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. In the quarter to June 2026, revenue fell 6.60%, EPS fell 11.3%, free cash flow grew 10.1% and total debt rose 98.0%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow BSM
Black Stone Minerals, L.P. (BSM) Beneish M-score
Black Stone Minerals, L.P.'s Beneish M-score for fiscal 2025 is −2.72; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.72 | 0.81 |
| FY2024 | −3.53 | (0.36) |
| FY2023 | −3.17 | (1.91) |
| FY2022 | −1.26 | 0.89 |
| FY2021 | −2.16 | 0.99 |
| FY2020 | −3.15 | 0.42 |
| FY2019 | −3.56 | (1.66) |
| FY2018 | −1.90 | 0.47 |
| FY2017 | −2.38 | 0.72 |
| FY2016 | −3.09 | (2.02) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.85 | — | 0.78 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 2.13 | — | 0.86 | |
| Sales growth index | 1.08 | — | 0.97 | |
| Depreciation index | 1.30 | — | 0.15 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | (0.01) | — | −0.04 | |
| Leverage index | 2.94 | — | −0.96 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.72 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| VET Vermilion Energy Inc. compare | −4.1× |
| TALO Talos Energy Inc. compare | −3.9× |
| KRP Kimbell Royalty compare | −3.2× |
| GPOR Gulfport Energy Corporation compare | −2.8× |
| NOG Northern Oil and Gas, Inc. compare | −2.8× |
| CRC California Resources Corporation compare | −2.7× |
| BSM Black Stone Minerals, L.P. | −2.7× |
| CRK Comstock Resources, Inc. compare | −2.2× |
| BKV BKV Corporation compare | −1.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI