Black Stone Minerals L P Financials
This page shows Black Stone Minerals L P (BSM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Black Stone Minerals L P has an operating margin of 63.0%, meaning the company retains $63 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 71.5% the prior year.
Black Stone Minerals L P's revenue declined 26.8% year-over-year, from $592.2M to $433.7M. This contraction results in a growth score of 0/100.
Black Stone Minerals L P carries a low D/E ratio of 0.08, meaning only $0.08 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.58, Black Stone Minerals L P holds $2.58 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 83/100.
Black Stone Minerals L P earns a strong 24.0% return on equity (ROE), meaning it generates $24 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 96/100. This is down from 34.7% the prior year.
Black Stone Minerals L P passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Black Stone Minerals L P generates $1.43 in operating cash flow ($389.0M OCF vs $271.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Black Stone Minerals L P earns $87.8 in operating income for every $1 of interest expense ($273.1M vs $3.1M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Black Stone Minerals L P generated $433.7M in revenue in fiscal year 2024. This represents a decrease of 26.8% from the prior year.
Black Stone Minerals L P's EBITDA was $318.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 32.2% from the prior year.
Black Stone Minerals L P reported $271.3M in net income in fiscal year 2024. This represents a decrease of 35.8% from the prior year.
Black Stone Minerals L P held $2.5M in cash against $0 in long-term debt as of fiscal year 2024.
Black Stone Minerals L P's operating margin was 63.0% in fiscal year 2024, reflecting core business profitability. This is down 8.6 percentage points from the prior year.
Black Stone Minerals L P's net profit margin was 62.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 8.8 percentage points from the prior year.
Black Stone Minerals L P's ROE was 24.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 10.7 percentage points from the prior year.
Black Stone Minerals L P spent $4.4M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 19.1% from the prior year.
BSM Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $132.5M-16.9% | $159.5M+38.4% | $115.3M+37.7% | $83.7M-23.6% | $109.6M+3.9% | $105.5M-44.7% | $190.8M+73.8% | $109.8M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $12.3M-11.8% | $13.9M-8.2% | $15.2M+28.6% | $11.8M-11.9% | $13.4M-4.9% | $14.1M+12.7% | $12.5M-13.4% | $14.4M |
| Operating Income | $94.1M-23.0% | $122.3M+612.6% | $17.2M-63.9% | $47.5M-30.6% | $68.5M+7.1% | $64.0M-56.7% | $147.6M+137.9% | $62.0M |
| Interest Expense | $2.4M+6.9% | $2.3M+62.5% | $1.4M+23.6% | $1.1M+80.5% | $626K-0.5% | $629K-6.7% | $674K+8.5% | $621K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $91.7M-23.6% | $120.0M+652.6% | $15.9M-65.6% | $46.3M-32.2% | $68.3M+6.9% | $63.9M-56.7% | $147.6M+137.9% | $62.1M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BSM Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B+0.2% | $1.3B+2.3% | $1.2B+1.6% | $1.2B+0.2% | $1.2B-1.2% | $1.2B-2.8% | $1.3B+2.7% | $1.2B |
| Current Assets | $85.2M-8.8% | $93.4M+5.8% | $88.3M+12.4% | $78.5M-31.4% | $114.5M-21.7% | $146.2M-24.3% | $193.1M+15.7% | $167.0M |
| Cash & Equivalents | $2.9M+13.7% | $2.5M+3.9% | $2.4M-3.8% | $2.5M-90.6% | $26.7M-34.1% | $40.5M-42.4% | $70.3M+25.4% | $56.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $5.1M-5.5% | $5.4M+73.2% | $3.1M-22.3% | $4.0M-94.5% | $73.8M+1.9% | $72.4M-11.9% | $82.3M-6.2% | $87.7M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $145.2M-12.2% | $165.3M-4.9% | $173.9M+94.3% | $89.5M+58.5% | $56.4M+1.0% | $55.9M+12.8% | $49.5M-18.2% | $60.6M |
| Current Liabilities | $19.5M-32.7% | $29.0M-55.6% | $65.3M+114.7% | $30.4M+12.4% | $27.1M-1.2% | $27.4M+6.0% | $25.8M-23.5% | $33.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.1B+2.0% | $1.1B+3.5% | $1.1B-5.7% | $1.1B-2.7% | $1.2B-1.3% | $1.2B-3.4% | $1.2B+3.7% | $1.2B |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BSM Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $99.8M+24.0% | $80.5M+24.1% | $64.8M-28.7% | $91.0M-9.4% | $100.4M-3.9% | $104.5M-22.1% | $134.1M+14.9% | $116.7M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$20.7M+30.1% | -$29.6M-126.7% | -$13.1M+72.8% | -$48.0M-73.2% | -$27.7M-15.7% | -$24.0M-62.0% | -$14.8M-539.6% | -$2.3M |
| Financing Cash Flow | -$75.4M-48.5% | -$50.8M+2.1% | -$51.9M+15.5% | -$61.4M+29.0% | -$86.5M+21.6% | -$110.3M-5.0% | -$105.1M0.0% | -$105.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BSM Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 71.0%-5.6pp | 76.7%+61.8pp | 14.9%-41.9pp | 56.8%-5.7pp | 62.5%+1.8pp | 60.6%-16.7pp | 77.3%+20.8pp | 56.5% |
| Net Margin | 69.3%-6.0pp | 75.3%+61.4pp | 13.8%-41.5pp | 55.4%-7.0pp | 62.3%+1.7pp | 60.6%-16.8pp | 77.4%+20.8pp | 56.5% |
| Return on Equity | 8.2%-2.7pp | 10.9%+9.4pp | 1.5%-2.6pp | 4.1%-1.8pp | 5.9%+0.5pp | 5.4%-6.7pp | 12.1%+6.8pp | 5.3% |
| Return on Assets | 7.2%-2.3pp | 9.5%+8.2pp | 1.3%-2.5pp | 3.8%-1.8pp | 5.6%+0.4pp | 5.2%-6.5pp | 11.7%+6.6pp | 5.0% |
| Current Ratio | 4.37+1.1 | 3.22+1.9 | 1.35-1.2 | 2.58-1.6 | 4.23-1.1 | 5.34-2.1 | 7.48+2.5 | 4.94 |
| Debt-to-Equity | 0.13-0.0 | 0.15-0.0 | 0.16+0.1 | 0.08+0.0 | 0.050.0 | 0.050.0 | 0.04-0.0 | 0.05 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Black Stone Minerals L P's annual revenue?
Black Stone Minerals L P (BSM) reported $433.7M in total revenue for fiscal year 2024. This represents a -26.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Black Stone Minerals L P's revenue growing?
Black Stone Minerals L P (BSM) revenue declined by 26.8% year-over-year, from $592.2M to $433.7M in fiscal year 2024.
Is Black Stone Minerals L P profitable?
Yes, Black Stone Minerals L P (BSM) reported a net income of $271.3M in fiscal year 2024, with a net profit margin of 62.6%.
What is Black Stone Minerals L P's EBITDA?
Black Stone Minerals L P (BSM) had EBITDA of $318.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Black Stone Minerals L P's operating margin?
Black Stone Minerals L P (BSM) had an operating margin of 63.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Black Stone Minerals L P's net profit margin?
Black Stone Minerals L P (BSM) had a net profit margin of 62.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Black Stone Minerals L P's return on equity (ROE)?
Black Stone Minerals L P (BSM) has a return on equity of 24.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Black Stone Minerals L P's operating cash flow?
Black Stone Minerals L P (BSM) generated $389.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Black Stone Minerals L P's total assets?
Black Stone Minerals L P (BSM) had $1.2B in total assets as of fiscal year 2024, including both current and long-term assets.
Does Black Stone Minerals L P buy back shares?
Yes, Black Stone Minerals L P (BSM) spent $4.4M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
What is Black Stone Minerals L P's current ratio?
Black Stone Minerals L P (BSM) had a current ratio of 2.58 as of fiscal year 2024, which is generally considered healthy.
What is Black Stone Minerals L P's debt-to-equity ratio?
Black Stone Minerals L P (BSM) had a debt-to-equity ratio of 0.08 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Black Stone Minerals L P's return on assets (ROA)?
Black Stone Minerals L P (BSM) had a return on assets of 22.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Black Stone Minerals L P's Piotroski F-Score?
Black Stone Minerals L P (BSM) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Black Stone Minerals L P's earnings high quality?
Black Stone Minerals L P (BSM) has an earnings quality ratio of 1.43x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Black Stone Minerals L P cover its interest payments?
Black Stone Minerals L P (BSM) has an interest coverage ratio of 87.8x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Black Stone Minerals L P?
Black Stone Minerals L P (BSM) scores 76 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.