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: 7.8× against 12.4×. 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%). 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 12.42 7.83 11.01
P/S 6.95 1.88 1.98
P/B 3.93 1.29 1.30
Price to free cash flow 10.41 n/m 10.68
EV/EBITDA 10.13 5.66 5.09
EV/Sales 7.38 3.29 2.63
Earnings yield 8.05% 12.78% 5.78%
Free cash flow yield 9.61% (7.05%) 4.91%

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%) 8.18%
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% (10.50%)
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 0.89

Dividend

Metric BSM CRK Oil & Gas E&P median
Dividend yield 8.12% — 3.29%
Payout ratio 1.01 — 0.35

Size

Metric BSM CRK Oil & Gas E&P median
Market cap 3.14b 3.96b 1.04b

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