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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Vericel Corp (VCEL). 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 $92.9M, roughly 1.0× Vericel Corp). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 25.0%, a 50.9% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -8.7%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
BSM vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $92.9M |
| Net Profit | $72.2M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 78.6% | 24.1% |
| Net Margin | 75.9% | 25.0% |
| Revenue YoY | -8.7% | 23.3% |
| Net Profit YoY | 55.8% | 17.3% |
| EPS (diluted) | — | $0.46 |
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 | $92.9M | ||
| Q3 25 | $105.2M | $67.5M | ||
| Q2 25 | $106.7M | $63.2M | ||
| Q1 25 | $115.3M | $52.6M | ||
| Q4 24 | $104.3M | $75.4M | ||
| Q3 24 | $103.2M | $57.9M | ||
| Q2 24 | $115.2M | $52.7M | ||
| Q1 24 | $116.8M | $51.3M |
| Q4 25 | $72.2M | $23.2M | ||
| Q3 25 | $91.7M | $5.1M | ||
| Q2 25 | $120.0M | $-553.0K | ||
| Q1 25 | $15.9M | $-11.2M | ||
| Q4 24 | $46.3M | $19.8M | ||
| Q3 24 | $92.7M | $-901.0K | ||
| Q2 24 | $68.3M | $-4.7M | ||
| Q1 24 | $63.9M | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | 78.6% | 24.1% | ||
| Q3 25 | 89.5% | 5.1% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | 14.9% | -24.3% | ||
| Q4 24 | 45.6% | 24.5% | ||
| Q3 24 | 90.2% | -4.3% | ||
| Q2 24 | 59.5% | -11.5% | ||
| Q1 24 | 54.8% | -10.7% |
| Q4 25 | 75.9% | 25.0% | ||
| Q3 25 | 87.2% | 7.5% | ||
| Q2 25 | 112.5% | -0.9% | ||
| Q1 25 | 13.8% | -21.4% | ||
| Q4 24 | 44.4% | 26.3% | ||
| Q3 24 | 89.9% | -1.6% | ||
| Q2 24 | 59.3% | -8.9% | ||
| Q1 24 | 54.7% | -7.5% |
| Q4 25 | — | $0.46 | ||
| Q3 25 | — | $0.10 | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $-0.23 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $-0.02 | ||
| Q2 24 | — | $-0.10 | ||
| Q1 24 | — | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $354.6M |
| Total Assets | $1.3B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $137.5M | ||
| Q3 25 | $2.9M | $135.4M | ||
| Q2 25 | $2.5M | $116.9M | ||
| Q1 25 | $2.4M | $112.9M | ||
| Q4 24 | $2.5M | $116.2M | ||
| Q3 24 | $21.0M | $101.7M | ||
| Q2 24 | $26.7M | $102.5M | ||
| Q1 24 | $40.5M | $110.6M |
| Q4 25 | — | $354.6M | ||
| Q3 25 | — | $321.9M | ||
| Q2 25 | — | $306.8M | ||
| Q1 25 | — | $295.5M | ||
| Q4 24 | — | $292.0M | ||
| Q3 24 | — | $257.5M | ||
| Q2 24 | — | $243.0M | ||
| Q1 24 | — | $233.9M |
| Q4 25 | $1.3B | $488.0M | ||
| Q3 25 | $1.3B | $453.3M | ||
| Q2 25 | $1.3B | $435.6M | ||
| Q1 25 | $1.2B | $424.6M | ||
| Q4 24 | $1.2B | $432.7M | ||
| Q3 24 | $1.2B | $390.4M | ||
| Q2 24 | $1.2B | $376.8M | ||
| Q1 24 | $1.2B | $356.7M |
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 | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 0.90× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $15.0M | ||
| Q3 25 | $99.8M | $22.1M | ||
| Q2 25 | $80.5M | $8.2M | ||
| Q1 25 | $64.8M | $6.6M | ||
| Q4 24 | $91.0M | $22.2M | ||
| Q3 24 | $93.2M | $10.2M | ||
| Q2 24 | $100.4M | $18.5M | ||
| Q1 24 | $104.5M | $7.2M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | -13.3% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | — | 27.3% |
| Q4 25 | 0.90× | 0.65× | ||
| Q3 25 | 1.09× | 4.35× | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
