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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Inspirato Inc (ISPO). 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 $55.5M, roughly 1.7× Inspirato Inc). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs -8.1%, a 84.0% gap on every dollar of revenue. On growth, Black Stone Minerals, L.P. posted the faster year-over-year revenue change (-8.7% vs -19.6%). Over the past eight quarters, Black Stone Minerals, L.P.'s revenue compounded faster (-9.7% CAGR vs -11.4%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Inspirato Inc is a luxury travel and hospitality subscription service provider catering primarily to high-net-worth consumers across North America. It offers curated premium villa rentals, exclusive resort access, customized trip planning, and corporate travel incentive solutions for enterprise clients.
BSM vs ISPO — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $55.5M |
| Net Profit | $72.2M | $-4.5M |
| Gross Margin | — | 31.4% |
| Operating Margin | 78.6% | -8.0% |
| Net Margin | 75.9% | -8.1% |
| Revenue YoY | -8.7% | -19.6% |
| Net Profit YoY | 55.8% | -204.4% |
| EPS (diluted) | — | $-0.36 |
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 | — | ||
| Q3 25 | $105.2M | $55.5M | ||
| Q2 25 | $106.7M | $63.1M | ||
| Q1 25 | $115.3M | $65.9M | ||
| Q4 24 | $104.3M | $63.1M | ||
| Q3 24 | $103.2M | $69.1M | ||
| Q2 24 | $115.2M | $67.4M | ||
| Q1 24 | $116.8M | $80.2M |
| Q4 25 | $72.2M | — | ||
| Q3 25 | $91.7M | $-4.5M | ||
| Q2 25 | $120.0M | $-5.3M | ||
| Q1 25 | $15.9M | $1.6M | ||
| Q4 24 | $46.3M | $-2.3M | ||
| Q3 24 | $92.7M | $4.3M | ||
| Q2 24 | $68.3M | $-8.7M | ||
| Q1 24 | $63.9M | $1.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | 31.4% | ||
| Q2 25 | — | 27.5% | ||
| Q1 25 | — | 38.8% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | — | 71.5% | ||
| Q2 24 | — | 24.0% | ||
| Q1 24 | — | 39.5% |
| Q4 25 | 78.6% | — | ||
| Q3 25 | 89.5% | -8.0% | ||
| Q2 25 | — | -8.3% | ||
| Q1 25 | 14.9% | 2.5% | ||
| Q4 24 | 45.6% | -3.2% | ||
| Q3 24 | 90.2% | 9.8% | ||
| Q2 24 | 59.5% | -22.8% | ||
| Q1 24 | 54.8% | 3.0% |
| Q4 25 | 75.9% | — | ||
| Q3 25 | 87.2% | -8.1% | ||
| Q2 25 | 112.5% | -8.4% | ||
| Q1 25 | 13.8% | 2.5% | ||
| Q4 24 | 44.4% | -3.6% | ||
| Q3 24 | 89.9% | 6.3% | ||
| Q2 24 | 59.3% | -12.9% | ||
| Q1 24 | 54.7% | 1.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.36 | ||
| Q2 25 | — | $-0.42 | ||
| Q1 25 | — | $0.12 | ||
| Q4 24 | — | $0.98 | ||
| Q3 24 | — | $0.62 | ||
| Q2 24 | — | $-2.33 | ||
| Q1 24 | — | $-0.18 |
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 | $13.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $-134.0M |
| Total Assets | $1.3B | $228.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | — | ||
| Q3 25 | $2.9M | $13.7M | ||
| Q2 25 | $2.5M | $16.7M | ||
| Q1 25 | $2.4M | $16.4M | ||
| Q4 24 | $2.5M | $21.8M | ||
| Q3 24 | $21.0M | $13.5M | ||
| Q2 24 | $26.7M | $18.8M | ||
| Q1 24 | $40.5M | $22.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-134.0M | ||
| Q2 25 | — | $-129.7M | ||
| Q1 25 | — | $-125.2M | ||
| Q4 24 | — | $-129.9M | ||
| Q3 24 | — | $-134.6M | ||
| Q2 24 | — | $-35.2M | ||
| Q1 24 | — | $-27.5M |
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $228.3M | ||
| Q2 25 | $1.3B | $252.6M | ||
| Q1 25 | $1.2B | $270.1M | ||
| Q4 24 | $1.2B | $273.9M | ||
| Q3 24 | $1.2B | $273.3M | ||
| Q2 24 | $1.2B | $301.7M | ||
| Q1 24 | $1.2B | $313.0M |
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 | $-2.2M |
| Free Cash FlowOCF − Capex | — | $-3.0M |
| FCF MarginFCF / Revenue | — | -5.4% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-31.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | — | ||
| Q3 25 | $99.8M | $-2.2M | ||
| Q2 25 | $80.5M | $1.1M | ||
| Q1 25 | $64.8M | $-6.6M | ||
| Q4 24 | $91.0M | $-15.8M | ||
| Q3 24 | $93.2M | $-13.7M | ||
| Q2 24 | $100.4M | $-1.8M | ||
| Q1 24 | $104.5M | $-7.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-3.0M | ||
| Q2 25 | — | $468.0K | ||
| Q1 25 | — | $-7.5M | ||
| Q4 24 | — | $-21.2M | ||
| Q3 24 | — | $-14.8M | ||
| Q2 24 | — | $-3.7M | ||
| Q1 24 | — | $-8.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | -5.4% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | -11.4% | ||
| Q4 24 | — | -33.7% | ||
| Q3 24 | — | -21.5% | ||
| Q2 24 | — | -5.5% | ||
| Q1 24 | — | -10.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 8.7% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 1.6% |
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 4.07× | -4.09× | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | -3.16× | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.63× | -5.70× |
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% |
ISPO
| Residence And Hotel Travel | $25.9M | 47% |
| Subscription | $19.4M | 35% |
| Experiences And Bespoke Travel | $8.0M | 14% |
| Rewards And Other Revenue | $2.3M | 4% |
