Black Stone Minerals, L.P.
BSM NYSE Crude Petroleum & Natural Gas Financials FY2016–FY2025
Last close · Oct 23, 2026
$14.97
1.8%
Revenue
Total sales reported in the income statement.
$470M
8.4%
vs prior year
Operating margin
Operating income as a share of revenue.
65.6%
2.7 pts
Net income
Profit after all expenses, interest and tax.
$300M
10.5%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$3.2B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
12.4x
On $1.21 EPS (TTM)
What Black Stone Minerals, L.P. does
No business description yet.
- Legal name
- Black Stone Minerals, L.P.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Accession · CIK
- 0001621434-26-000018
0001621434
Revenue and margins
Black Stone Minerals, L.P. had $470M of revenue in fiscal 2025, up 8.4% on the year before.
FY16
Revenue $261M
FY17
Revenue $430M
FY18
Revenue $610M
FY19
Revenue $488M
FY20
Revenue $343M
FY21
Revenue $359M
FY22
Revenue $664M
FY23
Revenue $592M
FY24
Revenue $434M
FY25
Revenue $470M
Q3 '23
Revenue $110M
Q4 '23
Revenue $191M
Q1 '24
Revenue $105M
Q2 '24
Revenue $110M
Q3 '24
Revenue $135M
Q4 '24
Revenue $83.7M
Q1 '25
Revenue $59.3M
Q2 '25
Revenue $159M
Q3 '25
Revenue $132M
Q4 '25
Revenue $119M
Q1 '26
Revenue $59.4M
Q2 '26
Revenue $149M
FY16
Gross —
Operating 10.5%
Net 7.7%
FCF —
FY17
Gross —
Operating 40.1%
Net 36.6%
FCF —
FY18
Gross —
Operating 52.2%
Net 48.5%
FCF —
FY19
Gross —
Operating 48.2%
Net 43.9%
FCF —
FY20
Gross —
Operating 38.5%
Net 35.5%
FCF —
FY21
Gross —
Operating 52.1%
Net 50.7%
FCF —
FY22
Gross —
Operating 72.7%
Net 71.8%
FCF —
FY23
Gross —
Operating 71.5%
Net 71.4%
FCF —
FY24
Gross —
Operating 63.0%
Net 62.6%
FCF —
FY25
Gross —
Operating 65.6%
Net 63.8%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 56.5%
Net 56.5%
FCF —
Q4 '23
Gross —
Operating 77.3%
Net 77.4%
FCF —
Q1 '24
Gross —
Operating 60.6%
Net 60.6%
FCF —
Q2 '24
Gross —
Operating 62.5%
Net 62.3%
FCF —
Q3 '24
Gross —
Operating 69.1%
Net 68.8%
FCF —
Q4 '24
Gross —
Operating 56.8%
Net 55.4%
FCF —
Q1 '25
Gross —
Operating 29.0%
Net 26.9%
FCF —
Q2 '25
Gross —
Operating 76.7%
Net 75.3%
FCF —
Q3 '25
Gross —
Operating 71.0%
Net 69.2%
FCF —
Q4 '25
Gross —
Operating 63.1%
Net 60.8%
FCF —
Q1 '26
Gross —
Operating 28.0%
Net 22.4%
FCF —
Q2 '26
Gross —
Operating 73.9%
Net 71.4%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $20.2M
FY17
Net income $157M
FY18
Net income $296M
FY19
Net income $214M
FY20
Net income $122M
FY21
Net income $182M
FY22
Net income $476M
FY23
Net income $423M
FY24
Net income $271M
FY25
Net income $300M
Q3 '23
Net income $62.1M
Q4 '23
Net income $148M
Q1 '24
Net income $63.9M
Q2 '24
Net income $68.3M
Q3 '24
Net income $92.7M
Q4 '24
Net income $46.3M
Q1 '25
Net income $15.9M
Q2 '25
Net income $120M
Q3 '25
Net income $91.7M
Q4 '25
Net income $72.2M
Q1 '26
Net income $13.3M
Q2 '26
Net income $106M
FY16
Diluted EPS —
FY17
Diluted EPS —
FY18
Diluted EPS —
FY19
Diluted EPS —
FY20
Diluted EPS $0.49
FY21
Diluted EPS $0.77
FY22
Diluted EPS $2.12
FY23
Diluted EPS $1.88
FY24
Diluted EPS $1.15
FY25
Diluted EPS $1.28
Q3 '23
Diluted EPS $0.27
Q4 '23
Diluted EPS $0.66
Q1 '24
Diluted EPS $0.27
Q2 '24
Diluted EPS $0.29
Q3 '24
Diluted EPS $0.41
Q4 '24
Diluted EPS $0.18
Q1 '25
Diluted EPS $0.04
Q2 '25
Diluted EPS $0.53
Q3 '25
Diluted EPS $0.40
Q4 '25
Diluted EPS $0.31
Q1 '26
Diluted EPS $0.03
Q2 '26
Diluted EPS $0.47
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets 1.8%
FY17
Return on capital —
Return on equity —
Return on assets 11.6%
FY18
Return on capital —
Return on equity —
Return on assets 17.8%
FY19
Return on capital —
Return on equity —
Return on assets 13.0%
FY20
Return on capital —
Return on equity —
Return on assets 8.7%
FY21
Return on capital —
Return on equity —
Return on assets 14.6%
FY22
Return on capital —
Return on equity —
Return on assets 37.8%
FY23
Return on capital —
Return on equity —
Return on assets 33.3%
FY24
Return on capital —
Return on equity —
Return on assets 21.8%
FY25
Return on capital —
Return on equity —
Return on assets 23.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $197M
Capital spending —
FY17
Cash from operations $282M
Capital spending —
FY18
Cash from operations $385M
Capital spending —
FY19
Cash from operations $413M
Capital spending —
FY20
Cash from operations $282M
Capital spending —
FY21
Cash from operations $257M
Capital spending —
FY22
Cash from operations $425M
Capital spending —
FY23
Cash from operations $521M
Capital spending —
FY24
Cash from operations $389M
Capital spending —
FY25
Cash from operations $310M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $117M
Capital spending —
Q4 '23
Cash from operations $134M
Capital spending —
Q1 '24
Cash from operations $104M
Capital spending —
Q2 '24
Cash from operations $100M
Capital spending —
Q3 '24
Cash from operations $93.2M
Capital spending —
Q4 '24
Cash from operations $91.0M
Capital spending —
Q1 '25
Cash from operations $64.8M
Capital spending —
Q2 '25
Cash from operations $80.5M
Capital spending —
Q3 '25
Cash from operations $99.8M
Capital spending —
Q4 '25
Cash from operations $65.1M
Capital spending —
Q1 '26
Cash from operations $62.6M
Capital spending —
Q2 '26
Cash from operations $93.0M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Black Stone Minerals, L.P. returned — to shareholders in fiscal 2025. The diluted share count rose 0.5%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares —
FY17
Diluted shares —
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares 0.21B
FY21
Diluted shares 0.21B
FY22
Diluted shares 0.22B
FY23
Diluted shares 0.23B
FY24
Diluted shares 0.21B
FY25
Diluted shares 0.21B
Balance sheet
Cash, debt and the ratios that show how comfortably Black Stone Minerals, L.P. can carry it.
FY16
Cash $9.8M
Debt —
FY17
Cash $5.6M
Debt —
FY18
Cash $5.4M
Debt —
FY19
Cash $8.1M
Debt —
FY20
Cash $1.8M
Debt —
FY21
Cash $8.9M
Debt —
FY22
Cash $4.3M
Debt —
FY23
Cash $70.3M
Debt —
FY24
Cash $2.5M
Debt —
FY25
Cash $1.5M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $8.9M | $4.3M | $70.3M | $2.5M | $1.5M |
| Interest coverage | 33.2x | 76.8x | 153.8x | 87.8x | 34.5x |
| Current ratio | 1.4x | 5.6x | 7.5x | 2.6x | 3.9x |
| Quick ratio | 1.4x | 5.6x | 7.5x | 2.6x | 3.9x |
| Total assets | $1.2B | $1.3B | $1.3B | $1.2B | $1.3B |
| Total liabilities | $184M | $61.3M | $49.5M | $89.5M | $207M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — | — | — |
| Current ratio rose | — | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | — | — | — | — | ✕ | ✕ | ✕ | ✓ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ |
| F-score | — / 3 | — / 6 | — / 6 | — / 6 | — / 6 | 5 / 7 | 5 / 7 | 4 / 7 | 4 / 7 | 5 / 7 |
| Accruals ratio | −15.6% | −9.2% | −5.4% | −12.0% | −11.5% | −6.0% | 4.1% | −7.8% | −9.5% | −0.8% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $261M | $430M | $610M | $488M | $343M | $359M | $664M | $592M | $434M | $470M |
| Operating income | $27.5M | $172M | $318M | $235M | $132M | $187M | $482M | $424M | $273M | $308M |
| Interest expense | $7.5M | $15.7M | $20.8M | $21.4M | $10.4M | $5.6M | $6.3M | $2.8M | $3.1M | $8.9M |
| Net income | $20.2M | $157M | $296M | $214M | $122M | $182M | $476M | $423M | $271M | $300M |
| Net income to common | $14.4M | $152M | $275M | $193M | $101M | $161M | $455M | $401M | $242M | $270M |
| Diluted EPS | — | — | — | — | $0.49 | $0.77 | $2.12 | $1.88 | $1.15 | $1.28 |
| Diluted shares | — | — | — | — | 0.21B | 0.21B | 0.22B | 0.23B | 0.21B | 0.21B |
| Cash flow | ||||||||||
| Cash from operations | $197M | $282M | $385M | $413M | $282M | $257M | $425M | $521M | $389M | $310M |
| Depreciation and amortization | $102M | $115M | $123M | $110M | $82.0M | $61.0M | $47.8M | $45.7M | $45.2M | $36.9M |
| Stock-based compensation | $43.1M | $33.0M | $30.1M | $20.5M | $3.7M | $12.2M | $17.4M | $10.8M | $8.6M | $9.6M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $9.8M | $5.6M | $5.4M | $8.1M | $1.8M | $8.9M | $4.3M | $70.3M | $2.5M | $1.5M |
| Current assets | $79.0M | $87.6M | $158M | $102M | $66.5M | $108M | $173M | $193M | $78.5M | $95.6M |
| Current liabilities | $71.3M | $59.7M | $64.8M | $29.8M | $39.9M | $77.1M | $30.7M | $25.8M | $30.4M | $24.6M |
| Property and equipment, net | $1.0B | $1.5B | $1.6B | $1.4B | $1.2B | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B |
| Total assets | $1.1B | $1.6B | $1.8B | $1.5B | $1.2B | $1.2B | $1.3B | $1.3B | $1.2B | $1.3B |
| Total liabilities | $403M | $486M | $548M | $448M | $185M | $184M | $61.3M | $49.5M | $89.5M | $207M |
| Margins | ||||||||||
| Operating margin | 10.5% | 40.1% | 52.2% | 48.2% | 38.5% | 52.1% | 72.7% | 71.5% | 63.0% | 65.6% |
| EBITDA margin | 49.8% | 66.7% | 72.4% | 70.7% | 62.5% | 69.1% | 79.9% | 79.2% | 73.4% | 73.5% |
| Net margin | 7.7% | 36.6% | 48.5% | 43.9% | 35.5% | 50.7% | 71.8% | 71.4% | 62.6% | 63.8% |
| Returns | ||||||||||
| Return on capital employed | 2.6% | 11.3% | 18.9% | 15.5% | 11.0% | 16.0% | 38.9% | 34.1% | 23.0% | 23.5% |
| Return on assets | 1.8% | 11.6% | 17.8% | 13.0% | 8.7% | 14.6% | 37.8% | 33.3% | 21.8% | 23.5% |
| Growth | ||||||||||
| Revenue growth | — | 64.7% | 41.9% | −20.0% | −29.7% | 4.8% | 84.7% | −10.8% | −26.8% | 8.4% |
| Net income growth | — | 678.4% | 88.1% | −27.5% | −43.2% | 49.4% | 161.8% | −11.3% | −35.8% | 10.5% |
| EPS growth | — | — | — | — | — | 57.1% | 175.3% | −11.3% | −38.8% | 11.3% |
| Share count change | — | — | — | — | — | 0.7% | 7.8% | 0.3% | −6.4% | 0.5% |
| Financial health | ||||||||||
| Interest coverage | 3.6x | 11.0x | 15.3x | 11.0x | 12.7x | 33.2x | 76.8x | 153.8x | 87.8x | 34.5x |
| Current ratio | 1.1x | 1.5x | 2.4x | 3.4x | 1.7x | 1.4x | 5.6x | 7.5x | 2.6x | 3.9x |
| Quick ratio | 1.1x | 1.5x | 2.4x | 3.4x | 1.7x | 1.4x | 5.6x | 7.5x | 2.6x | 3.9x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 16.5% | 7.7% | 4.9% | 4.2% | 1.1% | 3.4% | 2.6% | 1.8% | 2.0% | 2.0% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | — | — | 5.0 | 5.0 | 4.0 | 4.0 | 5.0 |
| Accruals ratio | −15.6% | −9.2% | −5.4% | −12.0% | −11.5% | −6.0% | 4.1% | −7.8% | −9.5% | −0.8% |
Source: SEC EDGAR XBRL filings (CIK 0001621434). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.