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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. 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%
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 (at or above 1.5: strong)
Debt/Equity 0.18 (at or below 0.5: strong)
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% (at or above 15%: strong)
This Y EPS Growth (20.57%) (below 0%: weak)
Next Y EPS Growth 13.44%
Next Y revenue growth (7.79%) (below 0%: weak)
Next 5Y EPS Growth 3.03%

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.4×, 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

Source: company filings (standardised) and stockrow calculations.

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

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stockrow.com/BSM · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com