Black Stone Minerals LP (BSM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.25	$0.3	+20.0%	—	$122.1M	—
Q1 26	$0.23	$0.28	+21.7%	—	$123.9M	—
Q4 25	$0.27	$0.22	-18.5%	—	$95.2M	—
Q3 25	$0.29	$0.3	+3.4%	—	$105.2M	—
Q2 25	$0.33	$0.28	-15.2%	—	$106.7M	—
Q1 25	$0.33	$0.29	-12.1%	—	$115.3M	—
Q4 24	$0.33	$0.33	0.0%	—	$104.3M	—
Q3 24	$0.36	$0.31	-13.9%	—	$103.2M	—
Q2 24	$0.37	$0.37	0.0%	—	$115.2M	—
Q1 24	$0.35	$0.39	+11.4%	—	$116.8M	—
Q4 23	$0.5	$0.46	-8.0%	—	$136.4M	—
Q3 23	$0.43	$0.27	-37.2%	—	$136.7M	—
Q2 23	$0.39	$0.35	-10.3%	—	$105.7M	—
Q1 23	$0.45	$0.6	+33.3%	—	$122.3M	—
Q4 22	$0.41	$0.82	+100.0%	—	$199M	—
Q3 22	$0.4	$0.75	+87.5%	—	$221.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.28	—	—	$422.3M	—
FY24	—	$1.15	—	—	$439.4M	—
FY23	—	$1.91	—	—	$501.1M	—
FY22	—	$2.18	—	—	$784.3M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$297.3M	$402.8M	$594.7M	$492.8M	$296.6M	$505.7M	$784.3M	$501.1M	$439.4M	$422.3M
YoY change	-1.76%	+35.5%	+47.7%	-17.1%	-39.8%	+70.5%	+55.1%	-36.1%	-12.3%	-3.89%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	297.3M	402.8M	594.7M	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	114M	104.5M	86.1M
Gross profit	140.6M	223.5M	389.3M	305M	157.1M	381.9M	657.9M	387.1M	335M	336.3M
Gross margin	47.3%	55.5%	65.5%	61.9%	53%	75.5%	83.9%	77.2%	76.2%	79.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	73.1M	77.6M	76.7M	63.4M	43M	48.7M	53.7M	51.5M	52.1M	55.5M
Operating expenses	74.7M	79.2M	85.8M	64.9M	44.1M	50.9M	54.7M	54.6M	56.1M	75.5M
Operating income	65.9M	144.3M	303.5M	240.1M	113M	330.9M	603.2M	332.4M	278.8M	260.8M
Operating margin	22.2%	35.8%	51%	48.7%	38.1%	65.4%	76.9%	66.3%	63.5%	61.8%
Non-operating income, net	-38.8M	28.5M	12.6M	-4.5M	19.2M	-143.3M	-120.4M	91M	-6.1M	47.8M
Pretax income	20.2M	157.2M	295.6M	214.4M	121.8M	182M	476.5M	422.5M	271.3M	299.9M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	20.2M	157.2M	295.6M	214.4M	121.8M	182M	476.5M	422.5M	271.3M	299.9M
Net margin	6.79%	39%	49.7%	43.5%	41.1%	36%	60.8%	84.3%	61.7%	71%
EBITDA	168.7M	259.5M	424.1M	350.3M	195.1M	392.3M	651.2M	379.8M	325.4M	298.2M
EPS	0.26	1.01	1.46	1.01	0.49	0.77	2.18	1.91	1.15	1.28
Diluted EPS	0.26	1.01	1.45	1.01	0.49	0.77	2.12	1.88	1.15	1.28

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	136.7M	136.4M	116.8M	115.2M	103.2M	104.3M	115.3M	106.7M	105.2M	95.2M	123.9M	122.1M
Cost of revenue	31.4M	30M	27.1M	27.4M	26M	23.9M	21.5M	21.2M	23.6M	19.8M	20.9M	17.6M
Gross profit	105.3M	106.4M	89.7M	87.8M	77.1M	80.4M	93.8M	85.5M	81.6M	75.4M	103M	104.5M
Gross margin	77%	78%	76.8%	76.2%	74.8%	77.1%	81.4%	80.1%	77.6%	79.2%	83.2%	85.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	14.4M	12.5M	14.1M	13.4M	12.8M	11.8M	15.2M	13.9M	12.3M	14.1M	16.8M	16.1M
Operating expenses	16.4M	13.2M	14.4M	13.7M	15.7M	12.3M	20.6M	16M	14.8M	24.1M	21.8M	21.3M
Operating income	88.9M	93.1M	75.3M	74M	61.4M	68.1M	73.2M	69.5M	66.8M	51.3M	81.2M	83.2M
Operating margin	65%	68.3%	64.4%	64.3%	59.6%	65.3%	63.5%	65.1%	63.5%	53.9%	65.5%	68.1%
Non-operating income, net	-26.7M	54.4M	-11.4M	-5.6M	31.7M	-20.8M	-55.9M	52.7M	27.3M	23.7M	-64.6M	26.9M
Pretax income	62.1M	147.6M	63.9M	68.3M	92.7M	46.3M	15.9M	120M	91.7M	72.2M	13.3M	106.4M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	62.1M	147.6M	63.9M	68.3M	92.7M	46.3M	15.9M	120M	91.7M	72.2M	13.3M	106.4M
Net margin	45.4%	108.3%	54.7%	59.3%	89.9%	44.4%	13.8%	112.5%	87.2%	75.9%	10.7%	87.1%
EBITDA	101.9M	105.6M	87.5M	85.9M	73M	79M	82.5M	78.7M	76.8M	60.2M	91M	92.7M
EPS	0.27	0.67	0.27	0.29	0.41	0.19	0.04	0.53	0.4	0.31	0.03	0.47
Diluted EPS	0.27	0.65	0.27	0.29	0.41	0.18	0.04	0.53	0.4	0.31	0.03	0.47

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.6B	3.5B	3.1B	2.6B	1.4B	2.2B	3.5B	3.4B	3.1B	2.8B	3.1B
Enterprise value	3.9B	3.8B	3.5B	3B	1.5B	2.2B	3.5B	3.3B	3.1B	3B	3.6B
Shares outstanding	191.2M	192.5M	202.2M	206M	206.7M	208.2M	209.4M	210M	210.7M	211.7M	211.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	177.9	22	10.6	12.2	11.3	11.8	7.41	7.93	11.3	9.38	12
P/S	12.1	8.58	5.26	5.32	4.65	4.25	4.5	6.69	7	6.66	7.25
P/B	4.95	3.17	2.6	2.39	1.3	2.02	2.92	2.75	2.72	2.49	3.78
EV/EBITDA	23.1	14.8	8.33	8.58	7.69	5.69	5.43	8.64	9.52	9.95	10.6
EV/Sales	13.1	9.53	5.94	6.1	5.06	4.41	4.51	6.55	7.05	7.03	8.41
Earnings yield	0.56%	4.55%	9.44%	8.18%	8.82%	8.46%	13.5%	12.6%	8.82%	10.7%	8.31%
FCF yield	-0.7%	-5.87%	2.81%	11.5%	20.1%	11.3%	11.7%	15%	8.91%	6.79%	3.16%
PEG	—	—	—	—	—	—	—	—	—	—	-1.06

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	47.3%	55.5%	65.5%	61.9%	53%	75.5%	83.9%	77.2%	76.2%	79.6%	85.6%
Operating margin	22.2%	35.8%	51%	48.7%	38.1%	65.4%	76.9%	66.3%	63.5%	61.8%	95.4%
Net margin	6.79%	39%	49.7%	43.5%	41.1%	36%	60.8%	84.3%	61.7%	71%	66.9%
ROE	2.78%	14.4%	24.6%	19.5%	11.5%	17.1%	39.4%	34.7%	24%	26.6%	25.6%
ROA	1.79%	9.97%	16.9%	13.9%	9.79%	14.6%	37.5%	33.4%	22.3%	22.5%	14%
Return on tangible assets	1.79%	9.97%	16.9%	13.9%	9.79%	14.6%	37.5%	33.4%	22.3%	22.5%	20.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.11	1.47	2.43	3.43	1.67	1.4	5.64	7.48	2.58	3.88	3.76
Quick ratio	1.11	1.47	2.43	3.43	1.67	1.4	5.64	7.48	2.58	3.88	3.76
Debt / equity	0.44	0.36	0.34	0.36	0.11	0.08	0.01	—	0.02	0.14	0.18
Debt / assets	0.28	0.25	0.23	0.25	0.1	0.07	0.01	—	0.02	0.12	0.14
Net debt / EBITDA	1.82	1.47	0.95	1.1	0.61	0.2	0.01	—	0.07	0.52	0.61
Interest coverage	3.67	11	15.2	11	12.7	33.3	76.8	154.4	88.3	34.6	23.8

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.55	2.09	2.94	2.39	1.44	2.43	3.75	2.39	2.09	2	2
EPS (basic)	0.26	1.01	1.46	1.01	0.49	0.77	2.18	1.91	1.15	1.28	1.28
EPS (diluted)	0.26	1.01	1.45	1.01	0.49	0.77	2.12	1.88	1.15	1.28	1.2
Book value per share	3.8	5.66	5.95	5.33	5.12	5.11	5.78	5.8	5.36	5.33	3.82
FCF per share	-0.13	-1.05	0.44	1.46	1.34	1.16	1.97	2.39	1.3	0.9	0.9
Cash per share	0.05	0.03	0.03	0.04	0.01	0.04	0.02	0.33	0.01	0.01	0.01
Capex per share	1.16	2.36	0.81	0.24	0.73	0.07	0.01	0.09	0.53	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	74.5%	112.8%	27.5%	9.87%	51%	2.83%	0.15%	3.94%	25.5%	—	—
Capex / operating cash flow	140.6%	147.6%	41%	11.9%	50.2%	12.6%	0.4%	3.22%	29.2%	—	—
Payout ratio	903.2%	126.4%	90.8%	153.2%	132.4%	108.8%	72.1%	99.4%	134.5%	105.1%	100%
Dividend yield	5.08%	5.75%	8.58%	12.5%	11.7%	9.2%	9.72%	12.5%	11.9%	11.2%	8.88%

Yield

8.88%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.32

ex-dividend Aug 6, 2026

Payout ratio

100%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 6, 2026	$0.32
May 8, 2026	$0.30
Feb 18, 2026	$0.30
Nov 6, 2025	$0.30
Aug 7, 2025	$0.30
May 8, 2025	$0.375
Feb 18, 2025

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$136.7M	$136.4M	$116.8M	$115.2M	$103.2M	$104.3M	$115.3M	$106.7M	$105.2M	$95.2M	$123.9M	$122.1M
YoY change	-38.2%	-31.5%	-4.52%	+8.96%	-24.5%	-23.5%	-1.31%	-7.35%	+1.94%	-8.74%	+7.51%	+14.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	9.8M	5.6M	5.4M	8.1M	1.8M	8.9M	4.3M	70.3M	2.5M	1.5M
Receivables	68.2M	77.5M	107.8M	71M	58.2M	93M	129.1M	77.6M	67M	2.9M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	79M	87.6M	157.5M	102.3M	66.5M	108M	173.4M	193.1M	78.5M	95.6M
Property, plant & equipment	-1.7B	-1.8B	-1.9B	-1.9B	-2B	-1.9B	-1.9B	-2B	-2B	-1.9B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	1.1B	1.6B	1.8B	1.5B	1.2B	1.2B	1.3B	1.3B	1.2B	1.3B
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	—	—	—	—	—	—	—	—	—	2M
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	316M	388M	410M	394M	121M	89M	10M	—	25M	154M
Total liabilities	403.2M	485.9M	547.5M	448.4M	185M	184.3M	61.3M	49.5M	89.5M	207.1M
Shareholders' equity	725.7M	1.1B	1.2B	1.1B	1.1B	1.1B	1.2B	1.2B	1.1B	1.1B
Total debt	316M	388M	410M	394M	121M	89M	10M	—	25M	156M
Net debt	306.2M	382.4M	404.6M	385.9M	119.2M	80.1M	5.7M	—	22.5M	154.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	56M	70.3M	40.5M	26.7M	21M	2.5M	2.4M	2.5M	2.9M	1.5M	11.6M	1.7M
Receivables	80M	77.6M	68.3M	69M	62.4M	67M	3.1M	5.4M	5.1M	2.9M	3.8M	6.6M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	167M	193.1M	146.2M	114.5M	109.3M	78.5M	88.3M	93.4M	85.2M	95.6M	95.7M	89M
Property, plant & equipment	-1.9B	-2B	-2B	-2B	-2B	-2B	-2B	-2B	-2B	-1.9B	-1.9B	-1.9B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	1.2B	1.3B	1.2B	1.2B	1.2B	1.2B	1.2B	1.3B	1.3B	1.3B	1.3B	1.4B
Accounts payable	4.5M	6.3M	5.8M	5.6M	3.7M	5.9M	4.8M	6.9M	2.6M	2.8M	2.8M	4.1M
Short-term debt	—	—	—	—	—	—	—	—	—	2M	1.1M	1.2M
Total current liabilities	33.8M	25.8M	27.4M	27.1M	19.5M	30.4M	65.3M	29M	19.5M	24.6M	41M	23.7M
Long-term debt	—	—	—	—	—	25M	63M	99M	95M	154M	187M	196M
Total liabilities	60.6M	49.5M	55.9M	56.4M	44.5M	89.5M	173.9M	165.3M	145.2M	207.1M	264.7M	252.4M
Shareholders' equity	1.2B	1.2B	1.2B	1.2B	1.2B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B
Total debt	—	—	—	—	—	25M	63M	99M	95M	156M	188.1M	197.2M
Net debt	—	—	—	—	—	22.5M	60.6M	96.5M	92.1M	154.5M	176.4M	195.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	20.2M	157.2M	295.6M	214.4M	121.8M	182M	476.5M	422.5M	271.3M	299.9M
Depreciation & amortization	102.5M	114.5M	122.7M	109.6M	82M	61M	47.8M	45.7M	45.2M	36.9M
Stock-based compensation	43.1M	33M	30.1M	20.5M	3.7M	12.2M	17.4M	10.8M	8.6M	9.6M
Change in working capital	-54.5M	-13.8M	-20.2M	33.5M	10.6M	-32.2M	-36.5M	49.2M	12.3M	5.3M
Operating cash flow	157.5M	307.8M	399.9M	407.6M	301.4M	113.5M	304.3M	612.9M	384.1M	310.2M
Capital expenditure	-221.5M	-454.2M	-163.8M	-48.6M	151.2M	-14.3M	-1.2M	-19.7M	-112.2M	—
Investing cash flow	-221.5M	-454.2M	-163.8M	-48.6M	151.2M	-14.3M	-1.2M	-19.7M	-112.2M	—
Dividends paid	-182.3M	-198.6M	-268.5M	-328.4M	-161.3M	-197.9M	-343.4M	-419.8M	-365.1M	-315.1M
Share repurchases	-45.9M	-27.9M	-12.7M	-17M	-5M	-2M	-3M	-5.5M	-4.4M	-3.8M
Financing cash flow	271.4M	240.3M	-199.8M	-377.4M	-712.4M	-267.5M	-428.3M	-435.5M	-344.6M	-192.9M
Net change in cash	207.4M	93.8M	36.3M	-18.5M	-259.7M	-168.3M	-125.3M	157.6M	-72.7M	117.2M
Free cash flow	-25.1M	-202.7M	88M	301.4M	277M	242.2M	412.4M	501.4M	274M	191.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	62.1M	147.6M	63.9M	68.3M	92.7M	46.3M	15.9M	120M	91.7M	72.2M	13.3M	106.4M
Depreciation & amortization	12.4M	11.7M	11.6M	11.4M	11.3M	10.9M	9.1M	9.2M	9.9M	8.7M	9.8M	9.4M
Stock-based compensation	3.8M	2.4M	2.4M	2.2M	2.2M	1.8M	3.1M	2M	2.2M	2.4M	3.6M	2.5M
Change in working capital	-13.7M	4.9M	1.3M	1.1M	6.6M	3.2M	-12M	-240K	13.1M	4.4M	-19.7M	9.2M
Operating cash flow	89.2M	184.3M	93.4M	95.4M	123.9M	71.5M	13.1M	80.5M	99.8M	65.1M	62.6M	93M
Capital expenditure	-2.3M	-14.8M	-24M	-27.7M	-12.5M	-48M	-13.1M	—	—	—	—	—
Investing cash flow	-2.3M	-14.8M	-24M	-27.7M	-12.5M	-48M	-13.1M	—	—	—	—	—
Dividends paid	-105M	-105M	-105.9M	-86.4M	-86.4M	-86.4M	-86.5M	-86.7M	-70.9M	-70.9M	-71.1M	-71.1M
Share repurchases	0	0	-4.4M	-68K	0	0	-3.3M	0	-466K	-22K	-2.3M	0
Financing cash flow	-105M	-105.1M	-110.3M	-86.5M	-86.4M	-61.4M	-51.9M	-50.8M	-75.4M	-14.9M	-40.4M	-62.1M
Net change in cash	-18.1M	64.4M	-40.9M	-18.8M	24.9M	-37.9M	-51.8M	29.7M	24.4M	50.2M	22.1M	30.9M
Free cash flow	114.3M	119.3M	80.4M	72.7M	78M	42.9M	51.4M	50.9M	79.1M	9.8M	50.5M	52.2M

Black Stone Minerals LP Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

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Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement