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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and Wingstop Inc. (WING). Click either name above to swap in a different company.
Wingstop Inc. is the larger business by last-quarter revenue ($183.7M vs $95.2M, roughly 1.9× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 16.3%, a 59.6% gap on every dollar of revenue. On growth, Wingstop Inc. posted the faster year-over-year revenue change (7.4% vs -8.7%). Over the past eight quarters, Wingstop Inc.'s revenue compounded faster (8.6% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Wingstop Inc. is an American international fast food chain that primarily sells buffalo wings. Wingstop locations are decorated with a 1930s and 1940s pre-jet aviation theme.
BSM vs WING — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $183.7M |
| Net Profit | $72.2M | $29.9M |
| Gross Margin | — | 86.5% |
| Operating Margin | 78.6% | 27.4% |
| Net Margin | 75.9% | 16.3% |
| Revenue YoY | -8.7% | 7.4% |
| Net Profit YoY | 55.8% | — |
| EPS (diluted) | — | $1.08 |
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.
| Q1 26 | — | $183.7M | ||
| Q4 25 | $95.2M | $175.7M | ||
| Q3 25 | $105.2M | $175.7M | ||
| Q2 25 | $106.7M | $174.3M | ||
| Q1 25 | $115.3M | $171.1M | ||
| Q4 24 | $104.3M | $161.8M | ||
| Q3 24 | $103.2M | $162.5M | ||
| Q2 24 | $115.2M | $155.7M |
| Q1 26 | — | $29.9M | ||
| Q4 25 | $72.2M | $26.8M | ||
| Q3 25 | $91.7M | $28.5M | ||
| Q2 25 | $120.0M | $26.8M | ||
| Q1 25 | $15.9M | $92.3M | ||
| Q4 24 | $46.3M | $26.8M | ||
| Q3 24 | $92.7M | $25.7M | ||
| Q2 24 | $68.3M | $27.5M |
| Q1 26 | — | 86.5% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 85.6% | ||
| Q3 24 | — | 85.0% | ||
| Q2 24 | — | 85.4% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 78.6% | 26.7% | ||
| Q3 25 | 89.5% | 27.9% | ||
| Q2 25 | — | 25.9% | ||
| Q1 25 | 14.9% | 22.4% | ||
| Q4 24 | 45.6% | 25.9% | ||
| Q3 24 | 90.2% | 24.5% | ||
| Q2 24 | 59.5% | 26.5% |
| Q1 26 | — | 16.3% | ||
| Q4 25 | 75.9% | 15.2% | ||
| Q3 25 | 87.2% | 16.2% | ||
| Q2 25 | 112.5% | 15.4% | ||
| Q1 25 | 13.8% | 53.9% | ||
| Q4 24 | 44.4% | 16.5% | ||
| Q3 24 | 89.9% | 15.8% | ||
| Q2 24 | 59.3% | 17.7% |
| Q1 26 | — | $1.08 | ||
| Q4 25 | — | $0.99 | ||
| Q3 25 | — | $1.02 | ||
| Q2 25 | — | $0.96 | ||
| Q1 25 | — | $3.24 | ||
| Q4 24 | — | $0.91 | ||
| Q3 24 | — | $0.88 | ||
| Q2 24 | — | $0.93 |
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 | $128.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | — |
| Total Assets | $1.3B | $648.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $128.8M | ||
| Q4 25 | $1.5M | $196.6M | ||
| Q3 25 | $2.9M | $237.6M | ||
| Q2 25 | $2.5M | $227.9M | ||
| Q1 25 | $2.4M | $251.4M | ||
| Q4 24 | $2.5M | $315.9M | ||
| Q3 24 | $21.0M | $84.0M | ||
| Q2 24 | $26.7M | $96.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $-736.8M | ||
| Q3 25 | — | $-702.6M | ||
| Q2 25 | — | $-686.0M | ||
| Q1 25 | — | $-715.0M | ||
| Q4 24 | — | $-675.6M | ||
| Q3 24 | — | $-447.5M | ||
| Q2 24 | — | $-437.5M |
| Q1 26 | — | $648.9M | ||
| Q4 25 | $1.3B | $693.4M | ||
| Q3 25 | $1.3B | $721.0M | ||
| Q2 25 | $1.3B | $708.3M | ||
| Q1 25 | $1.2B | $696.8M | ||
| Q4 24 | $1.2B | $716.2M | ||
| Q3 24 | $1.2B | $484.8M | ||
| Q2 24 | $1.2B | $451.8M |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $65.1M | $57.3M | ||
| Q3 25 | $99.8M | $63.9M | ||
| Q2 25 | $80.5M | $6.6M | ||
| Q1 25 | $64.8M | $25.3M | ||
| Q4 24 | $91.0M | $7.7M | ||
| Q3 24 | $93.2M | $69.0M | ||
| Q2 24 | $100.4M | $36.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $34.5M | ||
| Q3 25 | — | $61.7M | ||
| Q2 25 | — | $-7.8M | ||
| Q1 25 | — | $17.3M | ||
| Q4 24 | — | $-8.6M | ||
| Q3 24 | — | $54.9M | ||
| Q2 24 | — | $25.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 19.6% | ||
| Q3 25 | — | 35.1% | ||
| Q2 25 | — | -4.5% | ||
| Q1 25 | — | 10.1% | ||
| Q4 24 | — | -5.3% | ||
| Q3 24 | — | 33.8% | ||
| Q2 24 | — | 16.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 13.0% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 8.2% | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 8.7% | ||
| Q2 24 | — | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.90× | 2.14× | ||
| Q3 25 | 1.09× | 2.24× | ||
| Q2 25 | 0.67× | 0.25× | ||
| Q1 25 | 4.07× | 0.27× | ||
| Q4 24 | 1.96× | 0.29× | ||
| Q3 24 | 1.01× | 2.68× | ||
| Q2 24 | 1.47× | 1.32× |
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% |
WING
| Royalty revenue, franchise fees and other | $87.5M | 48% |
| Advertising fees | $63.3M | 34% |
| Company-owned restaurant sales | $33.0M | 18% |
