Black Stone Minerals, L.P. (BSM) vs Crescent Energy Company (CRGY)

Black Stone Minerals, L.P. and Crescent Energy Company are both Oil & Gas E&P companies. Crescent Energy Company is the larger, with a market value of $4.7B against $3.1B — 1.5× the size. Black Stone Minerals, L.P. trades at the lower P/E: 13.6× against 62.7×. Crescent Energy Company grew revenue faster over the last twelve months: 33.5% against −1.88%. Black Stone Minerals, L.P. has the higher net margin (50.3% vs 1.30%) and the higher return on invested capital (12.6% vs 8.47%). Both pay a dividend; Black Stone Minerals, L.P. yields more (8.84% vs 4.29%). Across the 22 metrics below, Black Stone Minerals, L.P. leads on 13 and Crescent Energy Company on 9.

Valuation

Metric BSM CRGY Oil & Gas E&P median
P/E 13.60 62.74 9.67
P/S 7.16 0.77 1.76
P/B 3.86 0.72 1.19
Price to free cash flow 10.10 1.41 8.37
EV/EBITDA 10.93 3.10 4.59
EV/Sales 7.60 1.76 2.27
Earnings yield 7.36% 1.59% 7.55%
Free cash flow yield 9.91% 70.95% 3.98%

Profitability

Metric BSM CRGY Oil & Gas E&P median
Gross margin 100.00% 100.00% 79.54%
Operating margin 60.40% 27.82% 24.01%
Net margin 50.32% 1.30% 14.11%
Free cash flow margin 70.90% 54.67% 7.72%
Return on equity 26.56% 1.29% 8.99%
Return on assets 16.24% 0.58% 4.63%
Return on invested capital 12.56% 8.47% 6.33%

Growth

Metric BSM CRGY Oil & Gas E&P median
Revenue growth (TTM) (1.88%) 33.54% 13.60%
EPS growth (last fiscal year) 11.30% 161.36% (10.17%)
Revenue growth, 5-year CAGR 6.51% 36.54% 18.67%
Net income growth, 5-year CAGR 21.82% 0.00% 0.00%

Health

Metric BSM CRGY Oil & Gas E&P median
Debt to equity 0.18 0.92 0.29
Current ratio 1.78 0.67 0.92
Net debt to EBITDA 0.44 3.40 0.93

Dividend

Metric BSM CRGY Oil & Gas E&P median
Dividend yield 8.84% 4.29% 3.76%
Payout ratio 1.20 — 0.33

Size

Metric BSM CRGY Oil & Gas E&P median
Market cap 3.05b 4.71b 953.29m

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