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Black Stone Minerals (BSM) USD

Black Stone Minerals, L.P. owns and manages oil and natural gas mineral interests, including nonparticipating royalty interests and overriding royalty interests, across multiple states in the United States.

At a glance: strengths & risks
✓Low leverage (0.4x EBITDA)✗Revenue declining (-23% y/y, Q2 2026)✗Profit falling (-11% y/y, Q2 2026)✗Margins compressing (82%→76%, Q2 2026)

Sector: Natural Gas

Geography: United States

COMM_BSM

Price chart

14.99 USDDay 0.40%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
14.99 USD · 0.40%
Market cap
3.2 bn USD

Growth

Δ revenue y/y
-23.4%
Δ EBITDA y/y
-29.5%

Multiples

P/E (LTM)
11.2x
3y avg: 9.6x
P/B (FY)
3.8x
P/E (ann.)
7.5x
EV/EBITDA (LTM)
11.0x
3y avg: 8.5x
EV/EBITDA (ann.)
9.1x

Cash return

Dividend yield
8.1%
FCF yield (LTM)
6.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-67.4%
↓ details

Liquidity

Daily turnover (listing)
6.9 mln USD

Shares: yahoo_fundamentals_timeseries/BSM

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK122.1
y/y -23.4%
83.2
y/y -31.9%
9.4
y/y 2.3%
92.6
y/y -29.5%
106.4
y/y -11.4%
93.0-34.41365.9
y/y 7.7%
0.0
y/y -100.0%
110.0%195.5Yahoo Finance
2026-03-31Q1 2026 (3M)OK59.4
y/y 0.2%
16.6
y/y -3.1%
9.8
y/y 7.2%
26.4
y/y 0.5%
13.3
y/y -16.8%
62.6-12.01338.4
y/y 8.0%
773.2
y/y 1.1%
6.6%175.4Link
2025-12-31Q4 2025 (3M)OK118.7
y/y 41.8%
74.9
y/y 57.5%
8.7
y/y -20.8%
83.5
y/y 42.9%
72.2
y/y 55.8%
65.1-54.91335.6
y/y 9.6%
828.0
y/y -0.1%
36.3%152.5Link
2025-09-30Q3 2025 (3M)OK132.5
y/y -1.8%
94.1
y/y 1.1%
9.9
y/y -12.1%
104.0
y/y -0.4%
91.7
y/y -1.1%
99.8-20.71270.4
y/y 4.7%
824.7
y/y -5.0%
15.0%92.1Link
2025-06-30Q2 2025 (3M)OK159.5
y/y 45.5%
122.3
y/y 78.5%
9.2
y/y -19.1%
131.5
y/y 64.7%
120.0
y/y 75.7%
80.5-29.61267.9
y/y 4.2%
802.1
y/y -6.7%
61.3%96.5Link
2025-03-31Q1 2025 (3M)OK59.3
y/y -43.8%
17.2
y/y -73.2%
9.1
y/y -21.6%
26.3
y/y -65.2%
15.9
y/y -75.1%
64.8-13.11238.8
y/y 0.6%
764.5
y/y -12.7%
8.0%60.6Link
2024-12-31Q4 2024 (3M)OK83.7
y/y -56.1%
47.5
y/y -67.8%
10.9
y/y -6.9%
58.5
y/y -63.3%
46.3
y/y -68.6%
91.0-48.01218.9
y/y -3.8%
829.0
y/y -9.7%
32.0%22.5Link
2024-09-30Q3 2024 (3M)PARTIAL134.9
y/y 22.8%
93.1
y/y 50.1%
11.3
y/y -9.0%
104.4
y/y 40.3%
92.7
y/y 49.4%
93.2-12.51212.8
y/y -1.7%
867.8
y/y -0.8%
14.3%-11.0Link
2024-06-30Q2 2024 (3M)PARTIAL109.6
y/y -6.3%
68.5
y/y -13.0%
11.4
y/y 9.0%
79.8
y/y -10.5%
68.3
y/y -12.8%
100.4-27.71216.9
y/y -2.7%
860.0
y/y -6.0%
31.5%-16.7Link
2024-03-31Q1 2024 (3M)PARTIAL105.5
y/y -39.6%
64.0
y/y -52.7%
11.6
y/y 4.4%
75.6
y/y -48.3%
63.9
y/y -52.5%
104.5-24.01231.7
y/y -3.1%
875.3
y/y -6.9%
28.5%-30.5Link
2023-12-31Q4 2023 (3M)OK190.8
y/y —
147.6
y/y —
11.7
y/y —
159.3
y/y —
147.6
y/y —
134.1-25.51266.9
y/y —
918.2
y/y —
47.1%-70.3Link
2023-09-30Q3 2023 (3M)PARTIAL109.8
y/y —
62.0
y/y —
12.4
y/y —
74.4
y/y —
62.1
y/y —
116.7-2.01234.0
y/y —
875.0
y/y —
9.2%-46.0Link
2023-06-30Q2 2023 (3M)PARTIAL117.0
y/y —
78.8
y/y —
10.4
y/y —
89.2
y/y —
78.4
y/y —
133.3-0.71250.4
y/y —
914.9
y/y —
33.8%-36.7Link
2023-03-31Q1 2023 (3M)OK174.6
y/y —
135.2
y/y —
11.1
y/y —
146.3
y/y —
134.4
y/y —
137.2-2.01271.7
y/y —
939.9
y/y —
—-19.1Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)1
Long-term debt (incl. LT leases)196
− Cash & equivalents2
Net debt195

Net debt / LTM EBITDA: 0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0501001502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%-50%0%50%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

0204060802024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-500501001502002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.23x of reported net profit; after capex, 1.20x.
year20212022202320242025
cash flow / profit1.41x0.89x1.23x1.43x1.03x
accruals, % of assets-6.0%4.0%-7.8%-9.7%-0.8%
Last twelve months (to 2026-06-30): 1.13x of profit came back as operating cash flow.
net debt / EBITDA 0.4x · EBIT covers interest 34.7x · capex 0.1x of depreciation
● Capex is 14% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
54.84 mln boe
2025
Reserve life (R/P)
4.3 yrs
reserves ÷ annual output
Annual production
12.63 mln boe
2025

Production, mln boe

10.05201410.48201511.60201613.52201716.90201817.72201915.22202013.89202113.55202214.53202314.10202412.632025

Proved reserves

YearReserves, mln boe
202554.84
202457.38
202364.47
202264.11
202159.82
202055.99
201968.54
201869.90
201767.94

Production

YearProduction, mln boeper day, mln boe
20263.33 * (3M)
+4.3%		0.04
202512.63
−10.4%		0.03
202414.10
−2.9%		0.04
202314.53
+7.2%		0.04
202213.55
−2.4%		0.04
202113.89
−8.8%		0.04
202015.22
−14.1%		0.04
201917.72
+4.8%		0.05
201816.90
+25.0%		0.05

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 100spot vs LTM +39%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -67.4% ▼ -0.8 pp 1d

Main driver: WTI Crude Oil +39% vs LTM; revenue ×1.14 vs costs ×1.05; EBITDA 307→332; at 8.2× EV/EBITDA → -67%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+55%100.3471.9676.41+39%+6%
Henry Hub Gas (rev)+45%2.833.383.12-16%-8%
WTI Crude Oil (cost)-3%100.3471.9676.41+39%+6%
Henry Hub Gas (cost)-1%2.833.383.12-16%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue433
LTM EBITDA307
LTM cash costs (revenue − EBITDA)126
2 · Revenue projection
Revenue multiplier — spot×1.144 (+14%)
= Spot revenue495
Revenue multiplier — 3y price×0.999 (-0%)
= 3-year-price revenue432
3 · Costs projection
Cost multiplier — spot×1.049 (+5%)
= Spot cash costs132
Cost multiplier — 3y price×1.039 (+4%)
= 3-year-price cash costs131
4 · EBITDA projection (revenue − costs)
= Spot EBITDA363
= 3-year-price EBITDA301
Conservative EBITDA = min(spot, avg)332
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)8.2x
Target EV = EV/EBITDA × conservative EBITDA2 730
Net debt227
Target market cap = EV − net debt2 502
Current market cap2 867

Upside = target market cap ÷ current − 1 = -67.4%

Life of mine: 4 yrs — before haircut -12.7%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q3110148-25.9%74117-36.4%
2023 Q4191146+30.7%160114+39.6%
2024 Q1105132-20.4%76101-25.2%
2024 Q2110129-14.9%8097-17.7%
2024 Q3135119+13.0%10487+19.9%
2024 Q484143-41.4%59112-47.5%
2025 Q159134-55.8%26104-74.8%
2025 Q2159100+58.8%13170+87.2%
2025 Q3132104+27.7%10474+40.6%
2025 Q4119111+6.7%8482+2.1%
2026 Q159122-51.2%2690-70.6%
2026 Q2122136-10.2%93104-10.8%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +8% vs -27% the year before — a +35.1 pp move. 3-year CAGR -11%.
revenue growth by year: 2023 -11% · 2024 -27% · 2025 +8%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 7.2x · target 75th pct (3y) 8.2x · LTM avg 9.7x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-060.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2026-05-080.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2026-02-180.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2025-11-060.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2025-08-070.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2025-05-080.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2025-02-180.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2024-11-080.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2024-08-090.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2024-05-090.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2024-02-150.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2023-11-080.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2023-08-100.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2023-05-110.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2023-02-150.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2022-11-090.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2022-08-110.42 USDEx-dividend: 0.42 USD per sharePaidYahoo Finance (ex-div)
2022-05-120.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2022-02-150.27 USDEx-dividend: 0.27 USD per sharePaidYahoo Finance (ex-div)
2021-11-100.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Black Stone Minerals (BSM) — from primary filings.

Frequently asked questions

What is Black Stone Minerals (BSM)'s P/E ratio?
Black Stone Minerals (BSM) trades at a P/E of 11.2x (price to trailing 12-month earnings).
What is Black Stone Minerals (BSM)'s EV/EBITDA?
Black Stone Minerals (BSM) trades at 11.0x EV/EBITDA.
What is Black Stone Minerals (BSM)'s P/B ratio?
Black Stone Minerals (BSM) trades at a P/B of 3.8x.
What is Black Stone Minerals (BSM)'s dividend yield?
Black Stone Minerals (BSM)'s trailing 12-month dividend yield is 8.1%.
What is Black Stone Minerals (BSM)'s return on equity (ROE)?
Black Stone Minerals (BSM)'s ROE is 110.0%.
What is Black Stone Minerals (BSM)'s market capitalization?
Black Stone Minerals (BSM)'s market cap is 3.2 bn USD.

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