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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $95.2M, roughly 1.0× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 28.5%, a 47.4% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -8.7%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
BSM vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $97.9M |
| Net Profit | $72.2M | $27.9M |
| Gross Margin | — | 98.6% |
| Operating Margin | 78.6% | 27.4% |
| Net Margin | 75.9% | 28.5% |
| Revenue YoY | -8.7% | 6.5% |
| Net Profit YoY | 55.8% | 7.1% |
| EPS (diluted) | — | $0.38 |
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 | $97.9M | ||
| Q3 25 | $105.2M | $96.2M | ||
| Q2 25 | $106.7M | $93.8M | ||
| Q1 25 | $115.3M | $97.7M | ||
| Q4 24 | $104.3M | $91.9M | ||
| Q3 24 | $103.2M | $90.7M | ||
| Q2 24 | $115.2M | $89.9M | ||
| Q1 24 | $116.8M | $93.2M |
| Q4 25 | $72.2M | $27.9M | ||
| Q3 25 | $91.7M | $29.3M | ||
| Q2 25 | $120.0M | $27.9M | ||
| Q1 25 | $15.9M | $29.4M | ||
| Q4 24 | $46.3M | $26.0M | ||
| Q3 24 | $92.7M | $19.3M | ||
| Q2 24 | $68.3M | $29.7M | ||
| Q1 24 | $63.9M | $30.7M |
| Q4 25 | — | 98.6% | ||
| Q3 25 | — | 98.5% | ||
| Q2 25 | — | 99.1% | ||
| Q1 25 | — | 98.8% | ||
| Q4 24 | — | 98.8% | ||
| Q3 24 | — | 98.8% | ||
| Q2 24 | — | 98.8% | ||
| Q1 24 | — | 98.8% |
| Q4 25 | 78.6% | 27.4% | ||
| Q3 25 | 89.5% | 25.9% | ||
| Q2 25 | — | 25.5% | ||
| Q1 25 | 14.9% | 25.9% | ||
| Q4 24 | 45.6% | 24.6% | ||
| Q3 24 | 90.2% | 17.5% | ||
| Q2 24 | 59.5% | 26.7% | ||
| Q1 24 | 54.8% | 26.4% |
| Q4 25 | 75.9% | 28.5% | ||
| Q3 25 | 87.2% | 30.5% | ||
| Q2 25 | 112.5% | 29.8% | ||
| Q1 25 | 13.8% | 30.1% | ||
| Q4 24 | 44.4% | 28.3% | ||
| Q3 24 | 89.9% | 21.3% | ||
| Q2 24 | 59.3% | 33.0% | ||
| Q1 24 | 54.7% | 33.0% |
| Q4 25 | — | $0.38 | ||
| Q3 25 | — | $0.41 | ||
| Q2 25 | — | $0.39 | ||
| Q1 25 | — | $0.41 | ||
| Q4 24 | — | $0.36 | ||
| Q3 24 | — | $0.27 | ||
| Q2 24 | — | $0.42 | ||
| Q1 24 | — | $0.43 |
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 | $21.7M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | — | $2.4B |
| Total Assets | $1.3B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $21.7M | ||
| Q3 25 | $2.9M | $12.1M | ||
| Q2 25 | $2.5M | $13.9M | ||
| Q1 25 | $2.4M | $17.3M | ||
| Q4 24 | $2.5M | $8.3M | ||
| Q3 24 | $21.0M | $15.6M | ||
| Q2 24 | $26.7M | $13.4M | ||
| Q1 24 | $40.5M | $11.3M |
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
| Q4 25 | $1.3B | $7.2B | ||
| Q3 25 | $1.3B | $7.1B | ||
| Q2 25 | $1.3B | $7.1B | ||
| Q1 25 | $1.2B | $6.9B | ||
| Q4 24 | $1.2B | $6.9B | ||
| Q3 24 | $1.2B | $6.8B | ||
| Q2 24 | $1.2B | $6.8B | ||
| Q1 24 | $1.2B | $6.7B |
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 1.81× |
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 | $47.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.90× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $47.8M | ||
| Q3 25 | $99.8M | $-1.4M | ||
| Q2 25 | $80.5M | $28.0M | ||
| Q1 25 | $64.8M | $8.9M | ||
| Q4 24 | $91.0M | $37.9M | ||
| Q3 24 | $93.2M | $8.3M | ||
| Q2 24 | $100.4M | $24.8M | ||
| Q1 24 | $104.5M | $-3.1M |
| Q4 25 | 0.90× | 1.72× | ||
| Q3 25 | 1.09× | -0.05× | ||
| Q2 25 | 0.67× | 1.00× | ||
| Q1 25 | 4.07× | 0.30× | ||
| Q4 24 | 1.96× | 1.45× | ||
| Q3 24 | 1.01× | 0.43× | ||
| Q2 24 | 1.47× | 0.83× | ||
| Q1 24 | 1.63× | -0.10× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
