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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Industrial Logistics Properties Trust (ILPT). Click either name above to swap in a different company.
Industrial Logistics Properties Trust is the larger business by last-quarter revenue ($113.9M vs $95.2M, roughly 1.2× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs -1.6%, a 77.4% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs -8.7%). Over the past eight quarters, Industrial Logistics Properties Trust's revenue compounded faster (0.7% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
BSM vs ILPT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $113.9M |
| Net Profit | $72.2M | $-1.8M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | -22.1% |
| Net Margin | 75.9% | -1.6% |
| Revenue YoY | -8.7% | 3.1% |
| Net Profit YoY | 55.8% | 92.6% |
| EPS (diluted) | — | $-0.02 |
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 | $113.9M | ||
| Q3 25 | $105.2M | $110.9M | ||
| Q2 25 | $106.7M | $112.1M | ||
| Q1 25 | $115.3M | $111.9M | ||
| Q4 24 | $104.3M | $110.5M | ||
| Q3 24 | $103.2M | $108.9M | ||
| Q2 24 | $115.2M | $110.6M | ||
| Q1 24 | $116.8M | $112.2M |
| Q4 25 | $72.2M | $-1.8M | ||
| Q3 25 | $91.7M | $-21.6M | ||
| Q2 25 | $120.0M | $-21.3M | ||
| Q1 25 | $15.9M | $-21.5M | ||
| Q4 24 | $46.3M | $-24.1M | ||
| Q3 24 | $92.7M | $-25.0M | ||
| Q2 24 | $68.3M | $-23.2M | ||
| Q1 24 | $63.9M | $-23.4M |
| Q4 25 | 78.6% | -22.1% | ||
| Q3 25 | 89.5% | -29.4% | ||
| Q2 25 | — | -30.8% | ||
| Q1 25 | 14.9% | -26.9% | ||
| Q4 24 | 45.6% | -31.1% | ||
| Q3 24 | 90.2% | -33.5% | ||
| Q2 24 | 59.5% | -32.4% | ||
| Q1 24 | 54.8% | -31.7% |
| Q4 25 | 75.9% | -1.6% | ||
| Q3 25 | 87.2% | -19.4% | ||
| Q2 25 | 112.5% | -19.0% | ||
| Q1 25 | 13.8% | -19.2% | ||
| Q4 24 | 44.4% | -21.8% | ||
| Q3 24 | 89.9% | -22.9% | ||
| Q2 24 | 59.3% | -20.9% | ||
| Q1 24 | 54.7% | -20.9% |
| Q4 25 | — | $-0.02 | ||
| Q3 25 | — | $-0.33 | ||
| Q2 25 | — | $-0.32 | ||
| Q1 25 | — | $-0.33 | ||
| Q4 24 | — | $-0.37 | ||
| Q3 24 | — | $-0.38 | ||
| Q2 24 | — | $-0.35 | ||
| Q1 24 | — | $-0.36 |
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 | $94.8M |
| Total DebtLower is stronger | — | $4.2B |
| Stockholders' EquityBook value | — | $489.7M |
| Total Assets | $1.3B | $5.2B |
| Debt / EquityLower = less leverage | — | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $94.8M | ||
| Q3 25 | $2.9M | $83.2M | ||
| Q2 25 | $2.5M | $58.6M | ||
| Q1 25 | $2.4M | $108.0M | ||
| Q4 24 | $2.5M | $131.7M | ||
| Q3 24 | $21.0M | $153.9M | ||
| Q2 24 | $26.7M | $146.2M | ||
| Q1 24 | $40.5M | $128.4M |
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | $4.2B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.3B |
| Q4 25 | — | $489.7M | ||
| Q3 25 | — | $494.1M | ||
| Q2 25 | — | $519.1M | ||
| Q1 25 | — | $539.5M | ||
| Q4 24 | — | $562.0M | ||
| Q3 24 | — | $585.9M | ||
| Q2 24 | — | $618.3M | ||
| Q1 24 | — | $643.2M |
| Q4 25 | $1.3B | $5.2B | ||
| Q3 25 | $1.3B | $5.2B | ||
| Q2 25 | $1.3B | $5.2B | ||
| Q1 25 | $1.2B | $5.4B | ||
| Q4 24 | $1.2B | $5.4B | ||
| Q3 24 | $1.2B | $5.5B | ||
| Q2 24 | $1.2B | $5.5B | ||
| Q1 24 | $1.2B | $5.5B |
| Q4 25 | — | 8.56× | ||
| Q3 25 | — | 8.49× | ||
| Q2 25 | — | 8.09× | ||
| Q1 25 | — | 7.96× | ||
| Q4 24 | — | 7.65× | ||
| Q3 24 | — | 7.35× | ||
| Q2 24 | — | 6.96× | ||
| Q1 24 | — | 6.70× |
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 | $60.7M |
| Free Cash FlowOCF − Capex | — | $42.0M |
| FCF MarginFCF / Revenue | — | 36.9% |
| Capex IntensityCapex / Revenue | — | 16.4% |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $60.7M | ||
| Q3 25 | $99.8M | $22.7M | ||
| Q2 25 | $80.5M | $18.4M | ||
| Q1 25 | $64.8M | $11.4M | ||
| Q4 24 | $91.0M | $2.0M | ||
| Q3 24 | $93.2M | $-3.4M | ||
| Q2 24 | $100.4M | $10.8M | ||
| Q1 24 | $104.5M | $8.0M |
| Q4 25 | — | $42.0M | ||
| Q3 25 | — | $17.6M | ||
| Q2 25 | — | $15.2M | ||
| Q1 25 | — | $5.0M | ||
| Q4 24 | — | $-3.7M | ||
| Q3 24 | — | $-5.9M | ||
| Q2 24 | — | $9.4M | ||
| Q1 24 | — | $5.9M |
| Q4 25 | — | 36.9% | ||
| Q3 25 | — | 15.9% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | — | 4.5% | ||
| Q4 24 | — | -3.4% | ||
| Q3 24 | — | -5.5% | ||
| Q2 24 | — | 8.5% | ||
| Q1 24 | — | 5.2% |
| Q4 25 | — | 16.4% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | — | 5.2% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.9% |
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | — | ||
| 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% |
ILPT
Segment breakdown not available.
