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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Merchants Bancorp (MBIN). Click either name above to swap in a different company.
Merchants Bancorp is the larger business by last-quarter revenue ($175.2M vs $95.2M, roughly 1.8× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 38.6%, a 37.2% gap on every dollar of revenue. Over the past eight quarters, Merchants Bancorp's revenue compounded faster (4.8% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Ameris Bancorp is an American bank holding company headquartered in Atlanta, Georgia. Through its bank subsidiary, Ameris Bank, the company operates full-service branches in Georgia, Alabama, Florida, North Carolina and South Carolina, and mortgage-only locations in Georgia, Alabama, Florida, North Carolina, South Carolina, Virginia, Maryland, and Tennessee. The company offers online and mobile banking options for both consumers and businesses.
BSM vs MBIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $175.2M |
| Net Profit | $72.2M | $67.7M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | — |
| Net Margin | 75.9% | 38.6% |
| Revenue YoY | -8.7% | — |
| Net Profit YoY | 55.8% | 16.3% |
| EPS (diluted) | — | $1.25 |
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.
| Q1 26 | — | $175.2M | ||
| Q4 25 | $95.2M | $185.3M | ||
| Q3 25 | $105.2M | $171.1M | ||
| Q2 25 | $106.7M | $179.2M | ||
| Q1 25 | $115.3M | $145.9M | ||
| Q4 24 | $104.3M | $193.8M | ||
| Q3 24 | $103.2M | $149.6M | ||
| Q2 24 | $115.2M | $159.5M |
| Q1 26 | — | $67.7M | ||
| Q4 25 | $72.2M | — | ||
| Q3 25 | $91.7M | $54.7M | ||
| Q2 25 | $120.0M | $38.0M | ||
| Q1 25 | $15.9M | $58.2M | ||
| Q4 24 | $46.3M | — | ||
| Q3 24 | $92.7M | $61.3M | ||
| Q2 24 | $68.3M | $76.4M |
| Q1 26 | — | — | ||
| Q4 25 | 78.6% | 39.9% | ||
| Q3 25 | 89.5% | 37.8% | ||
| Q2 25 | — | 27.3% | ||
| Q1 25 | 14.9% | 52.4% | ||
| Q4 24 | 45.6% | 66.0% | ||
| Q3 24 | 90.2% | 54.4% | ||
| Q2 24 | 59.5% | 62.2% |
| Q1 26 | — | 38.6% | ||
| Q4 25 | 75.9% | — | ||
| Q3 25 | 87.2% | 32.0% | ||
| Q2 25 | 112.5% | 21.2% | ||
| Q1 25 | 13.8% | 39.9% | ||
| Q4 24 | 44.4% | — | ||
| Q3 24 | 89.9% | 41.0% | ||
| Q2 24 | 59.3% | 47.9% |
| Q1 26 | — | $1.25 | ||
| Q4 25 | — | $1.28 | ||
| Q3 25 | — | $0.97 | ||
| Q2 25 | — | $0.60 | ||
| Q1 25 | — | $0.93 | ||
| Q4 24 | — | $1.84 | ||
| Q3 24 | — | $1.17 | ||
| Q2 24 | — | $1.49 |
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 | $83.2M |
| Total DebtLower is stronger | — | $32.0M |
| Stockholders' EquityBook value | — | $2.3B |
| Total Assets | $1.3B | $20.3B |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $83.2M | ||
| Q4 25 | $1.5M | — | ||
| Q3 25 | $2.9M | — | ||
| Q2 25 | $2.5M | — | ||
| Q1 25 | $2.4M | — | ||
| Q4 24 | $2.5M | — | ||
| Q3 24 | $21.0M | — | ||
| Q2 24 | $26.7M | — |
| Q1 26 | — | $32.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $2.3B | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | — | $20.3B | ||
| Q4 25 | $1.3B | $19.4B | ||
| Q3 25 | $1.3B | $19.4B | ||
| Q2 25 | $1.3B | $19.1B | ||
| Q1 25 | $1.2B | $18.8B | ||
| Q4 24 | $1.2B | $18.8B | ||
| Q3 24 | $1.2B | $18.7B | ||
| Q2 24 | $1.2B | $18.2B |
| Q1 26 | — | 0.01× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| 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.
| Q1 26 | — | — | ||
| Q4 25 | $65.1M | $-341.2M | ||
| Q3 25 | $99.8M | $29.8M | ||
| Q2 25 | $80.5M | $-121.2M | ||
| Q1 25 | $64.8M | $148.0M | ||
| Q4 24 | $91.0M | $-835.3M | ||
| Q3 24 | $93.2M | $-492.6M | ||
| Q2 24 | $100.4M | $51.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-362.2M | ||
| Q3 25 | — | $24.0M | ||
| Q2 25 | — | $-125.7M | ||
| Q1 25 | — | $141.2M | ||
| Q4 24 | — | $-853.7M | ||
| Q3 24 | — | $-497.2M | ||
| Q2 24 | — | $45.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | -195.5% | ||
| Q3 25 | — | 14.0% | ||
| Q2 25 | — | -70.1% | ||
| Q1 25 | — | 96.8% | ||
| Q4 24 | — | -440.6% | ||
| Q3 24 | — | -332.4% | ||
| Q2 24 | — | 28.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 11.3% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | — | 3.0% | ||
| Q2 24 | — | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | 0.54× | ||
| Q2 25 | 0.67× | -3.19× | ||
| Q1 25 | 4.07× | 2.54× | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | -8.04× | ||
| Q2 24 | 1.47× | 0.67× |
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% |
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
