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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Ramaco Resources, Inc. (METC). Click either name above to swap in a different company.
Ramaco Resources, Inc. is the larger business by last-quarter revenue ($121.0M vs $95.2M, roughly 1.3× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs -11.0%, a 86.9% gap on every dollar of revenue. On growth, Black Stone Minerals, L.P. posted the faster year-over-year revenue change (-8.7% vs -27.7%). Over the past eight quarters, Black Stone Minerals, L.P.'s revenue compounded faster (-9.7% CAGR vs -22.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Ramaco Resources, Inc. is a U.S.-based mining company focused on high-grade metallurgical coal production. It operates mining assets across the Appalachian region, supplying products to global steel manufacturing and industrial clients, with core operations centered on sustainable low-cost metallurgical coal extraction and distribution.
BSM vs METC — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $121.0M |
| Net Profit | $72.2M | $-13.3M |
| Gross Margin | — | 15.8% |
| Operating Margin | 78.6% | -12.0% |
| Net Margin | 75.9% | -11.0% |
| Revenue YoY | -8.7% | -27.7% |
| Net Profit YoY | 55.8% | -5468.2% |
| EPS (diluted) | — | — |
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 | $121.0M | ||
| Q2 25 | $106.7M | $153.0M | ||
| Q1 25 | $115.3M | $134.7M | ||
| Q4 24 | $104.3M | $170.9M | ||
| Q3 24 | $103.2M | $167.4M | ||
| Q2 24 | $115.2M | $155.3M | ||
| Q1 24 | $116.8M | $172.7M |
| Q4 25 | $72.2M | — | ||
| Q3 25 | $91.7M | $-13.3M | ||
| Q2 25 | $120.0M | $-14.0M | ||
| Q1 25 | $15.9M | $-9.5M | ||
| Q4 24 | $46.3M | $3.9M | ||
| Q3 24 | $92.7M | $-239.0K | ||
| Q2 24 | $68.3M | $5.5M | ||
| Q1 24 | $63.9M | $2.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 15.8% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | 15.2% | ||
| Q4 24 | — | 20.4% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 19.1% |
| Q4 25 | 78.6% | — | ||
| Q3 25 | 89.5% | -12.0% | ||
| Q2 25 | — | -9.1% | ||
| Q1 25 | 14.9% | -8.9% | ||
| Q4 24 | 45.6% | 3.7% | ||
| Q3 24 | 90.2% | 1.0% | ||
| Q2 24 | 59.5% | 3.5% | ||
| Q1 24 | 54.8% | 1.9% |
| Q4 25 | 75.9% | — | ||
| Q3 25 | 87.2% | -11.0% | ||
| Q2 25 | 112.5% | -9.1% | ||
| Q1 25 | 13.8% | -7.0% | ||
| Q4 24 | 44.4% | 2.3% | ||
| Q3 24 | 89.9% | -0.1% | ||
| Q2 24 | 59.3% | 3.6% | ||
| Q1 24 | 54.7% | 1.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0.06 | ||
| Q3 24 | — | $-0.03 | ||
| Q2 24 | — | $0.08 | ||
| Q1 24 | — | $0.00 |
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 | $193.8M |
| Total DebtLower is stronger | — | $116.3M |
| Stockholders' EquityBook value | — | $526.9M |
| Total Assets | $1.3B | $849.7M |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | — | ||
| Q3 25 | $2.9M | $193.8M | ||
| Q2 25 | $2.5M | $28.1M | ||
| Q1 25 | $2.4M | $43.5M | ||
| Q4 24 | $2.5M | $33.0M | ||
| Q3 24 | $21.0M | $22.9M | ||
| Q2 24 | $26.7M | $27.6M | ||
| Q1 24 | $40.5M | $30.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $116.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $88.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $526.9M | ||
| Q2 25 | — | $347.4M | ||
| Q1 25 | — | $355.2M | ||
| Q4 24 | — | $362.8M | ||
| Q3 24 | — | $361.8M | ||
| Q2 24 | — | $366.1M | ||
| Q1 24 | — | $372.3M |
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $849.7M | ||
| Q2 25 | $1.3B | $674.6M | ||
| Q1 25 | $1.2B | $685.7M | ||
| Q4 24 | $1.2B | $674.7M | ||
| Q3 24 | $1.2B | $645.4M | ||
| Q2 24 | $1.2B | $659.2M | ||
| Q1 24 | $1.2B | $674.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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 | $-1.4M |
| Free Cash FlowOCF − Capex | — | $-17.5M |
| FCF MarginFCF / Revenue | — | -14.5% |
| Capex IntensityCapex / Revenue | — | 13.3% |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | — | ||
| Q3 25 | $99.8M | $-1.4M | ||
| Q2 25 | $80.5M | $-4.3M | ||
| Q1 25 | $64.8M | $26.0M | ||
| Q4 24 | $91.0M | $15.7M | ||
| Q3 24 | $93.2M | $37.4M | ||
| Q2 24 | $100.4M | $34.4M | ||
| Q1 24 | $104.5M | $25.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-17.5M | ||
| Q2 25 | — | $-19.8M | ||
| Q1 25 | — | $7.6M | ||
| Q4 24 | — | $5.1M | ||
| Q3 24 | — | $25.6M | ||
| Q2 24 | — | $20.3M | ||
| Q1 24 | — | $6.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | -14.5% | ||
| Q2 25 | — | -13.0% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 15.3% | ||
| Q2 24 | — | 13.1% | ||
| Q1 24 | — | 3.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | 13.3% | ||
| Q2 25 | — | 10.2% | ||
| Q1 25 | — | 13.7% | ||
| Q4 24 | — | 6.2% | ||
| Q3 24 | — | 7.0% | ||
| Q2 24 | — | 9.1% | ||
| Q1 24 | — | 10.8% |
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | 4.06× | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | 6.21× | ||
| Q1 24 | 1.63× | 12.40× |
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% |
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
