Black Stone Minerals, L.P. (BSM) Financials

BSM

Trailing 12 months to June 30, 2026

Revenue $468.1M -5.1% YoY

Net Income $283.6M +3.1% YoY

EPS (Diluted) Not reported for the trailing 12 months

Operating Cash Flow $320.4M -2.8% YoY

Market Cap $3.1B as of Oct 6, 2026

Price / Sales 6.7x on $468.1M revenue, trailing 12 months to June 30, 2026

Price / Earnings 11.0x on $283.6M net income, trailing 12 months to June 30, 2026

Price / Book 2.8x on $1.1B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 4, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BSM SEC filings page.

Black Stone Minerals, L.P. (BSM) reported $468.1M in revenue over the twelve months to Jun 30, 2026, down 5.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).

Rhea AI BSM FY2025 2026-10-03

High-margin earnings still convert into cash, but FY2025 showed weaker conversion and a materially more leveraged funding structure.

Net income recovered to $299.9M in FY2025 from $271.3M in FY2024. Yet cash conversion slipped from 1.4x to 1.0x, meaning each dollar of reported profit produced less operating cash even as earnings improved.

Operating margin rose to 65.6% in FY2025 from 63.0% in FY2024. Revenue recovered to $469.9M, while operating income reached $308.4M; the margin improvement indicates costs increased more slowly than revenue, rather than volume alone explaining the rebound.

Total liabilities rose to $207.1M in FY2025 from $89.5M in FY2024. Meanwhile, the current ratio improved to 3.9x, but the debt-to-equity ratio rose to 0.2x, indicating stronger near-term coverage alongside a more leveraged funding mix.

Financial Health Signals

Financial Health Score 61/100

Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Black Stone Minerals, L.P.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Black Stone Minerals, L.P. has an operating margin of 65.6%, meaning the company retains $66 of operating profit per $100 of revenue. This strong profitability earns a score of 94/100, reflecting efficient cost management and pricing power. This is up from 63.0% the prior year.

Growth

Black Stone Minerals, L.P.'s revenue grew 8.4% year-over-year to $469.9M, a solid pace of expansion. This earns a growth score of 15/100.

Leverage

Black Stone Minerals, L.P. carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 75/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.88, Black Stone Minerals, L.P. holds $3.88 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 89/100.

Cash Flow

Not available for Black Stone Minerals, L.P., and counted as zero in the overall score.

Returns

Black Stone Minerals, L.P. earns a strong 26.6% return on equity (ROE), meaning it generates $27 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 93/100. This is up from 24.0% the prior year.

Piotroski F-Score Partial

5/6

Black Stone Minerals, L.P. passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.03x

For every $1 of reported earnings, Black Stone Minerals, L.P. generates $1.03 in operating cash flow ($310.2M OCF vs $299.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

34.53x

Black Stone Minerals, L.P. earns $34.53 in operating income for every $1 of interest expense ($308.4M vs $8.9M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$149.0M

YoY-6.6%

QoQ+20.2%

5Y CAGR+4.8%

10Y CAGR+13.9%

Black Stone Minerals, L.P. generated $149.0M in revenue in Q2 2026. This represents a decrease of 6.6% from the same quarter a year earlier. Against the prior quarter it is up 20.2%.

EBITDA

$119.5M

YoY-9.1%

QoQ+352.2%

5Y CAGR+29.5%

10Y CAGR+28.5%

Black Stone Minerals, L.P.'s EBITDA was $119.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 9.1% from the same quarter a year earlier. Against the prior quarter it is up 352.2%.

Net Income

$106.4M

YoY-11.4%

QoQ+701.4%

5Y CAGR+47.1%

Black Stone Minerals, L.P. reported $106.4M in net income in Q2 2026. This represents a decrease of 11.4% from the same quarter a year earlier. Against the prior quarter it is up 701.4%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$1.7M

YoY-33.5%

QoQ-85.6%

5Y CAGR+9.9%

10Y CAGR-16.2%

Black Stone Minerals, L.P. held $1.7M in cash as of Q2 2026; long-term debt is not reported for that period.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Shares Outstanding

Not reported for Q2 2026.

Margins & Returns

Operating Margin

73.9%

YoY-2.8pp

QoQ+60.5pp

5Y change+59.5pp

10Y change+121.9pp

Black Stone Minerals, L.P.'s operating margin was 73.9% in Q2 2026, reflecting core business profitability. This is down 2.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 60.5 percentage points.

Net Margin

71.4%

YoY-3.9pp

QoQ+60.7pp

5Y change+58.3pp

10Y change+122.7pp

Black Stone Minerals, L.P.'s net profit margin was 71.4% in Q2 2026, showing the share of revenue converted to profit. This is down 3.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 60.7 percentage points.

Return on Equity

9.6%

YoY-1.3pp

QoQ+8.3pp

5Y change+8.0pp

10Y change+12.2pp

Black Stone Minerals, L.P.'s ROE was 9.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 8.3 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

BSM Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BSM quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Revenue	$468.1M	$469.9M+8.4%	$433.7M-26.8%	$592.2M-10.8%	$663.6M+31.2%	$505.7M+47.6%	$342.8M-29.7%	$487.8M-20.0%	$609.6M+41.9%	$429.7M+64.7%	$260.8M-33.6%	$392.9M-28.3%	$548.3M+18.3%	$463.6M
SG&A Expenses	$59.3M	$55.5M+6.5%	$52.1M+1.2%	$51.5M-4.1%	$53.7M+10.1%	$48.7M+13.4%	$43.0M-32.2%	$63.4M-17.4%	$76.7M-1.1%	$77.6M+6.1%	$73.1M-5.2%	$77.2M+23.0%	$62.8M+5.5%	$59.5M
Operating Income	$295.7M	$308.4M+12.9%	$273.1M-35.5%	$423.6M-12.2%	$482.5M+157.6%	$187.3M+41.8%	$132.1M-43.8%	$235.2M-26.1%	$318.4M+85.0%	$172.1M+526.5%	$27.5M+128.7%	-$95.9M-152.8%	$181.7M+1.1%	$179.8M
EBITDA	N/A	$345.3M+8.5%	$318.3M-32.2%	$469.3M-11.5%	$530.3M+113.5%	$248.3M+16.0%	$214.1M-37.9%	$344.8M-21.8%	$441.0M+53.9%	$286.6M+120.6%	$130.0M+1439.2%	$8.4M-97.1%	$293.7M+4.0%	$282.3M
Interest Expense	$12.4M	$8.9M+187.2%	$3.1M+12.9%	$2.8M-56.2%	$6.3M+11.5%	$5.6M-45.8%	$10.4M-51.4%	$21.4M+3.3%	$20.8M+32.3%	$15.7M+108.0%	$7.5M+17.6%	$6.4M-52.5%	$13.5M+19.1%	$11.3M
Net Income	$283.6M	$299.9M+10.5%	$271.3M-35.8%	$422.5M-11.3%	$476.5M+161.8%	$182.0M+49.4%	$121.8M-43.2%	$214.4M-27.5%	$295.6M+88.1%	$157.2M+678.4%	$20.2M+119.8%	-$101.8M-160.1%	$169.2M+0.1%	$169.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$149.0M-6.6%	$123.9M+7.5%	$62.7M-25.1%	$132.5M-1.8%	$159.5M+45.5%	$115.3M+9.3%	$83.7M-56.1%	$134.9M+22.8%
SG&A Expenses	$16.1M+15.5%	$16.8M+10.9%	$14.1M+19.4%	$12.3M-4.0%	$13.9M+3.9%	$15.2M+7.7%	$11.8M-5.7%	$12.8M-11.4%
Operating Income	$110.1M-10.0%	$16.6M-3.1%	$74.9M+57.5%	$94.1M+1.1%	$122.3M+78.5%	$17.2M-73.2%	$47.5M-67.8%	$93.1M+50.1%
EBITDA	$119.5M-9.1%	$26.4M+0.5%	$83.5M+42.9%	$104.0M-0.4%	$131.5M+64.7%	$26.3M-65.2%	$58.5M-63.3%	$104.4M+40.3%
Interest Expense	$3.8M+68.1%	$3.4M+140.6%	$2.8M+151.1%	$2.4M+235.1%	$2.3M+262.6%	$1.4M+122.1%	$1.1M+67.7%	$724K+16.6%
Net Income	$106.4M-11.4%	$13.3M-16.8%	$72.2M+55.8%	$91.7M-1.1%	$120.0M+75.7%	$15.9M-75.1%	$46.3M-68.6%	$92.7M+49.4%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Income Tax, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

BSM Balance Sheet

BSM quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Total Assets	$1.3B+9.6%	$1.2B-3.8%	$1.3B-0.3%	$1.3B+1.9%	$1.2B+0.3%	$1.2B-19.5%	$1.5B-11.7%	$1.8B+11.0%	$1.6B+39.7%	$1.1B+6.3%	$1.1B-20.0%	$1.3B	N/A
Current Assets	$95.6M+21.8%	$78.5M-59.3%	$193.1M+11.4%	$173.4M+60.6%	$108.0M+62.3%	$66.5M-35.0%	$102.3M-35.1%	$157.5M+79.7%	$87.6M+11.0%	$79.0M-23.8%	$103.6M-23.2%	$134.9M	N/A
Cash & Equivalents	$1.5M-41.3%	$2.5M-96.4%	$70.3M+1531.8%	$4.3M-51.5%	$8.9M+394.2%	$1.8M-77.9%	$8.1M+50.0%	$5.4M-4.0%	$5.6M-42.3%	$9.8M-26.2%	$13.2M-10.6%	$14.8M-50.9%	$30.1M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$2.9M-28.5%	$4.0M-95.1%	$82.3M-39.4%	$135.7M+39.7%	$97.1M+56.9%	$61.9M-20.8%	$78.2M-30.9%	$113.1M+40.2%	$80.7M+18.4%	$68.2M+65.3%	$41.2M-44.3%	$74.1M	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$207.1M+131.5%	$89.5M+80.6%	$49.5M-19.1%	$61.3M-66.8%	$184.3M-0.4%	$185.0M-58.7%	$448.4M-18.1%	$547.5M+12.7%	$485.9M+20.5%	$403.2M+167.4%	$150.8M-70.6%	$512.4M	N/A
Current Liabilities	$24.6M-19.1%	$30.4M+17.8%	$25.8M-15.9%	$30.7M-60.2%	$77.1M+93.1%	$39.9M+34.0%	$29.8M-54.0%	$64.8M+8.4%	$59.7M-16.3%	$71.3M+13.2%	$63.0M-36.0%	$98.6M	N/A
Non-Current Liabilities	$182.5M+209.0%	$59.0M+149.1%	$23.7M-22.4%	$30.5M-71.5%	$107.2M-26.1%	$145.1M-65.3%	$418.6M-13.3%	$482.7M+13.3%	$426.2M+28.4%	$331.8M+278.2%	$87.7M-78.8%	$413.8M	N/A
Total Equity	$1.1B-0.1%	$1.1B-7.2%	$1.2B+0.6%	$1.2B+13.7%	$1.1B+0.4%	$1.1B-3.4%	$1.1B-8.8%	$1.2B+10.3%	$1.1B+50.3%	$725.7M-20.3%	$910.7M+11.8%	$814.4M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$1.4B+7.7%	$1.3B+8.0%	$1.3B+9.6%	$1.3B+4.7%	$1.3B+4.2%	$1.2B+0.6%	$1.2B-3.8%	$1.2B-1.7%
Current Assets	$89.0M-4.7%	$95.7M+8.4%	$95.6M+21.8%	$85.2M-22.0%	$93.4M-18.5%	$88.3M-39.6%	$78.5M-59.3%	$109.3M-34.6%
Cash & Equivalents	$1.7M-33.5%	$11.6M+379.0%	$1.5M-41.3%	$2.9M-86.3%	$2.5M-90.6%	$2.4M-94.0%	$2.5M-96.4%	$21.0M-62.6%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$6.6M+21.5%	$3.8M+19.4%	$2.9M-28.5%	$5.1M-92.4%	$5.4M-92.6%	$3.1M-95.7%	$4.0M-95.1%	$68.1M-22.3%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$252.4M+52.7%	$264.7M+52.3%	$207.1M+131.5%	$145.2M+226.1%	$165.3M+192.9%	$173.9M+211.2%	$89.5M+80.6%	$44.5M-26.5%
Current Liabilities	$23.7M-18.2%	$41.0M-37.3%	$24.6M-19.1%	$19.5M+0.2%	$29.0M+7.1%	$65.3M+138.6%	$30.4M+17.8%	$19.5M-42.4%
Non-Current Liabilities	$228.8M+67.8%	$223.8M+106.2%	$182.5M+209.0%	$125.7M+401.5%	$136.3M+364.1%	$108.5M+280.9%	$59.0M+149.1%	$25.1M-6.5%
Total Equity	$1.1B+1.0%	$1.1B+0.8%	$1.1B-0.1%	$1.1B-3.7%	$1.1B-5.0%	$1.1B-9.4%	$1.1B-7.2%	$1.2B-0.4%

Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt, Retained Earnings.

BSM Cash Flow Statement

BSM quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Operating Cash Flow	$320.4M	$310.2M-20.3%	$389.0M-25.4%	$521.3M+22.7%	$425.0M+65.4%	$256.9M-8.8%	$281.8M-31.7%	$412.7M+7.1%	$385.4M+36.7%	$281.9M+43.3%	$196.7M-30.9%	$284.7M-28.1%	$396.1M+23.5%	$320.8M
Depreciation & Amortization	N/A	$36.9M-18.4%	$45.2M-1.1%	$45.7M-4.4%	$47.8M-21.7%	$61.0M-25.6%	$82.0M-25.2%	$109.6M-10.7%	$122.7M+7.1%	$114.5M+11.8%	$102.5M-1.7%	$104.3M-6.8%	$112.0M+9.3%	$102.4M
Stock-Based Compensation	N/A	$9.6M+12.3%	$8.6M-20.9%	$10.8M-37.7%	$17.4M+42.3%	$12.2M+227.8%	$3.7M-81.8%	$20.5M-32.0%	$30.1M-8.8%	$33.0M-23.4%	$43.1M+139.7%	$18.0M+58.7%	$11.3M+67.2%	$6.8M
Investing Cash Flow	-$128.4M	-$118.3M-5.4%	-$112.2M-468.6%	-$19.7M-1524.7%	-$1.2M+91.5%	-$14.3M-109.5%	$151.2M+411.1%	-$48.6M+70.3%	-$163.8M+63.9%	-$454.2M-105.0%	-$221.5M-143.5%	-$91.0M+10.0%	-$101.1M	N/A
Financing Cash Flow	-$192.9M	-$192.9M+44.0%	-$344.6M+20.9%	-$435.5M-1.7%	-$428.3M-81.9%	-$235.5M+46.4%	-$439.4M-21.6%	-$361.4M-62.9%	-$221.8M-231.8%	$168.3M+685.4%	$21.4M+111.0%	-$195.3M+37.1%	-$310.3M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$81.2M	N/A	N/A
Share Buybacks	N/A	N/A	$4.4M-19.1%	$5.5M+83.8%	$3.0M+52.8%	$2.0M-61.1%	$5.0M	N/A	N/A	N/A	$0-100.0%	$3.0M-42.0%	$5.2M-95.6%	$118.1M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$93.0M+15.5%	$62.6M-3.5%	$65.1M-28.4%	$99.8M+7.0%	$80.5M-19.8%	$64.8M-37.9%	$91.0M-32.2%	$93.2M-20.1%
Depreciation & Amortization	$9.4M+2.3%	$9.8M+7.2%	$8.7M-20.8%	$9.9M-12.1%	$9.2M-19.1%	$9.1M-21.6%	$10.9M-6.9%	$11.3M-9.0%
Stock-Based Compensation	N/A	$3.6M+16.2%	N/A	N/A	N/A	$3.1M+28.2%	N/A	N/A
Investing Cash Flow	-$40.8M-37.7%	-$12.0M+8.2%	-$54.9M-14.3%	-$20.7M-65.0%	-$29.6M-6.9%	-$13.1M+45.5%	-$48.0M-224.5%	-$12.5M-442.4%
Financing Cash Flow	-$62.1M-22.4%	-$40.4M+22.0%	-$14.9M+75.7%	-$75.4M+12.7%	-$50.8M+41.3%	-$51.9M+53.0%	-$61.4M+41.6%	-$86.4M+17.7%

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

BSM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BSM quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Operating Margin	65.6%+2.7pp	63.0%-8.6pp	71.5%-1.2pp	72.7%+35.7pp	37.0%-1.5pp	38.5%-9.7pp	48.2%-4.0pp	52.2%+12.2pp	40.1%+29.5pp	10.5%+34.9pp	-24.4%-57.5pp	33.1%-5.7pp	38.8%
Net Margin	63.8%+1.3pp	62.6%-8.8pp	71.4%-0.4pp	71.8%+35.8pp	36.0%+0.4pp	35.5%-8.4pp	43.9%-4.5pp	48.5%+11.9pp	36.6%+28.8pp	7.7%+33.6pp	-25.9%-56.8pp	30.9%-5.6pp	36.4%
Return on Equity	26.6%+2.6pp	24.0%-10.7pp	34.7%-4.7pp	39.4%+22.3pp	17.1%+5.6pp	11.5%-8.0pp	19.5%-5.0pp	24.6%+10.2pp	14.4%+11.6pp	2.8%+13.9pp	-11.2%-31.9pp	20.8%	N/A
Return on Assets	22.5%+0.2pp	22.3%-11.1pp	33.4%-4.1pp	37.5%+22.9pp	14.6%+4.8pp	9.8%-4.1pp	13.9%-3.0pp	16.9%+6.9pp	10.0%+8.2pp	1.8%+11.4pp	-9.6%-22.3pp	12.8%	N/A
Current Ratio	3.88+1.3x	2.58-4.9x	7.48+1.8x	5.64+4.2x	1.40-0.3x	1.67-1.8x	3.43+1.0x	2.43+1.0x	1.47+0.4x	1.11-0.5x	1.64+0.3x	1.37	N/A
Debt-to-Equity	0.18+0.1x	0.080.0x	0.040.0x	0.05-0.1x	0.170.0x	0.17-0.2x	0.410.0x	0.460.0x	0.45-0.1x	0.56+0.4x	0.17-0.5x	0.63	N/A
Asset Turnover	0.350.0x	0.36-0.1x	0.47-0.1x	0.52+0.1x	0.41+0.1x	0.280.0x	0.320.0x	0.35+0.1x	0.270.0x	0.23-0.1x	0.370.0x	0.41	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	73.9%-2.8pp	13.4%-1.5pp	119.4%	71.0%+2.0pp	76.7%+14.2pp	14.9%-45.8pp	56.8%-20.6pp	69.0%+12.6pp
Net Margin	71.4%-3.9pp	10.7%-3.1pp	115.2%	69.3%+0.5pp	75.3%+12.9pp	13.8%-46.8pp	55.4%-22.0pp	68.8%+12.2pp
Return on Equity	9.6%-1.3pp	1.2%-0.3pp	6.4%+2.3pp	8.2%+0.2pp	10.9%+5.0pp	1.5%-3.9pp	4.1%-8.0pp	7.9%+2.6pp
Return on Assets	7.8%-1.7pp	1.0%-0.3pp	5.4%+1.6pp	7.2%-0.4pp	9.5%+3.9pp	1.3%-3.9pp	3.8%-7.9pp	7.6%+2.6pp
Current Ratio	3.76+0.5x	2.34+1.0x	3.88+1.3x	4.37-1.2x	3.22-1.0x	1.35-4.0x	2.58-4.9x	5.61+0.7x
Debt-to-Equity	0.23+0.1x	0.25+0.1x	0.18+0.1x	0.13+0.1x	0.15+0.1x	0.16+0.1x	0.080.0x	0.040.0x
Asset Turnover	0.110.0x	0.090.0x	0.050.0x	0.100.0x	0.130.0x	0.090.0x	0.07-0.1x	0.110.0x

Not reported in any period shown, so not listed: Gross Margin, FCF Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Black Stone Minerals, L.P. BSM	FY2025	$469.9M	$299.9M	63.8%	$3.1B	61/100
Sitio Royalties Corp. STR	FY2024	$624.4M	$40.9M	6.6%	$1.4B	53/100
SM Energy Company SM	FY2025	$3.2B	$648.0M	20.5%	$8.3B	50/100
Northern Oil and Gas, Inc. NOG	FY2025	$2.5B	$38.8M	1.6%	$2.6B	48/100
Gulfport Energy Corporation GPOR	FY2025	$1.4B	$428.0M	30.1%	$2.8B	36/100
Murphy Oil Corp. MUR	FY2025	$2.7B	$104.2M	3.8%	$5.5B	32/100

Where Black Stone Minerals, L.P. Ranks

Frequently Asked Questions

What is Black Stone Minerals, L.P.'s annual revenue?

Black Stone Minerals, L.P. (BSM) reported $469.9M in total revenue for fiscal year 2025. This represents a 8.4% 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 grew by 8.4% year-over-year, from $433.7M to $469.9M in fiscal year 2025.

Is Black Stone Minerals, L.P. profitable?

Yes, Black Stone Minerals, L.P. (BSM) reported a net income of $299.9M in fiscal year 2025, with a net profit margin of 63.8%.

What is Black Stone Minerals, L.P.'s EBITDA?

Black Stone Minerals, L.P. (BSM) had EBITDA of $345.3M in fiscal year 2025, 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 65.6% in fiscal year 2025, 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 63.8% in fiscal year 2025, 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 26.6% for fiscal year 2025, 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 $310.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Black Stone Minerals, L.P.'s total assets?

Black Stone Minerals, L.P. (BSM) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What is Black Stone Minerals, L.P.'s current ratio?

Black Stone Minerals, L.P. (BSM) had a current ratio of 3.88 as of fiscal year 2025, 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 0.18 as of fiscal year 2025, 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 22.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Black Stone Minerals, L.P.'s P/E ratio?

Black Stone Minerals, L.P. (BSM) trades at 11.0x earnings, its market capitalization divided by net income of $283.6M net income, trailing 12 months to June 30, 2026. The market capitalization is $3.1B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Black Stone Minerals, L.P.'s price-to-sales ratio?

Black Stone Minerals, L.P. (BSM) trades at 6.7x sales, its market capitalization divided by revenue of $468.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.1B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Black Stone Minerals, L.P.'s Piotroski F-Score?

Black Stone Minerals, L.P. (BSM) has a Piotroski F-Score of 5 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 1.03x, 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 34.53x, 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 61 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.