vs
Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $95.2M, roughly 1.6× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs -452.0%, a 527.9% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -8.7%). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
BSM vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $152.8M |
| Net Profit | $72.2M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | -447.9% |
| Net Margin | 75.9% | -452.0% |
| Revenue YoY | -8.7% | 7.2% |
| Net Profit YoY | 55.8% | -606.3% |
| EPS (diluted) | — | $-1.89 |
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 | $152.8M | ||
| Q3 25 | $105.2M | $180.2M | ||
| Q2 25 | $106.7M | $153.0M | ||
| Q1 25 | $115.3M | $161.4M | ||
| Q4 24 | $104.3M | $142.6M | ||
| Q3 24 | $103.2M | $84.8M | ||
| Q2 24 | $115.2M | $70.0M | ||
| Q1 24 | $116.8M | $79.3M |
| Q4 25 | $72.2M | $-690.7M | ||
| Q3 25 | $91.7M | $104.5M | ||
| Q2 25 | $120.0M | $219.5M | ||
| Q1 25 | $15.9M | $-296.4M | ||
| Q4 24 | $46.3M | $136.4M | ||
| Q3 24 | $92.7M | $-154.4M | ||
| Q2 24 | $68.3M | $-84.4M | ||
| Q1 24 | $63.9M | $211.8M |
| Q4 25 | 78.6% | -447.9% | ||
| Q3 25 | 89.5% | 44.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | 14.9% | -144.9% | ||
| Q4 24 | 45.6% | — | ||
| Q3 24 | 90.2% | -143.3% | ||
| Q2 24 | 59.5% | -167.2% | ||
| Q1 24 | 54.8% | — |
| Q4 25 | 75.9% | -452.0% | ||
| Q3 25 | 87.2% | 58.0% | ||
| Q2 25 | 112.5% | 143.4% | ||
| Q1 25 | 13.8% | -183.6% | ||
| Q4 24 | 44.4% | 95.7% | ||
| Q3 24 | 89.9% | -182.1% | ||
| Q2 24 | 59.3% | -120.6% | ||
| Q1 24 | 54.7% | 267.1% |
| Q4 25 | — | $-1.89 | ||
| Q3 25 | — | $0.26 | ||
| Q2 25 | — | $0.58 | ||
| Q1 25 | — | $-0.90 | ||
| Q4 24 | — | $0.39 | ||
| Q3 24 | — | $-0.54 | ||
| Q2 24 | — | $-0.32 | ||
| Q1 24 | — | $0.51 |
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 | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | — | $2.9B |
| Total Assets | $1.3B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $233.5M | ||
| Q3 25 | $2.9M | $330.7M | ||
| Q2 25 | $2.5M | $255.4M | ||
| Q1 25 | $2.4M | $163.7M | ||
| Q4 24 | $2.5M | $277.9M | ||
| Q3 24 | $21.0M | $355.7M | ||
| Q2 24 | $26.7M | $481.2M | ||
| Q1 24 | $40.5M | $688.5M |
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.6B | ||
| Q1 24 | — | $2.5B |
| Q4 25 | $1.3B | $3.9B | ||
| Q3 25 | $1.3B | $4.5B | ||
| Q2 25 | $1.3B | $4.3B | ||
| Q1 25 | $1.2B | $3.7B | ||
| Q4 24 | $1.2B | $3.9B | ||
| Q3 24 | $1.2B | $2.9B | ||
| Q2 24 | $1.2B | $2.7B | ||
| Q1 24 | $1.2B | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| 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 | $-572.9M |
| Free Cash FlowOCF − Capex | — | $-774.3M |
| FCF MarginFCF / Revenue | — | -506.6% |
| Capex IntensityCapex / Revenue | — | 131.8% |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $-572.9M | ||
| Q3 25 | $99.8M | $-114.0M | ||
| Q2 25 | $80.5M | $-231.3M | ||
| Q1 25 | $64.8M | $-122.1M | ||
| Q4 24 | $91.0M | $-255.1M | ||
| Q3 24 | $93.2M | $-56.3M | ||
| Q2 24 | $100.4M | $-42.5M | ||
| Q1 24 | $104.5M | $-57.9M |
| Q4 25 | — | $-774.3M | ||
| Q3 25 | — | $-139.7M | ||
| Q2 25 | — | $-291.7M | ||
| Q1 25 | — | $-154.9M | ||
| Q4 24 | — | $-495.4M | ||
| Q3 24 | — | $-127.6M | ||
| Q2 24 | — | $-96.1M | ||
| Q1 24 | — | $-115.2M |
| Q4 25 | — | -506.6% | ||
| Q3 25 | — | -77.5% | ||
| Q2 25 | — | -190.7% | ||
| Q1 25 | — | -96.0% | ||
| Q4 24 | — | -347.5% | ||
| Q3 24 | — | -150.5% | ||
| Q2 24 | — | -137.2% | ||
| Q1 24 | — | -145.2% |
| Q4 25 | — | 131.8% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 39.5% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | — | 168.6% | ||
| Q3 24 | — | 84.1% | ||
| Q2 24 | — | 76.5% | ||
| Q1 24 | — | 72.3% |
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | -1.09× | ||
| Q2 25 | 0.67× | -1.05× | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | -1.87× | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.63× | -0.27× |
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% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
