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Black Stone Minerals (BSM) Financials

Black Stone Minerals logo
$14.36 -0.11 (-0.76%)
Closing price 03:59 PM Eastern
Extended Trading
$14.38 +0.02 (+0.14%)
As of 04:15 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Black Stone Minerals

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -108 14 152 275 193 101 161 455 401 242 270
Consolidated Net Income / (Loss)		 -102 20 157 296 214 122 182 476 423 271 300
Net Income / (Loss) Continuing Operations		 -101 20 157 296 214 122 182 476 422 270 300
Total Pre-Tax Income 		-101 20 157 296 214 122 182 476 423 271 300
Total Operating Income		 -96 27 172 318 235 132 187 482 424 273 308
Total Gross Profit		 371 261 430 15 488 343 359 664 592 434 470
Total Revenue		 393 261 430 15 488 343 359 664 592 434 470
Operating Revenue		 303 261 403 - 493 297 506 784 501 439 422
Other Revenue		 90 - 27 15 -4.96 46 -146 -121 91 -5.73 48
Total Cost of Revenue		 22 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 467 233 258 -304 253 211 172 181 169 161 162
Selling, General & Admin Expense		 79 73 78 77 81 43 49 54 51 52 55
Marketing Expense		 36 35 47 64 61 43 50 66 57 50 39
Exploration Expense		 2.59 0.65 0.62 7.94 0.40 0.03 1.08 0.19 2.15 2.74 19
Depreciation Expense		 104 102 115 123 110 82 61 48 46 45 37
Other Operating Expenses / (Income)		 1.08 15 18 -575 1.12 15 14 13 12 11 12
Other Special Charges / (Income)		 -4.87 - -0.93 -0.00 0.00 -24 -2.85 -0.02 -0.07 0.00 0.00
Total Other Income / (Expense), net		 -5.45 -7.28 -15 -23 -21 -10 -5.34 -6.02 -1.05 -1.78 -8.46
Interest Expense		 6.42 7.55 16 21 21 10 5.64 6.29 2.75 3.11 8.93
Interest & Investment Income		 0.06 0.66 0.05 0.18 0.16 0.04 0.00 0.05 1.87 1.67 0.24
Other Income / (Expense), net		 0.91 -0.39 0.71 -2.25 0.47 0.08 0.30 0.22 -0.16 -0.34 0.23
Preferred Stock Dividends Declared		 7.52 5.76 5.04 21 21 21 21 21 22 29 29
Basic Earnings per Share		 ($1.12) $0.15 $1.57 $2.71 $1.65 $0.49 $0.77 $2.18 $1.91 $1.15 $1.28
Weighted Average Basic Shares Outstanding		 191.24M 191.21M 192.55M 202.16M 205.97M 206.71M 208.18M 209.38M 209.97M 210.68M 211.67M
Diluted Earnings per Share		 ($1.12) $0.15 $1.57 $2.70 $1.65 $0.49 $0.77 $2.12 $1.88 $1.15 $1.28
Weighted Average Diluted Shares Outstanding		 191.24M 191.38M 192.55M 217.61M 206.12M 206.82M 208.29M 224.45M 225.11M 210.78M 211.73M
Weighted Average Basic & Diluted Shares Outstanding		 96.18M 0.00 0.00 0.00 0.00 206.71M 208.18M 209.38M 209.97M 210.68M 211.67M
Cash Dividends to Common per Share		 $0.84 - - - - - - - $1.90 $1.60 $1.35

Quarterly Income Statements for Black Stone Minerals

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 142 57 61 85 39 8.58 113 84 65 5.91 99
Consolidated Net Income / (Loss)		 148 64 68 93 46 16 120 92 72 13 106
Net Income / (Loss) Continuing Operations		 147 64 68 92 45 16 120 92 72 13 106
Total Pre-Tax Income 		148 64 68 93 46 16 120 92 72 13 106
Total Operating Income		 148 64 68 93 48 17 122 94 75 17 110
Total Gross Profit		 191 105 110 135 84 59 159 132 119 59 149
Total Revenue		 191 105 110 135 84 59 159 132 119 59 149
Operating Revenue		 136 117 115 103 104 115 107 105 95 124 122
Other Revenue		 54 -11 -5.55 32 -21 -56 53 27 24 -65 27
Total Cost of Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Operating Expenses		 43 42 41 42 36 42 37 38 44 43 39
Selling, General & Admin Expense		 13 14 13 13 12 15 14 12 14 17 16
Marketing Expense		 15 13 13 12 11 10 9.03 11 8.88 9.20 6.11
Exploration Expense		 0.43 0.00 0.01 2.56 0.16 5.11 1.75 2.15 9.62 4.63 4.83
Depreciation Expense		 12 12 11 11 11 9.13 9.19 9.90 8.67 9.79 9.40
Other Operating Expenses / (Income)		 3.53 2.75 2.90 2.75 2.61 2.49 3.33 3.10 2.60 2.28 2.49
Total Other Income / (Expense), net		 0.05 -0.05 -0.17 -0.39 -1.18 -1.21 -2.25 -2.37 -2.63 -3.36 -3.71
Interest Expense		 0.67 0.63 0.63 0.72 1.13 1.40 2.27 2.43 2.84 3.36 3.82
Interest & Investment Income		 0.83 0.67 0.46 0.34 0.19 0.06 0.06 0.06 0.06 0.03 0.06
Other Income / (Expense), net		 -0.11 -0.09 -0.00 -0.01 -0.24 0.12 -0.04 -0.01 0.16 -0.03 0.05
Preferred Stock Dividends Declared		 6.03 7.37 7.37 7.37 7.37 7.37 7.37 7.37 7.37 7.37 7.37
Basic Earnings per Share		 $0.67 $0.27 $0.29 $0.41 $0.18 $0.04 $0.53 $0.40 $0.31 $0.03 $0.47
Weighted Average Basic Shares Outstanding		 209.97M 210.65M 210.70M 210.69M 210.68M 211.25M 211.69M 211.85M 211.67M 212.37M 212.60M
Diluted Earnings per Share		 $0.66 $0.27 $0.29 $0.41 $0.18 $0.04 $0.53 $0.40 $0.31 $0.03 $0.47
Weighted Average Diluted Shares Outstanding		 225.11M 210.65M 210.70M 210.69M 210.78M 211.25M 226.76M 211.85M 211.73M 212.37M 212.60M
Weighted Average Basic & Diluted Shares Outstanding		 209.97M 210.65M 210.70M 210.69M 210.68M 211.25M 211.69M 211.85M 211.67M 212.37M 212.60M

Annual Cash Flow Statements for Black Stone Minerals

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -1.57 -3.46 -4.13 -0.23 2.71 -6.32 7.08 -4.57 66 -68 -1.04
Net Cash From Operating Activities		 285 197 282 385 413 282 257 425 521 389 310
Net Cash From Continuing Operating Activities		 285 197 282 385 413 282 257 425 521 389 310
Net Income / (Loss) Continuing Operations		 -101 20 157 296 214 122 182 476 423 271 300
Consolidated Net Income / (Loss)		 -101 20 157 296 214 122 182 476 423 271 300
Depreciation Expense		 104 102 115 123 110 82 61 48 46 45 37
Amortization Expense		 0.94 0.87 0.88 0.91 1.04 1.04 1.58 1.95 1.04 1.08 1.09
Non-Cash Adjustments To Reconcile Net Income		 237 127 21 -15 54 67 45 -64 3.40 61 -26
Changes in Operating Assets and Liabilities, net		 44 -54 -12 -19 33 9.85 -33 -37 49 11 -2.13
Net Cash From Investing Activities		 -91 -222 -454 -164 -49 151 -14 -1.22 -20 -112 -118
Net Cash From Continuing Investing Activities		 -91 -222 -454 -164 -49 151 -14 -1.22 -20 -112 -118
Purchase of Property, Plant & Equipment		 -117 -221 -482 -291 -111 -4.02 -15 -13 -19 -112 -108
Divestitures		 26 0.20 11 9.01 1.17 152 0.32 0.02 0.07 2.80 0.83
Other Investing Activities, net		 0.00 0.00 16 118 62 3.40 -0.10 11 -0.55 -3.42 -11
Net Cash From Financing Activities		 -195 21 168 -222 -361 -439 -235 -428 -436 -345 -193
Net Cash From Continuing Financing Activities		 -195 21 168 -222 -361 -439 -235 -428 -436 -345 -193
Repayment of Debt		 -575 -99 -224 -353 -351 -433 -248 -421 -74 -72 -247
Repurchase of Common Equity		 -3.02 -27 -8.19 -11 -17 -5.04 -1.96 -2.99 -5.50 -4.45 -3.78
Payment of Dividends		 -221 -182 -199 -270 -328 -161 -198 -343 -420 -365 -315
Issuance of Debt		 246 349 293 374 335 160 212 339 64 97 373
Cash Interest Paid		 5.48 6.54 15 20 20 9.45 4.04 4.33 1.74 1.96 7.38

Quarterly Cash Flow Statements for Black Stone Minerals

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 14 -30 -14 -5.71 -18 -0.10 0.10 3.65 -4.69 10 -9.94
Net Cash From Operating Activities		 134 104 100 93 91 65 80 100 65 63 93
Net Cash From Continuing Operating Activities		 134 104 100 93 91 65 80 100 65 63 93
Net Income / (Loss) Continuing Operations		 148 64 68 93 46 16 120 92 72 13 106
Consolidated Net Income / (Loss)		 148 64 68 93 46 16 120 92 72 13 106
Depreciation Expense		 12 12 11 11 11 9.13 9.19 9.90 8.67 9.79 9.40
Amortization Expense		 0.26 0.27 0.27 0.27 0.27 0.27 0.28 0.28 0.26 0.26 0.26
Non-Cash Adjustments To Reconcile Net Income		 -35 28 20 -18 31 56 -56 -8.87 -16 56 -33
Changes in Operating Assets and Liabilities, net		 9.15 0.84 0.55 7.29 1.96 -16 7.27 6.72 0.17 -17 9.69
Net Cash From Investing Activities		 -15 -24 -28 -13 -48 -13 -30 -21 -55 -12 -41
Net Cash From Continuing Investing Activities		 -15 -24 -28 -13 -48 -13 -30 -21 -55 -12 -41
Purchase of Property, Plant & Equipment		 -14 -23 -27 -15 -46 -10 -28 -21 -49 -12 -35
Other Investing Activities, net		 -0.54 -0.75 -1.09 -0.00 -1.58 -3.04 -1.58 -0.19 -6.31 -0.24 -6.06
Net Cash From Financing Activities		 -105 -110 -86 -86 -61 -52 -51 -75 -15 -40 -62
Net Cash From Continuing Financing Activities		 -105 -110 -86 -86 -61 -52 -51 -75 -15 -40 -62
Repayment of Debt		 -0.07 -6.02 -3.01 -24 -39 -43 -62 -76 -66 -49 -88
Payment of Dividends		 -105 -106 -86 -86 -86 -87 -87 -71 -71 -71 -71
Issuance of Debt		 - 6.00 3.00 24 64 81 98 72 122 82 97
Cash Interest Paid		 0.41 0.36 0.36 0.46 0.78 1.04 1.90 2.18 2.26 3.05 3.59

Annual Balance Sheets for Black Stone Minerals

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,061 1,129 1,576 1,750 1,545 1,244 1,248 1,271 1,267 1,219 1,336
Total Current Assets		 104 79 88 158 102 67 108 173 193 79 96
Cash & Equivalents		 13 9.77 5.64 5.41 8.12 1.80 8.88 4.31 70 2.52 1.48
Accounts Receivable		 41 68 81 113 78 62 97 136 82 71 66
Prepaid Expenses		 0.86 1.04 1.21 1.00 1.17 1.67 1.96 1.91 2.32 3.11 9.72
Other Current Assets		 48 0.00 0.09 38 15 1.15 0.00 31 38 1.82 19
Plant, Property, & Equipment, net		 939 1,045 1,481 1,576 1,434 1,172 1,133 1,088 1,066 1,134 1,225
Plant, Property & Equipment, gross		 2,482 2,698 3,248 3,442 3,305 3,159 3,003 3,005 3,027 3,108 3,080
Accumulated Depreciation		 1,544 1,653 1,767 1,866 1,870 1,987 1,870 1,917 1,962 1,973 1,855
Total Noncurrent Assets		 19 5.17 7.48 17 8.69 5.32 6.61 9.45 8.26 6.32 15
Other Noncurrent Operating Assets		 19 5.17 7.48 17 8.69 5.32 6.61 9.45 8.26 6.32 15
Total Liabilities & Shareholders' Equity		 1,061 1,129 1,576 1,750 1,545 1,244 1,248 1,271 1,267 1,219 1,336
Total Liabilities		 151 403 486 548 448 185 184 61 50 89 207
Total Current Liabilities		 63 71 60 65 30 40 77 31 26 30 25
Accounts Payable		 5.04 4.14 2.46 4.15 5.31 3.41 5.94 6.77 6.27 5.95 2.82
Accrued Expenses		 58 51 53 60 23 16 18 20 17 17 19
Other Current Liabilities		 0.00 16 4.64 0.53 1.79 21 54 4.23 2.56 7.24 2.41
Total Noncurrent Liabilities		 88 332 426 483 419 145 107 31 24 59 182
Long-Term Debt		 66 316 407 466 401 125 92 14 2.89 27 159
Asset Retirement Reserve & Litigation Obligation		 11 13 14 15 16 17 13 15 19 19 23
Noncurrent Employee Benefit Liabilities		 7.90 1.49 3.65 1.81 2.11 0.77 0.84 1.88 1.70 1.23 1.01
Other Noncurrent Operating Liabilities		 0.00 0.48 1.26 0.00 0.02 1.85 2.00 0.02 0.08 12 0.00
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 79 54 322 298 298 298 298 298 299 300 300
Total Equity & Noncontrolling Interests		 831 672 768 904 798 761 765 911 918 829 828
Total Preferred & Common Equity		 830 671 767 904 798 761 765 911 918 829 828
Total Common Equity		 830 671 767 904 798 761 765 911 918 829 828
Common Stock		 830 671 767 904 798 761 765 911 918 829 828

Quarterly Balance Sheets for Black Stone Minerals

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 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 1,272 1,250 1,234 1,232 1,217 1,213 1,239 1,268 1,270 1,338 1,366
Total Current Assets		 184 172 167 146 115 109 88 93 85 96 89
Cash & Equivalents		 19 47 56 40 27 21 2.42 2.52 2.86 12 1.67
Accounts Receivable		 94 72 88 72 74 68 78 80 64 75 71
Prepaid Expenses		 2.09 2.62 1.98 2.54 3.06 2.03 7.36 8.73 6.13 6.90 6.43
Other Current Assets		 68 50 21 31 11 18 0.56 2.11 8.51 1.83 9.85
Plant, Property, & Equipment, net		 1.11 1,069 1,059 1,078 1,095 1,096 1,142 1,166 1,177 1,227 1,261
Plant, Property & Equipment, gross		 3,006 3,007 3,010 3,050 3,079 3,059 3,123 3,155 3,176 3,092 3,136
Accumulated Depreciation		 1,928 1,938 1,950 1,973 1,984 1,963 1,981 1,990 1,999 1,865 1,874
Total Noncurrent Assets		 8.92 9.20 7.62 7.64 7.09 7.27 8.65 8.71 8.60 15 15
Other Noncurrent Operating Assets		 8.92 9.20 7.62 7.64 7.09 7.27 8.65 8.71 8.60 15 15
Total Liabilities & Shareholders' Equity		 1,272 1,250 1,234 1,232 1,217 1,213 1,239 1,268 1,270 1,338 1,366
Total Liabilities		 33 37 61 56 56 45 174 165 145 265 252
Total Current Liabilities		 13 17 34 27 27 19 65 29 20 41 24
Accounts Payable		 4.96 5.60 4.50 5.84 5.63 3.74 4.80 6.88 2.63 2.76 4.13
Accrued Expenses		 6.72 10 14 7.38 11 14 12 13 14 7.93 12
Other Current Liabilities		 1.10 1.14 16 14 11 1.80 49 9.60 2.98 30 7.45
Total Noncurrent Liabilities		 21 20 27 28 29 25 109 136 126 224 229
Long-Term Debt		 3.71 3.51 3.18 2.76 2.50 2.22 68 104 100 192 202
Asset Retirement Reserve & Litigation Obligation		 15 15 15 19 19 19 19 20 20 23 23
Noncurrent Employee Benefit Liabilities		 0.80 1.09 1.37 0.80 0.91 1.08 0.64 0.79 0.86 0.64 0.84
Other Noncurrent Operating Liabilities		 1.05 0.47 6.77 5.86 6.67 3.01 20 12 4.97 8.56 3.07
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 298 298 298 300 300 300 300 300 300 300 300
Total Equity & Noncontrolling Interests		 940 915 875 875 860 868 764 802 825 773 813
Total Preferred & Common Equity		 940 915 875 875 860 868 764 802 825 773 813
Total Common Equity		 940 915 875 875 860 868 764 802 825 773 813
Common Stock		 940 915 875 875 860 868 764 802 825 773 813

Annual Metrics And Ratios for Black Stone Minerals

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -28.34% -33.62% 64.73% -96.55% 3,189.20% -29.74% 4.82% 84.71% -10.76% -26.77% 8.35%
EBITDA Growth		 -96.52% 1,167.86% 120.96% 52.56% -21.25% -37.84% 16.25% 112.80% -11.70% -32.14% 8.64%
EBIT Growth		 -151.98% 128.52% 538.13% 82.95% -25.46% -43.90% 41.93% 157.28% -12.28% -35.58% 13.15%
NOPAT Growth		 -136.93% 140.94% 526.47% 85.01% -26.14% -43.82% 41.80% 157.57% -12.21% -35.53% 12.92%
Net Income Growth		 -160.14% 119.84% 678.45% 88.07% -27.47% -43.17% 49.39% 161.82% -11.32% -35.79% 10.54%
EPS Growth		 0.00% 113.39% 946.67% 71.97% -38.89% -70.30% 57.14% 175.32% -11.32% -38.83% 11.30%
Operating Cash Flow Growth		 -28.12% -30.93% 43.32% 36.73% 7.09% -31.72% -8.85% 65.44% 22.65% -25.36% -20.27%
Free Cash Flow Firm Growth		 120.28% -118.98% -602.68% 151.12% 177.62% 7.46% -49.23% 83.76% 20.21% -45.37% -34.42%
Invested Capital Growth		 -22.71% 7.11% 44.60% 11.47% -10.44% -20.63% -3.02% 6.33% -5.67% 0.34% 11.43%
Revenue Q/Q Growth		 -14.96% -14.25% 9.91% -96.77% 733.73% -28.81% 39.65% 8.32% -6.26% -19.81% 8.04%
EBITDA Q/Q Growth		 -78.87% 55.13% 13.85% 52.12% -27.98% -7.71% 65.32% 9.97% -7.73% -24.05% 7.92%
EBIT Q/Q Growth		 -49.31% 256.91% 19.25% 85.97% -34.60% -9.05% 124.19% 11.45% -8.18% -26.87% 9.87%
NOPAT Q/Q Growth		 -49.96% 317.10% 18.60% 86.54% -34.89% -8.95% 124.49% 11.41% -8.11% -26.82% 9.72%
Net Income Q/Q Growth		 -40.76% 188.91% 20.42% 96.02% -36.67% -7.36% 132.90% 11.47% -7.76% -27.19% 9.44%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 106.11% -40.22% -40.24% 175.00% 11.58% -8.74% -29.45% 11.30%
Operating Cash Flow Q/Q Growth		 -11.67% -5.96% 5.66% 7.08% 2.67% -14.04% 5.36% 24.26% -4.11% -9.99% -7.69%
Free Cash Flow Firm Q/Q Growth		 0.00% -622.06% -943.83% 157.03% -1.41% -9.84% 6.05% -71.38% 185.80% -21.78% -16.61%
Invested Capital Q/Q Growth		 -11.42% -3.30% 26.65% 3.50% -4.12% -2.40% 5.73% 1,329.44% 2.63% 0.37% 5.48%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 94.51% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 2.62% 50.01% 67.08% 2,964.68% 70.98% 62.80% 69.65% 80.24% 79.39% 73.56% 73.76%
Operating Margin		 -24.40% 10.53% 40.05% 2,146.73% 48.21% 38.54% 52.14% 72.71% 71.53% 62.97% 65.63%
EBIT Margin		 -24.16% 10.38% 40.22% 2,131.57% 48.31% 38.57% 52.23% 72.74% 71.50% 62.89% 65.68%
Profit (Net Income) Margin		 -25.90% 7.74% 36.58% 1,992.85% 43.94% 35.54% 50.66% 71.80% 71.35% 62.56% 63.83%
Tax Burden Percent		 100.44% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 106.70% 74.55% 90.95% 93.49% 90.97% 92.15% 97.00% 98.71% 99.79% 99.47% 97.18%
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)		 -6.07% 2.75% 13.64% 20.18% 14.92% 9.89% 16.09% 40.79% 35.76% 23.71% 25.28%
ROIC Less NNEP Spread (ROIC-NNEP)		 -20.37% -1.30% 9.42% 14.89% 10.04% 5.90% 10.91% 27.73% 39.37% 31.99% 15.97%
Return on Net Nonoperating Assets (RNNOA)		 -5.72% -0.29% 3.67% 5.60% 3.73% 1.41% 1.06% 1.12% -0.94% -0.59% 1.28%
Return on Equity (ROE)		 -11.80% 2.47% 17.31% 25.78% 18.65% 11.30% 17.15% 41.92% 34.82% 23.12% 26.57%
Cash Return on Invested Capital (CROIC)		 19.55% -4.11% -22.83% 9.33% 25.94% 32.89% 19.16% 34.65% 41.60% 23.37% 14.47%
Operating Return on Assets (OROA)		 -7.95% 2.47% 12.77% 19.01% 14.30% 9.48% 15.06% 38.33% 33.37% 21.95% 24.16%
Return on Assets (ROA)		 -8.52% 1.84% 11.62% 17.77% 13.01% 8.74% 14.61% 37.83% 33.30% 21.83% 23.48%
Return on Common Equity (ROCE)		 -10.15% 2.26% 13.70% 18.79% 13.81% 8.17% 12.33% 30.91% 26.25% 17.22% 19.50%
Return on Equity Simple (ROE_SIMPLE)		 -12.25% 3.01% 20.48% 32.69% 26.85% 16.02% 23.78% 52.28% 46.02% 32.73% 0.00%
Net Operating Profit after Tax (NOPAT)		 -67 27 172 318 235 132 187 482 424 273 308
NOPAT Margin		 -17.08% 10.53% 40.05% 2,146.73% 48.21% 38.54% 52.14% 72.71% 71.53% 62.97% 65.63%
Net Nonoperating Expense Percent (NNEP)		 14.30% 4.06% 4.22% 5.29% 4.88% 3.99% 5.18% 13.06% -3.60% -8.29% 9.32%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 52.16% 45.99% 31.91% 31.25%
Cost of Revenue to Revenue		 5.49% 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		 20.05% 28.04% 18.05% 517.24% 16.61% 12.54% 13.57% 8.08% 8.69% 12.01% 11.80%
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		 118.90% 89.47% 59.95% -2,046.73% 51.79% 61.46% 47.86% 27.29% 28.47% 37.03% 34.37%
Earnings before Interest and Taxes (EBIT)		 -95 27 173 316 236 132 188 483 423 273 309
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 10 130 288 440 346 215 250 532 470 319 347
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.67 2.89 2.61 2.32 2.25 1.35 2.20 3.26 3.44 3.62 3.33
Price to Tangible Book Value (P/TBV)		 1.67 2.89 2.61 2.32 2.25 1.35 2.20 3.26 3.44 3.62 3.33
Price to Revenue (P/Rev)		 3.52 7.44 4.65 141.65 3.69 3.01 4.69 4.48 5.33 6.92 5.87
Price to Earnings (P/E)		 0.00 134.33 13.14 7.65 9.31 10.22 10.47 6.53 7.88 12.41 10.20
Dividend Yield		 7.26% 10.86% 11.55% 13.80% 16.94% 13.65% 8.04% 11.62% 13.54% 11.24% 10.36%
Earnings Yield		 0.00% 0.74% 7.61% 13.07% 10.74% 9.79% 9.55% 15.31% 12.69% 8.06% 9.80%
Enterprise Value to Invested Capital (EV/IC)		 1.57 2.23 1.83 1.72 1.67 1.23 1.80 2.69 2.95 2.88 2.50
Enterprise Value to Revenue (EV/Rev)		 3.86 8.82 6.34 192.82 5.11 4.24 5.75 4.95 5.73 7.67 6.84
Enterprise Value to EBITDA (EV/EBITDA)		 147.32 17.64 9.45 6.50 7.20 6.74 8.26 6.17 7.21 10.42 9.28
Enterprise Value to EBIT (EV/EBIT)		 0.00 84.96 15.77 9.05 10.57 10.98 11.01 6.80 8.01 12.19 10.42
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 83.75 15.83 8.98 10.59 10.99 11.03 6.80 8.00 12.18 10.43
Enterprise Value to Operating Cash Flow (EV/OCF)		 5.32 11.70 9.67 7.42 6.04 5.15 8.04 7.73 6.50 8.55 10.37
Enterprise Value to Free Cash Flow (EV/FCFF)		 7.02 0.00 0.00 19.42 6.09 3.30 9.26 8.01 6.88 12.36 18.22
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.07 0.44 0.37 0.39 0.37 0.12 0.09 0.01 0.00 0.02 0.14
Long-Term Debt to Equity		 0.07 0.44 0.37 0.39 0.37 0.12 0.09 0.01 0.00 0.02 0.14
Financial Leverage		 0.28 0.22 0.39 0.38 0.37 0.24 0.10 0.04 -0.02 -0.02 0.08
Leverage Ratio		 1.38 1.34 1.49 1.45 1.43 1.29 1.17 1.11 1.05 1.06 1.13
Compound Leverage Factor		 1.48 1.00 1.35 1.36 1.30 1.19 1.14 1.09 1.04 1.05 1.10
Debt to Total Capital		 6.76% 30.34% 27.19% 27.93% 26.76% 10.56% 7.94% 1.11% 0.24% 2.33% 12.33%
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		 6.76% 30.34% 27.19% 27.93% 26.76% 10.56% 7.94% 1.11% 0.24% 2.33% 12.33%
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		 8.22% 5.28% 21.59% 17.88% 19.92% 25.20% 25.82% 24.39% 24.51% 25.98% 23.34%
Common Equity to Total Capital		 85.02% 64.38% 51.23% 54.19% 53.31% 64.24% 66.24% 74.50% 75.25% 71.69% 64.32%
Debt to EBITDA		 6.42 2.42 1.41 1.06 1.16 0.58 0.37 0.03 0.01 0.08 0.46
Net Debt to EBITDA		 5.13 2.35 1.39 1.05 1.13 0.57 0.33 0.02 -0.14 0.08 0.45
Long-Term Debt to EBITDA		 6.42 2.42 1.41 1.06 1.16 0.58 0.37 0.03 0.01 0.08 0.46
Debt to NOPAT		 -0.98 11.50 2.37 1.46 1.70 0.95 0.49 0.03 0.01 0.10 0.51
Net Debt to NOPAT		 -0.79 11.15 2.33 1.45 1.67 0.93 0.44 0.02 -0.16 0.09 0.51
Long-Term Debt to NOPAT		 -0.98 11.50 2.37 1.46 1.70 0.95 0.49 0.03 0.01 0.10 0.51
Altman Z-Score		 5.62 3.20 3.12 2.97 3.28 3.99 6.30 31.05 39.99 21.27 9.17
Noncontrolling Interest Sharing Ratio		 14.00% 8.27% 20.83% 27.11% 25.95% 27.68% 28.11% 26.25% 24.62% 25.55% 26.62%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.64 1.11 1.47 2.43 3.43 1.67 1.40 5.64 7.48 2.58 3.88
Quick Ratio		 0.86 1.09 1.45 1.83 2.90 1.59 1.37 4.56 5.90 2.42 2.72
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 216 -41 -288 147 409 439 223 410 493 269 177
Operating Cash Flow to CapEx		 243.98% 89.16% 58.51% 132.40% 370.81% 7,013.66% 1,767.08% 3,391.45% 2,705.27% 348.58% 287.22%
Free Cash Flow to Firm to Interest Expense		 33.65 -5.43 -18.36 7.10 19.07 42.21 39.56 65.21 178.92 86.59 19.77
Operating Cash Flow to Interest Expense		 44.37 26.06 17.96 18.57 19.25 27.08 45.56 67.61 189.27 125.13 34.73
Operating Cash Flow Less CapEx to Interest Expense		 26.18 -3.17 -12.74 4.54 14.06 26.69 42.98 65.61 182.27 89.24 22.64
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.33 0.24 0.32 0.01 0.30 0.25 0.29 0.53 0.47 0.35 0.37
Accounts Receivable Turnover		 6.81 4.77 5.77 0.15 5.10 4.89 4.52 5.70 5.43 5.66 6.88
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		 0.37 0.26 0.34 0.01 0.32 0.26 0.31 0.60 0.55 0.39 0.40
Accounts Payable Turnover		 4.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 53.57 76.56 63.24 2,385.30 71.59 74.61 80.80 64.03 67.16 64.53 53.08
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)		 88.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 -34.96 76.56 63.24 2,385.30 71.59 74.61 80.80 64.03 67.16 64.53 53.08
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 963 1,032 1,492 1,663 1,490 1,182 1,147 1,219 1,150 1,154 1,286
Invested Capital Turnover		 0.36 0.26 0.34 0.01 0.31 0.26 0.31 0.56 0.50 0.38 0.39
Increase / (Decrease) in Invested Capital		 -283 68 460 171 -174 -307 -36 73 -69 3.91 132
Enterprise Value (EV)		 1,516 2,301 2,725 2,860 2,491 1,452 2,066 3,283 3,390 3,326 3,216
Market Capitalization		 1,383 1,939 2,000 2,101 1,800 1,030 1,685 2,975 3,159 3,001 2,759
Book Value per Share		 $4.34 $3.51 $3.86 $4.12 $3.62 $3.43 $3.43 $4.07 $4.09 $3.68 $3.65
Tangible Book Value per Share		 $4.34 $3.51 $3.86 $4.12 $3.62 $3.43 $3.43 $4.07 $4.09 $3.68 $3.65
Total Capital		 977 1,042 1,498 1,669 1,498 1,184 1,155 1,223 1,220 1,156 1,287
Total Debt		 66 316 407 466 401 125 92 14 2.89 27 159
Total Long-Term Debt		 66 316 407 466 401 125 92 14 2.89 27 159
Net Debt		 53 306 402 461 393 123 83 9.30 -67 24 157
Capital Expenditures (CapEx)		 117 221 482 291 111 4.02 15 13 19 112 108
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 27 -2.11 22 87 64 25 22 138 97 46 70
Debt-free Net Working Capital (DFNWC)		 41 7.66 28 93 72 27 31 143 167 48 71
Net Working Capital (NWC)		 41 7.66 28 93 72 27 31 143 167 48 71
Net Nonoperating Expense (NNE)		 35 7.28 15 23 21 10 5.34 6.02 1.05 1.78 8.46
Net Nonoperating Obligations (NNO)		 53 306 402 461 393 123 83 9.30 -67 24 157
Total Depreciation and Amortization (D&A)		 105 103 115 124 111 83 63 50 47 46 38
Debt-free, Cash-free Net Working Capital to Revenue		 6.95% -0.81% 5.18% 588.99% 13.20% 7.23% 6.11% 20.85% 16.38% 10.51% 14.80%
Debt-free Net Working Capital to Revenue		 10.32% 2.94% 6.50% 625.49% 14.86% 7.75% 8.58% 21.50% 28.25% 11.10% 15.11%
Net Working Capital to Revenue		 10.32% 2.94% 6.50% 625.49% 14.86% 7.75% 8.58% 21.50% 28.25% 11.10% 15.11%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.15 $1.57 $2.71 $1.65 $0.49 $0.77 $2.18 $1.91 $1.15 $1.28
Adjusted Weighted Average Basic Shares Outstanding		 192.05M 191.21M 192.55M 202.16M 205.97M 206.71M 208.18M 209.38M 209.97M 210.68M 211.67M
Adjusted Diluted Earnings per Share		 $0.00 $0.15 $1.57 $2.70 $1.65 $0.49 $0.77 $2.12 $1.88 $1.15 $1.28
Adjusted Weighted Average Diluted Shares Outstanding		 192.05M 191.38M 192.55M 217.61M 206.12M 206.82M 208.29M 224.45M 225.11M 210.78M 211.73M
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		 192.05M 192.32M 214.38M 0.00 220.66M 0.00 0.00 209.38M 209.97M 210.68M 211.67M
Normalized Net Operating Profit after Tax (NOPAT)		 104 24 120 223 165 111 129 338 296 191 216
Normalized NOPAT Margin		 26.52% 9.19% 27.88% 1,502.69% 33.75% 32.49% 35.94% 50.89% 50.06% 44.08% 45.94%
Pre Tax Income Margin		 -25.78% 7.74% 36.58% 1,992.85% 43.94% 35.54% 50.66% 71.80% 71.35% 62.56% 63.83%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -14.79 3.59 11.01 15.23 10.99 12.70 33.28 76.79 153.75 87.74 34.56
NOPAT to Interest Expense		 -10.45 3.64 10.97 15.34 10.97 12.69 33.23 76.76 153.81 87.84 34.53
EBIT Less CapEx to Interest Expense		 -32.98 -25.64 -19.68 1.21 5.80 12.32 30.70 74.80 146.76 51.84 22.47
NOPAT Less CapEx to Interest Expense		 -28.64 -25.59 -19.73 1.32 5.78 12.31 30.65 74.76 146.81 51.95 22.44
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -217.44% 903.70% 126.43% 91.49% 153.20% 132.44% 108.76% 72.07% 99.36% 134.55% 105.06%
Augmented Payout Ratio		 -220.40% 1,039.60% 131.64% 95.07% 161.10% 136.58% 109.83% 72.70% 100.66% 136.19% 106.32%

Quarterly Metrics And Ratios for Black Stone Minerals

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 227,045,012.00 227,210,550.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 227,045,012.00 227,210,550.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.03 0.44
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -17.16% -39.57% -6.30% 22.82% -56.13% -43.83% 45.49% -1.77% 41.78% 0.18% -6.60%
EBITDA Growth		 -19.81% -48.26% -10.33% 39.88% -63.32% -64.79% 64.41% -0.35% 43.47% -0.14% -9.05%
EBIT Growth		 -20.36% -52.71% -12.94% 49.75% -67.94% -72.95% 78.49% 1.05% 58.63% -3.94% -9.92%
NOPAT Growth		 -20.20% -52.68% -13.04% 50.11% -67.80% -73.18% 78.54% 1.05% 57.51% -3.07% -9.99%
Net Income Growth		 -19.42% -52.45% -12.85% 49.40% -68.61% -75.05% 75.68% -1.08% 55.84% -16.78% -11.39%
EPS Growth		 -21.43% -55.00% -17.14% 51.85% -72.73% -85.19% 82.76% -2.44% 72.22% -25.00% -11.32%
Operating Cash Flow Growth		 -14.27% -23.84% -24.68% -20.11% -32.18% -37.93% -19.83% 6.99% -28.43% -3.51% 15.52%
Free Cash Flow Firm Growth		 92.90% -187.99% 109.46% 106.59% -79.88% 102.65% -46.75% -61.42% -230.71% -532.80% -98.42%
Invested Capital Growth		 -5.67% 685.21% -2.89% 2.59% 0.34% -0.65% 5.97% 6.03% 11.43% 10.88% 9.07%
Revenue Q/Q Growth		 73.81% -44.72% 3.92% 23.02% -37.91% -29.23% 169.18% -16.94% -10.39% -49.99% 150.97%
EBITDA Q/Q Growth		 113.23% -52.48% 5.70% 30.62% -44.09% -54.39% 393.55% -20.83% -19.51% -68.25% 349.50%
EBIT Q/Q Growth		 137.22% -56.69% 7.20% 35.96% -49.22% -63.45% 607.38% -23.03% -20.28% -77.87% 563.32%
NOPAT Q/Q Growth		 137.94% -56.66% 7.06% 35.96% -48.97% -63.89% 612.55% -23.05% -20.45% -77.78% 561.68%
Net Income Q/Q Growth		 137.88% -56.70% 6.88% 35.73% -50.02% -65.59% 652.62% -23.58% -21.26% -81.62% 701.37%
EPS Q/Q Growth		 144.44% -59.09% 7.41% 41.38% -56.10% -77.78% 1,225.00% -24.53% -22.50% -90.32% 1,466.67%
Operating Cash Flow Q/Q Growth		 14.91% -22.11% -3.90% -7.12% -2.45% -28.72% 24.12% 23.96% -34.74% -3.90% 48.60%
Free Cash Flow Firm Q/Q Growth		 122.27% -528.68% 111.01% -37.34% -31.95% -43.65% 121.60% -54.60% -330.54% -86.59% 100.81%
Invested Capital Q/Q Growth		 2.63% -1.03% -0.16% 1.17% 0.37% -2.01% 6.49% 1.23% 5.48% -2.49% 4.76%
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		 83.58% 71.85% 73.08% 77.59% 69.87% 45.04% 82.58% 78.71% 70.71% 44.89% 80.41%
Operating Margin		 77.34% 60.64% 62.48% 69.05% 56.76% 28.96% 76.67% 71.04% 63.06% 28.02% 73.89%
EBIT Margin		 77.29% 60.56% 62.47% 69.04% 56.48% 29.17% 76.64% 71.03% 63.19% 27.97% 73.92%
Profit (Net Income) Margin		 77.37% 60.60% 62.32% 68.76% 55.35% 26.92% 75.26% 69.25% 60.85% 22.36% 71.39%
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		 100.10% 100.06% 99.76% 99.59% 98.01% 92.29% 98.19% 97.49% 96.29% 79.95% 96.59%
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)		 38.67% 49.45% 27.94% 32.90% 21.37% 9.89% 28.65% 26.09% 24.29% 11.05% 26.97%
ROIC Less NNEP Spread (ROIC-NNEP)		 38.51% 49.46% 28.44% 33.99% 26.84% 1.23% 22.82% 19.76% 21.40% 8.31% 24.51%
Return on Net Nonoperating Assets (RNNOA)		 -0.92% -23.17% -0.81% -1.04% -0.49% 0.02% 0.78% 0.65% 1.72% 0.96% 3.33%
Return on Equity (ROE)		 37.75% 26.28% 27.14% 31.86% 20.88% 9.91% 29.43% 26.74% 26.02% 12.00% 30.31%
Cash Return on Invested Capital (CROIC)		 41.60% -99.89% 32.60% 30.32% 23.37% 20.60% 18.14% 17.88% 14.47% 15.51% 14.81%
Operating Return on Assets (OROA)		 36.07% 25.31% 26.12% 30.52% 19.71% 9.15% 26.98% 24.88% 23.25% 10.20% 25.79%
Return on Assets (ROA)		 36.11% 25.33% 26.06% 30.40% 19.32% 8.44% 26.49% 24.26% 22.39% 8.16% 24.91%
Return on Common Equity (ROCE)		 28.45% 19.76% 20.29% 23.71% 15.54% 7.25% 21.62% 19.73% 19.09% 8.63% 22.09%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 40.22% 39.76% 42.94% 0.00% 29.22% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 148 64 68 93 48 17 122 94 75 17 110
NOPAT Margin		 77.34% 60.64% 62.48% 69.05% 56.76% 28.96% 76.67% 71.04% 63.06% 28.02% 73.89%
Net Nonoperating Expense Percent (NNEP)		 0.15% -0.01% -0.50% -1.09% -5.47% 8.66% 5.83% 6.33% 2.89% 2.74% 2.46%
Return On Investment Capital (ROIC_SIMPLE)		 16.02% - - - 5.55% 2.06% 13.49% 10.18% 7.59% 1.72% 10.85%
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		 6.55% 13.36% 12.22% 9.49% 14.09% 25.61% 8.73% 9.28% 11.86% 28.36% 10.79%
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		 22.66% 39.36% 37.52% 30.95% 43.24% 71.04% 23.33% 28.97% 36.94% 71.98% 26.11%
Earnings before Interest and Taxes (EBIT)		 147 64 68 93 47 17 122 94 75 17 110
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 160 76 80 105 59 27 132 104 84 27 120
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.44 3.85 3.84 3.67 3.62 4.22 3.70 3.38 3.33 4.15 3.65
Price to Tangible Book Value (P/TBV)		 3.44 3.85 3.84 3.67 3.62 4.22 3.70 3.38 3.33 4.15 3.65
Price to Revenue (P/Rev)		 5.33 6.43 6.40 5.88 6.92 8.33 6.78 6.40 5.87 6.83 6.46
Price to Earnings (P/E)		 7.88 10.26 10.45 9.23 12.41 16.64 12.08 11.38 10.20 11.99 11.69
Dividend Yield		 13.54% 11.89% 11.49% 11.26% 11.24% 9.82% 11.47% 10.84% 10.36% 8.43% 8.59%
Earnings Yield		 12.69% 9.75% 9.57% 10.83% 8.06% 6.01% 8.28% 8.79% 9.80% 8.34% 8.56%
Enterprise Value to Invested Capital (EV/IC)		 2.95 3.19 3.15 3.01 2.88 3.18 2.80 2.61 2.50 2.94 2.64
Enterprise Value to Revenue (EV/Rev)		 5.73 6.94 6.94 6.40 7.67 9.27 7.70 7.31 6.84 7.85 7.55
Enterprise Value to EBITDA (EV/EBITDA)		 7.21 9.09 9.17 8.24 10.42 13.31 10.47 9.90 9.28 10.65 10.37
Enterprise Value to EBIT (EV/EBIT)		 8.01 10.30 10.46 9.29 12.19 15.88 12.03 11.31 10.42 11.99 11.73
Enterprise Value to NOPAT (EV/NOPAT)		 8.00 10.30 10.46 9.28 12.18 15.87 12.03 11.31 10.43 11.99 11.74
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.50 7.43 7.85 8.01 8.55 10.28 10.22 9.46 10.37 11.99 10.83
Enterprise Value to Free Cash Flow (EV/FCFF)		 6.88 0.00 9.52 10.06 12.36 15.37 15.87 15.01 18.22 19.97 18.61
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.02 0.06 0.09 0.09 0.14 0.18 0.18
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.02 0.06 0.09 0.09 0.14 0.18 0.18
Financial Leverage		 -0.02 -0.47 -0.03 -0.03 -0.02 0.01 0.03 0.03 0.08 0.11 0.14
Leverage Ratio		 1.05 1.04 1.04 1.04 1.06 1.10 1.10 1.08 1.13 1.21 1.19
Compound Leverage Factor		 1.05 1.04 1.04 1.04 1.04 1.02 1.08 1.06 1.09 0.96 1.15
Debt to Total Capital		 0.24% 0.23% 0.21% 0.19% 2.33% 6.01% 8.62% 8.15% 12.33% 15.14% 15.33%
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		 0.24% 0.23% 0.21% 0.19% 2.33% 6.01% 8.62% 8.15% 12.33% 15.14% 15.33%
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		 24.51% 25.50% 25.84% 25.67% 25.98% 26.52% 24.90% 24.53% 23.34% 23.75% 22.85%
Common Equity to Total Capital		 75.25% 74.27% 73.95% 74.14% 71.69% 67.47% 66.48% 67.32% 64.32% 61.11% 61.82%
Debt to EBITDA		 0.01 0.01 0.01 0.01 0.08 0.25 0.32 0.31 0.46 0.55 0.60
Net Debt to EBITDA		 -0.14 -0.09 -0.06 -0.04 0.08 0.24 0.32 0.29 0.45 0.52 0.60
Long-Term Debt to EBITDA		 0.01 0.01 0.01 0.01 0.08 0.25 0.32 0.31 0.46 0.55 0.60
Debt to NOPAT		 0.01 0.01 0.01 0.01 0.10 0.30 0.37 0.36 0.51 0.62 0.68
Net Debt to NOPAT		 -0.16 -0.11 -0.07 -0.05 0.09 0.29 0.36 0.33 0.51 0.58 0.68
Long-Term Debt to NOPAT		 0.01 0.01 0.01 0.01 0.10 0.30 0.37 0.36 0.51 0.62 0.68
Altman Z-Score		 39.27 36.86 35.80 43.67 20.66 11.51 11.49 12.15 8.59 7.72 7.72
Noncontrolling Interest Sharing Ratio		 24.62% 24.81% 25.23% 25.57% 25.55% 26.82% 26.55% 26.20% 26.62% 28.10% 27.12%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 7.48 5.34 4.23 5.61 2.58 1.35 3.22 4.37 3.88 2.34 3.76
Quick Ratio		 5.90 4.12 3.71 4.58 2.42 1.23 2.85 3.45 2.72 2.12 3.07
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 217 -929 102 64 44 25 54 25 -57 -106 0.86
Operating Cash Flow to CapEx		 940.64% 448.52% 376.95% 610.98% 195.92% 621.56% 287.05% 486.26% 132.84% 526.87% 267.69%
Free Cash Flow to Firm to Interest Expense		 321.60 -1,477.24 163.40 88.53 38.60 17.59 23.99 10.19 -20.09 -31.65 0.23
Operating Cash Flow to Interest Expense		 198.99 166.07 160.36 128.79 80.49 46.41 35.45 41.12 22.95 18.61 24.36
Operating Cash Flow Less CapEx to Interest Expense		 177.83 129.05 117.82 107.71 39.41 38.94 23.10 32.66 5.67 15.08 15.26
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.47 0.42 0.42 0.44 0.35 0.31 0.35 0.35 0.37 0.36 0.35
Accounts Receivable Turnover		 5.43 6.28 7.06 6.94 5.66 5.15 5.69 6.57 6.88 6.13 6.08
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		 0.55 0.97 0.48 0.50 0.39 0.35 0.39 0.38 0.40 0.40 0.38
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)		 67.16 58.13 51.73 52.59 64.53 70.82 64.20 55.59 53.08 59.52 60.01
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)		 67.16 58.13 51.73 52.59 64.53 70.82 64.20 55.59 53.08 59.52 60.01
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,150 1,138 1,136 1,150 1,154 1,131 1,204 1,219 1,286 1,254 1,313
Invested Capital Turnover		 0.50 0.82 0.45 0.48 0.38 0.34 0.37 0.37 0.39 0.39 0.37
Increase / (Decrease) in Invested Capital		 -69 993 -34 29 3.91 -7.42 68 69 132 123 109
Enterprise Value (EV)		 3,390 3,629 3,578 3,463 3,326 3,592 3,368 3,178 3,216 3,692 3,470
Market Capitalization		 3,159 3,366 3,302 3,181 3,001 3,226 2,966 2,784 2,759 3,211 2,970
Book Value per Share		 $4.09 $4.16 $3.82 $3.85 $3.68 $3.38 $3.54 $3.64 $3.65 $3.41 $3.58
Tangible Book Value per Share		 $4.09 $4.16 $3.82 $3.85 $3.68 $3.38 $3.54 $3.64 $3.65 $3.41 $3.58
Total Capital		 1,220 1,179 1,163 1,171 1,156 1,133 1,207 1,225 1,287 1,265 1,315
Total Debt		 2.89 2.76 2.50 2.22 27 68 104 100 159 192 202
Total Long-Term Debt		 2.89 2.76 2.50 2.22 27 68 104 100 159 192 202
Net Debt		 -67 -38 -24 -19 24 66 101 94 157 180 200
Capital Expenditures (CapEx)		 14 23 27 15 46 10 28 21 49 12 35
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 97 78 61 69 46 21 62 60 70 43 64
Debt-free Net Working Capital (DFNWC)		 167 119 87 90 48 23 64 66 71 55 65
Net Working Capital (NWC)		 167 119 87 90 48 23 64 66 71 55 65
Net Nonoperating Expense (NNE)		 -0.05 0.05 0.17 0.39 1.18 1.21 2.25 2.37 2.63 3.36 3.71
Net Nonoperating Obligations (NNO)		 -67 -38 -24 -19 24 66 101 94 157 180 200
Total Depreciation and Amortization (D&A)		 12 12 12 12 11 9.40 9.46 10 8.93 10 9.67
Debt-free, Cash-free Net Working Capital to Revenue		 16.38% 14.97% 11.79% 12.73% 10.51% 5.30% 14.15% 13.68% 14.80% 9.17% 13.85%
Debt-free Net Working Capital to Revenue		 28.25% 22.71% 16.96% 16.60% 11.10% 5.92% 14.73% 15.10% 15.11% 11.64% 14.21%
Net Working Capital to Revenue		 28.25% 22.71% 16.96% 16.60% 11.10% 5.92% 14.73% 15.10% 15.11% 11.64% 14.21%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.67 $0.27 $0.29 $0.41 $0.18 $0.04 $0.53 $0.40 $0.31 $0.03 $0.47
Adjusted Weighted Average Basic Shares Outstanding		 209.97M 210.65M 210.70M 210.69M 210.68M 211.25M 211.69M 211.85M 211.67M 212.37M 212.60M
Adjusted Diluted Earnings per Share		 $0.66 $0.27 $0.29 $0.41 $0.18 $0.04 $0.53 $0.40 $0.31 $0.03 $0.47
Adjusted Weighted Average Diluted Shares Outstanding		 225.11M 210.65M 210.70M 210.69M 210.78M 211.25M 226.76M 211.85M 211.73M 212.37M 212.60M
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		 209.97M 210.65M 210.70M 210.69M 210.68M 211.25M 211.69M 211.85M 211.67M 212.37M 212.60M
Normalized Net Operating Profit after Tax (NOPAT)		 103 45 48 65 33 12 86 66 52 12 77
Normalized NOPAT Margin		 54.14% 42.45% 43.73% 48.34% 39.73% 20.27% 53.67% 49.72% 44.14% 19.62% 51.72%
Pre Tax Income Margin		 77.37% 60.60% 62.32% 68.76% 55.35% 26.92% 75.26% 69.25% 60.85% 22.36% 71.39%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 218.84 101.57 109.40 128.61 41.85 12.37 53.85 38.79 26.44 4.94 28.86
NOPAT to Interest Expense		 218.99 101.71 109.41 128.62 42.05 12.28 53.87 38.79 26.38 4.95 28.84
EBIT Less CapEx to Interest Expense		 197.68 64.54 66.86 107.53 0.76 4.90 41.50 30.33 9.17 1.41 19.76
NOPAT Less CapEx to Interest Expense		 197.84 64.68 66.87 107.54 0.97 4.82 41.52 30.33 9.11 1.42 19.74
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 99.36% 119.56% 117.64% 102.97% 134.55% 154.77% 125.80% 120.62% 105.06% 100.80% 100.16%
Augmented Payout Ratio		 100.66% 120.81% 118.94% 104.16% 136.19% 156.27% 127.00% 121.99% 106.32% 101.75% 101.15%

Financials Breakdown Chart

Key Financial Trends

Black Stone Minerals (NYSE: BSM) shows a very strong cash-generating business, but the latest quarter also highlights a highly leveraged capital structure and a noticeable drop in earnings versus the prior quarter and the prior year.

For Q1 2026, BSM generated $62.6 million in operating cash flow and $59.4 million in total revenue, while reporting $5.9 million in net income attributable to common shareholders after preferred dividends. The company continues to produce substantial cash relative to its asset base, but the balance sheet includes $191.6 million of long-term debt and a large $300.5 million redeemable noncontrolling interest, which are important for investors to watch.

  • Strong operating cash flow in Q1 2026: Black Stone Minerals produced $62.6 million in cash from operations, showing the underlying royalty business remains cash-generative.
  • Revenue remained solid: Q1 2026 total revenue was $59.4 million, supported by $123.9 million in operating revenue and partially offset by negative other revenue.
  • Low capital intensity: Capital spending was only $11.9 million in Q1 2026, which helps preserve free cash flow.
  • Debt was reduced during the quarter: The company recorded $49.0 million of debt repayment in Q1 2026, indicating some deleveraging effort even though it also issued new debt.
  • Cash balance improved from the prior quarter: Cash and equivalents rose to $11.6 million at March 31, 2026 from $2.9 million at September 30, 2025.
  • Profitability remains positive, but much lower than recent periods: Common shareholder earnings of $5.9 million in Q1 2026 were well below Q4 2025 common earnings of $64.9 million and Q1 2025 common earnings of $8.6 million.
  • Dividend commitment remains significant: The company paid $71.1 million in dividends in Q1 2026, which is manageable only if cash generation stays strong.
  • Share count stayed fairly stable: Weighted average shares outstanding were about 212.4 million, suggesting limited dilution in the quarter.
  • Profit declined sharply sequentially: Net income fell from $72.2 million in Q4 2025 to $13.3 million in Q1 2026, signaling a weaker earnings environment.
  • Leverage remains a key risk: Long-term debt of $191.6 million is elevated relative to cash, and the company also has substantial obligations tied to its structure.

Looking at the last four years, BSM’s results have been cyclical but consistently cash-positive. Quarterly revenue and earnings were exceptionally strong in parts of 2022 and 2023, then moderated through 2024 and into 2025–2026. Even so, operating cash flow has generally stayed robust, which is a major strength for a mineral and royalty owner.

Balance sheet trends are a mixed bag. Total assets were $1.34 billion in Q1 2026, with common equity at $773.2 million. However, long-term debt increased from $68.1 million in Q1 2025 to $191.6 million in Q1 2026, while total liabilities also rose materially versus the prior year. That makes the company more dependent on stable commodity-related cash flows and disciplined capital allocation.

Bottom line: BSM still looks like a strong cash-producing business, but recent quarters show softer earnings momentum and a heavier debt load. For retail investors, the key question is whether ongoing cash generation can comfortably support dividends, debt service, and future distributions if commodity prices or production volumes weaken.

08/13/26 04:52 PM ETAI Generated. May Contain Errors.

Black Stone Minerals Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Black Stone Minerals' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Black Stone Minerals' net income appears to be on an upward trend, with a most recent value of $299.93 million in 2025, falling from -$101.76 million in 2015. The previous period was $271.33 million in 2024. See where experts think Black Stone Minerals is headed by visiting Black Stone Minerals' forecast page.

Black Stone Minerals' total operating income in 2025 was $308.40 million, based on the following breakdown:
  • Total Gross Profit: $469.92 million
  • Total Operating Expenses: $161.52 million

Over the last 10 years, Black Stone Minerals' total revenue changed from $392.92 million in 2015 to $469.92 million in 2025, a change of 19.6%.

Black Stone Minerals' total liabilities were at $207.10 million at the end of 2025, a 131.5% increase from 2024, and a 37.3% increase since 2015.

In the past 10 years, Black Stone Minerals' cash and equivalents has ranged from $1.48 million in 2025 to $70.28 million in 2023, and is currently $1.48 million as of their latest financial filing in 2025.

Over the last 10 years, Black Stone Minerals' book value per share changed from 4.34 in 2015 to 3.65 in 2025, a change of -15.8%.


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Financial statements for NYSE:BSM last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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