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

Black Stone Minerals, L.P. and California Resources Corporation are both Oil & Gas E&P companies. California Resources Corporation is the larger, with a market value of $4.0B against $3.1B — 1.3× the size. California Resources Corporation has negative trailing earnings, so its P/E is not meaningful; Black Stone Minerals, L.P. trades at 13.6×. Black Stone Minerals, L.P. grew revenue faster over the last twelve months: −1.88% against −23.8%. Black Stone Minerals, L.P. has the higher net margin (50.3% vs −18.1%) and the higher return on invested capital (12.6% vs −8.22%). Both pay a dividend; Black Stone Minerals, L.P. yields more (8.84% vs 3.53%). Across the 21 metrics below, Black Stone Minerals, L.P. leads on 17 and California Resources Corporation on 4.

Valuation

Metric BSM CRC Oil & Gas E&P median
P/E 13.60 n/m 9.67
P/S 7.16 1.47 1.76
P/B 3.86 1.35 1.19
Price to free cash flow 10.10 12.00 8.37
EV/EBITDA 10.93 n/m 4.59
EV/Sales 7.60 1.96 2.27
Earnings yield 7.36% (12.30%) 7.55%
Free cash flow yield 9.91% 8.33% 3.98%

Profitability

Metric BSM CRC Oil & Gas E&P median
Gross margin 100.00% 43.10% 79.54%
Operating margin 60.40% (20.28%) 24.01%
Net margin 50.32% (18.11%) 14.11%
Free cash flow margin 70.90% 12.28% 7.72%
Return on equity 26.56% (15.46%) 8.99%
Return on assets 16.24% (7.11%) 4.63%
Return on invested capital 12.56% (8.22%) 6.33%

Growth

Metric BSM CRC Oil & Gas E&P median
Revenue growth (TTM) (1.88%) (23.77%) 13.60%
EPS growth (last fiscal year) 11.30% (10.17%) (10.17%)
Revenue growth, 5-year CAGR 6.51% 18.67% 18.67%
Net income growth, 5-year CAGR 21.82% (27.12%) 0.00%

Health

Metric BSM CRC Oil & Gas E&P median
Debt to equity 0.18 0.42 0.29
Current ratio 1.78 0.51 0.92
Net debt to EBITDA 0.44 1.04 0.93

Dividend

Metric BSM CRC Oil & Gas E&P median
Dividend yield 8.84% 3.53% 3.76%
Payout ratio 1.20 — 0.33

Size

Metric BSM CRC Oil & Gas E&P median
Market cap 3.05b 4.03b 953.29m

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