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Black Stone Minerals, L.P.（BSM）与BRC Group Holdings, Inc.（RILY）财务数据对比。点击上方公司名可切换其他公司
BRC Group Holdings, Inc.的季度营收约是Black Stone Minerals, L.P.的2.0倍（$188.3M vs $95.2M），Black Stone Minerals, L.P.净利率更高（75.9% vs 47.9%，领先27.9%），Black Stone Minerals, L.P.同比增速更快（-8.7% vs -21.9%），过去两年Black Stone Minerals, L.P.的营收复合增速更高（-9.7% vs -15.4%）
黑石矿业有限合伙企业是总部位于美国得克萨斯州休斯敦的油气企业，核心业务涉及石油与天然气相关领域，在北美能源产业链中拥有成熟的运营布局与资源储备。
BSM vs RILY — 直观对比
营收规模更大
RILY
是对方的2.0倍
$95.2M
营收增速更快
BSM
高出13.1%
-21.9%
净利率更高
BSM
高出27.9%
47.9%
两年增速更快
BSM
近两年复合增速
-15.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $95.2M | $188.3M |
| 净利润 | $72.2M | $90.3M |
| 毛利率 | — | 79.5% |
| 营业利润率 | 78.6% | 32.3% |
| 净利率 | 75.9% | 47.9% |
| 营收同比 | -8.7% | -21.9% |
| 净利润同比 | 55.8% | 1710.8% |
| 每股收益（稀释后） | — | $2.78 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BSMRILY
| Q4 25 | $95.2M | $188.3M | ||
| Q3 25 | $105.2M | $215.3M | ||
| Q2 25 | $106.7M | $188.2M | ||
| Q1 25 | $115.3M | $197.2M | ||
| Q4 24 | $104.3M | $241.0M | ||
| Q3 24 | $103.2M | $225.5M | ||
| Q2 24 | $115.2M | $256.0M | ||
| Q1 24 | $116.8M | $263.4M |
净利润BSMRILY
| Q4 25 | $72.2M | $90.3M | ||
| Q3 25 | $91.7M | $91.1M | ||
| Q2 25 | $120.0M | $139.5M | ||
| Q1 25 | $15.9M | $-10.0M | ||
| Q4 24 | $46.3M | $-5.6M | ||
| Q3 24 | $92.7M | $-284.4M | ||
| Q2 24 | $68.3M | $-433.6M | ||
| Q1 24 | $63.9M | $-49.2M |
毛利率BSMRILY
| Q4 25 | — | 79.5% | ||
| Q3 25 | — | 83.7% | ||
| Q2 25 | — | 81.3% | ||
| Q1 25 | — | 81.4% | ||
| Q4 24 | — | 79.8% | ||
| Q3 24 | — | 82.1% | ||
| Q2 24 | — | 84.5% | ||
| Q1 24 | — | 85.3% |
营业利润率BSMRILY
| Q4 25 | 78.6% | 32.3% | ||
| Q3 25 | 89.5% | 30.4% | ||
| Q2 25 | — | 5.7% | ||
| Q1 25 | 14.9% | -31.2% | ||
| Q4 24 | 45.6% | -69.2% | ||
| Q3 24 | 90.2% | -36.4% | ||
| Q2 24 | 59.5% | -90.8% | ||
| Q1 24 | 54.8% | -6.1% |
净利率BSMRILY
| Q4 25 | 75.9% | 47.9% | ||
| Q3 25 | 87.2% | 42.3% | ||
| Q2 25 | 112.5% | 74.1% | ||
| Q1 25 | 13.8% | -5.1% | ||
| Q4 24 | 44.4% | -2.3% | ||
| Q3 24 | 89.9% | -126.1% | ||
| Q2 24 | 59.3% | -169.4% | ||
| Q1 24 | 54.7% | -18.7% |
每股收益（稀释后）BSMRILY
| Q4 25 | — | $2.78 | ||
| Q3 25 | — | $2.91 | ||
| Q2 25 | — | $4.50 | ||
| Q1 25 | — | $-0.39 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | — | $-9.39 | ||
| Q2 24 | — | $-14.35 | ||
| Q1 24 | — | $-1.71 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.5M | $226.6M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | — | $-171.5M |
| 总资产 | $1.3B | $1.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BSMRILY
| Q4 25 | $1.5M | $226.6M | ||
| Q3 25 | $2.9M | $184.2M | ||
| Q2 25 | $2.5M | $267.4M | ||
| Q1 25 | $2.4M | $138.3M | ||
| Q4 24 | $2.5M | $146.9M | ||
| Q3 24 | $21.0M | $159.2M | ||
| Q2 24 | $26.7M | $236.9M | ||
| Q1 24 | $40.5M | $190.7M |
总债务BSMRILY
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BSMRILY
| Q4 25 | — | $-171.5M | ||
| Q3 25 | — | $-260.5M | ||
| Q2 25 | — | $-351.7M | ||
| Q1 25 | — | $-496.8M | ||
| Q4 24 | — | $-488.2M | ||
| Q3 24 | — | $-497.6M | ||
| Q2 24 | — | $-218.3M | ||
| Q1 24 | — | $228.4M |
总资产BSMRILY
| Q4 25 | $1.3B | $1.7B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $1.3B | $1.5B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $1.2B | $3.2B | ||
| Q1 24 | $1.2B | $5.0B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $65.1M | $26.2M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 0.90× | 0.29× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流BSMRILY
| Q4 25 | $65.1M | $26.2M | ||
| Q3 25 | $99.8M | $-60.6M | ||
| Q2 25 | $80.5M | $-25.6M | ||
| Q1 25 | $64.8M | $184.0K | ||
| Q4 24 | $91.0M | $-2.7M | ||
| Q3 24 | $93.2M | $19.5M | ||
| Q2 24 | $100.4M | $111.5M | ||
| Q1 24 | $104.5M | $135.4M |
现金转化率BSMRILY
| Q4 25 | 0.90× | 0.29× | ||
| Q3 25 | 1.09× | -0.66× | ||
| Q2 25 | 0.67× | -0.18× | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.63× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
BSM
| Oil Reserves | $46.4M | 49% |
| Natural Gas Reserves | $44.1M | 46% |
| Real Estate | $4.7M | 5% |
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
