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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and LandBridge Co LLC (LB). 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 $56.8M, roughly 1.7× LandBridge Co LLC). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 14.2%, a 61.7% gap on every dollar of revenue. On growth, LandBridge Co LLC posted the faster year-over-year revenue change (55.6% vs -8.7%). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (72.8% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
BSM vs LB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $56.8M |
| Net Profit | $72.2M | $8.1M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | 60.0% |
| Net Margin | 75.9% | 14.2% |
| Revenue YoY | -8.7% | 55.6% |
| Net Profit YoY | 55.8% | -83.7% |
| EPS (diluted) | — | $0.24 |
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 | $56.8M | ||
| Q3 25 | $105.2M | $50.8M | ||
| Q2 25 | $106.7M | $47.5M | ||
| Q1 25 | $115.3M | $44.0M | ||
| Q4 24 | $104.3M | $36.5M | ||
| Q3 24 | $103.2M | $28.5M | ||
| Q2 24 | $115.2M | $26.0M | ||
| Q1 24 | $116.8M | $19.0M |
| Q4 25 | $72.2M | $8.1M | ||
| Q3 25 | $91.7M | $8.1M | ||
| Q2 25 | $120.0M | $7.5M | ||
| Q1 25 | $15.9M | $6.5M | ||
| Q4 24 | $46.3M | $49.3M | ||
| Q3 24 | $92.7M | $2.7M | ||
| Q2 24 | $68.3M | $-57.7M | ||
| Q1 24 | $63.9M | $10.8M |
| Q4 25 | 78.6% | 60.0% | ||
| Q3 25 | 89.5% | 60.8% | ||
| Q2 25 | — | 60.0% | ||
| Q1 25 | 14.9% | 57.0% | ||
| Q4 24 | 45.6% | 49.4% | ||
| Q3 24 | 90.2% | 11.2% | ||
| Q2 24 | 59.5% | -197.4% | ||
| Q1 24 | 54.8% | 71.1% |
| Q4 25 | 75.9% | 14.2% | ||
| Q3 25 | 87.2% | 15.9% | ||
| Q2 25 | 112.5% | 15.8% | ||
| Q1 25 | 13.8% | 14.7% | ||
| Q4 24 | 44.4% | 135.2% | ||
| Q3 24 | 89.9% | 9.3% | ||
| Q2 24 | 59.3% | -222.1% | ||
| Q1 24 | 54.7% | 56.7% |
| Q4 25 | — | $0.24 | ||
| Q3 25 | — | $0.26 | ||
| Q2 25 | — | $0.24 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $30.7M |
| Total DebtLower is stronger | — | $570.7M |
| Stockholders' EquityBook value | — | $340.3M |
| Total Assets | $1.3B | $1.4B |
| Debt / EquityLower = less leverage | — | 1.68× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $30.7M | ||
| Q3 25 | $2.9M | $28.3M | ||
| Q2 25 | $2.5M | $20.3M | ||
| Q1 25 | $2.4M | $14.9M | ||
| Q4 24 | $2.5M | $37.0M | ||
| Q3 24 | $21.0M | $14.4M | ||
| Q2 24 | $26.7M | $24.6M | ||
| Q1 24 | $40.5M | — |
| Q4 25 | — | $570.7M | ||
| Q3 25 | — | $366.1M | ||
| Q2 25 | — | $370.9M | ||
| Q1 25 | — | $375.5M | ||
| Q4 24 | — | $385.5M | ||
| Q3 24 | — | $242.4M | ||
| Q2 24 | — | $360.8M | ||
| Q1 24 | — | — |
| Q4 25 | — | $340.3M | ||
| Q3 25 | — | $272.0M | ||
| Q2 25 | — | $266.4M | ||
| Q1 25 | — | $217.0M | ||
| Q4 24 | — | $211.8M | ||
| Q3 24 | — | $97.2M | ||
| Q2 24 | — | $296.4M | ||
| Q1 24 | — | $162.3M |
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $1.2B | $1.0B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.2B | $689.9M | ||
| Q2 24 | $1.2B | $710.5M | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | 1.68× | ||
| Q3 25 | — | 1.35× | ||
| Q2 25 | — | 1.39× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 1.82× | ||
| Q3 24 | — | 2.49× | ||
| Q2 24 | — | 1.22× | ||
| Q1 24 | — | — |
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 | $126.3M |
| Free Cash FlowOCF − Capex | — | $122.0M |
| FCF MarginFCF / Revenue | — | 214.9% |
| Capex IntensityCapex / Revenue | — | 7.5% |
| Cash ConversionOCF / Net Profit | 0.90× | 15.68× |
| TTM Free Cash FlowTrailing 4 quarters | — | $207.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $126.3M | ||
| Q3 25 | $99.8M | $34.9M | ||
| Q2 25 | $80.5M | $37.3M | ||
| Q1 25 | $64.8M | $15.9M | ||
| Q4 24 | $91.0M | $67.6M | ||
| Q3 24 | $93.2M | $7.5M | ||
| Q2 24 | $100.4M | $16.0M | ||
| Q1 24 | $104.5M | $17.2M |
| Q4 25 | — | $122.0M | ||
| Q3 25 | — | $33.7M | ||
| Q2 25 | — | $36.1M | ||
| Q1 25 | — | $15.8M | ||
| Q4 24 | — | $66.7M | ||
| Q3 24 | — | $7.1M | ||
| Q2 24 | — | $15.7M | ||
| Q1 24 | — | $17.1M |
| Q4 25 | — | 214.9% | ||
| Q3 25 | — | 66.3% | ||
| Q2 25 | — | 75.9% | ||
| Q1 25 | — | 36.0% | ||
| Q4 24 | — | 182.6% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 60.4% | ||
| Q1 24 | — | 90.1% |
| Q4 25 | — | 7.5% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | 0.90× | 15.68× | ||
| Q3 25 | 1.09× | 4.31× | ||
| Q2 25 | 0.67× | 4.98× | ||
| Q1 25 | 4.07× | 2.46× | ||
| Q4 24 | 1.96× | 1.37× | ||
| Q3 24 | 1.01× | 2.80× | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.63× | 1.60× |
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% |
LB
Segment breakdown not available.
