Zacks Investment Research·Jun 17, 2026
New Strong Sell Stocks for June 17thBFC, BSM and SKY have been added to the Zacks Rank #5 (Strong Sell) List on June 17, 2026.
Black Stone Minerals, L.P.(BSM)Earnings, Financials & Key Ratios
BSM•NYSE
$14.00
10.9× P/E·Price updated Jul 7, 2026
AboutBlack Stone Minerals, L.P., together with its subsidiaries, owns and manages oil and natural gas mineral interests. It owns mineral interests in approximately 16.8 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.7 million gross acres located in 41 states in the United States. As of December 31, 2021, the company had a total estimated proved oil and natural gas reserves of 59,824 barrels of oil equivalent. Black Stone Minerals, L.P. was founded in 1876 and is based in Houston, Texas.Show more
- Revenue$422M-3.9%
- EBITDA$299M-6.0%
- Net Income$300M+10.5%
- EPS (Diluted)1.28+11.3%
- Gross Margin74.89%-1.8%
- EBITDA Margin70.81%-2.2%
- Operating Margin61.75%-0.6%
- Net Margin71.02%+15.0%
- ROE26.61%+15.1%
BSM Price & Volume
Black Stone Minerals, L.P. (BSM) stock price & volume — 10-year historical chart
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Royalty Model Efficiency Faces Commodity Price Sensitivity
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Strong
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Natural gas price volatility
Key Thesis Takeaways
- Black Stone Minerals offers a unique, asset-light exposure to energy production, characterized by high gross margins that reached 86.3% in 2026Q1.
- While the firm maintains a structural advantage by avoiding the heavy capital expenditures of traditional operators, investors should monitor the recent shift toward debt, which reached $187.0 million in 2026Q1.
- Future performance remains heavily tethered to regional natural gas pricing, which may continue to drive significant volatility in net income and free cash flow generation.
Verdict Logic
while the 9.6% dividend yield is attractive, the recent increase in debt to $187.0 million and the volatility in cash conversion ratios suggest investors should exercise caution regarding long-term distribution sustainability.
BSM Growth Metrics
Black Stone Minerals, L.P. (BSM) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years0.72%
5 Years7.32%
3 Years-18.64%
TTM6.93%
Profit CAGR
10 Years-
5 Years19.75%
3 Years-14.3%
TTM33.09%
EPS CAGR
10 Years-
5 Years21.17%
3 Years-15.48%
TTM37.71%
Return on Capital
10 Years19.36%
5 Years26.66%
3 Years25.83%
Last Year20.87%
BSM Recent Earnings
Black Stone Minerals, L.P. (BSM) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 3/12 qtrs (25%)
Q2 2026Latest
May 4, 2026Metric
Actual
Est
EPS
$0.28+27.3%
$0.22
Rev
$124M+15.4%
$107M
Q1 2026
Feb 23, 2026Metric
Actual
Est
EPS
$0.31+14.8%
$0.27
Rev
$119M+20.6%
$98M
Q4 2025
Nov 3, 2025Metric
Actual
Est
EPS
$0.40+42.9%
$0.28
Rev
$78M-20.6%
$98M
Q3 2025
Aug 4, 2025Metric
Actual
Est
EPS
$0.53+76.7%
$0.30
Rev
$107M-10.4%
$119M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 4, 2026 | $0.28vs $0.22+27.3% | $124Mvs $107M+15.4% |
| Q1 2026 | Feb 23, 2026 | $0.31vs $0.27+14.8% | $119Mvs $98M+20.6% |
| Q4 2025 | Nov 3, 2025 | $0.40vs $0.28+42.9% | $78Mvs $98M-20.6% |
| Q3 2025 | Aug 4, 2025 | $0.53vs $0.30+76.7% | $107Mvs $119M-10.4% |
Based on last 12 quarters of dataView full earnings history →
Latest BSM News
Recent stock market news and headlines for Black Stone Minerals, L.P. (BSM)
Peers Comparison
Key metrics vs top competitors for Black Stone Minerals, L.P. (BSM)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $14.00 | $2.97B | 10.94 | -3.89% | 71.02% | 26.61% | 9.64% | |
| $41.62 | $14.94B | -86.71 | 56.56% | -2.88% | -0.46% | — | |
| $402.76 | $27.78B | 57.78 | 13.09% | 60.03% | 35.52% | — | |
| $25.83 | $1.25B | 21.53 | -5.38% | 40.85% | 22.11% | — | |
| $97.76 | $1.3B | 9.74 | -17.42% | 51.63% | 15.45% | — | |
| $32.56 | $24.72B | 14.47 | -49.62% | 25.71% | 11.26% | — |
Compare BSM vs Peers
Black Stone Minerals, L.P. (BSM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
BSM SEC Filings & Documents
Black Stone Minerals, L.P. (BSM) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
May 5, 2026·SEC
Material company update
Feb 24, 2026·SEC
Material company update
Feb 10, 2026·SEC
10-K Annual Reports
310-Q Quarterly Reports
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BSM Frequently Asked Questions
Black Stone Minerals, L.P. (BSM) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Black Stone Minerals, L.P.'s revenue?
Black Stone Minerals, L.P. (BSM) reported $468.2M in revenue for fiscal year 2025. This represents a 27% increase from $369.0M in 2012.
How fast is Black Stone Minerals, L.P. growing?
Black Stone Minerals, L.P. (BSM) saw revenue decline by 3.9% over the past year.
Is BSM profitable?
Yes, Black Stone Minerals, L.P. (BSM) is profitable, generating $297.3M in net income for fiscal year 2025 (71.0% net margin).
Dividend & Returns
Does BSM pay dividends?
Yes, Black Stone Minerals, L.P. (BSM) pays a dividend with a yield of 9.64%. This makes it attractive for income-focused investors.
What is BSM's return on equity?
Black Stone Minerals, L.P. (BSM) has a return on equity (ROE) of 26.6%. This is excellent, indicating efficient use of shareholder capital.
What is Black Stone Minerals, L.P.'s free cash flow?
Black Stone Minerals, L.P. (BSM) generated $160.9M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.