Black Stone Minerals, L.P. (BSM)

Black Stone Minerals Financials Overview

Financials in millions USD. Fiscal year is January - December.

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	446.13	400.98	426.97	488.59	771.23	491.44
Revenue Growth	8.07%	-6.09%	-12.61%	-36.65%	56.93%	70.90%
Gross Profit Gross Profit Growth	403.93	351.81	367.69	420.23	692.62	428.58
Operating Income Operating Income Growth	257.78	308.4	273.11	423.52	482.48	184.78
Net Income Net Income Growth	214.76	270.47	241.86	400.77	455.48	160.99
Earnings Per Share EPS Growth	1.01	1.28	1.15	1.88	2.12	0.77
EPS Growth	-12.61%	11.31%	-38.84%	-11.58%	175.70%	57.87%

Revenue by Segment

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Oil and Condensate Sales Oil and Condensate Sales Growth	253.28	209.36	269.06	288.3	336.29	235.77
Natural Gas and Natural Gas Liquids Sales Natural Gas and Natural Gas Liquids Sales Growth	192.84	191.62	157.91	200.3	434.95	255.67
Lease Bonus and Other Income Lease Bonus and Other Income Growth	24.97	21.35	12.46	12.51	13.05	14.29
Gain (Loss) on Commodity Derivative Instruments Gain (Loss) on Commodity Derivative Instruments Growth	-44.33	47.59	-5.73	91.12	-120.68	-146.47
Revenue (Total) Revenue (Total) Growth	426.76	469.92	433.7	592.22	663.6	359.26

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	1.67	1.48	2.52	70.28	4.31	8.88
Total Debt Total Debt Growth	196	154	25	-	10	89
Net Cash (Debt) Net Cash Growth	-194.33	-152.52	-22.48	70.28	-5.69	-80.12
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	-0.91	-0.72	-0.11	0.31	-0.03	-0.38

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	-	310.17	389.04	521.25	424.98	256.88
Capital Expenditures CapEx Growth	-	-119.11	-115.03	-19.81	-12.56	-14.64
Free Cash Flow Free Cash Flow Growth	-	191.06	274.01	501.44	412.42	242.25
Free Cash Flow Growth	-	-30.27%	-45.36%	21.58%	70.25%	-12.54%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	90.54%	87.74%	86.12%	86.01%	89.81%	87.21%
Operating Margin	57.78%	76.91%	63.96%	86.68%	62.56%	37.60%
Pretax Margin	54.74%	74.80%	63.55%	86.48%	61.78%	37.03%
Profit Margin	48.14%	67.45%	56.65%	82.03%	59.06%	32.76%
FCF Margin	-	47.65%	64.18%	102.63%	53.47%	49.29%

Dividends

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov 10, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Dividend Per Share Dividend Per Share Growth	1.200	1.275	1.600	1.900	1.745	0.895
Dividend Per Share Growth	-5.93%	-20.31%	-15.79%	8.88%	94.97%	61.26%
Dividend Yield	8.75%	9.59%	10.96%	11.91%	10.34%	8.66%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov 10, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	13.56	10.41	12.72	8.36	7.76	13.39
Forward PE	13.85	11.46	10.03	8.48	8.00	8.98
P/FCF Ratio	15.25	14.74	11.23	6.68	8.57	8.90
PS Ratio	6.55	7.02	7.21	6.86	4.58	4.39

Data Sources: S&P Global Market Intelligence and Fiscal.ai Last updated: Nov 2, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company. Revenue segment data is provided by Fiscal.ai.

Update frequency:

Quarterly

Last checked:

Nov 8, 2026

Data Sources Report a data error