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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
SMITH & WESSON BRANDS, INC. is the larger business by last-quarter revenue ($124.7M vs $95.2M, roughly 1.3× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 1.5%, a 74.3% gap on every dollar of revenue. On growth, SMITH & WESSON BRANDS, INC. posted the faster year-over-year revenue change (-3.9% vs -8.7%). Over the past eight quarters, SMITH & WESSON BRANDS, INC.'s revenue compounded faster (-4.8% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
BSM vs SWBI — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $124.7M |
| Net Profit | $72.2M | $1.9M |
| Gross Margin | — | 24.3% |
| Operating Margin | 78.6% | 3.3% |
| Net Margin | 75.9% | 1.5% |
| Revenue YoY | -8.7% | -3.9% |
| Net Profit YoY | 55.8% | -53.6% |
| EPS (diluted) | — | $0.04 |
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 | $124.7M | ||
| Q3 25 | $105.2M | $85.1M | ||
| Q2 25 | $106.7M | $140.8M | ||
| Q1 25 | $115.3M | $115.9M | ||
| Q4 24 | $104.3M | $129.7M | ||
| Q3 24 | $103.2M | $88.3M | ||
| Q2 24 | $115.2M | $159.1M | ||
| Q1 24 | $116.8M | $137.5M |
| Q4 25 | $72.2M | $1.9M | ||
| Q3 25 | $91.7M | $-3.4M | ||
| Q2 25 | $120.0M | $8.6M | ||
| Q1 25 | $15.9M | $2.1M | ||
| Q4 24 | $46.3M | $4.5M | ||
| Q3 24 | $92.7M | $-1.9M | ||
| Q2 24 | $68.3M | $27.9M | ||
| Q1 24 | $63.9M | $7.9M |
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 27.4% | ||
| Q2 24 | — | 35.5% | ||
| Q1 24 | — | 28.7% |
| Q4 25 | 78.6% | 3.3% | ||
| Q3 25 | 89.5% | -3.5% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | 14.9% | 4.1% | ||
| Q4 24 | 45.6% | 5.8% | ||
| Q3 24 | 90.2% | -1.7% | ||
| Q2 24 | 59.5% | 17.4% | ||
| Q1 24 | 54.8% | 8.2% |
| Q4 25 | 75.9% | 1.5% | ||
| Q3 25 | 87.2% | -4.0% | ||
| Q2 25 | 112.5% | 6.1% | ||
| Q1 25 | 13.8% | 1.8% | ||
| Q4 24 | 44.4% | 3.5% | ||
| Q3 24 | 89.9% | -2.1% | ||
| Q2 24 | 59.3% | 17.5% | ||
| Q1 24 | 54.7% | 5.7% |
| Q4 25 | — | $0.04 | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | — | $0.19 | ||
| Q1 25 | — | $0.05 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $0.60 | ||
| Q1 24 | — | $0.17 |
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 | $22.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $363.2M |
| Total Assets | $1.3B | $548.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $22.4M | ||
| Q3 25 | $2.9M | $18.0M | ||
| Q2 25 | $2.5M | $25.2M | ||
| Q1 25 | $2.4M | $26.7M | ||
| Q4 24 | $2.5M | $39.1M | ||
| Q3 24 | $21.0M | $35.5M | ||
| Q2 24 | $26.7M | $60.8M | ||
| Q1 24 | $40.5M | $47.4M |
| Q4 25 | — | $363.2M | ||
| Q3 25 | — | $364.4M | ||
| Q2 25 | — | $372.5M | ||
| Q1 25 | — | $366.9M | ||
| Q4 24 | — | $371.5M | ||
| Q3 24 | — | $380.0M | ||
| Q2 24 | — | $399.9M | ||
| Q1 24 | — | $376.4M |
| Q4 25 | $1.3B | $548.6M | ||
| Q3 25 | $1.3B | $554.6M | ||
| Q2 25 | $1.3B | $559.6M | ||
| Q1 25 | $1.2B | $578.9M | ||
| Q4 24 | $1.2B | $587.4M | ||
| Q3 24 | $1.2B | $571.3M | ||
| Q2 24 | $1.2B | $577.4M | ||
| Q1 24 | $1.2B | $570.6M |
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 | $27.3M |
| Free Cash FlowOCF − Capex | — | $16.3M |
| FCF MarginFCF / Revenue | — | 13.1% |
| Capex IntensityCapex / Revenue | — | 8.8% |
| Cash ConversionOCF / Net Profit | 0.90× | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $27.3M | ||
| Q3 25 | $99.8M | $-8.1M | ||
| Q2 25 | $80.5M | $40.8M | ||
| Q1 25 | $64.8M | $-9.8M | ||
| Q4 24 | $91.0M | $-7.4M | ||
| Q3 24 | $93.2M | $-30.8M | ||
| Q2 24 | $100.4M | $43.7M | ||
| Q1 24 | $104.5M | $25.2M |
| Q4 25 | — | $16.3M | ||
| Q3 25 | — | $-12.4M | ||
| Q2 25 | — | $33.5M | ||
| Q1 25 | — | $-16.1M | ||
| Q4 24 | — | $-10.7M | ||
| Q3 24 | — | $-35.5M | ||
| Q2 24 | — | $38.2M | ||
| Q1 24 | — | $7.0M |
| Q4 25 | — | 13.1% | ||
| Q3 25 | — | -14.6% | ||
| Q2 25 | — | 23.8% | ||
| Q1 25 | — | -13.9% | ||
| Q4 24 | — | -8.3% | ||
| Q3 24 | — | -40.2% | ||
| Q2 24 | — | 24.0% | ||
| Q1 24 | — | 5.1% |
| Q4 25 | — | 8.8% | ||
| Q3 25 | — | 5.0% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 13.2% |
| Q4 25 | 0.90× | 14.22× | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 0.67× | 4.73× | ||
| Q1 25 | 4.07× | -4.68× | ||
| Q4 24 | 1.96× | -1.63× | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | 1.57× | ||
| Q1 24 | 1.63× | 3.20× |
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% |
SWBI
Segment breakdown not available.
