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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $95.2M, roughly 1.9× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs -15.7%, a 91.6% gap on every dollar of revenue. On growth, Black Stone Minerals, L.P. posted the faster year-over-year revenue change (-8.7% vs -10.2%). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
BSM vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $183.8M |
| Net Profit | $72.2M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | 78.6% | -0.9% |
| Net Margin | 75.9% | -15.7% |
| Revenue YoY | -8.7% | -10.2% |
| Net Profit YoY | 55.8% | 67.0% |
| 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 | $183.8M | ||
| Q3 25 | $105.2M | $185.5M | ||
| Q2 25 | $106.7M | $189.6M | ||
| Q1 25 | $115.3M | $177.5M | ||
| Q4 24 | $104.3M | $204.8M | ||
| Q3 24 | $103.2M | $193.9M | ||
| Q2 24 | $115.2M | $196.3M | ||
| Q1 24 | $116.8M | $197.1M |
| Q4 25 | $72.2M | $-28.9M | ||
| Q3 25 | $91.7M | $-83.7M | ||
| Q2 25 | $120.0M | $-82.3M | ||
| Q1 25 | $15.9M | $-99.3M | ||
| Q4 24 | $46.3M | $-87.5M | ||
| Q3 24 | $92.7M | $-57.7M | ||
| Q2 24 | $68.3M | $-97.0M | ||
| Q1 24 | $63.9M | $-97.4M |
| Q4 25 | — | 14.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | -0.6% |
| Q4 25 | 78.6% | -0.9% | ||
| Q3 25 | 89.5% | -33.1% | ||
| Q2 25 | — | -31.4% | ||
| Q1 25 | 14.9% | -45.5% | ||
| Q4 24 | 45.6% | -26.0% | ||
| Q3 24 | 90.2% | -21.6% | ||
| Q2 24 | 59.5% | -40.3% | ||
| Q1 24 | 54.8% | -42.9% |
| Q4 25 | 75.9% | -15.7% | ||
| Q3 25 | 87.2% | -45.1% | ||
| Q2 25 | 112.5% | -43.4% | ||
| Q1 25 | 13.8% | -55.9% | ||
| Q4 24 | 44.4% | -42.7% | ||
| Q3 24 | 89.9% | -29.8% | ||
| Q2 24 | 59.3% | -49.4% | ||
| Q1 24 | 54.7% | -49.4% |
| Q4 25 | — | $-0.04 | ||
| Q3 25 | — | $-0.12 | ||
| Q2 25 | — | $-0.12 | ||
| Q1 25 | — | $-0.14 | ||
| Q4 24 | — | $-0.13 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $-0.14 | ||
| Q1 24 | — | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | — | $-392.1M |
| Total Assets | $1.3B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $133.9M | ||
| Q3 25 | $2.9M | $125.3M | ||
| Q2 25 | $2.5M | $107.0M | ||
| Q1 25 | $2.4M | $171.8M | ||
| Q4 24 | $2.5M | $216.4M | ||
| Q3 24 | $21.0M | $115.9M | ||
| Q2 24 | $26.7M | $141.5M | ||
| Q1 24 | $40.5M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | — | $-392.1M | ||
| Q3 25 | — | $-374.5M | ||
| Q2 25 | — | $-347.8M | ||
| Q1 25 | — | $-288.1M | ||
| Q4 24 | — | $-202.1M | ||
| Q3 24 | — | $-117.7M | ||
| Q2 24 | — | $-72.2M | ||
| Q1 24 | — | $936.0K |
| Q4 25 | $1.3B | $968.8M | ||
| Q3 25 | $1.3B | $973.0M | ||
| Q2 25 | $1.3B | $1.0B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.2B | $1.0B | ||
| Q2 24 | $1.2B | $1.1B | ||
| Q1 24 | $1.2B | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-58.3M |
| FCF MarginFCF / Revenue | — | -31.7% |
| Capex IntensityCapex / Revenue | — | 21.7% |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $-18.4M | ||
| Q3 25 | $99.8M | $-37.1M | ||
| Q2 25 | $80.5M | $-62.9M | ||
| Q1 25 | $64.8M | $-47.9M | ||
| Q4 24 | $91.0M | $37.9M | ||
| Q3 24 | $93.2M | $-16.9M | ||
| Q2 24 | $100.4M | $-25.2M | ||
| Q1 24 | $104.5M | $-73.8M |
| Q4 25 | — | $-58.3M | ||
| Q3 25 | — | $-60.4M | ||
| Q2 25 | — | $-78.6M | ||
| Q1 25 | — | $-62.6M | ||
| Q4 24 | — | $-70.2M | ||
| Q3 24 | — | $-21.9M | ||
| Q2 24 | — | $-30.8M | ||
| Q1 24 | — | $-77.8M |
| Q4 25 | — | -31.7% | ||
| Q3 25 | — | -32.6% | ||
| Q2 25 | — | -41.5% | ||
| Q1 25 | — | -35.3% | ||
| Q4 24 | — | -34.3% | ||
| Q3 24 | — | -11.3% | ||
| Q2 24 | — | -15.7% | ||
| Q1 24 | — | -39.5% |
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 12.5% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 8.3% | ||
| Q4 24 | — | 52.8% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | — | ||
| 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% |
UP
Segment breakdown not available.
