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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Velocity Financial, Inc. (VEL). 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 $51.6M, roughly 1.8× Velocity Financial, Inc.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 67.3%, a 8.5% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs -8.7%). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
BSM vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $51.6M |
| Net Profit | $72.2M | $34.8M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | 97.0% |
| Net Margin | 75.9% | 67.3% |
| Revenue YoY | -8.7% | 32.8% |
| Net Profit YoY | 55.8% | 67.0% |
| EPS (diluted) | — | $0.90 |
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 | $51.6M | ||
| Q3 25 | $105.2M | $49.1M | ||
| Q2 25 | $106.7M | $47.6M | ||
| Q1 25 | $115.3M | $37.5M | ||
| Q4 24 | $104.3M | $38.9M | ||
| Q3 24 | $103.2M | $35.1M | ||
| Q2 24 | $115.2M | $32.4M | ||
| Q1 24 | $116.8M | $29.5M |
| Q4 25 | $72.2M | $34.8M | ||
| Q3 25 | $91.7M | $25.4M | ||
| Q2 25 | $120.0M | $26.0M | ||
| Q1 25 | $15.9M | $18.9M | ||
| Q4 24 | $46.3M | $20.8M | ||
| Q3 24 | $92.7M | $15.8M | ||
| Q2 24 | $68.3M | $14.8M | ||
| Q1 24 | $63.9M | $17.3M |
| Q4 25 | 78.6% | 97.0% | ||
| Q3 25 | 89.5% | 72.1% | ||
| Q2 25 | — | 71.3% | ||
| Q1 25 | 14.9% | 71.7% | ||
| Q4 24 | 45.6% | 82.5% | ||
| Q3 24 | 90.2% | 60.6% | ||
| Q2 24 | 59.5% | 61.3% | ||
| Q1 24 | 54.8% | 78.8% |
| Q4 25 | 75.9% | 67.3% | ||
| Q3 25 | 87.2% | 51.7% | ||
| Q2 25 | 112.5% | 54.6% | ||
| Q1 25 | 13.8% | 50.4% | ||
| Q4 24 | 44.4% | 53.5% | ||
| Q3 24 | 89.9% | 45.1% | ||
| Q2 24 | 59.3% | 45.6% | ||
| Q1 24 | 54.7% | 58.5% |
| Q4 25 | — | $0.90 | ||
| Q3 25 | — | $0.65 | ||
| Q2 25 | — | $0.69 | ||
| Q1 25 | — | $0.51 | ||
| Q4 24 | — | $0.56 | ||
| Q3 24 | — | $0.44 | ||
| Q2 24 | — | $0.42 | ||
| Q1 24 | — | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $672.5M |
| Total Assets | $1.3B | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $92.1M | ||
| Q3 25 | $2.9M | $99.0M | ||
| Q2 25 | $2.5M | $79.6M | ||
| Q1 25 | $2.4M | $51.7M | ||
| Q4 24 | $2.5M | $49.9M | ||
| Q3 24 | $21.0M | $44.1M | ||
| Q2 24 | $26.7M | $47.4M | ||
| Q1 24 | $40.5M | $34.8M |
| Q4 25 | — | $672.5M | ||
| Q3 25 | — | $634.3M | ||
| Q2 25 | — | $597.9M | ||
| Q1 25 | — | $563.2M | ||
| Q4 24 | — | $516.9M | ||
| Q3 24 | — | $484.6M | ||
| Q2 24 | — | $471.3M | ||
| Q1 24 | — | $452.9M |
| Q4 25 | $1.3B | $7.4B | ||
| Q3 25 | $1.3B | $7.0B | ||
| Q2 25 | $1.3B | $6.5B | ||
| Q1 25 | $1.2B | $6.0B | ||
| Q4 24 | $1.2B | $5.5B | ||
| Q3 24 | $1.2B | $5.2B | ||
| Q2 24 | $1.2B | $4.9B | ||
| Q1 24 | $1.2B | $4.6B |
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 | $18.2M |
| Free Cash FlowOCF − Capex | — | $17.9M |
| FCF MarginFCF / Revenue | — | 34.6% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | 0.90× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $18.2M | ||
| Q3 25 | $99.8M | $11.5M | ||
| Q2 25 | $80.5M | $7.7M | ||
| Q1 25 | $64.8M | $3.5M | ||
| Q4 24 | $91.0M | $37.8M | ||
| Q3 24 | $93.2M | $-17.6M | ||
| Q2 24 | $100.4M | $11.5M | ||
| Q1 24 | $104.5M | $10.6M |
| Q4 25 | — | $17.9M | ||
| Q3 25 | — | $11.4M | ||
| Q2 25 | — | $7.6M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | — | $37.5M | ||
| Q3 24 | — | $-17.6M | ||
| Q2 24 | — | $11.4M | ||
| Q1 24 | — | $10.5M |
| Q4 25 | — | 34.6% | ||
| Q3 25 | — | 23.2% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 96.4% | ||
| Q3 24 | — | -50.3% | ||
| Q2 24 | — | 35.1% | ||
| Q1 24 | — | 35.8% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | 0.90× | 0.52× | ||
| Q3 25 | 1.09× | 0.45× | ||
| Q2 25 | 0.67× | 0.29× | ||
| Q1 25 | 4.07× | 0.19× | ||
| Q4 24 | 1.96× | 1.81× | ||
| Q3 24 | 1.01× | -1.11× | ||
| Q2 24 | 1.47× | 0.78× | ||
| Q1 24 | 1.63× | 0.61× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
