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Black Stone Minerals, L.P.

BSM Energy Oil & Gas E&P

Black Stone Minerals, L.P.’s revenue for fiscal 2025 (year ended December 2025) was $469.9 million, up 8.35% from fiscal 2024.

Revenue
−24.7%
EPS
−38.5%
Free cash flow
−4.44%
Total debt
+105.3%

Quarter to September 2026, against a year earlier

14.36 0.15 −1.03%
Market cap
$3.1B
P/E
13.6×
Fwd P/E
15.4×
Dividend yield
8.84%
F-score
6/9
Altman Z
n/a
Beneish M
−2.72
Dividend safety
20/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 2.41
Sold, $m 29.54
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 4 — — — — — —
Sell — — — 1 1 2 — — 1 — — —
Insider Ownership 20.88%

Capital & Financial Ratios $m

Size
Market Cap 3,050.00
Revenue ttm 426.76
Net income ttm 244.23
Free cash flow ttm 302.57
Net debt Q 189.51
Valuation
P/E 13.60
Forward P/E 15.40
Price / sales 7.16
Forward P/S Powerpack
Price / FCF 10.10
Price / book 3.86
Financial health
Current ratio Q 1.78 (at or above 1.5: strong)
Debt / equity Q 0.18 (at or below 0.5: strong)
Interest coverage Q 14.29
Growth
Revenue growth Q −24.72% (below 0%: shrinking)
Operating income growth Q −40.26% (below 0%: shrinking)
EPS, this year −21.35% (below 0%: weak)
EPS, next year A +14.24%
Revenue, next year A −7.37% (below 0%: weak)
EPS, past 5 yrs +21.17% (at or above 15%: strong)
EPS, next 5 yrs A +3.03%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.6×, against a ten-year median of 6.8×; over the ten years it ranged from 2.3× in 2020 to 14.8× in 2017.
P/E against its own 10 years 58.63%
10-year low 10-year high
P/S against its own 10 years 59.22%
10-year low 10-year high
P/B against its own 10 years 56.11%
10-year low 10-year high
EV/Sales against its own 10 years 62.63%
10-year low 10-year high
EV/FCF against its own 10 years 60.84%
10-year low 10-year high

Dividends

Yield
8.84%
Annual rate
1.27
Payout ratio
120.2%
Growth, 2018–26
−0.60%/yr
  1. 1.33 ’18
  2. 1.48 ’19 +11
  3. 0.68 ’20 −54
  4. 0.60 ’21 −12
  5. 1.54 ’22 +157
  6. 1.90 ’23 +23
  7. 1.60 ’24 −16
  8. 1.35 ’25 −16
  9. 1.27 ’26 −6
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 70 3 1 5
Receivables 82 71 66 72
Inventory — — — —
Other 38 2 19 10
193 79 96 91
2023 2024 2025 Q'26
Payables 6 6 3 4
ST’ Debt — — — —
Other 3 7 2 31
26 30 25 51

Compound Annual Growth %

10y 5y 3y
Sales 1.81% 6.51% (10.87%)
Cash Flow 0.86% 1.94% (9.97%)
Earnings 0.00% 21.82% (15.95%)
Book Value 2.17% 1.28% (2.29%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.21 Actual 0.21

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.27 0.31 Beat by 0.04
Q1 FY26 0.22 0.28 Beat by 0.06
Q2 FY26 0.22 0.47 Beat by 0.25
Q3 FY26 0.21 0.21 Met by 0.00
Q4 FY26 0.19 — Reports 22 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.03 0.47 0.25 — —
’25 0.04 0.53 0.40 0.31 1.28
’24 0.27 0.29 0.41 0.18 1.15
’23 0.60 0.35 0.27 0.65 1.88
’22 (0.06) 0.59 0.75 0.82 2.12
’21 0.05 0.05 0.05 0.60 0.77
’20 0.34 (0.07) 0.09 0.12 0.49
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 59 149 100 — —
’25 59 159 132 119 470
’24 105 110 135 84 434
’23 175 117 110 191 592
’22 36 180 216 230 664
’21 62 58 60 179 359
’20 183 39 44 77 343
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 63 93 102 — —
’25 65 80 100 65 310
’24 104 100 93 91 389
’23 137 133 117 134 521
’22 83 78 108 156 425
’21 56 70 58 73 257
’20 71 87 63 60 282
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 62 87 95 — —
’25 62 79 99 59 299
’24 103 99 95 88 386
’23 135 133 115 133 516
’22 82 78 108 156 424
’21 55 67 57 73 253
’20 73 85 214 61 433
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 261 430 610 488 343 359 664 592 434 470 427 +6.8% 435 485 549 +5.3%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 20 157 296 214 122 182 476 423 271 300 244 +35.0%
EBT margin, % 7.74 36.58 48.49 43.94 35.54 50.66 71.80 71.35 62.56 63.83 57.23 +56.1 pt
Net income 20 157 296 214 122 182 476 423 271 300 244 +35.0%
Per share, $
Per share, $ Revenue 1.36 2.23 3.02 2.37 1.66 1.73 3.17 2.82 2.06 2.22 2.01 +5.6%
Earnings 0.26 0.82 1.46 1.01 0.49 0.77 2.18 1.91 1.15 1.28 1.06 +19.4%
Cash flow 1.03 1.46 1.91 2.00 1.36 1.23 2.03 2.48 1.85 1.47 1.52 +4.0%
Capex (0.42) (0.15) (0.20) (0.03) 0.73 (0.02) (0.01) (0.02) (0.01) (0.05) (0.10) (20.6%)
Free cash flow 0.61 1.32 1.71 1.98 2.10 1.21 2.02 2.46 1.83 1.41 1.42 +9.8%
Book value 3.80 5.66 5.95 5.33 5.12 5.11 5.78 5.80 5.36 5.33 5.14 +3.8%
Shares, m 191 193 202 206 207 208 209 210 211 212 212 +1.1%
Valuation, ×
Valuation, × P/E 212.00 18.69 10.68 13.25 13.92 13.42 7.26 8.37 12.59 10.38 13.60 32.1
P/S 13.99 8.06 5.13 5.37 4.03 5.99 4.97 5.67 7.09 5.99 7.16 6.6
P/B 5.43 4.51 3.46 3.28 1.82 2.81 3.62 3.66 3.71 3.40 3.86 3.6
EV/Sales 15.16 8.95 5.80 6.16 4.38 6.21 4.98 5.57 7.14 6.31 7.60 7.1
EV/FCF 34.02 15.18 10.22 7.38 3.46 8.83 7.80 6.39 8.02 9.92 10.72 11.1
Cash, $m
Cash, $m Operating cash flow 197 282 385 413 282 257 425 521 389 310 323 +5.2%
Capex (80) (29) (40) (6) 151 (4) (1) (5) (3) (11) (20) (19.7%)
Free cash flow 116 253 346 407 433 253 424 516 386 299 303 +11.1%
Balance, $m
Balance, $m Working capital 8 28 93 72 27 31 143 167 48 71 40 +28.1%
Net debt 306 382 405 386 119 80 6 (70) 22 153 190 (7.5%)
Shareholders’ equity 726 1,091 1,203 1,097 1,059 1,064 1,210 1,217 1,129 1,128 1,093 +5.0%
Returns, %
Returns, % ROA 1.32 11.25 16.50 11.74 7.23 12.92 36.16 31.58 19.46 21.18 16.24 +19.9 pt
ROIC 1.66 7.30 12.38 9.91 7.01 10.24 24.81 23.08 14.82 15.05 12.56 +13.4 pt
ROE 1.92 21.13 32.83 22.71 12.93 21.10 54.33 43.81 27.69 32.65 26.56 +30.7 pt
People
People Employees 108 113 116 115 87 93 98 108 113 122 — +1.4%
Revenue/emp, $m 2.42 3.80 5.25 4.24 3.94 3.86 6.77 5.48 3.84 3.85 — +5.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Black Stone Minerals, L.P. vs peers in Oil & Gas E&P (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CRGY Crescent Energy Company $4.7B 62.7× 10.5× +55.92% (above 0%: growing) n/m +41.37% (above 0%: growing) 100.00% 35.43% Compare
CRC California Resources Corporation $4.0B — (loss-making) 106× −50.76% (below 0%: shrinking) n/m −24.47% (below 0%: shrinking) (0.24%) (96.67%) Compare
CRK Comstock Resources, Inc. $3.9B 9.1× 27.6× −14.56% (below 0%: shrinking) −80.00% (below 0%: shrinking) −56.99% (below 0%: shrinking) 0.00% 5.97% Compare
BSM Black Stone Minerals, L.P. $3.1B 13.6× 15.4× −24.72% (below 0%: shrinking) −38.45% (below 0%: shrinking) −4.44% (below 0%: shrinking) 100.00% 56.37%
GPOR Gulfport Energy Corporation $2.7B 6.0× 6.6× −4.55% (below 0%: shrinking) +21.83% (above 0%: growing) −226.88% (below 0%: shrinking) 94.50% 38.83% Compare
TALO Talos Energy Inc. $2.5B — (loss-making) — (loss-making) +32.43% (above 0%: growing) n/m +471.14% (above 0%: growing) 100.00% 26.33% Compare
NOG Northern Oil and Gas, Inc. $2.4B — (loss-making) — (loss-making) +5.44% (above 0%: growing) +119.61% (above 0%: growing) −266.95% (below 0%: shrinking) 76.81% 47.31% Compare
BKV BKV Corporation $2.0B 6.6× 12.0× +1.57% (above 0%: growing) −44.72% (below 0%: shrinking) −1,530.03% (below 0%: shrinking) 60.28% 26.13% Compare
KRP Kimbell Royalty $1.9B 19.6× 15.6× +7.09% (above 0%: growing) −36.84% (below 0%: shrinking) −118.49% (below 0%: shrinking) 100.00% 36.27% Compare
Median of peers $2.6B 9.1× 13.8× +3.51% −36.84% −87.74% 85.65% 30.88%

All 74 Oil & Gas E&P stocks →

Pay and ownership Proxy statement filed 30 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.79m 4.80m 328.00
2024 4.73m 4.90m 327.00
2023 4.55m 4.85m 322.00
2022 4.85m 11.02m 303.00
2021 4.85m 8.16m 168.00

Ownership

Directors and executive officers, together 17.70%
Thomas L. Carter, Jr. 7.30%
AP Basileia SPV, LLC 7.00%
Carter2221, Ltd. 5.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Black Stone Minerals, L.P. (BSM) Latest News

4 Nov

Impact 3 · · GuruFocus.com

3 Nov

Impact 3 · · MarketBeat transcript
Impact 3 · · Moby

2 Nov

Impact 3 · · Business Wire

21 Oct

Impact 3 · · Business Wire

15 Oct

Impact 3 · · StockStory

9 Oct

Impact 3 · · MT Newswires

22 Sep

Impact 4 ·

11 Aug

Impact 3 ·

4 Aug

Impact 3 · · MarketBeat transcript
Impact 3 · · Moby transcript

3 Aug

Impact 4 ·
Impact 3 ·

2 Aug

Impact 4 ·
Impact 3 ·
Impact 3 ·

17 Jun

Impact 3 ·

6 May

Impact 3 · · MarketBeat

5 May

Impact 3 · · Moby

4 May

Impact 4 · · Business Wire
Impact 4 · · The Motley Fool transcript
Impact 3 · · StockStory

3 May

Impact 4 · · StockStory

20 Apr

Impact 4 ·

25 Feb

Impact 4 · · Simply Wall St.

24 Feb

Impact 4 · · GuruFocus.com
Impact 4 · · Moby
Impact 3 · · MarketBeat
Impact 3 · · The Motley Fool transcript

23 Feb

Impact 3 · · Zacks

BSM metrics, ten years each

stockrow.com/BSM · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com