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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and IREN Ltd (IREN). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $95.2M, roughly 1.9× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs -84.1%, a 160.0% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -8.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
BSM vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $184.7M |
| Net Profit | $72.2M | $-155.4M |
| Gross Margin | — | 64.4% |
| Operating Margin | 78.6% | -63.0% |
| Net Margin | 75.9% | -84.1% |
| Revenue YoY | -8.7% | 59.0% |
| Net Profit YoY | 55.8% | -610.0% |
| EPS (diluted) | — | $-0.52 |
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 | $184.7M | ||
| Q3 25 | $105.2M | $240.3M | ||
| Q2 25 | $106.7M | — | ||
| Q1 25 | $115.3M | — | ||
| Q4 24 | $104.3M | $116.1M | ||
| Q3 24 | $103.2M | $52.8M | ||
| Q2 24 | $115.2M | — | ||
| Q1 24 | $116.8M | $54.3M |
| Q4 25 | $72.2M | $-155.4M | ||
| Q3 25 | $91.7M | $384.6M | ||
| Q2 25 | $120.0M | — | ||
| Q1 25 | $15.9M | — | ||
| Q4 24 | $46.3M | $-21.9M | ||
| Q3 24 | $92.7M | $-51.7M | ||
| Q2 24 | $68.3M | — | ||
| Q1 24 | $63.9M | $8.6M |
| Q4 25 | — | 64.4% | ||
| Q3 25 | — | 66.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 39.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 78.6% | -63.0% | ||
| Q3 25 | 89.5% | -31.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | 14.9% | — | ||
| Q4 24 | 45.6% | 14.9% | ||
| Q3 24 | 90.2% | -89.2% | ||
| Q2 24 | 59.5% | — | ||
| Q1 24 | 54.8% | 11.1% |
| Q4 25 | 75.9% | -84.1% | ||
| Q3 25 | 87.2% | 160.1% | ||
| Q2 25 | 112.5% | — | ||
| Q1 25 | 13.8% | — | ||
| Q4 24 | 44.4% | -18.8% | ||
| Q3 24 | 89.9% | -98.0% | ||
| Q2 24 | 59.3% | — | ||
| Q1 24 | 54.7% | 15.9% |
| Q4 25 | — | $-0.52 | ||
| Q3 25 | — | $1.08 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-0.10 | ||
| Q3 24 | — | $-0.27 | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $0.00 |
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 | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $2.5B |
| Total Assets | $1.3B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $3.3B | ||
| Q3 25 | $2.9M | $1.0B | ||
| Q2 25 | $2.5M | — | ||
| Q1 25 | $2.4M | — | ||
| Q4 24 | $2.5M | $427.3M | ||
| Q3 24 | $21.0M | $98.6M | ||
| Q2 24 | $26.7M | — | ||
| Q1 24 | $40.5M | $259.7M |
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $677.2M |
| Q4 25 | $1.3B | $7.0B | ||
| Q3 25 | $1.3B | $4.3B | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | $1.9B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | $723.6M |
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 | $71.7M |
| Free Cash FlowOCF − Capex | — | $-468.0M |
| FCF MarginFCF / Revenue | — | -253.4% |
| Capex IntensityCapex / Revenue | — | 292.2% |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $71.7M | ||
| Q3 25 | $99.8M | $142.4M | ||
| Q2 25 | $80.5M | — | ||
| Q1 25 | $64.8M | — | ||
| Q4 24 | $91.0M | $53.6M | ||
| Q3 24 | $93.2M | $-3.9M | ||
| Q2 24 | $100.4M | — | ||
| Q1 24 | $104.5M | $-27.1M |
| Q4 25 | — | $-468.0M | ||
| Q3 25 | — | $-38.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-85.5M | ||
| Q3 24 | — | $-109.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-108.3M |
| Q4 25 | — | -253.4% | ||
| Q3 25 | — | -15.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -73.6% | ||
| Q3 24 | — | -208.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -199.4% |
| Q4 25 | — | 292.2% | ||
| Q3 25 | — | 75.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 119.7% | ||
| Q3 24 | — | 200.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 149.5% |
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | 0.37× | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.63× | -3.13× |
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% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
