Black Stone Minerals (BSM) Financials

$13.57 +0.08 (+0.59%)

Closing price 03:59 PM Eastern

Extended Trading

$13.53 -0.04 (-0.29%)

As of 05:28 PM Eastern

Annual Income Statements for Black Stone Minerals

This table shows Black Stone Minerals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	242	401	455	161	101	193	275	152	14	-108
Consolidated Net Income / (Loss)	271	423	476	182	122	214	296	157	20	-102
Net Income / (Loss) Continuing Operations	270	422	476	182	122	214	296	157	20	-101
Total Pre-Tax Income	271	423	476	182	122	214	296	157	20	-101
Total Operating Income	273	424	482	187	132	235	318	172	27	-96
Total Gross Profit	434	592	664	359	343	488	15	430	261	371
Total Revenue	434	592	664	359	343	488	15	430	261	393
Operating Revenue	439	501	784	506	297	493	-	403	261	303
Other Revenue	-5.73	91	-121	-146	46	-4.96	15	27	-	90
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22
Total Operating Expenses	161	169	181	172	211	253	-304	258	233	467
Selling, General & Admin Expense	52	51	54	49	43	81	77	78	73	79
Marketing Expense	50	57	66	50	43	61	64	47	35	36
Exploration Expense	2.74	2.15	0.19	1.08	0.03	0.40	7.94	0.62	0.65	2.59
Depreciation Expense	45	46	48	61	82	110	123	115	102	104
Other Operating Expenses / (Income)	11	12	13	14	15	1.12	-575	18	15	1.08
Other Special Charges / (Income)	0.00	-0.07	-0.02	-2.85	-24	0.00	-0.00	-0.93	-	-4.87
Total Other Income / (Expense), net	-1.78	-1.05	-6.02	-5.34	-10	-21	-23	-15	-7.28	-5.45
Interest Expense	3.11	2.75	6.29	5.64	10	21	21	16	7.55	6.42
Interest & Investment Income	1.67	1.87	0.05	0.00	0.04	0.16	0.18	0.05	0.66	0.06
Other Income / (Expense), net	-0.34	-0.16	0.22	0.30	0.08	0.47	-2.25	0.71	-0.39	0.91
Other Gains / (Losses), net	-1.78	-1.05	-	-	-	-	-	-	-	-
Preferred Stock Dividends Declared	29	22	21	21	21	21	21	5.04	5.76	7.52
Basic Earnings per Share	$1.15	$1.91	$2.18	$0.77	$0.49	$1.65	$2.71	$1.57	$0.15	($1.12)
Weighted Average Basic Shares Outstanding	210.68M	209.97M	209.38M	208.18M	206.71M	205.97M	202.16M	192.55M	191.21M	191.24M
Diluted Earnings per Share	$1.15	$1.88	$2.12	$0.77	$0.49	$1.65	$2.70	$1.57	$0.15	($1.12)
Weighted Average Diluted Shares Outstanding	210.78M	225.11M	224.45M	208.29M	206.82M	206.12M	217.61M	192.55M	191.38M	191.24M
Weighted Average Basic & Diluted Shares Outstanding	210.68M	209.97M	209.38M	208.18M	206.71M	0.00	0.00	0.00	0.00	96.18M

This table shows Black Stone Minerals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	8.58	39	85	61	57	142	57	73	129	178	163
Consolidated Net Income / (Loss)	16	46	93	68	64	148	62	78	134	183	168
Net Income / (Loss) Continuing Operations	16	45	93	68	64	147	62	78	134	184	168
Total Pre-Tax Income	16	46	93	68	64	148	62	78	134	183	168
Total Operating Income	17	48	93	68	64	148	62	79	135	185	170
Total Gross Profit	59	84	135	110	105	191	110	117	175	230	216
Total Revenue	59	84	135	110	105	191	110	117	175	230	216
Operating Revenue	115	104	103	115	117	136	137	106	122	199	221
Other Revenue	-56	-21	32	-5.55	-11	54	-27	11	52	31	-4.73
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	42	36	42	41	42	43	48	38	39	45	46
Selling, General & Admin Expense	15	12	13	13	14	13	14	12	13	14	13
Marketing Expense	10	11	12	13	13	15	16	13	13	15	18
Exploration Expense	5.11	0.16	2.56	0.01	0.00	0.43	1.71	0.00	0.00	0.00	0.01
Depreciation Expense	9.13	11	11	11	12	12	12	10	11	13	12
Other Operating Expenses / (Income)	2.49	2.61	2.75	2.90	2.75	3.53	2.87	3.12	2.91	3.37	3.11
Total Other Income / (Expense), net	-1.21	-1.18	-0.39	-0.17	-0.05	0.05	0.03	-0.37	-0.76	-1.75	-1.73
Interest Expense	1.40	1.13	0.72	0.63	0.63	0.67	0.62	0.65	0.81	2.02	1.69
Interest & Investment Income	0.06	0.19	0.34	0.46	0.67	0.83	0.51	0.37	0.16	0.03	0.02
Other Income / (Expense), net	0.12	-0.24	-0.01	-0.00	-0.09	-0.11	0.14	-0.10	-0.10	0.24	-0.06
Preferred Stock Dividends Declared	7.37	7.37	7.37	7.37	7.37	6.03	5.25	5.25	5.25	5.25	5.25
Basic Earnings per Share	$0.04	$0.18	$0.41	$0.29	$0.27	$0.67	$0.27	$0.35	$0.62	$0.86	$0.78
Weighted Average Basic Shares Outstanding	211.25M	210.68M	210.69M	210.70M	210.65M	209.97M	209.98M	209.97M	209.94M	209.38M	209.40M
Diluted Earnings per Share	$0.04	$0.18	$0.41	$0.29	$0.27	$0.66	$0.27	$0.35	$0.60	$0.84	$0.75
Weighted Average Diluted Shares Outstanding	211.25M	210.78M	210.69M	210.70M	210.65M	225.11M	209.98M	209.97M	224.91M	224.45M	224.37M
Weighted Average Basic & Diluted Shares Outstanding	211.25M	210.68M	210.69M	210.70M	210.65M	209.97M	209.98M	209.97M	209.94M	209.38M	209.40M

This table details how cash moves in and out of Black Stone Minerals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-68	66	-4.57	7.08	-6.32	2.71	-0.23	-4.13	-3.46	-1.57
Net Cash From Operating Activities	389	521	425	257	282	413	385	282	197	285
Net Cash From Continuing Operating Activities	389	521	425	257	282	413	385	282	197	285
Net Income / (Loss) Continuing Operations	271	423	476	182	122	214	296	157	20	-101
Consolidated Net Income / (Loss)	271	423	476	182	122	214	296	157	20	-101
Depreciation Expense	45	46	48	61	82	110	123	115	102	104
Amortization Expense	1.08	1.04	1.95	1.58	1.04	1.04	0.91	0.88	0.87	0.94
Non-Cash Adjustments To Reconcile Net Income	61	3.40	-64	45	67	54	-15	21	127	237
Changes in Operating Assets and Liabilities, net	11	49	-37	-33	9.85	33	-19	-12	-54	44
Net Cash From Investing Activities	-112	-20	-1.22	-14	151	-49	-164	-454	-222	-91
Net Cash From Continuing Investing Activities	-112	-20	-1.22	-14	151	-49	-164	-454	-222	-91
Purchase of Property, Plant & Equipment	-112	-19	-13	-15	-4.02	-111	-291	-482	-221	-117
Divestitures	2.80	0.07	0.02	0.32	152	1.17	9.01	11	0.20	26
Other Investing Activities, net	-3.42	-0.55	11	-0.10	3.40	62	118	16	0.00	0.00
Net Cash From Financing Activities	-345	-436	-428	-235	-439	-361	-222	168	21	-195
Net Cash From Continuing Financing Activities	-345	-436	-428	-235	-439	-361	-222	168	21	-195
Repayment of Debt	-72	-74	-421	-248	-433	-351	-353	-224	-99	-575
Repurchase of Common Equity	-4.45	-5.50	-2.99	-1.96	-5.04	-17	-11	-8.19	-27	-3.02
Payment of Dividends	-365	-420	-343	-198	-161	-328	-270	-199	-182	-221
Issuance of Debt	97	64	339	212	160	335	374	293	349	246
Cash Interest Paid	1.96	1.74	4.33	4.04	9.45	20	20	15	6.54	5.48

This table details how cash moves in and out of Black Stone Minerals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-0.10	-18	-5.71	-14	-30	14	9.36	28	15	3.47	-11
Net Cash From Operating Activities	65	91	93	100	104	134	117	133	137	156	108
Net Cash From Continuing Operating Activities	65	91	93	100	104	134	117	133	137	156	108
Net Income / (Loss) Continuing Operations	16	46	93	68	64	148	62	78	134	183	168
Consolidated Net Income / (Loss)	16	46	93	68	64	148	62	78	134	183	168
Depreciation Expense	9.13	11	11	11	12	12	12	10	11	13	12
Amortization Expense	0.27	0.27	0.27	0.27	0.27	0.26	0.26	0.26	0.26	0.91	0.35
Non-Cash Adjustments To Reconcile Net Income	56	31	-18	20	28	-35	55	20	-37	-66	-59
Changes in Operating Assets and Liabilities, net	-16	1.96	7.29	0.55	0.84	9.15	-13	25	28	26	-13
Net Cash From Investing Activities	-13	-48	-13	-28	-24	-15	-2.31	-0.68	-1.95	-0.54	-0.53
Net Cash From Continuing Investing Activities	-13	-48	-13	-28	-24	-15	-2.31	-0.68	-1.95	-0.54	-0.53
Purchase of Property, Plant & Equipment	-10	-46	-15	-27	-23	-14	-2.39	-0.67	-1.95	-0.54	-1.88
Divestitures	0.40	-	2.72	-	0.08	-	0.07	-	0.00	-	-
Other Investing Activities, net	-3.04	-1.58	-0.00	-1.09	-0.75	-0.54	-	-0.01	0.00	-	1.35
Net Cash From Financing Activities	-52	-61	-86	-86	-110	-105	-105	-105	-120	-152	-119
Net Cash From Continuing Financing Activities	-52	-61	-86	-86	-110	-105	-105	-105	-120	-152	-119
Repayment of Debt	-43	-39	-24	-3.01	-6.02	-0.07	-0.04	-14	-60	-155	-110
Repurchase of Common Equity	-3.29	-	-	-0.07	-4.38	-	-	-	-5.50	-	-
Payment of Dividends	-87	-86	-86	-86	-106	-105	-105	-105	-105	-99	-93
Issuance of Debt	81	64	24	3.00	6.00	-	-	14	50	102	84
Cash Interest Paid	1.04	0.78	0.46	0.36	0.36	0.41	0.36	0.39	0.59	1.13	1.34

This table presents Black Stone Minerals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	1,219	1,267	1,271	1,248	1,244	1,545	1,750	1,576	1,129	1,061
Total Current Assets	79	193	173	108	67	102	158	88	79	104
Cash & Equivalents	2.52	70	4.31	8.88	1.80	8.12	5.41	5.64	9.77	13
Accounts Receivable	71	82	136	97	62	78	113	81	68	41
Prepaid Expenses	3.11	2.32	1.91	1.96	1.67	1.17	1.00	1.21	1.04	0.86
Other Current Assets	1.82	38	31	0.00	1.15	15	38	0.09	0.00	48
Plant, Property, & Equipment, net	1,134	1,066	1,088	1,133	1,172	1,434	1,576	1,481	1,045	939
Plant, Property & Equipment, gross	3,108	3,027	3,005	3,003	3,159	3,305	3,442	3,248	2,698	2,482
Accumulated Depreciation	1,973	1,962	1,917	1,870	1,987	1,870	1,866	1,767	1,653	1,544
Total Noncurrent Assets	6.32	8.26	9.45	6.61	5.32	8.69	17	7.48	5.17	19
Other Noncurrent Operating Assets	6.32	8.26	9.45	6.61	5.32	8.69	17	7.48	5.17	19
Total Liabilities & Shareholders' Equity	1,219	1,267	1,271	1,248	1,244	1,545	1,750	1,576	1,129	1,061
Total Liabilities	89	50	61	184	185	448	548	486	403	151
Total Current Liabilities	30	26	31	77	40	30	65	60	71	63
Accounts Payable	5.95	6.27	6.77	5.94	3.41	5.31	4.15	2.46	4.14	5.04
Accrued Expenses	17	17	20	18	16	23	60	53	51	58
Other Current Liabilities	7.24	2.56	4.23	54	21	1.79	0.53	4.64	16	0.00
Total Noncurrent Liabilities	59	24	31	107	145	419	483	426	332	88
Long-Term Debt	27	2.89	14	92	125	401	466	407	316	66
Asset Retirement Reserve & Litigation Obligation	19	19	15	13	17	16	15	14	13	11
Noncurrent Employee Benefit Liabilities	1.23	1.70	1.88	0.84	0.77	2.11	1.81	3.65	1.49	7.90
Other Noncurrent Operating Liabilities	12	0.08	0.02	2.00	1.85	0.02	0.00	1.26	0.48	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	300	299	298	298	298	298	298	322	54	79
Total Equity & Noncontrolling Interests	829	918	911	765	761	798	904	768	672	831
Total Preferred & Common Equity	829	918	911	765	761	798	904	767	671	830
Total Common Equity	829	918	911	765	761	798	904	767	671	830
Common Stock	829	918	911	765	761	798	904	767	671	830

This table presents Black Stone Minerals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	1,239	1,213	1,217	1,232	1,234	1,250	1,272	1,271
Total Current Assets	88	109	115	146	167	172	184	161
Cash & Equivalents	2.42	21	27	40	56	47	19	0.84
Accounts Receivable	78	68	74	72	88	72	94	158
Prepaid Expenses	7.36	2.03	3.06	2.54	1.98	2.62	2.09	2.24
Other Current Assets	0.56	18	11	31	21	50	68	0.00
Plant, Property, & Equipment, net	1,142	1,096	1,095	1,078	1,059	1,069	1.11	0.98
Plant, Property & Equipment, gross	3,123	3,059	3,079	3,050	3,010	3,007	3,006	3,002
Accumulated Depreciation	1,981	1,963	1,984	1,973	1,950	1,938	1,928	1,904
Total Noncurrent Assets	8.65	7.27	7.09	7.64	7.62	9.20	8.92	12
Other Noncurrent Operating Assets	8.65	7.27	7.09	7.64	7.62	9.20	8.92	12
Total Liabilities & Shareholders' Equity	1,239	1,213	1,217	1,232	1,234	1,250	1,272	1,271
Total Liabilities	174	45	56	56	61	37	33	149
Total Current Liabilities	65	19	27	27	34	17	13	72
Accounts Payable	4.80	3.74	5.63	5.84	4.50	5.60	4.96	3.04
Accrued Expenses	12	14	11	7.38	14	10	6.72	18
Other Current Liabilities	49	1.80	11	14	16	1.14	1.10	50
Total Noncurrent Liabilities	109	25	29	28	27	20	21	78
Long-Term Debt	68	2.22	2.50	2.76	3.18	3.51	3.71	62
Asset Retirement Reserve & Litigation Obligation	19	19	19	19	15	15	15	13
Noncurrent Employee Benefit Liabilities	0.64	1.08	0.91	0.80	1.37	1.09	0.80	1.41
Other Noncurrent Operating Liabilities	20	3.01	6.67	5.86	6.77	0.47	1.05	1.83
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	300	300	300	300	298	298	298	298
Total Equity & Noncontrolling Interests	764	868	860	875	875	915	940	823
Total Preferred & Common Equity	764	868	860	875	875	915	940	823
Total Common Equity	764	868	860	875	875	915	940	823
Common Stock	764	868	860	875	875	915	940	823

This table displays calculated financial ratios and metrics derived from Black Stone Minerals' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-26.77%	-10.76%	84.71%	4.82%	-29.74%	3,189.20%	-96.55%	64.73%	-33.62%	-28.34%
EBITDA Growth	-32.14%	-11.70%	112.80%	16.25%	-37.84%	-21.25%	52.56%	120.96%	1,167.86%	-96.52%
EBIT Growth	-35.58%	-12.28%	157.28%	41.93%	-43.90%	-25.46%	82.95%	538.13%	128.52%	-151.98%
NOPAT Growth	-35.53%	-12.21%	157.57%	41.80%	-43.82%	-26.14%	85.01%	526.47%	140.94%	-136.93%
Net Income Growth	-35.79%	-11.32%	161.82%	49.39%	-43.17%	-27.47%	88.07%	678.45%	119.84%	-160.14%
EPS Growth	-38.83%	-11.32%	175.32%	57.14%	-70.30%	-38.89%	71.97%	946.67%	113.39%	0.00%
Operating Cash Flow Growth	-25.36%	22.65%	65.44%	-8.85%	-31.72%	7.09%	36.73%	43.32%	-30.93%	-28.12%
Free Cash Flow Firm Growth	-45.37%	20.21%	83.76%	-49.23%	7.46%	177.62%	151.12%	-602.68%	-118.98%	120.28%
Invested Capital Growth	0.34%	-5.67%	6.33%	-3.02%	-20.63%	-10.44%	11.47%	44.60%	7.11%	-22.71%
Revenue Q/Q Growth	-19.81%	-6.26%	8.32%	39.65%	-28.81%	733.73%	-96.77%	9.91%	-14.25%	-14.96%
EBITDA Q/Q Growth	-24.05%	-7.73%	9.97%	65.32%	-7.71%	-27.98%	52.12%	13.85%	55.13%	-78.87%
EBIT Q/Q Growth	-26.87%	-8.18%	11.45%	124.19%	-9.05%	-34.60%	85.97%	19.25%	256.91%	-49.31%
NOPAT Q/Q Growth	-26.82%	-8.11%	11.41%	124.49%	-8.95%	-34.89%	86.54%	18.60%	317.10%	-49.96%
Net Income Q/Q Growth	-27.19%	-7.76%	11.47%	132.90%	-7.36%	-36.67%	96.02%	20.42%	188.91%	-40.76%
EPS Q/Q Growth	-29.45%	-8.74%	11.58%	175.00%	-40.24%	-40.22%	106.11%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-9.99%	-4.11%	24.26%	5.36%	-14.04%	2.67%	7.08%	5.66%	-5.96%	-11.67%
Free Cash Flow Firm Q/Q Growth	-21.78%	185.80%	-71.38%	6.05%	-9.84%	-1.41%	157.03%	-943.83%	-622.06%	0.00%
Invested Capital Q/Q Growth	0.37%	2.63%	1,329.44%	5.73%	-2.40%	-4.12%	3.50%	26.65%	-3.30%	-11.42%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	94.51%
EBITDA Margin	73.56%	79.39%	80.24%	69.65%	62.80%	70.98%	2,964.68%	67.08%	50.01%	2.62%
Operating Margin	62.97%	71.53%	72.71%	52.14%	38.54%	48.21%	2,146.73%	40.05%	10.53%	-24.40%
EBIT Margin	62.89%	71.50%	72.74%	52.23%	38.57%	48.31%	2,131.57%	40.22%	10.38%	-24.16%
Profit (Net Income) Margin	62.56%	71.35%	71.80%	50.66%	35.54%	43.94%	1,992.85%	36.58%	7.74%	-25.90%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.44%
Interest Burden Percent	99.47%	99.79%	98.71%	97.00%	92.15%	90.97%	93.49%	90.95%	74.55%	106.70%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	23.71%	35.76%	40.79%	16.09%	9.89%	14.92%	20.18%	13.64%	2.75%	-6.07%
ROIC Less NNEP Spread (ROIC-NNEP)	31.99%	39.37%	27.73%	10.91%	5.90%	10.04%	14.89%	9.42%	-1.30%	-20.37%
Return on Net Nonoperating Assets (RNNOA)	-0.59%	-0.94%	1.12%	1.06%	1.41%	3.73%	5.60%	3.67%	-0.29%	-5.72%
Return on Equity (ROE)	23.12%	34.82%	41.92%	17.15%	11.30%	18.65%	25.78%	17.31%	2.47%	-11.80%
Cash Return on Invested Capital (CROIC)	23.37%	41.60%	34.65%	19.16%	32.89%	25.94%	9.33%	-22.83%	-4.11%	19.55%
Operating Return on Assets (OROA)	21.95%	33.37%	38.33%	15.06%	9.48%	14.30%	19.01%	12.77%	2.47%	-7.95%
Return on Assets (ROA)	21.83%	33.30%	37.83%	14.61%	8.74%	13.01%	17.77%	11.62%	1.84%	-8.52%
Return on Common Equity (ROCE)	17.22%	26.25%	30.91%	12.33%	8.17%	13.81%	18.79%	13.70%	2.26%	-10.15%
Return on Equity Simple (ROE_SIMPLE)	32.73%	46.02%	52.28%	23.78%	16.02%	26.85%	32.69%	20.48%	3.01%	-12.25%
Net Operating Profit after Tax (NOPAT)	273	424	482	187	132	235	318	172	27	-67
NOPAT Margin	62.97%	71.53%	72.71%	52.14%	38.54%	48.21%	2,146.73%	40.05%	10.53%	-17.08%
Net Nonoperating Expense Percent (NNEP)	-8.29%	-3.60%	13.06%	5.18%	3.99%	4.88%	5.29%	4.22%	4.06%	14.30%
Return On Investment Capital (ROIC_SIMPLE)	31.91%	45.99%	52.16%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.49%
SG&A Expenses to Revenue	12.01%	8.69%	8.08%	13.57%	12.54%	16.61%	517.24%	18.05%	28.04%	20.05%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.03%	28.47%	27.29%	47.86%	61.46%	51.79%	-2,046.73%	59.95%	89.47%	118.90%
Earnings before Interest and Taxes (EBIT)	273	423	483	188	132	236	316	173	27	-95
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	319	470	532	250	215	346	440	288	130	10
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.62	3.44	3.26	2.20	1.35	2.25	2.32	2.61	2.89	1.67
Price to Tangible Book Value (P/TBV)	3.62	3.44	3.26	2.20	1.35	2.25	2.32	2.61	2.89	1.67
Price to Revenue (P/Rev)	6.92	5.33	4.48	4.69	3.01	3.69	141.65	4.65	7.44	3.52
Price to Earnings (P/E)	12.41	7.88	6.53	10.47	10.22	9.31	7.65	13.14	134.33	0.00
Dividend Yield	11.24%	13.54%	11.62%	8.04%	13.65%	16.94%	13.80%	11.55%	10.86%	7.26%
Earnings Yield	8.06%	12.69%	15.31%	9.55%	9.79%	10.74%	13.07%	7.61%	0.74%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.88	2.95	2.69	1.80	1.23	1.67	1.72	1.83	2.23	1.57
Enterprise Value to Revenue (EV/Rev)	7.67	5.73	4.95	5.75	4.24	5.11	192.82	6.34	8.82	3.86
Enterprise Value to EBITDA (EV/EBITDA)	10.42	7.21	6.17	8.26	6.74	7.20	6.50	9.45	17.64	147.32
Enterprise Value to EBIT (EV/EBIT)	12.19	8.01	6.80	11.01	10.98	10.57	9.05	15.77	84.96	0.00
Enterprise Value to NOPAT (EV/NOPAT)	12.18	8.00	6.80	11.03	10.99	10.59	8.98	15.83	83.75	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	8.55	6.50	7.73	8.04	5.15	6.04	7.42	9.67	11.70	5.32
Enterprise Value to Free Cash Flow (EV/FCFF)	12.36	6.88	8.01	9.26	3.30	6.09	19.42	0.00	0.00	7.02
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.02	0.00	0.01	0.09	0.12	0.37	0.39	0.37	0.44	0.07
Long-Term Debt to Equity	0.02	0.00	0.01	0.09	0.12	0.37	0.39	0.37	0.44	0.07
Financial Leverage	-0.02	-0.02	0.04	0.10	0.24	0.37	0.38	0.39	0.22	0.28
Leverage Ratio	1.06	1.05	1.11	1.17	1.29	1.43	1.45	1.49	1.34	1.38
Compound Leverage Factor	1.05	1.04	1.09	1.14	1.19	1.30	1.36	1.35	1.00	1.48
Debt to Total Capital	2.33%	0.24%	1.11%	7.94%	10.56%	26.76%	27.93%	27.19%	30.34%	6.76%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	2.33%	0.24%	1.11%	7.94%	10.56%	26.76%	27.93%	27.19%	30.34%	6.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	25.98%	24.51%	24.39%	25.82%	25.20%	19.92%	17.88%	21.59%	5.28%	8.22%
Common Equity to Total Capital	71.69%	75.25%	74.50%	66.24%	64.24%	53.31%	54.19%	51.23%	64.38%	85.02%
Debt to EBITDA	0.08	0.01	0.03	0.37	0.58	1.16	1.06	1.41	2.42	6.42
Net Debt to EBITDA	0.08	-0.14	0.02	0.33	0.57	1.13	1.05	1.39	2.35	5.13
Long-Term Debt to EBITDA	0.08	0.01	0.03	0.37	0.58	1.16	1.06	1.41	2.42	6.42
Debt to NOPAT	0.10	0.01	0.03	0.49	0.95	1.70	1.46	2.37	11.50	-0.98
Net Debt to NOPAT	0.09	-0.16	0.02	0.44	0.93	1.67	1.45	2.33	11.15	-0.79
Long-Term Debt to NOPAT	0.10	0.01	0.03	0.49	0.95	1.70	1.46	2.37	11.50	-0.98
Altman Z-Score	21.27	39.99	31.05	6.30	3.99	3.28	2.97	3.12	3.20	5.62
Noncontrolling Interest Sharing Ratio	25.55%	24.62%	26.25%	28.11%	27.68%	25.95%	27.11%	20.83%	8.27%	14.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.58	7.48	5.64	1.40	1.67	3.43	2.43	1.47	1.11	1.64
Quick Ratio	2.42	5.90	4.56	1.37	1.59	2.90	1.83	1.45	1.09	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	269	493	410	223	439	409	147	-288	-41	216
Operating Cash Flow to CapEx	348.58%	2,705.27%	3,391.45%	1,767.08%	7,013.66%	370.81%	132.40%	58.51%	89.16%	243.98%
Free Cash Flow to Firm to Interest Expense	86.59	178.92	65.21	39.56	42.21	19.07	7.10	-18.36	-5.43	33.65
Operating Cash Flow to Interest Expense	125.13	189.27	67.61	45.56	27.08	19.25	18.57	17.96	26.06	44.37
Operating Cash Flow Less CapEx to Interest Expense	89.24	182.27	65.61	42.98	26.69	14.06	4.54	-12.74	-3.17	26.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.47	0.53	0.29	0.25	0.30	0.01	0.32	0.24	0.33
Accounts Receivable Turnover	5.66	5.43	5.70	4.52	4.89	5.10	0.15	5.77	4.77	6.81
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.39	0.55	0.60	0.31	0.26	0.32	0.01	0.34	0.26	0.37
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.12
Days Sales Outstanding (DSO)	64.53	67.16	64.03	80.80	74.61	71.59	2,385.30	63.24	76.56	53.57
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	88.53
Cash Conversion Cycle (CCC)	64.53	67.16	64.03	80.80	74.61	71.59	2,385.30	63.24	76.56	-34.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,154	1,150	1,219	1,147	1,182	1,490	1,663	1,492	1,032	963
Invested Capital Turnover	0.38	0.50	0.56	0.31	0.26	0.31	0.01	0.34	0.26	0.36
Increase / (Decrease) in Invested Capital	3.91	-69	73	-36	-307	-174	171	460	68	-283
Enterprise Value (EV)	3,326	3,390	3,283	2,066	1,452	2,491	2,860	2,725	2,301	1,516
Market Capitalization	3,001	3,159	2,975	1,685	1,030	1,800	2,101	2,000	1,939	1,383
Book Value per Share	$3.68	$4.09	$4.07	$3.43	$3.43	$3.62	$4.12	$3.86	$3.51	$4.34
Tangible Book Value per Share	$3.68	$4.09	$4.07	$3.43	$3.43	$3.62	$4.12	$3.86	$3.51	$4.34
Total Capital	1,156	1,220	1,223	1,155	1,184	1,498	1,669	1,498	1,042	977
Total Debt	27	2.89	14	92	125	401	466	407	316	66
Total Long-Term Debt	27	2.89	14	92	125	401	466	407	316	66
Net Debt	24	-67	9.30	83	123	393	461	402	306	53
Capital Expenditures (CapEx)	112	19	13	15	4.02	111	291	482	221	117
Debt-free, Cash-free Net Working Capital (DFCFNWC)	46	97	138	22	25	64	87	22	-2.11	27
Debt-free Net Working Capital (DFNWC)	48	167	143	31	27	72	93	28	7.66	41
Net Working Capital (NWC)	48	167	143	31	27	72	93	28	7.66	41
Net Nonoperating Expense (NNE)	1.78	1.05	6.02	5.34	10	21	23	15	7.28	35
Net Nonoperating Obligations (NNO)	24	-67	9.30	83	123	393	461	402	306	53
Total Depreciation and Amortization (D&A)	46	47	50	63	83	111	124	115	103	105
Debt-free, Cash-free Net Working Capital to Revenue	10.51%	16.38%	20.85%	6.11%	7.23%	13.20%	588.99%	5.18%	-0.81%	6.95%
Debt-free Net Working Capital to Revenue	11.10%	28.25%	21.50%	8.58%	7.75%	14.86%	625.49%	6.50%	2.94%	10.32%
Net Working Capital to Revenue	11.10%	28.25%	21.50%	8.58%	7.75%	14.86%	625.49%	6.50%	2.94%	10.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.15	$1.91	$2.18	$0.77	$0.49	$1.65	$2.71	$1.57	$0.15	$0.00
Adjusted Weighted Average Basic Shares Outstanding	210.68M	209.97M	209.38M	208.18M	206.71M	205.97M	202.16M	192.55M	191.21M	192.05M
Adjusted Diluted Earnings per Share	$1.15	$1.88	$2.12	$0.77	$0.49	$1.65	$2.70	$1.57	$0.15	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	210.78M	225.11M	224.45M	208.29M	206.82M	206.12M	217.61M	192.55M	191.38M	192.05M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	210.68M	209.97M	209.38M	0.00	0.00	220.66M	0.00	214.38M	192.32M	192.05M
Normalized Net Operating Profit after Tax (NOPAT)	191	296	338	129	111	165	223	120	24	104
Normalized NOPAT Margin	44.08%	50.06%	50.89%	35.94%	32.49%	33.75%	1,502.69%	27.88%	9.19%	26.52%
Pre Tax Income Margin	62.56%	71.35%	71.80%	50.66%	35.54%	43.94%	1,992.85%	36.58%	7.74%	-25.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	87.74	153.75	76.79	33.28	12.70	10.99	15.23	11.01	3.59	-14.79
NOPAT to Interest Expense	87.84	153.81	76.76	33.23	12.69	10.97	15.34	10.97	3.64	-10.45
EBIT Less CapEx to Interest Expense	51.84	146.76	74.80	30.70	12.32	5.80	1.21	-19.68	-25.64	-32.98
NOPAT Less CapEx to Interest Expense	51.95	146.81	74.76	30.65	12.31	5.78	1.32	-19.73	-25.59	-28.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	134.55%	99.36%	72.07%	108.76%	132.44%	153.20%	91.49%	126.43%	903.70%	-217.44%
Augmented Payout Ratio	136.19%	100.66%	72.70%	109.83%	136.58%	161.10%	95.07%	131.64%	1,039.60%	-220.40%

This table displays calculated financial ratios and metrics derived from Black Stone Minerals' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-43.83%	-56.13%	22.82%	-6.30%	-39.57%	-17.16%	-49.27%	-35.13%	379.29%	28.40%	261.76%
EBITDA Growth	-64.79%	-63.32%	39.88%	-10.33%	-48.26%	-19.81%	-59.06%	-38.55%	2,577.79%	32.04%	456.85%
EBIT Growth	-72.95%	-67.94%	49.75%	-12.94%	-52.71%	-20.36%	-63.46%	-40.92%	2,432.13%	36.55%	870.22%
NOPAT Growth	-73.18%	-67.80%	50.11%	-13.04%	-52.68%	-20.20%	-63.55%	-40.81%	3,460.15%	36.45%	871.50%
Net Income Growth	-75.05%	-68.61%	49.40%	-12.85%	-52.45%	-19.42%	-63.16%	-40.52%	2,020.07%	36.53%	941.38%
EPS Growth	-85.19%	-72.73%	51.85%	-17.14%	-55.00%	-21.43%	-64.00%	-40.68%	1,100.00%	35.48%	1,400.00%
Operating Cash Flow Growth	-37.93%	-32.18%	-20.11%	-24.68%	-23.84%	-14.27%	7.66%	71.82%	66.10%	112.97%	87.41%
Free Cash Flow Firm Growth	102.65%	-79.88%	106.59%	109.46%	-187.99%	92.90%	-183.23%	-186.81%	1,253.83%	-34.41%	709.74%
Invested Capital Growth	-0.65%	0.34%	2.59%	-2.89%	685.21%	-5.67%	1,213.85%	11,745.40%	-86.40%	6.33%	-92.14%
Revenue Q/Q Growth	-29.23%	-37.91%	23.02%	3.92%	-44.72%	73.81%	-6.16%	-32.98%	-24.22%	6.45%	19.99%
EBITDA Q/Q Growth	-54.39%	-44.09%	30.62%	5.70%	-52.48%	113.23%	-16.27%	-39.02%	-26.35%	8.87%	25.67%
EBIT Q/Q Growth	-63.45%	-49.22%	35.96%	7.20%	-56.69%	137.22%	-20.96%	-41.77%	-27.06%	8.85%	27.79%
NOPAT Q/Q Growth	-63.89%	-48.97%	35.96%	7.06%	-56.66%	137.94%	-21.24%	-41.74%	-26.91%	8.68%	27.91%
Net Income Q/Q Growth	-65.59%	-50.02%	35.73%	6.88%	-56.70%	137.88%	-20.82%	-41.69%	-26.62%	8.75%	27.84%
EPS Q/Q Growth	-77.78%	-56.10%	41.38%	7.41%	-59.09%	144.44%	-22.86%	-41.67%	-28.57%	12.00%	27.12%
Operating Cash Flow Q/Q Growth	-28.72%	-2.45%	-7.12%	-3.90%	-22.11%	14.91%	-12.43%	-2.83%	-12.32%	44.30%	39.77%
Free Cash Flow Firm Q/Q Growth	-43.65%	-31.95%	-37.34%	111.01%	-528.68%	122.27%	10.01%	-202.40%	839.83%	-90.39%	-6.13%
Invested Capital Q/Q Growth	-2.01%	0.37%	1.17%	-0.16%	-1.03%	2.63%	-4.24%	707.28%	-88.11%	1,329.44%	763.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	45.04%	69.87%	77.59%	73.08%	71.85%	83.58%	68.13%	76.36%	83.92%	86.34%	84.42%
Operating Margin	28.96%	56.76%	69.05%	62.48%	60.64%	77.34%	56.50%	67.32%	77.44%	80.29%	78.64%
EBIT Margin	29.17%	56.48%	69.04%	62.47%	60.56%	77.29%	56.63%	67.23%	77.39%	80.39%	78.62%
Profit (Net Income) Margin	26.92%	55.35%	68.76%	62.32%	60.60%	77.37%	56.53%	67.00%	77.01%	79.53%	77.84%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	92.29%	98.01%	99.59%	99.76%	100.06%	100.10%	99.82%	99.65%	99.51%	98.93%	99.02%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	9.89%	21.37%	32.90%	27.94%	49.45%	38.67%	59.20%	84.25%	102.57%	45.05%	82.38%
ROIC Less NNEP Spread (ROIC-NNEP)	1.23%	26.84%	33.99%	28.44%	49.46%	38.51%	59.20%	84.32%	102.71%	41.24%	82.75%
Return on Net Nonoperating Assets (RNNOA)	0.02%	-0.49%	-1.04%	-0.81%	-23.17%	-0.92%	-28.09%	-40.22%	-47.11%	1.67%	-36.81%
Return on Equity (ROE)	9.91%	20.88%	31.86%	27.14%	26.28%	37.75%	31.11%	44.03%	55.46%	46.72%	45.57%
Cash Return on Invested Capital (CROIC)	20.60%	23.37%	30.32%	32.60%	-99.89%	41.60%	-95.25%	-100.18%	255.10%	34.65%	244.89%
Operating Return on Assets (OROA)	9.15%	19.71%	30.52%	26.12%	25.31%	36.07%	28.57%	39.35%	49.43%	42.36%	38.27%
Return on Assets (ROA)	8.44%	19.32%	30.40%	26.06%	25.33%	36.11%	28.52%	39.22%	49.19%	41.90%	37.89%
Return on Common Equity (ROCE)	7.25%	15.54%	23.71%	20.29%	19.76%	28.45%	23.02%	32.39%	40.66%	34.46%	32.66%
Return on Equity Simple (ROE_SIMPLE)	29.22%	0.00%	42.94%	39.76%	40.22%	0.00%	52.36%	61.71%	65.75%	0.00%	51.92%
Net Operating Profit after Tax (NOPAT)	17	48	93	68	64	148	62	79	135	185	170
NOPAT Margin	28.96%	56.76%	69.05%	62.48%	60.64%	77.34%	56.50%	67.32%	77.44%	80.29%	78.64%
Net Nonoperating Expense Percent (NNEP)	8.66%	-5.47%	-1.09%	-0.50%	-0.01%	0.15%	0.01%	-0.07%	-0.15%	3.81%	-0.37%
Return On Investment Capital (ROIC_SIMPLE)	2.06%	5.55%	-	-	-	16.02%	-	-	-	20.00%	-
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	25.61%	14.09%	9.49%	12.22%	13.36%	6.55%	13.16%	10.13%	7.24%	6.22%	6.03%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	71.04%	43.24%	30.95%	37.52%	39.36%	22.66%	43.50%	32.68%	22.56%	19.71%	21.36%
Earnings before Interest and Taxes (EBIT)	17	47	93	68	64	147	62	79	135	185	170
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	27	59	105	80	76	160	75	89	147	199	183
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.22	3.62	3.67	3.84	3.85	3.44	3.72	3.29	3.35	3.26	3.73
Price to Tangible Book Value (P/TBV)	4.22	3.62	3.67	3.84	3.85	3.44	3.72	3.29	3.35	3.26	3.73
Price to Revenue (P/Rev)	8.33	6.92	5.88	6.40	6.43	5.33	5.15	4.08	3.93	4.48	5.01
Price to Earnings (P/E)	16.64	12.41	9.23	10.45	10.26	7.88	7.45	5.54	5.27	6.53	7.55
Dividend Yield	9.82%	11.24%	11.26%	11.49%	11.89%	13.54%	12.10%	12.69%	12.47%	11.62%	9.80%
Earnings Yield	6.01%	8.06%	10.83%	9.57%	9.75%	12.69%	13.43%	18.05%	18.96%	15.31%	13.25%
Enterprise Value to Invested Capital (EV/IC)	3.18	2.88	3.01	3.15	3.19	2.95	3.12	2.79	23.67	2.69	40.17
Enterprise Value to Revenue (EV/Rev)	9.27	7.67	6.40	6.94	6.94	5.73	5.54	4.42	4.28	4.95	5.59
Enterprise Value to EBITDA (EV/EBITDA)	13.31	10.42	8.24	9.17	9.09	7.21	6.87	5.29	5.10	6.17	7.08
Enterprise Value to EBIT (EV/EBIT)	15.88	12.19	9.29	10.46	10.30	8.01	7.59	5.74	5.50	6.80	7.91
Enterprise Value to NOPAT (EV/NOPAT)	15.87	12.18	9.28	10.46	10.30	8.00	7.59	5.74	5.50	6.80	7.91
Enterprise Value to Operating Cash Flow (EV/OCF)	10.28	8.55	8.01	7.85	7.43	6.50	6.44	6.10	7.16	7.73	10.02
Enterprise Value to Free Cash Flow (EV/FCFF)	15.37	12.36	10.06	9.52	0.00	6.88	0.00	0.00	2.22	8.01	2.39
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.06	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.06
Long-Term Debt to Equity	0.06	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.06
Financial Leverage	0.01	-0.02	-0.03	-0.03	-0.47	-0.02	-0.47	-0.48	-0.46	0.04	-0.44
Leverage Ratio	1.10	1.06	1.04	1.04	1.04	1.05	1.09	1.12	1.12	1.11	1.19
Compound Leverage Factor	1.02	1.04	1.04	1.04	1.04	1.05	1.09	1.11	1.12	1.10	1.18
Debt to Total Capital	6.01%	2.33%	0.19%	0.21%	0.23%	0.24%	0.27%	0.29%	0.30%	1.11%	5.22%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	6.01%	2.33%	0.19%	0.21%	0.23%	0.24%	0.27%	0.29%	0.30%	1.11%	5.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	26.52%	25.98%	25.67%	25.84%	25.50%	24.51%	25.36%	24.52%	24.02%	24.39%	25.21%
Common Equity to Total Capital	67.47%	71.69%	74.14%	73.95%	74.27%	75.25%	74.37%	75.19%	75.68%	74.50%	69.57%
Debt to EBITDA	0.25	0.08	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.03	0.13
Net Debt to EBITDA	0.24	0.08	-0.04	-0.06	-0.09	-0.14	-0.10	-0.07	-0.02	0.02	0.13
Long-Term Debt to EBITDA	0.25	0.08	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.03	0.13
Debt to NOPAT	0.30	0.10	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.03	0.14
Net Debt to NOPAT	0.29	0.09	-0.05	-0.07	-0.11	-0.16	-0.11	-0.08	-0.02	0.02	0.14
Long-Term Debt to NOPAT	0.30	0.10	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.03	0.14
Altman Z-Score	11.51	20.66	43.67	35.80	36.86	39.27	33.03	49.62	57.64	30.27	13.35
Noncontrolling Interest Sharing Ratio	26.82%	25.55%	25.57%	25.23%	24.81%	24.62%	26.00%	26.45%	26.68%	26.25%	28.32%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.35	2.58	5.61	4.23	5.34	7.48	4.94	10.26	14.38	5.64	2.25
Quick Ratio	1.23	2.42	4.58	3.71	4.12	5.90	4.26	7.10	8.86	4.56	2.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	25	44	64	102	-929	217	-973	-1,081	1,056	112	1,169
Operating Cash Flow to CapEx	621.56%	195.92%	610.98%	376.95%	448.52%	940.64%	4,891.45%	19,891.04%	7,019.19%	29,076.77%	5,766.54%
Free Cash Flow to Firm to Interest Expense	17.59	38.60	88.53	163.40	-1,477.24	321.60	-1,567.17	-1,676.67	1,297.37	55.57	690.68
Operating Cash Flow to Interest Expense	46.41	80.49	128.79	160.36	166.07	198.99	187.94	206.62	168.50	77.37	64.03
Operating Cash Flow Less CapEx to Interest Expense	38.94	39.41	107.71	117.82	129.05	177.83	184.10	205.58	166.09	77.10	62.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.35	0.44	0.42	0.42	0.47	0.50	0.59	0.64	0.53	0.49
Accounts Receivable Turnover	5.15	5.66	6.94	7.06	6.28	5.43	5.14	6.94	8.28	5.70	4.98
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.35	0.39	0.50	0.48	0.97	0.55	1.19	1.38	1.42	0.60	1.07
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	70.82	64.53	52.59	51.73	58.13	67.16	70.95	52.63	44.08	64.03	73.34
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	70.82	64.53	52.59	51.73	58.13	67.16	70.95	52.63	44.08	64.03	73.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,131	1,154	1,150	1,136	1,138	1,150	1,121	1,170	145	1,219	85
Invested Capital Turnover	0.34	0.38	0.48	0.45	0.82	0.50	1.05	1.25	1.32	0.56	1.05
Increase / (Decrease) in Invested Capital	-7.42	3.91	29	-34	993	-69	1,035	1,160	-921	73	-999
Enterprise Value (EV)	3,592	3,326	3,463	3,578	3,629	3,390	3,500	3,266	3,431	3,283	3,426
Market Capitalization	3,226	3,001	3,181	3,302	3,366	3,159	3,255	3,011	3,149	2,975	3,067
Book Value per Share	$3.38	$3.68	$3.85	$3.82	$4.16	$4.09	$3.89	$4.07	$4.19	$4.07	$3.67
Tangible Book Value per Share	$3.38	$3.68	$3.85	$3.82	$4.16	$4.09	$3.89	$4.07	$4.19	$4.07	$3.67
Total Capital	1,133	1,156	1,171	1,163	1,179	1,220	1,177	1,217	1,242	1,223	1,183
Total Debt	68	27	2.22	2.50	2.76	2.89	3.18	3.51	3.71	14	62
Total Long-Term Debt	68	27	2.22	2.50	2.76	2.89	3.18	3.51	3.71	14	62
Net Debt	66	24	-19	-24	-38	-67	-53	-43	-15	9.30	61
Capital Expenditures (CapEx)	10	46	15	27	23	14	2.39	0.67	1.95	0.54	1.88
Debt-free, Cash-free Net Working Capital (DFCFNWC)	21	46	69	61	78	97	77	109	152	138	89
Debt-free Net Working Capital (DFNWC)	23	48	90	87	119	167	133	155	171	143	89
Net Working Capital (NWC)	23	48	90	87	119	167	133	155	171	143	89
Net Nonoperating Expense (NNE)	1.21	1.18	0.39	0.17	0.05	-0.05	-0.03	0.37	0.76	1.75	1.73
Net Nonoperating Obligations (NNO)	66	24	-19	-24	-38	-67	-53	-43	-1,093	9.30	-1,036
Total Depreciation and Amortization (D&A)	9.40	11	12	12	12	12	13	11	11	14	13
Debt-free, Cash-free Net Working Capital to Revenue	5.30%	10.51%	12.73%	11.79%	14.97%	16.38%	12.21%	14.70%	18.94%	20.85%	14.46%
Debt-free Net Working Capital to Revenue	5.92%	11.10%	16.60%	16.96%	22.71%	28.25%	21.08%	21.02%	21.33%	21.50%	14.60%
Net Working Capital to Revenue	5.92%	11.10%	16.60%	16.96%	22.71%	28.25%	21.08%	21.02%	21.33%	21.50%	14.60%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.04	$0.18	$0.41	$0.29	$0.27	$0.67	$0.27	$0.35	$0.62	$0.86	$0.78
Adjusted Weighted Average Basic Shares Outstanding	211.25M	210.68M	210.69M	210.70M	210.65M	209.97M	209.98M	209.97M	209.94M	209.38M	209.40M
Adjusted Diluted Earnings per Share	$0.04	$0.18	$0.41	$0.29	$0.27	$0.66	$0.27	$0.35	$0.60	$0.84	$0.75
Adjusted Weighted Average Diluted Shares Outstanding	211.25M	210.78M	210.69M	210.70M	210.65M	225.11M	209.98M	209.97M	224.91M	224.45M	224.37M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	211.25M	210.68M	210.69M	210.70M	210.65M	209.97M	209.98M	209.97M	209.94M	209.38M	209.40M
Normalized Net Operating Profit after Tax (NOPAT)	12	33	65	48	45	103	43	55	95	129	119
Normalized NOPAT Margin	20.27%	39.73%	48.34%	43.73%	42.45%	54.14%	39.50%	47.12%	54.21%	56.20%	55.05%
Pre Tax Income Margin	26.92%	55.35%	68.76%	62.32%	60.60%	77.37%	56.53%	67.00%	77.01%	79.53%	77.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	12.37	41.85	128.61	109.40	101.57	218.84	100.12	121.96	165.97	91.60	100.50
NOPAT to Interest Expense	12.28	42.05	128.62	109.41	101.71	218.99	99.89	122.11	166.09	91.48	100.54
EBIT Less CapEx to Interest Expense	4.90	0.76	107.53	66.86	64.54	197.68	96.28	120.92	163.57	91.33	99.39
NOPAT Less CapEx to Interest Expense	4.82	0.97	107.54	66.87	64.68	197.84	96.05	121.07	163.69	91.21	99.42
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	154.77%	134.55%	102.97%	117.64%	119.56%	99.36%	90.44%	71.30%	62.55%	72.07%	70.50%
Augmented Payout Ratio	156.27%	136.19%	104.16%	118.94%	120.81%	100.66%	91.64%	72.27%	63.44%	72.70%	71.20%

Frequently Asked Questions About Black Stone Minerals' Financials

When does Black Stone Minerals's fiscal year end?

According to the most recent income statement we have on file, Black Stone Minerals' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Black Stone Minerals' net income changed over the last 9 years?

Black Stone Minerals' net income appears to be on an upward trend, with a most recent value of $271.33 million in 2024, falling from -$101.76 million in 2015. The previous period was $422.55 million in 2023. See where experts think Black Stone Minerals is headed by visiting Black Stone Minerals' forecast page.

What is Black Stone Minerals's operating income?

Black Stone Minerals's total operating income in 2024 was $273.11 million, based on the following breakdown:

Total Gross Profit: $433.70 million
Total Operating Expenses: $160.59 million

How has Black Stone Minerals revenue changed over the last 9 years?

Over the last 9 years, Black Stone Minerals' total revenue changed from $392.92 million in 2015 to $433.70 million in 2024, a change of 10.4%.

How much debt does Black Stone Minerals have?

Black Stone Minerals' total liabilities were at $89.47 million at the end of 2024, a 80.6% increase from 2023, and a 40.7% decrease since 2015.

How much cash does Black Stone Minerals have?

In the past 9 years, Black Stone Minerals' cash and equivalents has ranged from $1.80 million in 2020 to $70.28 million in 2023, and is currently $2.52 million as of their latest financial filing in 2024.

How has Black Stone Minerals' book value per share changed over the last 9 years?

Over the last 9 years, Black Stone Minerals' book value per share changed from 4.34 in 2015 to 3.68 in 2024, a change of -15.2%.

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This page (NYSE:BSM) was last updated on 5/27/2025 by MarketBeat.com Staff

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Black Stone Minerals (BSM) Financials

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Black Stone Minerals (BSM) Financials

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