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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Limbach Holdings, Inc. (LMB). Click either name above to swap in a different company.
Limbach Holdings, Inc. is the larger business by last-quarter revenue ($186.9M vs $95.2M, roughly 2.0× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 6.6%, a 69.3% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs -8.7%). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
BSM vs LMB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $186.9M |
| Net Profit | $72.2M | $12.3M |
| Gross Margin | — | 25.7% |
| Operating Margin | 78.6% | 9.4% |
| Net Margin | 75.9% | 6.6% |
| Revenue YoY | -8.7% | 30.1% |
| Net Profit YoY | 55.8% | 25.0% |
| EPS (diluted) | — | $1.01 |
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 | $186.9M | ||
| Q3 25 | $105.2M | $184.6M | ||
| Q2 25 | $106.7M | $142.2M | ||
| Q1 25 | $115.3M | $133.1M | ||
| Q4 24 | $104.3M | $143.7M | ||
| Q3 24 | $103.2M | $133.9M | ||
| Q2 24 | $115.2M | $122.2M | ||
| Q1 24 | $116.8M | $119.0M |
| Q4 25 | $72.2M | $12.3M | ||
| Q3 25 | $91.7M | $8.8M | ||
| Q2 25 | $120.0M | $7.8M | ||
| Q1 25 | $15.9M | $10.2M | ||
| Q4 24 | $46.3M | $9.8M | ||
| Q3 24 | $92.7M | $7.5M | ||
| Q2 24 | $68.3M | $6.0M | ||
| Q1 24 | $63.9M | $7.6M |
| Q4 25 | — | 25.7% | ||
| Q3 25 | — | 24.2% | ||
| Q2 25 | — | 28.0% | ||
| Q1 25 | — | 27.6% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | — | 27.0% | ||
| Q2 24 | — | 27.4% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | 78.6% | 9.4% | ||
| Q3 25 | 89.5% | 7.2% | ||
| Q2 25 | — | 7.5% | ||
| Q1 25 | 14.9% | 5.9% | ||
| Q4 24 | 45.6% | 9.1% | ||
| Q3 24 | 90.2% | 8.1% | ||
| Q2 24 | 59.5% | 6.7% | ||
| Q1 24 | 54.8% | 5.5% |
| Q4 25 | 75.9% | 6.6% | ||
| Q3 25 | 87.2% | 4.8% | ||
| Q2 25 | 112.5% | 5.5% | ||
| Q1 25 | 13.8% | 7.7% | ||
| Q4 24 | 44.4% | 6.9% | ||
| Q3 24 | 89.9% | 5.6% | ||
| Q2 24 | 59.3% | 4.9% | ||
| Q1 24 | 54.7% | 6.4% |
| Q4 25 | — | $1.01 | ||
| Q3 25 | — | $0.73 | ||
| Q2 25 | — | $0.64 | ||
| Q1 25 | — | $0.85 | ||
| Q4 24 | — | $0.81 | ||
| Q3 24 | — | $0.62 | ||
| Q2 24 | — | $0.50 | ||
| Q1 24 | — | $0.64 |
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 | $11.3M |
| Total DebtLower is stronger | — | $30.5M |
| Stockholders' EquityBook value | — | $195.7M |
| Total Assets | $1.3B | $381.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $11.3M | ||
| Q3 25 | $2.9M | $9.8M | ||
| Q2 25 | $2.5M | $38.9M | ||
| Q1 25 | $2.4M | $38.1M | ||
| Q4 24 | $2.5M | $44.9M | ||
| Q3 24 | $21.0M | $51.2M | ||
| Q2 24 | $26.7M | $59.5M | ||
| Q1 24 | $40.5M | $48.2M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $56.3M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $23.6M | ||
| Q3 24 | — | $20.5M | ||
| Q2 24 | — | $19.7M | ||
| Q1 24 | — | $19.4M |
| Q4 25 | — | $195.7M | ||
| Q3 25 | — | $181.6M | ||
| Q2 25 | — | $170.5M | ||
| Q1 25 | — | $161.1M | ||
| Q4 24 | — | $153.5M | ||
| Q3 24 | — | $142.2M | ||
| Q2 24 | — | $133.0M | ||
| Q1 24 | — | $125.5M |
| Q4 25 | $1.3B | $381.1M | ||
| Q3 25 | $1.3B | $409.1M | ||
| Q2 25 | $1.3B | $343.0M | ||
| Q1 25 | $1.2B | $336.4M | ||
| Q4 24 | $1.2B | $352.1M | ||
| Q3 24 | $1.2B | $324.4M | ||
| Q2 24 | $1.2B | $303.9M | ||
| Q1 24 | $1.2B | $289.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $28.1M |
| Free Cash FlowOCF − Capex | — | $27.9M |
| FCF MarginFCF / Revenue | — | 14.9% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 0.90× | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | — | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $28.1M | ||
| Q3 25 | $99.8M | $13.3M | ||
| Q2 25 | $80.5M | $2.0M | ||
| Q1 25 | $64.8M | $2.2M | ||
| Q4 24 | $91.0M | $19.3M | ||
| Q3 24 | $93.2M | $4.9M | ||
| Q2 24 | $100.4M | $16.5M | ||
| Q1 24 | $104.5M | $-3.9M |
| Q4 25 | — | $27.9M | ||
| Q3 25 | — | $12.8M | ||
| Q2 25 | — | $1.2M | ||
| Q1 25 | — | $11.0K | ||
| Q4 24 | — | $18.0M | ||
| Q3 24 | — | $4.6M | ||
| Q2 24 | — | $13.2M | ||
| Q1 24 | — | $-6.5M |
| Q4 25 | — | 14.9% | ||
| Q3 25 | — | 7.0% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 12.5% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | — | 10.8% | ||
| Q1 24 | — | -5.5% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 2.1% |
| Q4 25 | 0.90× | 2.29× | ||
| Q3 25 | 1.09× | 1.52× | ||
| Q2 25 | 0.67× | 0.26× | ||
| Q1 25 | 4.07× | 0.22× | ||
| Q4 24 | 1.96× | 1.96× | ||
| Q3 24 | 1.01× | 0.66× | ||
| Q2 24 | 1.47× | 2.77× | ||
| Q1 24 | 1.63× | -0.52× |
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% |
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
