Black Stone Minerals L P Financials

BSM

FY2025 annual

Revenue $469.9M +8.4% YoY

Net Income $299.9M +10.5% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Black Stone Minerals L P (BSM) reported $469.9M in revenue for fiscal year 2025, up 8.4% from the prior fiscal year. 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 2026-05-05

A high-cash-conversion model with thin overhead lets this business preserve exceptional profitability through uneven revenue cycles and downturns.

Across FY2023-FY2025, operating cash flow consistently exceeded net income, including $310.2M versus $299.9M in FY2025. Combined with just $207.1M of liabilities against $1.34B of assets, that points to a business funded mainly by internally generated cash rather than by a stretched balance sheet.

With SG&A moving only from $51.5M in FY2023 to $55.5M in FY2025, overhead appears relatively fixed and modest versus the sales base. That helps explain why operating margin was still 65.6% in FY2025 after the FY2024 revenue drop instead of compressing toward ordinary levels.

Liquidity in FY2025 depended less on a cash pile than on small near-term obligations: cash was only $1.5M while current liabilities were $24.6M. A 3.9x current ratio means the company did not need much idle cash because short-term claims were limited relative to current assets.

Financial Health Signals

Financial Health Score 62/100

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

Growth

Leverage

Liquidity

Cash Flow

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

Returns

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

$469.9M

YoY+8.4%

5Y CAGR+6.5%

10Y CAGR+1.8%

Black Stone Minerals L P generated $469.9M in revenue in fiscal year 2025. This represents an increase of 8.4% from the prior year.

EBITDA

$345.3M

YoY+8.5%

5Y CAGR+10.0%

10Y CAGR+44.9%

Black Stone Minerals L P's EBITDA was $345.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.5% from the prior year.

Net Income

$299.9M

YoY+10.5%

5Y CAGR+19.7%

Black Stone Minerals L P reported $299.9M in net income in fiscal year 2025. This represents an increase of 10.5% from the prior year.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$1.5M

YoY-41.3%

5Y CAGR-3.8%

10Y CAGR-19.7%

Black Stone Minerals L P held $1.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin

65.6%

YoY+2.7pp

5Y CAGR+27.1pp

10Y CAGR+90.0pp

Black Stone Minerals L P's operating margin was 65.6% in fiscal year 2025, reflecting core business profitability. This is up 2.7 percentage points from the prior year.

Net Margin

63.8%

YoY+1.3pp

5Y CAGR+28.3pp

10Y CAGR+89.7pp

Black Stone Minerals L P's net profit margin was 63.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.3 percentage points from the prior year.

Return on Equity

26.6%

YoY+2.6pp

5Y CAGR+15.1pp

10Y CAGR+37.7pp

Black Stone Minerals L P's ROE was 26.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.6 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

BSM Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

BSM annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13
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
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$149.0M+20.2%	$123.9M+97.6%	$62.7M-52.7%	$132.5M-16.9%	$159.5M+38.4%	$115.3M+37.7%	$83.7M-37.9%	$134.9M
SG&A Expenses	$16.1M-4.5%	$16.8M+19.5%	$14.1M+14.6%	$12.3M-11.8%	$13.9M-8.2%	$15.2M+28.6%	$11.8M-7.9%	$12.8M
Operating Income	$110.1M+561.7%	$16.6M-77.8%	$74.9M-20.5%	$94.1M-23.0%	$122.3M+612.6%	$17.2M-63.9%	$47.5M-49.0%	$93.1M
Interest Expense	$3.8M+13.5%	$3.4M+18.5%	$2.8M+16.9%	$2.4M+6.9%	$2.3M+62.5%	$1.4M+23.6%	$1.1M+56.1%	$724K
Net Income	$106.4M+701.4%	$13.3M-81.6%	$72.2M-21.3%	$91.7M-23.6%	$120.0M+652.6%	$15.9M-65.6%	$46.3M-50.0%	$92.7M

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

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

BSM Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

BSM annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13
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
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
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
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$1.4B+2.1%	$1.3B+0.2%	$1.3B+5.1%	$1.3B+0.2%	$1.3B+2.3%	$1.2B+1.6%	$1.2B+0.5%	$1.2B
Current Assets	$89.0M-7.0%	$95.7M+0.1%	$95.6M+12.3%	$85.2M-8.8%	$93.4M+5.8%	$88.3M+12.4%	$78.5M-28.1%	$109.3M
Cash & Equivalents	$1.7M-85.6%	$11.6M+685.7%	$1.5M-48.4%	$2.9M+13.7%	$2.5M+3.9%	$2.4M-3.8%	$2.5M-88.0%	$21.0M
Accounts Receivable	$6.6M+76.3%	$3.8M+29.8%	$2.9M-43.8%	$5.1M-5.5%	$5.4M+73.2%	$3.1M-22.3%	$4.0M-94.1%	$68.1M
Total Liabilities	$252.4M-4.6%	$264.7M+27.8%	$207.1M+42.7%	$145.2M-12.2%	$165.3M-4.9%	$173.9M+94.3%	$89.5M+101.0%	$44.5M
Current Liabilities	$23.7M-42.2%	$41.0M+66.4%	$24.6M+26.3%	$19.5M-32.7%	$29.0M-55.6%	$65.3M+114.7%	$30.4M+56.4%	$19.5M
Total Equity	$1.1B+3.7%	$1.1B-4.9%	$1.1B+0.3%	$1.1B+2.0%	$1.1B+3.5%	$1.1B-5.7%	$1.1B-3.3%	$1.2B

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

BSM Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

BSM annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13
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
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$93.0M+48.6%	$62.6M-3.9%	$65.1M-34.7%	$99.8M+24.0%	$80.5M+24.1%	$64.8M-28.7%	$91.0M-2.5%	$93.2M
Investing Cash Flow	-$40.8M-240.2%	-$12.0M+78.2%	-$54.9M-165.1%	-$20.7M+30.1%	-$29.6M-126.7%	-$13.1M+72.8%	-$48.0M-282.7%	-$12.5M
Financing Cash Flow	-$62.1M-53.6%	-$40.4M-171.3%	-$14.9M+80.2%	-$75.4M-48.5%	-$50.8M+2.1%	-$51.9M+15.5%	-$61.4M+28.9%	-$86.4M

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

BSM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

BSM annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13
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

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Margin	73.9%+60.5pp	13.4%	119.4%	71.0%-5.6pp	76.7%+61.8pp	14.9%-41.9pp	56.8%-12.3pp	69.0%
Net Margin	71.4%+60.7pp	10.7%	115.2%	69.3%-6.0pp	75.3%+61.4pp	13.8%-41.5pp	55.4%-13.4pp	68.8%
Return on Equity	9.6%+8.3pp	1.2%-5.2pp	6.4%-1.8pp	8.2%-2.7pp	10.9%+9.4pp	1.5%-2.6pp	4.1%-3.8pp	7.9%
Return on Assets	7.8%+6.8pp	1.0%-4.4pp	5.4%-1.8pp	7.2%-2.3pp	9.5%+8.2pp	1.3%-2.5pp	3.8%-3.9pp	7.6%
Current Ratio	3.76+1.4x	2.34-1.5x	3.88-0.5x	4.37+1.1x	3.22+1.9x	1.35-1.2x	2.58-3.0x	5.61
Debt-to-Equity	0.230.0x	0.25+0.1x	0.18+0.1x	0.130.0x	0.150.0x	0.16+0.1x	0.080.0x	0.04

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

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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 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 62 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.