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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and INDEPENDENT BANK CORP (IBCP). 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 $58.9M, roughly 1.6× INDEPENDENT BANK CORP). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 28.6%, a 47.2% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
BSM vs IBCP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $58.9M |
| Net Profit | $72.2M | $16.9M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | — |
| Net Margin | 75.9% | 28.6% |
| Revenue YoY | -8.7% | — |
| Net Profit YoY | 55.8% | 8.2% |
| EPS (diluted) | — | $0.81 |
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.
| Q1 26 | — | $58.9M | ||
| Q4 25 | $95.2M | $58.3M | ||
| Q3 25 | $105.2M | $57.3M | ||
| Q2 25 | $106.7M | $55.9M | ||
| Q1 25 | $115.3M | $54.1M | ||
| Q4 24 | $104.3M | $62.0M | ||
| Q3 24 | $103.2M | $51.4M | ||
| Q2 24 | $115.2M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | $72.2M | $18.6M | ||
| Q3 25 | $91.7M | $17.5M | ||
| Q2 25 | $120.0M | $16.9M | ||
| Q1 25 | $15.9M | $15.6M | ||
| Q4 24 | $46.3M | $18.5M | ||
| Q3 24 | $92.7M | $13.8M | ||
| Q2 24 | $68.3M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | 78.6% | 34.8% | ||
| Q3 25 | 89.5% | 37.0% | ||
| Q2 25 | — | 37.0% | ||
| Q1 25 | 14.9% | 35.3% | ||
| Q4 24 | 45.6% | 36.7% | ||
| Q3 24 | 90.2% | 33.7% | ||
| Q2 24 | 59.5% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | 75.9% | 31.8% | ||
| Q3 25 | 87.2% | 30.5% | ||
| Q2 25 | 112.5% | 30.2% | ||
| Q1 25 | 13.8% | 28.8% | ||
| Q4 24 | 44.4% | 29.8% | ||
| Q3 24 | 89.9% | 26.9% | ||
| Q2 24 | 59.3% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | — | $0.88 | ||
| Q3 25 | — | $0.84 | ||
| Q2 25 | — | $0.81 | ||
| Q1 25 | — | $0.74 | ||
| Q4 24 | — | $0.87 | ||
| Q3 24 | — | $0.65 | ||
| Q2 24 | — | $0.88 |
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 | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $510.6M |
| Total Assets | $1.3B | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $1.5M | $138.4M | ||
| Q3 25 | $2.9M | $208.7M | ||
| Q2 25 | $2.5M | $146.2M | ||
| Q1 25 | $2.4M | $128.1M | ||
| Q4 24 | $2.5M | $119.9M | ||
| Q3 24 | $21.0M | $121.6M | ||
| Q2 24 | $26.7M | $214.3M |
| Q1 26 | — | $510.6M | ||
| Q4 25 | — | $503.0M | ||
| Q3 25 | — | $490.7M | ||
| Q2 25 | — | $469.3M | ||
| Q1 25 | — | $467.3M | ||
| Q4 24 | — | $454.7M | ||
| Q3 24 | — | $452.4M | ||
| Q2 24 | — | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $1.3B | $5.5B | ||
| Q3 25 | $1.3B | $5.5B | ||
| Q2 25 | $1.3B | $5.4B | ||
| Q1 25 | $1.2B | $5.3B | ||
| Q4 24 | $1.2B | $5.3B | ||
| Q3 24 | $1.2B | $5.3B | ||
| Q2 24 | $1.2B | $5.3B |
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 | — |
| 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.
| Q1 26 | — | — | ||
| Q4 25 | $65.1M | $76.7M | ||
| Q3 25 | $99.8M | $18.2M | ||
| Q2 25 | $80.5M | $19.0M | ||
| Q1 25 | $64.8M | $31.7M | ||
| Q4 24 | $91.0M | $63.2M | ||
| Q3 24 | $93.2M | $17.2M | ||
| Q2 24 | $100.4M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $70.2M | ||
| Q3 25 | — | $16.5M | ||
| Q2 25 | — | $16.7M | ||
| Q1 25 | — | $30.6M | ||
| Q4 24 | — | $55.2M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 120.3% | ||
| Q3 25 | — | 28.9% | ||
| Q2 25 | — | 29.8% | ||
| Q1 25 | — | 56.5% | ||
| Q4 24 | — | 89.1% | ||
| Q3 24 | — | 30.6% | ||
| Q2 24 | — | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 11.1% | ||
| Q3 25 | — | 2.9% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 12.8% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.90× | 4.13× | ||
| Q3 25 | 1.09× | 1.04× | ||
| Q2 25 | 0.67× | 1.12× | ||
| Q1 25 | 4.07× | 2.03× | ||
| Q4 24 | 1.96× | 3.42× | ||
| Q3 24 | 1.01× | 1.25× | ||
| Q2 24 | 1.47× | 0.47× |
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% |
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
