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Black Stone Minerals, L.P.（BSM）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
Black Stone Minerals, L.P.的季度营收约是Repay Holdings Corp的1.2倍（$95.2M vs $78.6M），Black Stone Minerals, L.P.净利率更高（75.9% vs -178.3%，领先254.2%），Repay Holdings Corp同比增速更快（0.4% vs -8.7%），过去两年Repay Holdings Corp的营收复合增速更高（-1.3% vs -9.7%）
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。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
BSM vs RPAY — 直观对比
营收规模更大
BSM
是对方的1.2倍
$78.6M
营收增速更快
RPAY
高出9.1%
-8.7%
净利率更高
BSM
高出254.2%
-178.3%
两年增速更快
RPAY
近两年复合增速
-9.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $95.2M | $78.6M |
| 净利润 | $72.2M | $-140.1M |
| 毛利率 | — | 74.2% |
| 营业利润率 | 78.6% | -182.2% |
| 净利率 | 75.9% | -178.3% |
| 营收同比 | -8.7% | 0.4% |
| 净利润同比 | 55.8% | -3304.1% |
| 每股收益（稀释后） | — | $-1.68 |
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BSMRPAY
| Q4 25 | $95.2M | $78.6M | ||
| Q3 25 | $105.2M | $77.7M | ||
| Q2 25 | $106.7M | $75.6M | ||
| Q1 25 | $115.3M | $77.3M | ||
| Q4 24 | $104.3M | $78.3M | ||
| Q3 24 | $103.2M | $79.1M | ||
| Q2 24 | $115.2M | $74.9M | ||
| Q1 24 | $116.8M | $80.7M |
净利润BSMRPAY
| Q4 25 | $72.2M | $-140.1M | ||
| Q3 25 | $91.7M | $-6.4M | ||
| Q2 25 | $120.0M | $-102.3M | ||
| Q1 25 | $15.9M | $-7.9M | ||
| Q4 24 | $46.3M | $-4.1M | ||
| Q3 24 | $92.7M | $3.2M | ||
| Q2 24 | $68.3M | $-4.1M | ||
| Q1 24 | $63.9M | $-5.2M |
毛利率BSMRPAY
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
营业利润率BSMRPAY
| Q4 25 | 78.6% | -182.2% | ||
| Q3 25 | 89.5% | -3.9% | ||
| Q2 25 | — | -138.7% | ||
| Q1 25 | 14.9% | -4.7% | ||
| Q4 24 | 45.6% | -1.5% | ||
| Q3 24 | 90.2% | -0.9% | ||
| Q2 24 | 59.5% | -4.6% | ||
| Q1 24 | 54.8% | -3.1% |
净利率BSMRPAY
| Q4 25 | 75.9% | -178.3% | ||
| Q3 25 | 87.2% | -8.3% | ||
| Q2 25 | 112.5% | -135.2% | ||
| Q1 25 | 13.8% | -10.3% | ||
| Q4 24 | 44.4% | -5.3% | ||
| Q3 24 | 89.9% | 4.1% | ||
| Q2 24 | 59.3% | -5.4% | ||
| Q1 24 | 54.7% | -6.5% |
每股收益（稀释后）BSMRPAY
| Q4 25 | — | $-1.68 | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | — | $-1.15 | ||
| Q1 25 | — | $-0.09 | ||
| Q4 24 | — | $-0.04 | ||
| Q3 24 | — | $0.03 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $-0.06 |
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 | $115.7M |
| 总债务越低越好 | — | $280.1M |
| 股东权益账面价值 | — | $484.4M |
| 总资产 | $1.3B | $1.2B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资BSMRPAY
| Q4 25 | $1.5M | $115.7M | ||
| Q3 25 | $2.9M | $95.7M | ||
| Q2 25 | $2.5M | $162.6M | ||
| Q1 25 | $2.4M | $165.5M | ||
| Q4 24 | $2.5M | $189.5M | ||
| Q3 24 | $21.0M | $168.7M | ||
| Q2 24 | $26.7M | $147.1M | ||
| Q1 24 | $40.5M | $128.3M |
总债务BSMRPAY
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
股东权益BSMRPAY
| Q4 25 | — | $484.4M | ||
| Q3 25 | — | $616.9M | ||
| Q2 25 | — | $633.7M | ||
| Q1 25 | — | $755.7M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $754.7M | ||
| Q2 24 | — | $815.4M | ||
| Q1 24 | — | $813.8M |
总资产BSMRPAY
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.2B | $1.5B | ||
| Q1 24 | $1.2B | $1.5B |
负债/权益比BSMRPAY
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| 自由现金流经营现金流 - 资本支出 | — | $23.2M |
| 自由现金流率自由现金流/营收 | — | 29.6% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | 0.90× | — |
| 过去12个月自由现金流最近4个季度 | — | $90.7M |
8季度趋势，按日历期对齐
经营现金流BSMRPAY
| Q4 25 | $65.1M | $23.3M | ||
| Q3 25 | $99.8M | $32.2M | ||
| Q2 25 | $80.5M | $33.1M | ||
| Q1 25 | $64.8M | $2.5M | ||
| Q4 24 | $91.0M | $34.3M | ||
| Q3 24 | $93.2M | $60.1M | ||
| Q2 24 | $100.4M | $31.0M | ||
| Q1 24 | $104.5M | $24.8M |
自由现金流BSMRPAY
| Q4 25 | — | $23.2M | ||
| Q3 25 | — | $32.1M | ||
| Q2 25 | — | $33.0M | ||
| Q1 25 | — | $2.4M | ||
| Q4 24 | — | $34.0M | ||
| Q3 24 | — | $59.8M | ||
| Q2 24 | — | $30.5M | ||
| Q1 24 | — | $24.7M |
自由现金流率BSMRPAY
| Q4 25 | — | 29.6% | ||
| Q3 25 | — | 41.3% | ||
| Q2 25 | — | 43.6% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 43.5% | ||
| Q3 24 | — | 75.6% | ||
| Q2 24 | — | 40.7% | ||
| Q1 24 | — | 30.6% |
资本支出强度BSMRPAY
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 0.1% |
现金转化率BSMRPAY
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | 18.52× | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
