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Black Stone Minerals, L.P. logo

Black Stone Minerals, L.P.

BSM

NYSEEnergyOil & Gas Exploration & Production

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Latest quote

$14.90

+$0.12 · +0.81%

Aug 21, 3:55 PM ET

BSM company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

69

Undervalued

Momentum

36

Weakening

Sentiment

62

Bullish

Risk resilience

76

Moderate Risk

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AI-generated, informational only, and not investment advice.

Company profile

Company website

Black Stone Minerals, L.P. and its subsidiaries are primarily engaged in the ownership and active management of oil and natural gas mineral interests. The company possesses an extensive portfolio, encompassing approximately 16.8 million gross acres of mineral interests, 1.8 million gross acres of nonparticipating royalty interests, and 1.7 million gross acres of overriding royalty interests, distributed across 41 states within the United States. As of December 31, 2021, Black Stone Minerals reported estimated total proved oil and natural gas reserves equivalent to 59,824 barrels. This entity, founded in 1876, is headquartered in Houston, Texas.

Industry
Oil & Gas Exploration & Production
Sector
Energy
Headquarters
US
CEO
H. Taylor DeWalch
Listed since
Apr 30, 2015
Employees
129

Market position

Volume
193.37K
0.52× average
Average volume
370.8K
Average daily volume
Market cap
3.16B USD
Beta
0.01
Market reference 1

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
2.97B USD
EV / EBITDA
8.54×
Earnings yield
10.66%
Free cash flow yield
10.61%

Profitability & efficiency

Return on equity
26.66%
Return on assets
22.46%
Return on invested capital
19.89%

Financial health

Current ratio
3.88×
Altman Z-score
8.65
Piotroski F-score
7 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends89%70%51%31%Gross margin, FY2021: 75.50%Gross margin, FY2022: 83.88%Gross margin, FY2023: 77.24%Gross margin, FY2024: 76.22%Gross margin, FY2025: 74.89%Operating margin, FY2021: 37.04%Operating margin, FY2022: 61.52%Operating margin, FY2023: 84.53%Operating margin, FY2024: 62.15%Operating margin, FY2025: 61.75%Net margin, FY2021: 35.98%Net margin, FY2022: 60.75%Net margin, FY2023: 84.32%Net margin, FY2024: 61.75%Net margin, FY2025: 71.02%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 75.50%. Gross margin FY2022 83.88%. Gross margin FY2023 77.24%. Gross margin FY2024 76.22%. Gross margin FY2025 74.89%. Operating margin FY2021 37.04%. Operating margin FY2022 61.52%. Operating margin FY2023 84.53%. Operating margin FY2024 62.15%. Operating margin FY2025 61.75%. Net margin FY2021 35.98%. Net margin FY2022 60.75%. Net margin FY2023 84.32%. Net margin FY2024 61.75%. Net margin FY2025 71.02%.

Income trends

Revenue

422.33M USD-3.89%

Operating income

260.81M USD-4.50%

Net income

299.93M USD+10.54%
Income trends across reported periods844.51M USD603.59M USD362.68M USD121.76M USDRevenue, FY2021: 505.73M USDRevenue, FY2022: 784.28M USDRevenue, FY2023: 501.1M USDRevenue, FY2024: 439.43M USDRevenue, FY2025: 422.33M USDOperating income, FY2021: 187.33M USDOperating income, FY2022: 482.5M USDOperating income, FY2023: 423.6M USDOperating income, FY2024: 273.11M USDOperating income, FY2025: 260.81M USDNet income, FY2021: 181.99M USDNet income, FY2022: 476.48M USDNet income, FY2023: 422.55M USDNet income, FY2024: 271.33M USDNet income, FY2025: 299.93M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 505.73M USD. Revenue FY2022 784.28M USD. Revenue FY2023 501.1M USD. Revenue FY2024 439.43M USD. Revenue FY2025 422.33M USD. Operating income FY2021 187.33M USD. Operating income FY2022 482.5M USD. Operating income FY2023 423.6M USD. Operating income FY2024 273.11M USD. Operating income FY2025 260.81M USD. Net income FY2021 181.99M USD. Net income FY2022 476.48M USD. Net income FY2023 422.55M USD. Net income FY2024 271.33M USD. Net income FY2025 299.93M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue422.33M USD439.43M USD501.1M USD784.28M USD505.73M USD
Cost of goods sold106.06M USD104.48M USD114.05M USD126.42M USD123.88M USD
Gross profit316.27M USD334.95M USD387.05M USD657.87M USD381.85M USD
Selling, general, and administrative55.46M USD52.08M USD51.46M USD53.65M USD48.75M USD
Operating expenses55.46M USD61.85M USD−36.55M USD175.37M USD194.53M USD
Interest income237K USD1.67M USD1.87M USD53K USD1K USD
Interest expense8.93M USD3.11M USD2.75M USD6.29M USD5.64M USD
Depreciation and amortization38.26M USD45.2M USD45.68M USD47.8M USD61.02M USD
Operating income260.81M USD273.11M USD423.6M USD482.5M USD187.33M USD
Net income299.93M USD271.33M USD422.55M USD476.48M USD181.99M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
55%
6 beats, 5 misses, 0 met estimates
Average EPS surprise
+1.40%
11 comparable reports
Latest EPS result
0.47
Estimate 0.23 · Beat by 104.35%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.570.390.210.03Q1 '25MissQ2 '25MissQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 24, 2025: actual 0.18, estimate 0.39, surprise -53.85%, Miss. Q2 2025, reported May 5, 2025: actual 0.041, estimate 0.32, surprise -87.31%, Miss. Q3 2025, reported Aug 4, 2025: actual 0.53, estimate 0.3, surprise +76.67%, Beat. Q4 2025, reported Nov 3, 2025: actual 0.4, estimate 0.28, surprise +42.86%, Beat. Q1 2026, reported Feb 23, 2026: actual 0.31, estimate 0.27, surprise +14.81%, Beat. Q2 2026, reported May 4, 2026: actual 0.03, estimate 0.22, surprise -86.36%, Miss. Q3 2026, reported Aug 3, 2026: actual 0.47, estimate 0.23, surprise +104.35%, Beat. Q4 2026, reported Nov 2, 2026: actual —, estimate 0.22, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates156.15M121.46M86.77M52.07MQ1 '25MissQ2 '25MissQ3 '25MissQ4 '25MissQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 24, 2025: actual 104.29M USD, estimate 115.46M USD, surprise -9.67%, Miss. Q2 2025, reported May 5, 2025: actual 59.25M USD, estimate 117.32M USD, surprise -49.50%, Miss. Q3 2025, reported Aug 4, 2025: actual 106.71M USD, estimate 119.12M USD, surprise -10.42%, Miss. Q4 2025, reported Nov 3, 2025: actual 77.9M USD, estimate 98.08M USD, surprise -20.58%, Miss. Q1 2026, reported Feb 23, 2026: actual 118.7M USD, estimate 98.44M USD, surprise +20.58%, Beat. Q2 2026, reported May 4, 2026: actual 123.91M USD, estimate 107.38M USD, surprise +15.39%, Beat. Q3 2026, reported Aug 3, 2026: actual 148.97M USD, estimate 108.28M USD, surprise +37.58%, Beat. Q4 2026, reported Nov 2, 2026: actual —, estimate 110.88M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$16.00

7.45% upside
Past 12 months12-month forecast

Price history unavailable

High $16.00Average $16.00Low $16.00

Rating distribution

16 ratings
Strong buy00%
Buy1063%
Hold638%
Sell00%
Strong sell00%

Recent analyst actions

3 institutions
StifelmaintainBuy
Raymond JamesdowngradeOutperformMarket Perform

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

$1.35

2025 complete year+58.8% since 2021

2026 partial: $0.92

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Aug 6, 2026

$0.32

Quarterly

Record Aug 6, 2026 · Payment Aug 13, 2026

Dividend

Ex-dividend May 8, 2026

$0.30

Quarterly

Record May 8, 2026 · Payment May 15, 2026

Dividend

Ex-dividend Feb 18, 2026

$0.30

Quarterly

Record Feb 18, 2026 · Payment Feb 25, 2026

Dividend

Ex-dividend Nov 6, 2025

$0.30

Quarterly

Record Nov 6, 2025 · Payment Nov 13, 2025

Dividend

Ex-dividend Aug 7, 2025

$0.30

Quarterly

Record Aug 7, 2025 · Payment Aug 14, 2025

Dividend

Ex-dividend May 8, 2025

$0.375

Quarterly

Record May 8, 2025 · Payment May 15, 2025

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$19.15

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ETFs holding BSM

Funds reporting this stock among their holdings, ordered by reported position size.

Multi-Asset Diversified Income Index Fund logoMulti-Asset Diversified Income Index FundMDIV
Market value
4.55M
Weight
1.05%
AUM
431.44M USD
Expense ratio
0.83%
Price / 1D
$16.80-0.67%
GraniteShares HIPS US High Income ETF logoGraniteShares HIPS US High Income ETFHIPS
Market value
3.26M
Weight
2.73%
AUM
119.77M USD
Expense ratio
1.17%
Price / 1D
$11.80-0.18%
Tweedy, Browne Insider + Value ETF logoTweedy, Browne Insider + Value ETFCOPY
Market value
1.42M
Weight
0.34%
AUM
314.33M USD
Expense ratio
0.89%
Price / 1D
$15.91+0.89%
Global X Alternative Income ETF logoGlobal X Alternative Income ETFALTY
Market value
628.18K
Weight
1.28%
AUM
48.92M USD
Expense ratio
0.50%
Price / 1D
$12.3552-0.16%
Amplify Energy & Natural Resources Covered Call ETF logoAmplify Energy & Natural Resources Covered Call ETFNDIV
Market value
288.72K
Weight
0.94%
AUM
30.74M USD
Expense ratio
0.59%
Price / 1D
$36.05+0.52%
Alpha Architect US Equity 4 ETF logoAlpha Architect US Equity 4 ETFAAUB
Market value
70K
Weight
0.01%
AUM
—
Expense ratio
0.10%
Price / 1D
$50.8744+0.35%

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