25 | $105.2M | $103.1M | ||
| Q2 25 | $106.7M | $85.7M | ||
| Q1 25 | $115.3M | $96.9M | ||
| Q4 24 | $104.3M | $101.3M | ||
| Q3 24 | $103.2M | $82.0M | ||
| Q2 24 | $115.2M | $94.5M | ||
| Q1 24 | $116.8M | $105.8M |
| Q4 25 | $72.2M | $-53.8M | ||
| Q3 25 | $91.7M | $83.3M | ||
| Q2 25 | $120.0M | $98.4M | ||
| Q1 25 | $15.9M | $56.6M | ||
| Q4 24 | $46.3M | $70.1M | ||
| Q3 24 | $92.7M | $-19.6M | ||
| Q2 24 | $68.3M | $26.5M | ||
| Q1 24 | $63.9M | $123.0M |
| Q4 25 | 78.6% | -57.4% | ||
| Q3 25 | 89.5% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 14.9% | 84.7% | ||
| Q4 24 | 45.6% | 90.9% | ||
| Q3 24 | 90.2% | -32.1% | ||
| Q2 24 | 59.5% | 39.5% | ||
| Q1 24 | 54.8% | — |
| Q4 25 | 75.9% | -46.8% | ||
| Q3 25 | 87.2% | 80.8% | ||
| Q2 25 | 112.5% | 114.9% | ||
| Q1 25 | 13.8% | 58.4% | ||
| Q4 24 | 44.4% | 69.2% | ||
| Q3 24 | 89.9% | -23.9% | ||
| Q2 24 | 59.3% | 28.1% | ||
| Q1 24 | 54.7% | 116.3% |
| Q4 25 | — | $-0.38 | ||
| Q3 25 | — | $0.61 | ||
| Q2 25 | — | $0.74 | ||
| Q1 25 | — | $0.44 | ||
| Q4 24 | — | $0.58 | ||
| Q3 24 | — | $-0.17 | ||
| Q2 24 | — | $0.23 | ||
| Q1 24 | — | $0.98 |
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 | $110.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $2.7B |
| Total Assets | $1.3B | $8.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $110.2M | ||
| Q3 25 | $2.9M | $301.8M | ||
| Q2 25 | $2.5M | $86.5M | ||
| Q1 25 | $2.4M | $67.4M | ||
| Q4 24 | $2.5M | $129.8M | ||
| Q3 24 | $21.0M | $44.1M | ||
| Q2 24 | $26.7M | $145.7M | ||
| Q1 24 | $40.5M | $61.4M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
| Q4 25 | $1.3B | $8.2B | ||
| Q3 25 | $1.3B | $8.2B | ||
| Q2 25 | $1.3B | $7.6B | ||
| Q1 25 | $1.2B | $7.5B | ||
| Q4 24 | $1.2B | $7.1B | ||
| Q3 24 | $1.2B | $6.7B | ||
| Q2 24 | $1.2B | $6.7B | ||
| Q1 24 | $1.2B | $6.7B |
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 | $167.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $167.3M | ||
| Q3 25 | $99.8M | $-121.8M | ||
| Q2 25 | $80.5M | $79.6M | ||
| Q1 25 | $64.8M | $-37.1M | ||
| Q4 24 | $91.0M | $5.9M | ||
| Q3 24 | $93.2M | $21.9M | ||
| Q2 24 | $100.4M | $-24.8M | ||
| Q1 24 | $104.5M | $20.9M |
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | -1.46× | ||
| Q2 25 | 0.67× | 0.81× | ||
| Q1 25 | 4.07× | -0.66× | ||
| Q4 24 | 1.96× | 0.08× | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | -0.94× | ||
| Q1 24 | 1.63× | 0.17× |
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% |
HASI
Segment breakdown not available.
