Detailed financial statements for Black Stone Minerals, L.P. (BSM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
Black Stone Minerals, L.P. reported revenue of $422.3M in the most recent fiscal year, growing at a 5-year CAGR of 7.3%. Net income reached $299.9M, with a 19.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 78.4%, operating margin 66.1%, net margin 58.6%. Free cash flow grew at 1.5% CAGR over 5 years.
At $14.80 (closing price, October 29, 2026), BSM trades at a P/E of 12.25 and an ROE of 25.56%. Market capitalisation stands at $3.1B.
Balance sheet quality for BSM: current ratio of 3.9, net debt of $152.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $298.4M represents 99% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $260.8M | $429.7M | $609.6M | $492.8M | $296.6M | $505.7M | $784.3M | $501.1M | $439.4M | $422.3M |
| Cost of Revenue | $156.7M | $179.3M | $205.4M | $187.8M | $139.5M | $123.9M | $126.4M | $114.0M | $104.5M | $106.1M |
| Gross Profit | $104.1M | $250.4M | $404.1M | $305.0M | $157.1M | $381.9M | $657.9M | $387.1M | $335.0M | $316.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $73.1M | $77.6M | $76.7M | $63.4M | $43.0M | $48.7M | $53.7M | $51.5M | $52.1M | $55.5M |
| Operating Expenses | $74.7M | $79.2M | $85.8M | $69.8M | $25.0M | $194.5M | $175.4M | -$36.5M | $61.8M | $55.5M |
| Operating Income | $27.5M | $172.1M | $318.4M | $235.2M | $132.1M | $187.3M | $482.5M | $423.6M | $273.1M | $260.8M |
| EBITDA | $130.2M | $287.4M | $439.0M | $345.4M | $214.2M | $248.6M | $530.6M | $471.0M | $319.6M | $345.7M |
| Interest Expense | $7.5M | $15.7M | $20.8M | $21.4M | $10.4M | $5.6M | $6.3M | $2.8M | $3.1M | $8.9M |
| Pre-tax Income | $20.2M | $157.2M | $295.6M | $214.4M | $121.8M | $182.0M | $476.5M | $422.5M | $271.3M | $299.9M |
| Income Tax | 0 | 0 | -$2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | $20.2M | $157.2M | $295.5M | $214.4M | $121.8M | $182.0M | $476.5M | $422.5M | $271.3M | $299.9M |
| EPS | $0.26 | $1.01 | $1.36 | $1.01 | $0.49 | $0.77 | $2.18 | $1.91 | $1.15 | $1.28 |
| EPS (Diluted) | $0.26 | $1.01 | $1.36 | $1.01 | $0.49 | $0.77 | $2.12 | $1.88 | $1.15 | $1.28 |
| Shares Outstanding (Diluted) | 191.8 M | 192.5 M | 217.6 M | 206.1 M | 206.8 M | 208.3 M | 224.4 M | 225.1 M | 210.8 M | 211.7 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $77.9M | $95.2M | $188.5M | $122.1M |
| Gross Profit | $51.8M | $65.4M | $162.6M | $99.3M |
| Operating Income | $39.5M | $51.3M | $145.7M | $83.2M |
| EBITDA | $104.4M | $83.4M | $26.4M | $119.6M |
| Net Income | $91.7M | $72.2M | $13.3M | $106.4M |
| EPS | $0.40 | $0.31 | $0.03 | $0.47 |
| EPS (Diluted) | $0.40 | $0.31 | $0.03 | $0.47 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.8M | $5.6M | $5.4M | $8.1M | $1.8M | $8.9M | $4.3M | $70.3M | $2.5M | $1.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $68.2M | $80.7M | $113.1M | $78.2M | $61.9M | $97.1M | $135.7M | $82.3M | $71.1M | $65.6M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | $31.5M | 0 | 0 | 0 |
| Total Current Assets | $79.0M | $87.6M | $157.5M | $102.3M | $66.5M | $108.0M | $173.4M | $193.1M | $78.5M | $95.6M |
| Property, Plant & Equipment | $1.04B | $1.48B | $1.58B | $1.43B | $1.17B | $1.13B | $1.09B | $1.07B | $1.13B | $1.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $1.13B | $1.58B | $1.75B | $1.55B | $1.24B | $1.25B | $1.27B | $1.27B | $1.22B | $1.34B |
| Accounts Payable | $4.1M | $2.5M | $4.1M | $5.3M | $3.4M | $5.9M | $6.8M | $6.3M | $5.9M | $2.8M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $71.3M | $59.7M | $64.8M | $29.8M | $39.9M | $77.1M | $30.7M | $25.8M | $30.4M | $24.6M |
| Long-term Debt | $316.0M | $388.0M | $410.0M | $394.0M | $121.0M | $89.0M | $10.0M | 0 | $25.0M | $154.0M |
| Total Liabilities | $403.2M | $485.9M | $547.5M | $448.4M | $185.0M | $184.3M | $61.3M | $49.5M | $89.5M | $207.1M |
| Retained Earnings | 0 | -$768.1M | -$904.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | $724.6M | $1.09B | $1.20B | $1.10B | $1.06B | $1.06B | $1.21B | $1.22B | $1.13B | $1.13B |
| Total Debt | $316.0M | $388.0M | $410.0M | $394.0M | $121.0M | $89.0M | $10.0M | 0 | $25.0M | $154.0M |
| Net Debt | $306.2M | $382.4M | $404.6M | $385.9M | $119.2M | $80.1M | $5.7M | -$70.3M | $22.5M | $152.5M |
| Working Capital | $7.7M | $27.9M | $92.8M | $72.5M | $26.6M | $30.8M | $142.6M | $167.3M | $48.1M | $71.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $6.2M | $1.5M | $11.6M | $1.7M |
| Total Assets | $1.27B | $1.34B | $1.34B | $1.37B |
| Total Liabilities | $145.2M | $207.1M | $264.7M | $252.4M |
| Total Equity | $1.13B | $1.13B | $1.07B | $1.11B |
| Total Debt | $95.0M | $154.0M | $187.0M | $196.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $20.2M | $157.2M | $295.6M | $214.4M | $121.8M | $182.0M | $476.5M | $422.5M | $271.3M | $299.9M |
| Depreciation & Amortization | $102.5M | $114.5M | $122.7M | $109.6M | $82.0M | $61.0M | $47.8M | $45.7M | $45.2M | $36.9M |
| Stock-based Compensation | $43.1M | $33.0M | $30.1M | $20.5M | $3.7M | $12.2M | $17.4M | $10.8M | $8.6M | $9.6M |
| Change in Working Capital | -$53.8M | -$11.9M | -$19.8M | $33.7M | $10.1M | -$32.5M | -$36.5M | $48.8M | $11.5M | -$2.1M |
| Operating Cash Flow | $196.7M | $281.9M | $385.4M | $412.7M | $281.8M | $256.9M | $425.0M | $521.3M | $389.0M | $310.2M |
| Capital Expenditure | -$221.7M | -$484.5M | -$297.3M | -$111.3M | -$4.8M | -$14.6M | -$12.6M | -$19.8M | -$4.2M | -$11.8M |
| Acquisitions | $198,000 | $30.3M | $131.8M | 0 | $156.1M | $318,000 | $11.3M | 0 | 0 | -$118.0M |
| Stock Repurchased | -$45.9M | -$27.9M | -$12.7M | -$17.0M | -$5.0M | -$2.0M | -$3.0M | -$5.5M | -$4.4M | -$3.8M |
| Dividends Paid | -$182.3M | -$198.6M | -$268.5M | -$328.4M | -$161.3M | -$197.9M | -$343.4M | -$419.8M | -$365.1M | -$315.1M |
| Free Cash Flow | -$25.1M | -$202.7M | $88.0M | $301.4M | $277.0M | $242.2M | $412.4M | $501.4M | $384.8M | $298.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $99.8M | $65.1M | $62.6M | $93.0M |
| Capital Expenditure | -$11,000 | -$54.8M | -$150,000 | -$6.8M |
| Free Cash Flow | $99.7M | $10.3M | $62.4M | $86.1M |
| Dividends Paid | -$70.9M | -$70.9M | -$71.1M | -$71.1M |
| Stock-based Compensation | $2.2M | $2.4M | $3.6M | $2.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +64.7% | +41.9% | -19.2% | -39.8% | +70.5% | +55.1% | -36.1% | -12.3% | -3.9% | |
| Net Income Growth (YoY) | +678.2% | +88.0% | -27.5% | -43.2% | +49.4% | +161.8% | -11.3% | -35.8% | +10.5% | |
| EPS Growth (YoY) | +288.5% | +34.7% | -25.7% | -51.5% | +57.1% | +183.1% | -12.4% | -39.8% | +11.3% | |
| Shares Change (YoY) | +0.4% | +13.0% | -5.3% | +0.3% | +0.7% | +7.8% | +0.3% | -6.4% | +0.5% | |
| FCF Growth (YoY) | -708.0% | +143.4% | +242.4% | -8.1% | -12.5% | +70.2% | +21.6% | -23.3% | -22.5% | |
| Gross Margin | 39.9% | 58.3% | 66.3% | 61.9% | 53.0% | 75.5% | 83.9% | 77.2% | 76.2% | 74.9% |
| Operating Margin | 10.5% | 40.1% | 52.2% | 47.7% | 44.5% | 37.0% | 61.5% | 84.5% | 62.2% | 61.8% |
| EBITDA Margin | 49.9% | 66.9% | 72.0% | 70.1% | 72.2% | 49.2% | 67.7% | 94.0% | 72.7% | 81.9% |
| Net Margin | 7.7% | 36.6% | 48.5% | 43.5% | 41.1% | 36.0% | 60.8% | 84.3% | 61.7% | 71.0% |
| FCF Margin | -9.6% | -47.2% | 14.4% | 61.2% | 93.4% | 47.9% | 52.6% | 100.1% | 87.6% | 70.7% |
| Effective Tax Rate | 0.0% | 0.0% | -0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.13 | $-1.05 | $0.40 | $1.46 | $1.34 | $1.16 | $1.84 | $2.23 | $1.83 | $1.41 |
| Dividends Per Share | $0.95 | $1.03 | $1.23 | $1.59 | $0.78 | $0.95 | $1.53 | $1.87 | $1.73 | $1.49 |
| Shares Outstanding (Basic) | 191.2 M | 192.5 M | 217.6 M | 206.0 M | 206.7 M | 208.2 M | 209.4 M | 210.0 M | 210.7 M | 211.7 M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
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 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 72.23 | 17.76 | 11.38 | 12.59 | 13.63 | 13.42 | 7.74 | 8.36 | 12.70 | 10.38 |
| P/B | 4.96 | 3.17 | 2.80 | 2.39 | 1.30 | 2.02 | 2.92 | 2.75 | 2.72 | 2.50 |
| P/S | 13.77 | 8.04 | 5.53 | 5.32 | 4.65 | 4.25 | 4.50 | 6.69 | 7.00 | 6.66 |
| Gross Margin | 39.9% | 58.3% | 66.3% | 61.9% | 53.0% | 75.5% | 83.9% | 77.2% | 76.2% | 74.9% |
| Operating Margin | 10.5% | 40.1% | 52.2% | 47.7% | 44.5% | 37.0% | 61.5% | 84.5% | 62.2% | 61.8% |
| Net Margin | 7.7% | 36.6% | 48.5% | 43.5% | 41.1% | 36.0% | 60.8% | 84.3% | 61.7% | 71.0% |
Related companies: LBRT · TDW · STNG · INSW · OII · USAC · SM · NOG
Explore sector: Energy · Oil & Gas Exploration & Production
More sections of BSM: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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