NYSE · Financial Statements

Black Stone Minerals, L.P. (BSM) Financial Statements

$14.25 NYSE: BSM Market Cap $3.03B

Black Stone Minerals, L.P. most recently reported annual revenue of $422.0M, net profit of $300.0M. Revenue grew at an average annual rate of 7.3% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Black Stone Minerals, L.P.: Revenue rose from $261.0M in 2016 to $422.0M in 2025, a change of +61.7% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 10.5% to 61.8%, a shift of +51.2 percentage points; the most recent year shows net profit of $300.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$261.0M$430.0M$610.0M$493.0M$297.0M$506.0M$784.0M$501.0M$439.0M$422.0M
Operating Expenses$233.0M$258.0M$291.0M$258.0M$165.0M$318.0M$302.0M$78.0M$166.0M$162.0M
Operating Profit$27.0M$172.0M$318.0M$235.0M$132.0M$187.0M$482.0M$424.0M$273.0M$261.0M
Operating Margin10.5%40.0%52.2%47.7%44.5%37.0%61.5%84.5%62.1%61.8%
Other Income$-7.0M$-15.0M$-23.0M$-21.0M$-10.0M$-5.0M$-6.0M$-1.0M$-2.0M$39.0M
Interest$8.0M$16.0M$21.0M$21.0M$10.0M$6.0M$6.0M$3.0M$3.0M$9.0M
Depreciation$103.0M$116.0M$124.0M$110.0M$83.0M$61.0M$48.0M$46.0M$45.0M$38.0M
Profit Before Tax$20.0M$157.0M$296.0M$214.0M$122.0M$182.0M$476.0M$423.0M$271.0M$300.0M
Tax$0$0$-700,000$0$0$0$0$0$0$0
Net Profit$20.0M$157.0M$296.0M$214.0M$122.0M$182.0M$476.0M$423.0M$271.0M$300.0M
EPS$0.26$1.01$1.36$1.01$0.49$0.77$2.12$1.88$1.15$1.28
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricJun '23Sep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26
Revenue$106.0M$137.0M$136.0M$117.0M$115.0M$103.0M$104.0M$115.0M$107.0M$78.0M$95.0M$188.0M
Operating Expenses$27.0M$75.0M$-11.0M$53.0M$47.0M$10.0M$57.0M$98.0M$-16.0M$38.0M$44.0M$43.0M
Operating Profit$79.0M$62.0M$148.0M$64.0M$68.0M$93.0M$48.0M$17.0M$122.0M$40.0M$51.0M$146.0M
Operating Margin74.5%45.4%108.2%54.8%59.5%90.3%45.6%14.9%114.6%50.7%53.9%77.3%
Interest$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$2.0M$2.0M$3.0M$3.0M
Profit Before Tax$78.0M$62.0M$148.0M$64.0M$68.0M$93.0M$46.0M$16.0M$120.0M$92.0M$72.0M$13.0M
Tax$0$0$0$0$0$0$0$0$0$0$0$0
Net Profit$78.0M$62.0M$148.0M$64.0M$68.0M$93.0M$46.0M$16.0M$120.0M$92.0M$72.0M$13.0M
EPS$0.35$0.27$0.65$0.27$0.29$0.41$0.18$0.04$0.53$0.40$0.31$0.03

Over the 10 years reported for Black Stone Minerals, L.P., borrowings decreased from $316.0M in 2016 to $154.0M in 2025, cash stood at $1.0M in the latest year, shareholders' equity was $828.0M, current assets covered current liabilities 3.84 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$1.1B$1.6B$1.8B$1.5B$1.2B$1.2B$1.3B$1.3B$1.2B$1.3B
Current Assets$79.0M$88.0M$158.0M$102.0M$67.0M$108.0M$173.0M$193.0M$79.0M$96.0M
Cash$10.0M$6.0M$5.0M$8.0M$2.0M$9.0M$4.0M$70.0M$3.0M$1.0M
Inventory$0$0$0$0$0$0$31.0M$0$0$0
Receivables$68.0M$81.0M$113.0M$78.0M$62.0M$97.0M$136.0M$82.0M$71.0M$66.0M
Fixed Assets$1.0B$1.5B$1.6B$1.4B$1.2B$1.1B$1.1B$1.1B$1.1B$1.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$0$10.0M$1.0M$0$0$1.0M$0$0$4.0M
Other Assets$0$0$0$0$0$0$0$0$0$0
Total Liabilities$403.0M$486.0M$548.0M$448.0M$185.0M$184.0M$61.0M$50.0M$89.0M$207.0M
Current Liabilities$71.0M$60.0M$65.0M$30.0M$40.0M$77.0M$31.0M$26.0M$30.0M$25.0M
Borrowings$316.0M$388.0M$410.0M$394.0M$121.0M$89.0M$10.0M$0$25.0M$154.0M
Other Liabilities$87.0M$98.0M$138.0M$54.0M$64.0M$95.0M$51.0M$50.0M$64.0M$53.0M
Equity$489.0M$603.0M$715.0M$798.0M$761.0M$765.0M$911.0M$918.0M$829.0M$828.0M
Reserves$725.0M$1.1B$1.2B$1.1B$1.1B$1.1B$1.2B$1.2B$1.1B$1.1B

For Black Stone Minerals, L.P., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $298.0M; free cash flow was positive in 8 of 10 years; financing activities used $7.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$197.0M$282.0M$385.0M$413.0M$282.0M$257.0M$425.0M$521.0M$389.0M$310.0M
Investing Cash Flow$-443.0M$-908.0M$-329.0M$-160.0M$146.0M$-29.0M$-14.0M$-40.0M$-116.0M$-130.0M
Financing Cash Flow$-65.0M$-305.0M$-16.0M$-17.0M$-5.0M$-6.0M$-6.0M$-6.0M$-5.0M$-7.0M
Net Cash Flow$-3.0M$-4.0M$0$3.0M$-6.0M$7.0M$-5.0M$66.0M$-68.0M$-1.0M
Free Cash Flow$-25.0M$-203.0M$88.0M$301.0M$277.0M$242.0M$412.0M$501.0M$385.0M$298.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.31
EV / EBITDA9.24
FCF Yield7.37%
Quick Ratio2.34
Interest Coverage32.94
Return 1Y31.04%
Return 3Y17.72%
Return 5Y130.19%

Black Stone Minerals, L.P. (BSM) financials — frequently asked questions

What is Black Stone Minerals, L.P.'s annual revenue?

Black Stone Minerals, L.P. (BSM) reported annual revenue of $422.0M in its most recent fiscal year.

What is Black Stone Minerals, L.P.'s net profit?

Black Stone Minerals, L.P. (BSM) reported net profit of $300.0M in its most recent fiscal year.

What is BSM EV/EBITDA?

Black Stone Minerals, L.P.'s enterprise value to EBITDA (EV/EBITDA) ratio is 9.24.

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