Black Stone Minerals, L.p. vs TXO Partners, L.p.
Black Stone Minerals, L.p. is the larger business, with $470m of revenue in fiscal 2025 against $401m for TXO Partners, L.p. (1.2 times as much). TXO Partners, L.p. grew faster (41.8% against 8.4%). Black Stone Minerals, L.p. kept more of each dollar of sales as profit: a net margin of 57.6% against -5.4%.
| Latest fiscal year | Black Stone Minerals, L.p.BSM, 2025 | TXO Partners, L.p.TXO, 2025 |
|---|---|---|
| Revenue | $470m | $401m |
| Revenue growth | 8.4% | 41.8% |
| Net income | $270m | −$21.6m |
| Operating margin | 65.6% | -7.6% |
| Net margin | 57.6% | -5.4% |
| Return on equity | — | — |
| Free cash flow | $203m | — |
| Cash | $1.5m | $9.4m |
| Total debt | $154m | $291m |
| Debt to equity | — | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | — | 231 |
| Market value | $3.13bn | $771m |
| Price vs our value range | Below our value range | Below our value range |
| Moat score | 94 (Strong) | — |
| Insider trades, 12 months | 7 buys, 8 sales | 23 buys, 5 sales |