Black Stone Minerals, L.P. (BSM) is a publicly traded company in the Energy — Oil & Gas Exploration & Production industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
Black Stone Minerals, L.P. and its subsidiaries are primarily engaged in the ownership and active management of oil and natural gas mineral interests. The company possesses an extensive portfolio, encompassing approximately 16.8 million gross acres of mineral interests, 1.8 million gross acres of nonparticipating royalty interests, and 1.7 million gross acres of overriding royalty interests, distributed across 41 states within the United States.
Is Black Stone Minerals, L.P. stock overvalued or undervalued in 2026?
Black Stone Minerals, L.P. (BSM) trades at 12.3× earnings (P/E), against a median of 17.3× across the 140 energy companies above $2bn in Kaplio's universe. No valuation verdict: it is a cyclical and today's P/E (12.3) does not tell whether it is cheap.
Kaplio overview: Black Stone Minerals, L.P.
Market cap $3B · 52 weeks $13 – $15 (2 % below the high) · P/E 12.3× · 2027 expected P/E 12.9× · Dividend 8.2 % · Next earnings November 2, 2026 · expected EPS $0.26 · Closing price, Oct 28 · accounts published Aug 3.
- Valuation: P/E 12.3× (no verdict).
- Business: 5-year ROIC 26.4 % (excellent).
- Balance sheet: Net debt/EBITDA 0.4× (solid).
- Earnings: 5 of 8 (uneven).
What would it be worth at its usual multiples?
No valuation verdict: it is a cyclical and today's P/E (12.3) does not tell whether it is cheap.
In cyclicals the P/E misleads; on its average earnings over 10 years it trades at 10.1 times.
What matters in energy: 5 of 8 pass
- FCF yield 7.0 %, fails.
- Dividend coverage (FCF / div) 0.9×, fails.
- Capex / Revenue 2.8 %, fails.
- 5y avg ROIC 26.4 %, passes.
- Positive FCF through the cycle 8 de 10 ejercicios, passes, near the threshold.
- Net debt / EBITDA 0.4×, passes.
- P/E read in reverse (cyclicals) 12.3×, passes.
- EV/EBITDA vs own 10y 10.1×, passes.
Against its peers (reference peers) — Black Stone Minerals, L.P.: P/E 12.3×; EV/EBITDA 10.1×; ROIC 23.8 %; $3.2B. Northern Oil and Gas, Inc. (P/E —; EV/EBITDA 17.7×; ROIC 10.4 %; $3.0B), SM Energy Company (P/E 10.3×; EV/EBITDA 4.4×; ROIC 6.8 %; $9.4B), Delek Logistics Partners, LP (P/E 19.7×; EV/EBITDA 12.2×; ROIC 7.7 %; $3.3B).
Dividend
fragile · Yield 8.2 % ($1.49 per share in 2025) · 5-year growth +14 % a year · Free cash flow coverage 1.1× · With $1,000 invested today you'd collect $81.50 a year ($6.79 a month).
Profitability
| Return on Equity | 25.56% |
| Return on Invested Capital | 23.83% |
| Return on Assets | 20.76% |
| Gross Margin | 78.38% |
| Operating Margin | 66.12% |
| Net Margin | 58.63% |
Financial Health
| Debt / Equity | 0.18 |
| Current Ratio | 3.76 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 9.17 |
Price Performance
| 1 month | +3.42% |
| 3 months | -1.00% |
| Year-to-date | +11.36% |
| 1 year | +13.15% |
| 3 years | -16.48% |
| 5 years | +18.31% |
| 10 years | -15.48% |
Dividend History
Paid in the last 12 months: $1.2200 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-08-06 | $0.3200 |
| 2026-05-08 | $0.3000 |
| 2026-02-18 | $0.3000 |
| 2025-11-06 | $0.3000 |
| 2025-08-07 | $0.3000 |
| 2025-05-08 | $0.3750 |
| 2025-02-18 | $0.3750 |
| 2024-11-08 | $0.3750 |
| 2024-08-09 | $0.3750 |
| 2024-05-09 | $0.3750 |
Amounts adjusted for stock splits.
Related companies: LBRT · TDW · STNG · INSW · OII · USAC · SM · NOG
Explore sector: Energy · Oil & Gas Exploration & Production
More sections of BSM: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks