Black Stone Minerals, L.P. (BSM) vs Comstock Resources, Inc. (CRK)

Black Stone Minerals, L.P. and Comstock Resources, Inc. are both Oil & Gas E&P companies. Comstock Resources, Inc. is the larger, with a market value of $4.0B against $3.1B — 1.3× the size. Comstock Resources, Inc. trades at the lower P/E: 7.3× against 11.9×. Comstock Resources, Inc. grew revenue faster over the last twelve months: 31.6% against 5.07%. Black Stone Minerals, L.P. has the higher net margin (55.3% vs 23.3%) and the higher return on invested capital (14.1% vs 6.31%). Both pay a dividend; Black Stone Minerals, L.P. yields more (11.9% vs 4.44%). Across the 22 metrics below, Black Stone Minerals, L.P. leads on 13 and Comstock Resources, Inc. on 9.

Valuation

Metric BSM CRK Oil & Gas E&P median
P/E 11.92 7.33 10.57
P/S 6.67 1.76 1.80
P/B 3.77 1.21 1.27
Price to free cash flow 9.99 n/m 9.99
EV/EBITDA 9.75 5.49 5.08
EV/Sales 7.09 3.18 2.39
Earnings yield 8.39% 13.64% 6.06%
Free cash flow yield 10.01% (7.53%) 6.17%

Profitability

Metric BSM CRK Oil & Gas E&P median
Gross margin 100.00% 99.00% 80.41%
Operating margin 64.34% 28.82% 21.39%
Net margin 55.30% 23.34% 14.17%
Free cash flow margin 66.81% (13.22%) 9.71%
Return on equity 31.47% 18.16% 10.05%
Return on assets 19.30% 7.15% 5.81%
Return on invested capital 14.13% 6.31% 6.32%

Growth

Metric BSM CRK Oil & Gas E&P median
Revenue growth (TTM) 5.07% 31.59% 9.94%
EPS growth (last fiscal year) 11.30% 288.16% —
Revenue growth, 5-year CAGR 6.51% 20.94% 18.67%
Net income growth, 5-year CAGR 21.82% 0.00% 0.00%

Health

Metric BSM CRK Oil & Gas E&P median
Debt to equity 0.18 0.98 0.28
Current ratio 3.76 0.48 0.96
Net debt to EBITDA 0.44 2.14 0.91

Dividend

Metric BSM CRK Oil & Gas E&P median
Dividend yield 11.86% 4.44% 4.93%
Payout ratio — 0.11 0.07

Size

Metric BSM CRK Oil & Gas E&P median
Market cap 3.12b 3.98b 923.59m

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