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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and RE/MAX Holdings, Inc. (RMAX). 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 $71.1M, roughly 1.3× RE/MAX Holdings, Inc.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 2.0%, a 73.9% gap on every dollar of revenue. On growth, RE/MAX Holdings, Inc. posted the faster year-over-year revenue change (-1.8% vs -8.7%). Over the past eight quarters, RE/MAX Holdings, Inc.'s revenue compounded faster (-4.7% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
BSM vs RMAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $71.1M |
| Net Profit | $72.2M | $1.4M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | 13.1% |
| Net Margin | 75.9% | 2.0% |
| Revenue YoY | -8.7% | -1.8% |
| Net Profit YoY | 55.8% | -75.2% |
| 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 | $71.1M | ||
| Q3 25 | $105.2M | $73.2M | ||
| Q2 25 | $106.7M | $72.8M | ||
| Q1 25 | $115.3M | $74.5M | ||
| Q4 24 | $104.3M | $72.5M | ||
| Q3 24 | $103.2M | $78.5M | ||
| Q2 24 | $115.2M | $78.5M | ||
| Q1 24 | $116.8M | $78.3M |
| Q4 25 | $72.2M | $1.4M | ||
| Q3 25 | $91.7M | $4.0M | ||
| Q2 25 | $120.0M | $4.7M | ||
| Q1 25 | $15.9M | $-2.0M | ||
| Q4 24 | $46.3M | $5.8M | ||
| Q3 24 | $92.7M | $966.0K | ||
| Q2 24 | $68.3M | $3.7M | ||
| Q1 24 | $63.9M | $-3.4M |
| Q4 25 | 78.6% | 13.1% | ||
| Q3 25 | 89.5% | 25.0% | ||
| Q2 25 | — | 19.3% | ||
| Q1 25 | 14.9% | 7.2% | ||
| Q4 24 | 45.6% | 5.9% | ||
| Q3 24 | 90.2% | 19.4% | ||
| Q2 24 | 59.5% | 20.6% | ||
| Q1 24 | 54.8% | 5.8% |
| Q4 25 | 75.9% | 2.0% | ||
| Q3 25 | 87.2% | 5.4% | ||
| Q2 25 | 112.5% | 6.4% | ||
| Q1 25 | 13.8% | -2.6% | ||
| Q4 24 | 44.4% | 8.0% | ||
| Q3 24 | 89.9% | 1.2% | ||
| Q2 24 | 59.3% | 4.7% | ||
| Q1 24 | 54.7% | -4.3% |
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 | $118.7M |
| Total DebtLower is stronger | — | $432.2M |
| Stockholders' EquityBook value | — | $452.4M |
| Total Assets | $1.3B | $582.5M |
| Debt / EquityLower = less leverage | — | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $118.7M | ||
| Q3 25 | $2.9M | $107.5M | ||
| Q2 25 | $2.5M | $94.3M | ||
| Q1 25 | $2.4M | $89.1M | ||
| Q4 24 | $2.5M | $96.6M | ||
| Q3 24 | $21.0M | $83.8M | ||
| Q2 24 | $26.7M | $66.1M | ||
| Q1 24 | $40.5M | $82.1M |
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | — | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M | ||
| Q1 24 | — | $439.0M |
| Q4 25 | — | $452.4M | ||
| Q3 25 | — | $448.1M | ||
| Q2 25 | — | $442.4M | ||
| Q1 25 | — | $433.5M | ||
| Q4 24 | — | $429.5M | ||
| Q3 24 | — | $423.1M | ||
| Q2 24 | — | $418.4M | ||
| Q1 24 | — | $412.0M |
| Q4 25 | $1.3B | $582.5M | ||
| Q3 25 | $1.3B | $582.2M | ||
| Q2 25 | $1.3B | $574.8M | ||
| Q1 25 | $1.2B | $571.4M | ||
| Q4 24 | $1.2B | $581.6M | ||
| Q3 24 | $1.2B | $578.6M | ||
| Q2 24 | $1.2B | $571.4M | ||
| Q1 24 | $1.2B | $566.7M |
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.07× |
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 | $40.9M |
| Free Cash FlowOCF − Capex | — | $33.5M |
| FCF MarginFCF / Revenue | — | 47.1% |
| Capex IntensityCapex / Revenue | — | 10.4% |
| Cash ConversionOCF / Net Profit | 0.90× | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $40.9M | ||
| Q3 25 | $99.8M | $17.7M | ||
| Q2 25 | $80.5M | $4.6M | ||
| Q1 25 | $64.8M | $5.7M | ||
| Q4 24 | $91.0M | $59.7M | ||
| Q3 24 | $93.2M | $17.6M | ||
| Q2 24 | $100.4M | $15.9M | ||
| Q1 24 | $104.5M | $9.4M |
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $16.4M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $4.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | — | $16.3M | ||
| Q2 24 | — | $14.0M | ||
| Q1 24 | — | $6.8M |
| Q4 25 | — | 47.1% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 73.2% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | — | 8.6% |
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 3.3% |
| Q4 25 | 0.90× | 28.39× | ||
| Q3 25 | 1.09× | 4.45× | ||
| Q2 25 | 0.67× | 0.97× | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | 10.28× | ||
| Q3 24 | 1.01× | 18.22× | ||
| Q2 24 | 1.47× | 4.29× | ||
| Q1 24 | 1.63× | — |
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% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
