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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and JBG SMITH Properties (JBGS). Click either name above to swap in a different company.
JBG SMITH Properties is the larger business by last-quarter revenue ($127.6M vs $95.2M, roughly 1.3× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs -35.7%, a 111.6% gap on every dollar of revenue. On growth, JBG SMITH Properties posted the faster year-over-year revenue change (-2.5% vs -8.7%). Over the past eight quarters, JBG SMITH Properties's revenue compounded faster (-6.3% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
JBG SMITH PropertiesJBGSEarnings & Financial Report
JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.
BSM vs JBGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $127.6M |
| Net Profit | $72.2M | $-45.5M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | -47.5% |
| Net Margin | 75.9% | -35.7% |
| Revenue YoY | -8.7% | -2.5% |
| Net Profit YoY | 55.8% | 24.0% |
| EPS (diluted) | — | $-0.76 |
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 | $127.6M | ||
| Q3 25 | $105.2M | $123.9M | ||
| Q2 25 | $106.7M | $126.5M | ||
| Q1 25 | $115.3M | $120.7M | ||
| Q4 24 | $104.3M | $130.8M | ||
| Q3 24 | $103.2M | $136.0M | ||
| Q2 24 | $115.2M | $135.3M | ||
| Q1 24 | $116.8M | $145.2M |
| Q4 25 | $72.2M | $-45.5M | ||
| Q3 25 | $91.7M | $-28.6M | ||
| Q2 25 | $120.0M | $-19.2M | ||
| Q1 25 | $15.9M | $-45.7M | ||
| Q4 24 | $46.3M | $-59.9M | ||
| Q3 24 | $92.7M | $-27.0M | ||
| Q2 24 | $68.3M | $-24.4M | ||
| Q1 24 | $63.9M | $-32.3M |
| Q4 25 | 78.6% | -47.5% | ||
| Q3 25 | 89.5% | -27.5% | ||
| Q2 25 | — | -18.4% | ||
| Q1 25 | 14.9% | -44.7% | ||
| Q4 24 | 45.6% | -53.6% | ||
| Q3 24 | 90.2% | -22.4% | ||
| Q2 24 | 59.5% | -24.3% | ||
| Q1 24 | 54.8% | -30.1% |
| Q4 25 | 75.9% | -35.7% | ||
| Q3 25 | 87.2% | -23.1% | ||
| Q2 25 | 112.5% | -15.2% | ||
| Q1 25 | 13.8% | -37.9% | ||
| Q4 24 | 44.4% | -45.8% | ||
| Q3 24 | 89.9% | -19.8% | ||
| Q2 24 | 59.3% | -18.0% | ||
| Q1 24 | 54.7% | -22.2% |
| Q4 25 | — | $-0.76 | ||
| Q3 25 | — | $-0.48 | ||
| Q2 25 | — | $-0.29 | ||
| Q1 25 | — | $-0.56 | ||
| Q4 24 | — | $-0.70 | ||
| Q3 24 | — | $-0.32 | ||
| Q2 24 | — | $-0.27 | ||
| 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 | $75.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $1.2B |
| Total Assets | $1.3B | $4.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $75.3M | ||
| Q3 25 | $2.9M | $64.4M | ||
| Q2 25 | $2.5M | $61.4M | ||
| Q1 25 | $2.4M | $81.3M | ||
| Q4 24 | $2.5M | $145.8M | ||
| Q3 24 | $21.0M | $137.0M | ||
| Q2 24 | $26.7M | $163.5M | ||
| Q1 24 | $40.5M | $220.5M |
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $2.1B |
| Q4 25 | $1.3B | $4.4B | ||
| Q3 25 | $1.3B | $4.4B | ||
| Q2 25 | $1.3B | $4.5B | ||
| Q1 25 | $1.2B | $4.7B | ||
| Q4 24 | $1.2B | $5.0B | ||
| Q3 24 | $1.2B | $5.2B | ||
| Q2 24 | $1.2B | $5.3B | ||
| Q1 24 | $1.2B | $5.4B |
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 | $73.3M |
| 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.
| Q4 25 | $65.1M | $73.3M | ||
| Q3 25 | $99.8M | $8.9M | ||
| Q2 25 | $80.5M | $18.8M | ||
| Q1 25 | $64.8M | $12.9M | ||
| Q4 24 | $91.0M | $129.4M | ||
| Q3 24 | $93.2M | $26.4M | ||
| Q2 24 | $100.4M | $23.8M | ||
| Q1 24 | $104.5M | $37.0M |
| 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% |
JBGS
Segment breakdown not available.
