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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and MFA FINANCIAL, INC. (MFA). 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 $55.5M, roughly 1.7× MFA FINANCIAL, INC.). On growth, MFA FINANCIAL, INC. posted the faster year-over-year revenue change (9.2% vs -8.7%). Over the past eight quarters, MFA FINANCIAL, INC.'s revenue compounded faster (7.7% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
MFA Financial, Inc. is a U.S.-headquartered real estate investment trust (REIT) specializing in investing in and managing residential and commercial mortgage-backed securities, mortgage loans, and other real estate-related financial assets. It caters primarily to institutional and individual investors across the U.S., focusing on delivering stable risk-adjusted returns via rigorous asset screening and risk management frameworks.
BSM vs MFA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $55.5M |
| Net Profit | $72.2M | — |
| Gross Margin | — | — |
| Operating Margin | 78.6% | 97.9% |
| Net Margin | 75.9% | — |
| Revenue YoY | -8.7% | 9.2% |
| Net Profit YoY | 55.8% | — |
| EPS (diluted) | — | $0.43 |
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 | $55.5M | ||
| Q3 25 | $105.2M | $56.8M | ||
| Q2 25 | $106.7M | $61.3M | ||
| Q1 25 | $115.3M | $57.5M | ||
| Q4 24 | $104.3M | $50.8M | ||
| Q3 24 | $103.2M | $50.6M | ||
| Q2 24 | $115.2M | $53.5M | ||
| Q1 24 | $116.8M | $47.8M |
| Q4 25 | $72.2M | — | ||
| Q3 25 | $91.7M | $48.1M | ||
| Q2 25 | $120.0M | $33.2M | ||
| Q1 25 | $15.9M | $41.2M | ||
| Q4 24 | $46.3M | — | ||
| Q3 24 | $92.7M | $48.2M | ||
| Q2 24 | $68.3M | $41.9M | ||
| Q1 24 | $63.9M | $23.2M |
| Q4 25 | 78.6% | 97.9% | ||
| Q3 25 | 89.5% | 84.5% | ||
| Q2 25 | — | 54.5% | ||
| Q1 25 | 14.9% | 70.0% | ||
| Q4 24 | 45.6% | 6.8% | ||
| Q3 24 | 90.2% | 98.2% | ||
| Q2 24 | 59.5% | 79.1% | ||
| Q1 24 | 54.8% | 50.7% |
| Q4 25 | 75.9% | — | ||
| Q3 25 | 87.2% | 84.7% | ||
| Q2 25 | 112.5% | 54.2% | ||
| Q1 25 | 13.8% | 71.6% | ||
| Q4 24 | 44.4% | — | ||
| Q3 24 | 89.9% | 95.2% | ||
| Q2 24 | 59.3% | 78.4% | ||
| Q1 24 | 54.7% | 48.5% |
| Q4 25 | — | $0.43 | ||
| Q3 25 | — | $0.35 | ||
| Q2 25 | — | $0.21 | ||
| Q1 25 | — | $0.31 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | — | $0.37 | ||
| Q2 24 | — | $0.32 | ||
| Q1 24 | — | $0.14 |
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 | $213.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $1.8B |
| Total Assets | $1.3B | $13.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $213.2M | ||
| Q3 25 | $2.9M | $305.2M | ||
| Q2 25 | $2.5M | $275.7M | ||
| Q1 25 | $2.4M | $253.7M | ||
| Q4 24 | $2.5M | $338.9M | ||
| Q3 24 | $21.0M | $305.6M | ||
| Q2 24 | $26.7M | $289.4M | ||
| Q1 24 | $40.5M | $306.3M |
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.9B | ||
| Q1 24 | — | $1.9B |
| Q4 25 | $1.3B | $13.0B | ||
| Q3 25 | $1.3B | $12.1B | ||
| Q2 25 | $1.3B | $11.7B | ||
| Q1 25 | $1.2B | $11.5B | ||
| Q4 24 | $1.2B | $11.4B | ||
| Q3 24 | $1.2B | $11.2B | ||
| Q2 24 | $1.2B | $11.1B | ||
| Q1 24 | $1.2B | $10.9B |
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 | $76.2M |
| 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 | $76.2M | ||
| Q3 25 | $99.8M | $14.7M | ||
| Q2 25 | $80.5M | $38.5M | ||
| Q1 25 | $64.8M | $-14.6M | ||
| Q4 24 | $91.0M | $200.1M | ||
| Q3 24 | $93.2M | $-11.3M | ||
| Q2 24 | $100.4M | $46.5M | ||
| Q1 24 | $104.5M | $53.5M |
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | 0.31× | ||
| Q2 25 | 0.67× | 1.16× | ||
| Q1 25 | 4.07× | -0.35× | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | -0.23× | ||
| Q2 24 | 1.47× | 1.11× | ||
| Q1 24 | 1.63× | 2.30× |
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% |
MFA
Segment breakdown not available.
