Latest Ratios: P/E Ratio 10.9x · EV/EBITDA 10.4x · ROE 26.6%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $2.8B | $3.1B | $3.6B | $3.8B | $2.2B | $1.4B | $2.6B | $3.4B | $3.5B | $3.6B |
| Enterprise Value | $3.1B | $3.0B | $3.1B | $3.5B | $3.8B | $2.2B | $1.5B | $3.0B | $3.8B | $3.8B | $3.9B |
| P/E Ratio → | 10.94 | 10.38 | 12.70 | 8.49 | 7.96 | 13.42 | 13.63 | 12.59 | 11.38 | 17.76 | 72.23 |
| P/S Ratio | 7.04 | 6.66 | 7.00 | 7.17 | 4.83 | 4.25 | 4.66 | 5.32 | 5.53 | 8.04 | 13.81 |
| P/B Ratio | 2.63 | 2.50 | 2.72 | 2.95 | 3.13 | 2.02 | 1.30 | 2.39 | 2.80 | 3.17 | 4.96 |
| P/FCF | 9.96 | 9.43 | 8.00 | 7.16 | 9.18 | 8.88 | 4.99 | 8.70 | 38.26 | — | — |
| P/OCF | 9.58 | 9.07 | 7.91 | 6.89 | 8.91 | 8.38 | 4.90 | 6.35 | 8.74 | 12.26 | 18.32 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.02 | 7.05 | 7.03 | 4.84 | 4.41 | 5.06 | 6.10 | 6.19 | 8.93 | 14.99 |
| EV / EBITDA | 10.45 | 9.92 | 9.74 | 7.51 | 7.15 | 8.99 | 6.97 | 8.72 | 8.53 | 13.34 | 29.87 |
| EV / EBIT | 11.98 | 9.60 | 11.30 | 8.28 | 7.85 | 11.89 | 11.35 | 12.76 | 11.93 | 22.20 | 140.94 |
| EV / FCF | — | 9.94 | 8.06 | 7.02 | 9.19 | 9.21 | 5.42 | 9.98 | 42.86 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.9% | 74.9% | 76.2% | 77.2% | 83.9% | 75.5% | 53.0% | 61.9% | 66.3% | 58.3% | 39.9% |
| Operating Margin | 61.8% | 61.8% | 62.2% | 84.5% | 61.5% | 37.0% | 44.5% | 47.7% | 52.2% | 40.1% | 10.5% |
| Net Profit Margin | 71.0% | 71.0% | 61.7% | 84.3% | 60.8% | 36.0% | 41.1% | 43.5% | 48.5% | 36.6% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.6% | 26.6% | 23.1% | 34.8% | 41.9% | 17.1% | 11.3% | 18.6% | 25.8% | 17.3% | 2.5% |
| ROA | 23.5% | 23.5% | 21.8% | 33.3% | 37.8% | 14.6% | 8.7% | 13.0% | 17.8% | 11.6% | 1.8% |
| ROIC | 16.1% | 16.1% | 17.8% | 26.9% | 30.7% | 12.1% | 7.4% | 11.4% | 15.5% | 10.3% | 2.1% |
| ROCE | 20.9% | 20.9% | 22.5% | 34.1% | 40.0% | 15.8% | 9.7% | 14.7% | 19.9% | 13.4% | 2.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.02 | — | 0.01 | 0.08 | 0.11 | 0.36 | 0.34 | 0.36 | 0.44 |
| Debt / EBITDA | 0.51 | 0.51 | 0.08 | — | 0.02 | 0.36 | 0.56 | 1.14 | 0.93 | 1.35 | 2.42 |
| Net Debt / Equity | — | 0.14 | 0.02 | -0.06 | 0.00 | 0.08 | 0.11 | 0.35 | 0.34 | 0.35 | 0.42 |
| Net Debt / EBITDA | 0.51 | 0.51 | 0.07 | -0.15 | 0.01 | 0.32 | 0.55 | 1.12 | 0.92 | 1.33 | 2.34 |
| Debt / FCF | — | 0.51 | 0.06 | -0.14 | 0.01 | 0.33 | 0.43 | 1.28 | 4.60 | — | — |
| Interest Coverage | 34.59 | 34.59 | 88.27 | 154.43 | 76.80 | 33.28 | 12.70 | 11.00 | 15.24 | 11.01 | 3.67 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.88 | 3.88 | 2.58 | 7.48 | 5.64 | 1.40 | 1.67 | 3.43 | 2.43 | 1.47 | 1.11 |
| Quick Ratio | 3.88 | 3.88 | 2.58 | 7.48 | 4.62 | 1.40 | 1.67 | 3.43 | 2.43 | 1.47 | 1.11 |
| Cash Ratio | 0.06 | 0.06 | 0.08 | 2.72 | 0.14 | 0.12 | 0.04 | 0.27 | 0.08 | 0.09 | 0.14 |
| Asset Turnover | — | 0.32 | 0.36 | 0.40 | 0.62 | 0.41 | 0.24 | 0.32 | 0.35 | 0.27 | 0.23 |
| Inventory Turnover | — | — | — | — | 4.02 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 56.67 | 59.05 | 59.91 | 63.15 | 70.11 | 76.17 | 57.93 | 67.75 | 68.55 | 95.41 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.6% | 10.2% | 10.9% | 11.1% | 8.5% | 8.2% | 10.2% | 11.7% | 7.4% | 5.6% | 4.9% |
| Payout Ratio | 95.2% | 95.2% | 124.2% | 94.4% | 67.7% | 97.2% | 115.2% | 143.4% | 84.6% | 123.9% | 871.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.1% | 9.6% | 7.9% | 11.8% | 12.6% | 7.5% | 7.3% | 7.9% | 8.8% | 5.6% | 1.4% |
| FCF Yield | 10.0% | 10.6% | 12.5% | 14.0% | 10.9% | 11.3% | 20.0% | 11.5% | 2.6% | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.2% | 0.1% | 0.1% | 0.4% | 0.6% | 0.4% | 0.8% | 1.3% |
| Total Shareholder Yield | 9.8% | 10.3% | 11.1% | 11.3% | 8.6% | 8.3% | 10.5% | 12.4% | 7.8% | 6.4% | 6.2% |
| Shares Outstanding | — | $212M | $211M | $225M | $224M | $208M | $207M | $206M | $218M | $193M | $192M |
Natural gas price volatility
Based on current market data, BSM trades at a forward P/E of 19.86 and a P/FCF of 10.03, suggesting that investors are pricing the units with a significant discount relative to historical averages due to the inherent volatility of its natural gas-heavy production profile.
The divergence between the TTM P/E of 11.02 and the higher forward multiple implies that the market anticipates a contraction in earnings, likely driven by the current weakness in natural gas pricing. While the 9.6% dividend yield remains attractive, the valuation appears to be heavily influenced by the cyclical nature of lease bonuses rather than a steady-state growth trajectory.
As reported in financial statements, BSM's ROIC has fluctuated significantly from a high of 9.8% in 2023Q4 to a low of 1.1% in 2025Q1, reflecting the company's extreme sensitivity to commodity price cycles rather than consistent internal compounding of invested capital.
The volatility in returns on capital suggests that BSM's profitability is largely exogenous, driven by market prices rather than operational improvements. Investors should monitor whether management's shift away from working interests can stabilize these returns by reducing the impact of capital-intensive, lower-margin projects on the overall portfolio.
According to recent quarterly filings, BSM maintains an asset turnover ratio consistently below 0.10, which is characteristic of a mineral interest owner that does not require significant physical infrastructure or heavy machinery to generate its recurring royalty revenue streams.
This low turnover ratio is not a sign of inefficiency but rather a structural feature of a business that derives value from passive ownership of land rights. The stability of this metric suggests that the company's core revenue-generating assets are not being churned, but rather held for long-term production potential.
As indicated by the company's unique business model, the P/E ratio is frequently misapplied to BSM, as it fails to account for non-cash depletion expenses and the lumpy, non-recurring nature of lease bonus income that distorts GAAP earnings.
Analysts should prioritize Distributable Cash Flow (DCF) over net income to better assess the firm's ability to sustain its distribution. Relying on P/E obscures the underlying cash-generating capacity of the mineral interests and may lead to incorrect conclusions regarding the sustainability of the current dividend yield.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying BSM stock.
Black Stone Minerals, L.P.'s current P/E ratio is 10.9x. The historical average is 18.1x. This places it at the 30th percentile of its historical range.
Black Stone Minerals, L.P.'s current EV/EBITDA is 10.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.1x.
Black Stone Minerals, L.P.'s return on equity (ROE) is 26.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 19.4%.
Based on historical data, Black Stone Minerals, L.P. is trading at a P/E of 10.9x. This is at the 30th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Black Stone Minerals, L.P.'s current dividend yield is 9.64% with a payout ratio of 95.2%.
Black Stone Minerals, L.P. has 74.9% gross margin and 61.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Black Stone Minerals, L.P.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.