Black Stone Minerals, L.P. (BSM) vs CNX Resources Corporation. (CNX)

Black Stone Minerals, L.P. and CNX Resources Corporation. are both Oil & Gas E&P companies. CNX Resources Corporation. is the larger, with a market value of $4.9B against $3.1B — 1.6× the size. CNX Resources Corporation. trades at the lower P/E: 4.9× against 11.9×. CNX Resources Corporation. grew revenue faster over the last twelve months: 61.9% against 5.07%. Black Stone Minerals, L.P. has the higher net margin (55.3% vs 36.5%) and the higher return on invested capital (14.1% vs 11.2%). Across the 22 metrics below, Black Stone Minerals, L.P. leads on 11 and CNX Resources Corporation. on 11.

Valuation

Metric BSM CNX Oil & Gas E&P median
P/E 11.92 4.88 10.57
P/S 6.67 1.87 1.80
P/B 3.77 1.00 1.27
Price to free cash flow 9.99 7.72 9.99
EV/EBITDA 9.75 3.97 5.08
EV/Sales 7.09 2.81 2.39
Earnings yield 8.39% 20.49% 6.06%
Free cash flow yield 10.01% 12.95% 6.17%

Profitability

Metric BSM CNX Oil & Gas E&P median
Gross margin 100.00% 82.95% 80.41%
Operating margin 64.34% 48.66% 21.39%
Net margin 55.30% 36.52% 14.17%
Free cash flow margin 66.81% 24.20% 9.71%
Return on equity 31.47% 21.25% 10.05%
Return on assets 19.30% 10.48% 5.81%
Return on invested capital 14.13% 11.16% 6.32%

Growth

Metric BSM CNX Oil & Gas E&P median
Revenue growth (TTM) 5.07% 61.90% 9.94%
EPS growth (last fiscal year) 11.30% 763.33% —
Revenue growth, 5-year CAGR 6.51% 12.22% 18.67%
Net income growth, 5-year CAGR 21.82% 0.00% 0.00%

Health

Metric BSM CNX Oil & Gas E&P median
Debt to equity 0.18 0.46 0.28
Current ratio 3.76 0.72 0.96
Net debt to EBITDA 0.44 1.65 0.91

Dividend

Metric BSM CNX Oil & Gas E&P median
Dividend yield 11.86% — 4.93%
Payout ratio — 0.00 0.07

Size

Metric BSM CNX Oil & Gas E&P median
Market cap 3.12b 4.94b 923.59m

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