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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and NETSTREIT Corp. (NTST). 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 $57.1M, roughly 1.7× NETSTREIT Corp.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 10.0%, a 65.9% gap on every dollar of revenue. On growth, NETSTREIT Corp. posted the faster year-over-year revenue change (24.3% vs -8.7%). Over the past eight quarters, NETSTREIT Corp.'s revenue compounded faster (20.1% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
NETSTREIT Corp. is a US-headquartered real estate investment trust (REIT) that specializes in acquiring and operating a diversified portfolio of single-tenant net lease commercial properties. Its asset portfolio covers retail, industrial and office categories, primarily catering to investment-grade corporate tenants across the United States market.
BSM vs NTST — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $57.1M |
| Net Profit | $72.2M | $5.7M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | 34.1% |
| Net Margin | 75.9% | 10.0% |
| Revenue YoY | -8.7% | 24.3% |
| Net Profit YoY | 55.8% | 235.9% |
| EPS (diluted) | — | $0.32 |
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 | — | $57.1M | ||
| Q4 25 | $95.2M | $52.5M | ||
| Q3 25 | $105.2M | $48.3M | ||
| Q2 25 | $106.7M | $48.3M | ||
| Q1 25 | $115.3M | $45.9M | ||
| Q4 24 | $104.3M | $44.1M | ||
| Q3 24 | $103.2M | $41.4M | ||
| Q2 24 | $115.2M | $39.6M |
| Q1 26 | — | $5.7M | ||
| Q4 25 | $72.2M | $1.3M | ||
| Q3 25 | $91.7M | $618.0K | ||
| Q2 25 | $120.0M | $3.3M | ||
| Q1 25 | $15.9M | $1.7M | ||
| Q4 24 | $46.3M | $-5.4M | ||
| Q3 24 | $92.7M | $-5.3M | ||
| Q2 24 | $68.3M | $-2.3M |
| Q1 26 | — | 34.1% | ||
| Q4 25 | 78.6% | 2.6% | ||
| Q3 25 | 89.5% | 1.3% | ||
| Q2 25 | — | 6.8% | ||
| Q1 25 | 14.9% | 3.7% | ||
| Q4 24 | 45.6% | -12.3% | ||
| Q3 24 | 90.2% | -12.8% | ||
| Q2 24 | 59.5% | -5.8% |
| Q1 26 | — | 10.0% | ||
| Q4 25 | 75.9% | 2.5% | ||
| Q3 25 | 87.2% | 1.3% | ||
| Q2 25 | 112.5% | 6.8% | ||
| Q1 25 | 13.8% | 3.7% | ||
| Q4 24 | 44.4% | -12.3% | ||
| Q3 24 | 89.9% | -12.8% | ||
| Q2 24 | 59.3% | -5.8% |
| Q1 26 | — | $0.32 | ||
| Q4 25 | — | $0.01 | ||
| Q3 25 | — | $0.01 | ||
| Q2 25 | — | $0.04 | ||
| Q1 25 | — | $0.02 | ||
| Q4 24 | — | $-0.07 | ||
| Q3 24 | — | $-0.07 | ||
| Q2 24 | — | $-0.03 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $1.5B |
| Total Assets | $1.3B | $2.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| 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 | — | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $926.6M | ||
| Q1 25 | — | $913.3M | ||
| Q4 24 | — | $868.3M | ||
| Q3 24 | — | $778.7M | ||
| Q2 24 | — | $726.2M |
| Q1 26 | — | $1.5B | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B |
| Q1 26 | — | $2.8B | ||
| Q4 25 | $1.3B | $2.6B | ||
| Q3 25 | $1.3B | $2.5B | ||
| Q2 25 | $1.3B | $2.3B | ||
| Q1 25 | $1.2B | $2.3B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $1.2B | $2.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.84× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | — | 0.70× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.58× | ||
| Q2 24 | — | 0.55× |
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 | $109.5M | ||
| Q3 25 | $99.8M | $28.0M | ||
| Q2 25 | $80.5M | $30.6M | ||
| Q1 25 | $64.8M | $22.1M | ||
| Q4 24 | $91.0M | $90.2M | ||
| Q3 24 | $93.2M | $25.1M | ||
| Q2 24 | $100.4M | $25.4M |
| Q1 26 | — | — | ||
| Q4 25 | 0.90× | 82.46× | ||
| Q3 25 | 1.09× | 45.27× | ||
| Q2 25 | 0.67× | 9.36× | ||
| Q1 25 | 4.07× | 13.06× | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | — |
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% |
NTST
| Rental revenue (including reimbursable) | $54.0M | 95% |
| Other | $3.0M | 5% |
