Saturday 17 October 2026 Export BSM’s income statement to Excel — free account

Black Stone Minerals, L.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.

15.03 0.28 +1.90%

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Market cap: $3.1B
P/E: 12.4×
Fwd P/E: 19.6×
Dividend yield: 8.12%
F-score: 6/9
Altman Z: n/a
Beneish M: −2.72
Dividend safety: 20/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 2.41

Total sells 29.54

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	4	—	—	—	—	—
Sell	—	—	—	—	1	1	2	—	—	1	—	—

Insider Ownership 20.84%

Capital & Financial Ratios $m

Market Cap 3,140.00

Revenue 459.50

Net Income 283.59

Free Cash Flow 306.98

Net Debt 194.33

Current Ratio 3.76

Debt/Equity 0.18

P/E ratio 12.42

Fwd P/E 19.60

P/S ratio 6.95

P/B ratio 3.93

Past 5Y EPS Growth 21.17%

This Y EPS Growth (20.57%)

Next Y EPS Growth 13.44%

Next Y revenue growth (3.35%)

Next 5Y EPS Growth 3.03%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 52.74%

10-year low 10-year high

P/S against its own 10 years 57.94%

10-year low 10-year high

P/B against its own 10 years 62.81%

10-year low 10-year high

EV/Sales against its own 10 years 60.45%

10-year low 10-year high

EV/FCF against its own 10 years 66.35%

10-year low 10-year high

Dividends

Payout Ratio 1.01

Annual Dividend Rate 1.22

Annual Dividend Yield 8.12%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.26	0.30 0.30 0.32
2025	1.35	0.38 0.38 0.30 0.30
2024	1.60	0.48 0.38 0.38 0.38
2023	1.90	0.48 0.48 0.48 0.48
2022	1.54	0.27 0.40 0.42 0.45
2021	0.80	0.18 0.18 0.20 0.25
2020	0.68	0.30 0.08 0.15 0.15
2019	1.48	0.37 0.37 0.37 0.37
2018	1.33	0.31 0.31 0.34 0.37
2017	1.49	0.29 0.29 0.29 0.31 0.31
2016	1.10	0.26 0.26 0.29 0.29

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	70	3	1	2
Receivables	82	71	66	71
Inventory	—	—	—	—
Other	38	2	19	10
	193	79	96	89

	2023	2024	2025	Q'26
Payables	6	6	3	4
ST’ Debt	—	—	—	—
Other	3	7	2	7
	26	30	25	24

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%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	59	149	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.03	0.47	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	10.71	15.12	15.23	11.25	4.04	6.70	10.36	13.41	13.78	11.78	Analyst estimates 2026–2028 Powerpack
	High	19.86	19.55	19.29	18.77	13.54	12.75	20.24	18.55	16.92	15.60
People
People	Employees	108	113	116	115	87	93	98	108	113	122
	Revenue/emp, $m	2.42	3.80	5.25	4.24	3.94	3.86	6.77	5.48	3.84	3.85
Income, $m
Income, $m	Revenue	261	430	610	488	343	359	664	592	434	470
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	20	157	296	214	122	182	476	423	271	300
	EBT margin, %	7.74	36.58	48.49	43.94	35.54	50.66	71.80	71.35	62.56	63.83
	Net income	20	157	296	214	122	182	476	423	271	300
	Depreciation	103	115	124	111	83	63	50	47	46	38
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
	Earnings	0.26	0.82	1.46	1.01	0.49	0.77	2.18	1.91	1.15	1.28
	Cash flow	1.03	1.46	1.91	2.00	1.36	1.23	2.03	2.48	1.85	1.47
	Capex	(0.42)	(0.15)	(0.20)	(0.03)	0.73	(0.02)	(0.01)	(0.02)	(0.01)	(0.05)
	Free cash flow	0.61	1.32	1.71	1.98	2.10	1.21	2.02	2.46	1.83	1.41
	Book value	3.80	5.66	5.95	5.33	5.12	5.11	5.78	5.80	5.36	5.33
	Shares, m	191	193	202	206	207	208	209	210	211	212
Valuation, ×
Valuation, ×	P/E	212.00	18.69	10.68	13.25	13.92	13.42	7.26	8.37	12.59	10.38
	P/S	13.99	8.06	5.13	5.37	4.03	5.99	4.97	5.67	7.09	5.99
	P/B	5.43	4.51	3.46	3.28	1.82	2.81	3.62	3.66	3.71	3.40
	EV/Sales	15.16	8.95	5.80	6.16	4.38	6.21	4.98	5.57	7.14	6.31
	EV/FCF	34.02	15.18	10.22	7.38	3.46	8.83	7.80	6.39	8.02	9.92
Cash, $m
Cash, $m	Operating cash flow	197	282	385	413	282	257	425	521	389	310
	Capex	(80)	(29)	(40)	(6)	151	(4)	(1)	(5)	(3)	(11)
	Free cash flow	116	253	346	407	433	253	424	516	386	299
Balance, $m
Balance, $m	Working capital	8	28	93	72	27	31	143	167	48	71
	Total debt	316	388	410	394	121	89	10	—	25	154
	Net debt	306	382	405	386	119	80	6	(70)	22	153
	Shareholders’ equity	726	1,091	1,203	1,097	1,059	1,064	1,210	1,217	1,129	1,128
Returns, %
Returns, %	ROA	1.32	11.25	16.50	11.74	7.23	12.92	36.16	31.58	19.46	21.18
	ROIC	1.66	7.30	12.38	9.91	7.01	10.24	24.81	23.08	14.82	15.05
	ROE	1.92	21.13	32.83	22.71	12.93	21.10	54.33	43.81	27.69	32.65

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CRC California Resources Corporation	$4.7B	— (loss-making)	— (loss-making)	+32.62% (above 0%: growing)	+200.00% (above 0%: growing)	+4.59% (above 0%: growing)	71.32%	39.40%	Compare
CRK Comstock Resources, Inc.	$4.0B	7.8×	16.7×	−24.88% (below 0%: shrinking)	−93.33% (below 0%: shrinking)	−7,691.86% (below 0%: shrinking)	98.75%	6.39%	Compare
BSM Black Stone Minerals, L.P.	$3.1B	12.4×	19.6×	−6.60% (below 0%: shrinking)	−11.32% (below 0%: shrinking)	+10.11% (above 0%: growing)	100.00%	73.89%
GPOR Gulfport Energy Corporation	$2.9B	6.6×	6.4×	−27.79% (below 0%: shrinking)	−47.12% (below 0%: shrinking)	−128.89% (below 0%: shrinking)	93.86%	39.31%	Compare
TALO Talos Energy Inc.	$2.8B	— (loss-making)	— (loss-making)	+56.53% (above 0%: growing)	n/m	−1.84% (below 0%: shrinking)	100.00%	29.82%	Compare
NOG Northern Oil and Gas, Inc.	$2.7B	— (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	$2.4B	8.3×	12.6×	+1.57% (above 0%: growing)	−44.72% (below 0%: shrinking)	−1,530.03% (below 0%: shrinking)	60.28%	26.13%	Compare
KRP Kimbell Royalty	$2.1B	19.4×	17.3×	+29.96% (above 0%: growing)	+1,900.00% (above 0%: growing)	−66.72% (below 0%: shrinking)	100.00%	53.06%	Compare
VET Vermilion Energy Inc.	$1.9B	— (loss-making)	21.3×	+17.00% (above 0%: growing)	n/m	+110.78% (above 0%: growing)	67.53%	29.66%	Compare
Median of peers	$2.8B	8.1×	16.7×	+11.22%	+37.44%	−97.80%	85.34%	34.57%

All 73 Oil & Gas E&P stocks →

Black Stone Minerals, L.P. (BSM) key facts

Strength: Black Stone Minerals, L.P.’s revenue for fiscal 2025 (year ended December 2025) was $469.9 million, up 8.35% from fiscal 2024.
Black Stone Minerals, L.P. (BSM) is an Oil & Gas E&P company in the Energy sector, listed on the New York Stock Exchange.
As of October 16, 2026, BSM traded at $15.03, a market capitalization of $3.1 billion.
Black Stone Minerals, L.P. pays an annual dividend of $1.22 per share, a yield of 8.12%, with a payout ratio of 100.8%.
Return on equity was 32.7% and debt-to-equity 0.18.
Its Piotroski F-score is 6 out of 9 for fiscal 2025.