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 $3.9B against $3.1B — 1.3× the size. Comstock Resources, Inc. trades at the lower P/E: 9.2× against 13.2×. Comstock Resources, Inc. grew revenue faster over the last twelve months: 17.3% against −1.88%. Black Stone Minerals, L.P. has the higher net margin (50.3% vs 19.9%) and the higher return on invested capital (12.6% vs 5.74%). Across the 21 metrics below, Black Stone Minerals, L.P. leads on 12 and Comstock Resources, Inc. on 9.

Valuation

Metric BSM CRK Oil & Gas E&P median
P/E 13.18 9.15 9.65
P/S 6.94 1.87 1.73
P/B 3.74 1.23 1.23
Price to free cash flow 9.79 n/m 9.34
EV/EBITDA 10.61 5.77 4.58
EV/Sales 7.38 3.46 2.27
Earnings yield 7.59% 10.92% 7.67%
Free cash flow yield 10.22% (9.80%) 4.40%

Profitability

Metric BSM CRK Oil & Gas E&P median
Gross margin 100.00% 98.78% 80.16%
Operating margin 60.40% 28.43% 24.33%
Net margin 50.32% 19.86% 14.15%
Free cash flow margin 70.90% (18.31%) 10.07%
Return on equity 26.56% 14.43% 9.41%
Return on assets 16.24% 5.71% 5.35%
Return on invested capital 12.56% 5.74% 6.33%

Growth

Metric BSM CRK Oil & Gas E&P median
Revenue growth (TTM) (1.88%) 17.33% 13.60%
EPS growth (last fiscal year) 11.30% 288.16% (10.17%)
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 1.05 0.29
Current ratio 1.78 0.60 0.90
Net debt to EBITDA 0.44 2.14 0.93

Dividend

Metric BSM CRK Oil & Gas E&P median
Dividend yield 9.12% — 3.80%
Payout ratio 1.20 — 0.33

Size

Metric BSM CRK Oil & Gas E&P median
Market cap 3.05b 3.91b 895.85m

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