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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). 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 $86.8M, roughly 1.1× IOVANCE BIOTHERAPEUTICS, INC.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs -8.7%). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
BSM vs IOVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $86.8M |
| Net Profit | $72.2M | — |
| Gross Margin | — | 67.4% |
| Operating Margin | 78.6% | -84.7% |
| Net Margin | 75.9% | — |
| Revenue YoY | -8.7% | 17.7% |
| Net Profit YoY | 55.8% | — |
| EPS (diluted) | — | — |
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 | $86.8M | ||
| Q3 25 | $105.2M | $67.5M | ||
| Q2 25 | $106.7M | $60.0M | ||
| Q1 25 | $115.3M | $49.3M | ||
| Q4 24 | $104.3M | $73.7M | ||
| Q3 24 | $103.2M | $58.6M | ||
| Q2 24 | $115.2M | $31.1M | ||
| Q1 24 | $116.8M | $715.0K |
| Q4 25 | $72.2M | — | ||
| Q3 25 | $91.7M | $-91.3M | ||
| Q2 25 | $120.0M | $-111.7M | ||
| Q1 25 | $15.9M | $-116.2M | ||
| Q4 24 | $46.3M | — | ||
| Q3 24 | $92.7M | $-83.5M | ||
| Q2 24 | $68.3M | $-97.1M | ||
| Q1 24 | $63.9M | $-113.0M |
| Q4 25 | — | 67.4% | ||
| Q3 25 | — | 43.0% | ||
| Q2 25 | — | 5.5% | ||
| Q1 25 | — | -0.8% | ||
| Q4 24 | — | 68.7% | ||
| Q3 24 | — | 46.2% | ||
| Q2 24 | — | -0.8% | ||
| Q1 24 | — | — |
| Q4 25 | 78.6% | -84.7% | ||
| Q3 25 | 89.5% | -140.7% | ||
| Q2 25 | — | -189.8% | ||
| Q1 25 | 14.9% | -245.8% | ||
| Q4 24 | 45.6% | -117.5% | ||
| Q3 24 | 90.2% | -152.1% | ||
| Q2 24 | 59.5% | -327.6% | ||
| Q1 24 | 54.8% | -16464.6% |
| Q4 25 | 75.9% | — | ||
| Q3 25 | 87.2% | -135.3% | ||
| Q2 25 | 112.5% | -186.2% | ||
| Q1 25 | 13.8% | -235.5% | ||
| Q4 24 | 44.4% | — | ||
| Q3 24 | 89.9% | -142.7% | ||
| Q2 24 | 59.3% | -312.2% | ||
| Q1 24 | 54.7% | -15800.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-0.33 | ||
| Q1 25 | — | $-0.36 | ||
| Q4 24 | — | $-0.24 | ||
| Q3 24 | — | $-0.28 | ||
| Q2 24 | — | $-0.34 | ||
| Q1 24 | — | $-0.42 |
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 | $297.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $698.6M |
| Total Assets | $1.3B | $913.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $297.0M | ||
| Q3 25 | $2.9M | $300.8M | ||
| Q2 25 | $2.5M | $301.2M | ||
| Q1 25 | $2.4M | $359.7M | ||
| Q4 24 | $2.5M | $323.8M | ||
| Q3 24 | $21.0M | $397.5M | ||
| Q2 24 | $26.7M | $412.5M | ||
| Q1 24 | $40.5M | $356.2M |
| Q4 25 | — | $698.6M | ||
| Q3 25 | — | $702.3M | ||
| Q2 25 | — | $698.5M | ||
| Q1 25 | — | $767.9M | ||
| Q4 24 | — | $710.4M | ||
| Q3 24 | — | $773.5M | ||
| Q2 24 | — | $768.5M | ||
| Q1 24 | — | $680.0M |
| Q4 25 | $1.3B | $913.2M | ||
| Q3 25 | $1.3B | $904.9M | ||
| Q2 25 | $1.3B | $907.4M | ||
| Q1 25 | $1.2B | $966.7M | ||
| Q4 24 | $1.2B | $910.4M | ||
| Q3 24 | $1.2B | $991.1M | ||
| Q2 24 | $1.2B | $964.3M | ||
| Q1 24 | $1.2B | $869.8M |
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 | $-52.6M |
| Free Cash FlowOCF − Capex | — | $-61.9M |
| FCF MarginFCF / Revenue | — | -71.3% |
| Capex IntensityCapex / Revenue | — | 10.7% |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $-52.6M | ||
| Q3 25 | $99.8M | $-78.7M | ||
| Q2 25 | $80.5M | $-67.4M | ||
| Q1 25 | $64.8M | $-103.7M | ||
| Q4 24 | $91.0M | $-73.3M | ||
| Q3 24 | $93.2M | $-59.0M | ||
| Q2 24 | $100.4M | $-98.4M | ||
| Q1 24 | $104.5M | $-122.3M |
| Q4 25 | — | $-61.9M | ||
| Q3 25 | — | $-89.5M | ||
| Q2 25 | — | $-74.9M | ||
| Q1 25 | — | $-109.9M | ||
| Q4 24 | — | $-77.5M | ||
| Q3 24 | — | $-61.3M | ||
| Q2 24 | — | $-98.9M | ||
| Q1 24 | — | $-126.5M |
| Q4 25 | — | -71.3% | ||
| Q3 25 | — | -132.7% | ||
| Q2 25 | — | -124.9% | ||
| Q1 25 | — | -222.8% | ||
| Q4 24 | — | -105.1% | ||
| Q3 24 | — | -104.6% | ||
| Q2 24 | — | -317.9% | ||
| Q1 24 | — | -17685.3% |
| Q4 25 | — | 10.7% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | 12.6% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | — | 3.9% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 583.4% |
| 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% |
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
