Black Stone Minerals (BSM) Financials

$13.54 +0.02 (+0.11%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$13.58 +0.04 (+0.33%)

As of 05/13/2026 07:58 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	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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	57	142	57	61	85	39	8.58	113	84	65	5.91
Consolidated Net Income / (Loss)	62	148	64	68	93	46	16	120	92	72	13
Net Income / (Loss) Continuing Operations	62	147	64	68	92	45	16	120	92	72	13
Total Pre-Tax Income	62	148	64	68	93	46	16	120	92	72	13
Total Operating Income	62	148	64	68	93	48	17	122	94	75	17
Total Gross Profit	110	191	105	110	135	84	59	159	132	119	59
Total Revenue	110	191	105	110	135	84	59	159	132	119	59
Operating Revenue	137	136	117	115	103	104	115	107	105	95	124
Other Revenue	-27	54	-11	-5.55	32	-21	-56	53	27	24	-65
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	48	43	42	41	42	36	42	37	38	44	43
Selling, General & Admin Expense	14	13	14	13	13	12	15	14	12	14	17
Marketing Expense	16	15	13	13	12	11	10	9.03	11	8.88	9.20
Exploration Expense	1.71	0.43	0.00	0.01	2.56	0.16	5.11	1.75	2.15	9.62	4.63
Depreciation Expense	12	12	12	11	11	11	9.13	9.19	9.90	8.67	9.79
Other Operating Expenses / (Income)	2.87	3.53	2.75	2.90	2.75	2.61	2.49	3.33	3.10	2.60	2.28
Total Other Income / (Expense), net	0.03	0.05	-0.05	-0.17	-0.39	-1.18	-1.21	-2.25	-2.37	-2.63	-3.36
Interest Expense	0.62	0.67	0.63	0.63	0.72	1.13	1.40	2.27	2.43	2.84	3.36
Interest & Investment Income	0.51	0.83	0.67	0.46	0.34	0.19	0.06	0.06	0.06	0.06	0.03
Other Income / (Expense), net	0.14	-0.11	-0.09	-0.00	-0.01	-0.24	0.12	-0.04	-0.01	0.16	-0.03
Preferred Stock Dividends Declared	5.25	6.03	7.37	7.37	7.37	7.37	7.37	7.37	7.37	7.37	7.37
Basic Earnings per Share	$0.27	$0.67	$0.27	$0.29	$0.41	$0.18	$0.04	$0.53	$0.40	$0.31	$0.03
Weighted Average Basic Shares Outstanding	209.98M	209.97M	210.65M	210.70M	210.69M	210.68M	211.25M	211.69M	211.85M	211.67M	212.37M
Diluted Earnings per Share	$0.27	$0.66	$0.27	$0.29	$0.41	$0.18	$0.04	$0.53	$0.40	$0.31	$0.03
Weighted Average Diluted Shares Outstanding	209.98M	225.11M	210.65M	210.70M	210.69M	210.78M	211.25M	226.76M	211.85M	211.73M	212.37M
Weighted Average Basic & Diluted Shares Outstanding	209.98M	209.97M	210.65M	210.70M	210.69M	210.68M	211.25M	211.69M	211.85M	211.67M	212.37M
Cash Dividends to Common per Share	-	-	-	-	-	-	$0.38	-	-	-	$0.30

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	9.36	14	-30	-14	-5.71	-18	-0.10	0.10	3.65	-4.69	10
Net Cash From Operating Activities	117	134	104	100	93	91	65	80	100	65	63
Net Cash From Continuing Operating Activities	117	134	104	100	93	91	65	80	100	65	63
Net Income / (Loss) Continuing Operations	62	148	64	68	93	46	16	120	92	72	13
Consolidated Net Income / (Loss)	62	148	64	68	93	46	16	120	92	72	13
Depreciation Expense	12	12	12	11	11	11	9.13	9.19	9.90	8.67	9.79
Amortization Expense	0.26	0.26	0.27	0.27	0.27	0.27	0.27	0.28	0.28	0.26	0.26
Non-Cash Adjustments To Reconcile Net Income	55	-35	28	20	-18	31	56	-56	-8.87	-16	56
Changes in Operating Assets and Liabilities, net	-13	9.15	0.84	0.55	7.29	1.96	-16	7.27	6.72	0.17	-17
Net Cash From Investing Activities	-2.31	-15	-24	-28	-13	-48	-13	-30	-21	-55	-12
Net Cash From Continuing Investing Activities	-2.31	-15	-24	-28	-13	-48	-13	-30	-21	-55	-12
Purchase of Property, Plant & Equipment	-2.39	-14	-23	-27	-15	-46	-10	-28	-21	-49	-12
Divestitures	0.07	-	0.08	-	2.72	-	0.40	-	-	0.43	0.12
Other Investing Activities, net	-	-0.54	-0.75	-1.09	-0.00	-1.58	-3.04	-1.58	-0.19	-6.31	-0.24
Net Cash From Financing Activities	-105	-105	-110	-86	-86	-61	-52	-51	-75	-15	-40
Net Cash From Continuing Financing Activities	-105	-105	-110	-86	-86	-61	-52	-51	-75	-15	-40
Repayment of Debt	-0.04	-0.07	-6.02	-3.01	-24	-39	-43	-62	-76	-66	-49
Repurchase of Common Equity	-	-	-4.38	-0.07	-	-	-3.29	-	-0.47	-0.02	-2.34
Payment of Dividends	-105	-105	-106	-86	-86	-86	-87	-87	-71	-71	-71
Issuance of Debt	-	-	6.00	3.00	24	64	81	98	72	122	82
Cash Interest Paid	0.36	0.41	0.36	0.36	0.46	0.78	1.04	1.90	2.18	2.26	3.05

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

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	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
Total Assets	1,271	1,272	1,250	1,234	1,232	1,217	1,213	1,239	1,268	1,270	1,338
Total Current Assets	161	184	172	167	146	115	109	88	93	85	96
Cash & Equivalents	0.84	19	47	56	40	27	21	2.42	2.52	2.86	12
Accounts Receivable	158	94	72	88	72	74	68	78	80	64	75
Prepaid Expenses	2.24	2.09	2.62	1.98	2.54	3.06	2.03	7.36	8.73	6.13	6.90
Other Current Assets	0.00	68	50	21	31	11	18	0.56	2.11	8.51	1.83
Plant, Property, & Equipment, net	0.98	1.11	1,069	1,059	1,078	1,095	1,096	1,142	1,166	1,177	1,227
Plant, Property & Equipment, gross	3,002	3,006	3,007	3,010	3,050	3,079	3,059	3,123	3,155	3,176	3,092
Accumulated Depreciation	1,904	1,928	1,938	1,950	1,973	1,984	1,963	1,981	1,990	1,999	1,865
Total Noncurrent Assets	12	8.92	9.20	7.62	7.64	7.09	7.27	8.65	8.71	8.60	15
Other Noncurrent Operating Assets	12	8.92	9.20	7.62	7.64	7.09	7.27	8.65	8.71	8.60	15
Total Liabilities & Shareholders' Equity	1,271	1,272	1,250	1,234	1,232	1,217	1,213	1,239	1,268	1,270	1,338
Total Liabilities	149	33	37	61	56	56	45	174	165	145	265
Total Current Liabilities	72	13	17	34	27	27	19	65	29	20	41
Accounts Payable	3.04	4.96	5.60	4.50	5.84	5.63	3.74	4.80	6.88	2.63	2.76
Accrued Expenses	18	6.72	10	14	7.38	11	14	12	13	14	7.93
Other Current Liabilities	50	1.10	1.14	16	14	11	1.80	49	9.60	2.98	30
Total Noncurrent Liabilities	78	21	20	27	28	29	25	109	136	126	224
Long-Term Debt	62	3.71	3.51	3.18	2.76	2.50	2.22	68	104	100	192
Asset Retirement Reserve & Litigation Obligation	13	15	15	15	19	19	19	19	20	20	23
Noncurrent Employee Benefit Liabilities	1.41	0.80	1.09	1.37	0.80	0.91	1.08	0.64	0.79	0.86	0.64
Other Noncurrent Operating Liabilities	1.83	1.05	0.47	6.77	5.86	6.67	3.01	20	12	4.97	8.56
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	298	300	300	300	300	300	300	300
Total Equity & Noncontrolling Interests	823	940	915	875	875	860	868	764	802	825	773
Total Preferred & Common Equity	823	940	915	875	875	860	868	764	802	825	773
Total Common Equity	823	940	915	875	875	860	868	764	802	825	773
Common Stock	823	940	915	875	875	860	868	764	802	825	773

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	227,045,012.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	227,045,012.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-49.27%	-17.16%	-39.57%	-6.30%	22.82%	-56.13%	-43.83%	45.49%	-1.77%	41.78%	0.18%
EBITDA Growth	-59.06%	-19.81%	-48.26%	-10.33%	39.88%	-63.32%	-64.79%	64.41%	-0.35%	43.47%	-0.14%
EBIT Growth	-63.46%	-20.36%	-52.71%	-12.94%	49.75%	-67.94%	-72.95%	78.49%	1.05%	58.63%	-3.94%
NOPAT Growth	-63.55%	-20.20%	-52.68%	-13.04%	50.11%	-67.80%	-73.18%	78.54%	1.05%	57.51%	-3.07%
Net Income Growth	-63.16%	-19.42%	-52.45%	-12.85%	49.40%	-68.61%	-75.05%	75.68%	-1.08%	55.84%	-16.78%
EPS Growth	-64.00%	-21.43%	-55.00%	-17.14%	51.85%	-72.73%	-85.19%	82.76%	-2.44%	72.22%	-25.00%
Operating Cash Flow Growth	7.66%	-14.27%	-23.84%	-24.68%	-20.11%	-32.18%	-37.93%	-19.83%	6.99%	-28.43%	-3.51%
Free Cash Flow Firm Growth	-183.23%	92.90%	-187.99%	109.46%	106.59%	-79.88%	102.65%	-46.75%	-61.42%	-230.71%	-532.80%
Invested Capital Growth	1,213.85%	-5.67%	685.21%	-2.89%	2.59%	0.34%	-0.65%	5.97%	6.03%	11.43%	10.88%
Revenue Q/Q Growth	-6.16%	73.81%	-44.72%	3.92%	23.02%	-37.91%	-29.23%	169.18%	-16.94%	-10.39%	-49.99%
EBITDA Q/Q Growth	-16.27%	113.23%	-52.48%	5.70%	30.62%	-44.09%	-54.39%	393.55%	-20.83%	-19.51%	-68.25%
EBIT Q/Q Growth	-20.96%	137.22%	-56.69%	7.20%	35.96%	-49.22%	-63.45%	607.38%	-23.03%	-20.28%	-77.87%
NOPAT Q/Q Growth	-21.24%	137.94%	-56.66%	7.06%	35.96%	-48.97%	-63.89%	612.55%	-23.05%	-20.45%	-77.78%
Net Income Q/Q Growth	-20.82%	137.88%	-56.70%	6.88%	35.73%	-50.02%	-65.59%	652.62%	-23.58%	-21.26%	-81.62%
EPS Q/Q Growth	-22.86%	144.44%	-59.09%	7.41%	41.38%	-56.10%	-77.78%	1,225.00%	-24.53%	-22.50%	-90.32%
Operating Cash Flow Q/Q Growth	-12.43%	14.91%	-22.11%	-3.90%	-7.12%	-2.45%	-28.72%	24.12%	23.96%	-34.74%	-3.90%
Free Cash Flow Firm Q/Q Growth	10.01%	122.27%	-528.68%	111.01%	-37.34%	-31.95%	-43.65%	121.60%	-54.60%	-330.54%	-86.59%
Invested Capital Q/Q Growth	-4.24%	2.63%	-1.03%	-0.16%	1.17%	0.37%	-2.01%	6.49%	1.23%	5.48%	-2.49%
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	68.13%	83.58%	71.85%	73.08%	77.59%	69.87%	45.04%	82.58%	78.71%	70.71%	44.89%
Operating Margin	56.50%	77.34%	60.64%	62.48%	69.05%	56.76%	28.96%	76.67%	71.04%	63.06%	28.02%
EBIT Margin	56.63%	77.29%	60.56%	62.47%	69.04%	56.48%	29.17%	76.64%	71.03%	63.19%	27.97%
Profit (Net Income) Margin	56.53%	77.37%	60.60%	62.32%	68.76%	55.35%	26.92%	75.26%	69.25%	60.85%	22.36%
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	99.82%	100.10%	100.06%	99.76%	99.59%	98.01%	92.29%	98.19%	97.49%	96.29%	79.95%
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)	59.20%	38.67%	49.45%	27.94%	32.90%	21.37%	9.89%	28.65%	26.09%	24.29%	11.05%
ROIC Less NNEP Spread (ROIC-NNEP)	59.20%	38.51%	49.46%	28.44%	33.99%	26.84%	1.23%	22.82%	19.76%	21.40%	8.31%
Return on Net Nonoperating Assets (RNNOA)	-28.09%	-0.92%	-23.17%	-0.81%	-1.04%	-0.49%	0.02%	0.78%	0.65%	1.72%	0.96%
Return on Equity (ROE)	31.11%	37.75%	26.28%	27.14%	31.86%	20.88%	9.91%	29.43%	26.74%	26.02%	12.00%
Cash Return on Invested Capital (CROIC)	-95.25%	41.60%	-99.89%	32.60%	30.32%	23.37%	20.60%	18.14%	17.88%	14.47%	15.51%
Operating Return on Assets (OROA)	28.57%	36.07%	25.31%	26.12%	30.52%	19.71%	9.15%	26.98%	24.88%	23.25%	10.20%
Return on Assets (ROA)	28.52%	36.11%	25.33%	26.06%	30.40%	19.32%	8.44%	26.49%	24.26%	22.39%	8.16%
Return on Common Equity (ROCE)	23.02%	28.45%	19.76%	20.29%	23.71%	15.54%	7.25%	21.62%	19.73%	19.09%	8.63%
Return on Equity Simple (ROE_SIMPLE)	52.36%	0.00%	40.22%	39.76%	42.94%	0.00%	29.22%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	62	148	64	68	93	48	17	122	94	75	17
NOPAT Margin	56.50%	77.34%	60.64%	62.48%	69.05%	56.76%	28.96%	76.67%	71.04%	63.06%	28.02%
Net Nonoperating Expense Percent (NNEP)	0.01%	0.15%	-0.01%	-0.50%	-1.09%	-5.47%	8.66%	5.83%	6.33%	2.89%	2.74%
Return On Investment Capital (ROIC_SIMPLE)	-	16.02%	-	-	-	5.55%	2.06%	13.49%	10.18%	7.59%	1.72%
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	13.16%	6.55%	13.36%	12.22%	9.49%	14.09%	25.61%	8.73%	9.28%	11.86%	28.36%
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	43.50%	22.66%	39.36%	37.52%	30.95%	43.24%	71.04%	23.33%	28.97%	36.94%	71.98%
Earnings before Interest and Taxes (EBIT)	62	147	64	68	93	47	17	122	94	75	17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	75	160	76	80	105	59	27	132	104	84	27
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.72	3.44	3.85	3.84	3.67	3.62	4.22	3.70	3.38	3.33	4.15
Price to Tangible Book Value (P/TBV)	3.72	3.44	3.85	3.84	3.67	3.62	4.22	3.70	3.38	3.33	4.15
Price to Revenue (P/Rev)	5.15	5.33	6.43	6.40	5.88	6.92	8.33	6.78	6.40	5.87	6.83
Price to Earnings (P/E)	7.45	7.88	10.26	10.45	9.23	12.41	16.64	12.08	11.38	10.20	11.99
Dividend Yield	12.10%	13.54%	11.89%	11.49%	11.26%	11.24%	9.82%	11.47%	10.84%	10.36%	8.43%
Earnings Yield	13.43%	12.69%	9.75%	9.57%	10.83%	8.06%	6.01%	8.28%	8.79%	9.80%	8.34%
Enterprise Value to Invested Capital (EV/IC)	3.12	2.95	3.19	3.15	3.01	2.88	3.18	2.80	2.61	2.50	2.94
Enterprise Value to Revenue (EV/Rev)	5.54	5.73	6.94	6.94	6.40	7.67	9.27	7.70	7.31	6.84	7.85
Enterprise Value to EBITDA (EV/EBITDA)	6.87	7.21	9.09	9.17	8.24	10.42	13.31	10.47	9.90	9.28	10.65
Enterprise Value to EBIT (EV/EBIT)	7.59	8.01	10.30	10.46	9.29	12.19	15.88	12.03	11.31	10.42	11.99
Enterprise Value to NOPAT (EV/NOPAT)	7.59	8.00	10.30	10.46	9.28	12.18	15.87	12.03	11.31	10.43	11.99
Enterprise Value to Operating Cash Flow (EV/OCF)	6.44	6.50	7.43	7.85	8.01	8.55	10.28	10.22	9.46	10.37	11.99
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	6.88	0.00	9.52	10.06	12.36	15.37	15.87	15.01	18.22	19.97
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.02	0.06	0.09	0.09	0.14	0.18
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.02	0.06	0.09	0.09	0.14	0.18
Financial Leverage	-0.47	-0.02	-0.47	-0.03	-0.03	-0.02	0.01	0.03	0.03	0.08	0.11
Leverage Ratio	1.09	1.05	1.04	1.04	1.04	1.06	1.10	1.10	1.08	1.13	1.21
Compound Leverage Factor	1.09	1.05	1.04	1.04	1.04	1.04	1.02	1.08	1.06	1.09	0.96
Debt to Total Capital	0.27%	0.24%	0.23%	0.21%	0.19%	2.33%	6.01%	8.62%	8.15%	12.33%	15.14%
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	0.27%	0.24%	0.23%	0.21%	0.19%	2.33%	6.01%	8.62%	8.15%	12.33%	15.14%
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	25.36%	24.51%	25.50%	25.84%	25.67%	25.98%	26.52%	24.90%	24.53%	23.34%	23.75%
Common Equity to Total Capital	74.37%	75.25%	74.27%	73.95%	74.14%	71.69%	67.47%	66.48%	67.32%	64.32%	61.11%
Debt to EBITDA	0.01	0.01	0.01	0.01	0.01	0.08	0.25	0.32	0.31	0.46	0.55
Net Debt to EBITDA	-0.10	-0.14	-0.09	-0.06	-0.04	0.08	0.24	0.32	0.29	0.45	0.52
Long-Term Debt to EBITDA	0.01	0.01	0.01	0.01	0.01	0.08	0.25	0.32	0.31	0.46	0.55
Debt to NOPAT	0.01	0.01	0.01	0.01	0.01	0.10	0.30	0.37	0.36	0.51	0.62
Net Debt to NOPAT	-0.11	-0.16	-0.11	-0.07	-0.05	0.09	0.29	0.36	0.33	0.51	0.58
Long-Term Debt to NOPAT	0.01	0.01	0.01	0.01	0.01	0.10	0.30	0.37	0.36	0.51	0.62
Altman Z-Score	33.03	39.27	36.86	35.80	43.67	20.66	11.51	11.49	12.15	8.59	7.72
Noncontrolling Interest Sharing Ratio	26.00%	24.62%	24.81%	25.23%	25.57%	25.55%	26.82%	26.55%	26.20%	26.62%	28.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.94	7.48	5.34	4.23	5.61	2.58	1.35	3.22	4.37	3.88	2.34
Quick Ratio	4.26	5.90	4.12	3.71	4.58	2.42	1.23	2.85	3.45	2.72	2.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-973	217	-929	102	64	44	25	54	25	-57	-106
Operating Cash Flow to CapEx	4,891.45%	940.64%	448.52%	376.95%	610.98%	195.92%	621.56%	287.05%	486.26%	132.84%	526.87%
Free Cash Flow to Firm to Interest Expense	-1,567.17	321.60	-1,477.24	163.40	88.53	38.60	17.59	23.99	10.19	-20.09	-31.65
Operating Cash Flow to Interest Expense	187.94	198.99	166.07	160.36	128.79	80.49	46.41	35.45	41.12	22.95	18.61
Operating Cash Flow Less CapEx to Interest Expense	184.10	177.83	129.05	117.82	107.71	39.41	38.94	23.10	32.66	5.67	15.08
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.47	0.42	0.42	0.44	0.35	0.31	0.35	0.35	0.37	0.36
Accounts Receivable Turnover	5.14	5.43	6.28	7.06	6.94	5.66	5.15	5.69	6.57	6.88	6.13
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	1.19	0.55	0.97	0.48	0.50	0.39	0.35	0.39	0.38	0.40	0.40
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)	70.95	67.16	58.13	51.73	52.59	64.53	70.82	64.20	55.59	53.08	59.52
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)	70.95	67.16	58.13	51.73	52.59	64.53	70.82	64.20	55.59	53.08	59.52
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,121	1,150	1,138	1,136	1,150	1,154	1,131	1,204	1,219	1,286	1,254
Invested Capital Turnover	1.05	0.50	0.82	0.45	0.48	0.38	0.34	0.37	0.37	0.39	0.39
Increase / (Decrease) in Invested Capital	1,035	-69	993	-34	29	3.91	-7.42	68	69	132	123
Enterprise Value (EV)	3,500	3,390	3,629	3,578	3,463	3,326	3,592	3,368	3,178	3,216	3,692
Market Capitalization	3,255	3,159	3,366	3,302	3,181	3,001	3,226	2,966	2,784	2,759	3,211
Book Value per Share	$3.89	$4.09	$4.16	$3.82	$3.85	$3.68	$3.38	$3.54	$3.64	$3.65	$3.41
Tangible Book Value per Share	$3.89	$4.09	$4.16	$3.82	$3.85	$3.68	$3.38	$3.54	$3.64	$3.65	$3.41
Total Capital	1,177	1,220	1,179	1,163	1,171	1,156	1,133	1,207	1,225	1,287	1,265
Total Debt	3.18	2.89	2.76	2.50	2.22	27	68	104	100	159	192
Total Long-Term Debt	3.18	2.89	2.76	2.50	2.22	27	68	104	100	159	192
Net Debt	-53	-67	-38	-24	-19	24	66	101	94	157	180
Capital Expenditures (CapEx)	2.39	14	23	27	15	46	10	28	21	49	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	77	97	78	61	69	46	21	62	60	70	43
Debt-free Net Working Capital (DFNWC)	133	167	119	87	90	48	23	64	66	71	55
Net Working Capital (NWC)	133	167	119	87	90	48	23	64	66	71	55
Net Nonoperating Expense (NNE)	-0.03	-0.05	0.05	0.17	0.39	1.18	1.21	2.25	2.37	2.63	3.36
Net Nonoperating Obligations (NNO)	-53	-67	-38	-24	-19	24	66	101	94	157	180
Total Depreciation and Amortization (D&A)	13	12	12	12	12	11	9.40	9.46	10	8.93	10
Debt-free, Cash-free Net Working Capital to Revenue	12.21%	16.38%	14.97%	11.79%	12.73%	10.51%	5.30%	14.15%	13.68%	14.80%	9.17%
Debt-free Net Working Capital to Revenue	21.08%	28.25%	22.71%	16.96%	16.60%	11.10%	5.92%	14.73%	15.10%	15.11%	11.64%
Net Working Capital to Revenue	21.08%	28.25%	22.71%	16.96%	16.60%	11.10%	5.92%	14.73%	15.10%	15.11%	11.64%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.27	$0.67	$0.27	$0.29	$0.41	$0.18	$0.04	$0.53	$0.40	$0.31	$0.03
Adjusted Weighted Average Basic Shares Outstanding	209.98M	209.97M	210.65M	210.70M	210.69M	210.68M	211.25M	211.69M	211.85M	211.67M	212.37M
Adjusted Diluted Earnings per Share	$0.27	$0.66	$0.27	$0.29	$0.41	$0.18	$0.04	$0.53	$0.40	$0.31	$0.03
Adjusted Weighted Average Diluted Shares Outstanding	209.98M	225.11M	210.65M	210.70M	210.69M	210.78M	211.25M	226.76M	211.85M	211.73M	212.37M
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	209.98M	209.97M	210.65M	210.70M	210.69M	210.68M	211.25M	211.69M	211.85M	211.67M	212.37M
Normalized Net Operating Profit after Tax (NOPAT)	43	103	45	48	65	33	12	86	66	52	12
Normalized NOPAT Margin	39.50%	54.14%	42.45%	43.73%	48.34%	39.73%	20.27%	53.67%	49.72%	44.14%	19.62%
Pre Tax Income Margin	56.53%	77.37%	60.60%	62.32%	68.76%	55.35%	26.92%	75.26%	69.25%	60.85%	22.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	100.12	218.84	101.57	109.40	128.61	41.85	12.37	53.85	38.79	26.44	4.94
NOPAT to Interest Expense	99.89	218.99	101.71	109.41	128.62	42.05	12.28	53.87	38.79	26.38	4.95
EBIT Less CapEx to Interest Expense	96.28	197.68	64.54	66.86	107.53	0.76	4.90	41.50	30.33	9.17	1.41
NOPAT Less CapEx to Interest Expense	96.05	197.84	64.68	66.87	107.54	0.97	4.82	41.52	30.33	9.11	1.42
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	90.44%	99.36%	119.56%	117.64%	102.97%	134.55%	154.77%	125.80%	120.62%	105.06%	100.80%
Augmented Payout Ratio	91.64%	100.66%	120.81%	118.94%	104.16%	136.19%	156.27%	127.00%	121.99%	106.32%	101.75%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, trends-focused summary of Black Stone Minerals (NYSE: BSM) using the last four years of quarterly income statements, balance sheets, and cash flow statements provided. Bulleted items are organized with positive items first, then neutral, then negative items. Each bullet notes points that may impact the stock’s outlook for retail investors.

2025 revenue rose to about $470 million, up from roughly $431 million in 2024, driven by stronger quarterly results (notably Q2 and Q3 2025). This indicates improving topline performance relative to the prior year.
Cash flow from operations was consistently solid in 2025, totaling roughly $310 million for the year, highlighting strong liquidity generation to fund capex, dividends, and debt service.
Free cash flow after capex was meaningful in 2025 (approx. $202 million, based on ~ $310M CFO and ~ $108M in capital expenditures), suggesting substantial cash available after maintaining the asset base.
Operating profitability remained robust in 2025 with strong mid-year quarters (e.g., Q2 2025 and Q3 2025) showing operating income above $90 million and even exceeding $120 million in Q2, reflecting healthy core margins.
The balance sheet shows a solid equity cushion (Total equity around $825 million) with total assets near $1.27 billion as of 2025 Q3, and relatively modest liabilities (Long-Term Debt around $100 million; Total Liabilities around $145 million), indicating a well-capitalized balance sheet.
Management has demonstrated access to external financing when needed (e.g., debt issuance in 2025), providing liquidity options to support ongoing operations, growth, or capital returns if commodity conditions warrant.
Cash balances on hand are relatively modest (roughly $2.8 million in 2025 Q3), so near-term liquidity depends on continuing cash flow generation and financing activities.
Dividends and debt activity are material cash outlays; ongoing cash outflows from financing (dividends, debt repayments, and occasional issuances) require persistent cash generation to maintain balance-sheet health.
Seasonality is evident, with Q1 typically weaker for revenue compared to later quarters, indicating cyclicality tied to commodity prices and seasonality in the business mix.
The four-quarter end of 2025 saw a smaller net change in cash and equivalents for the period (a modest cash outflow in Q4 2025), which could compress near-term liquidity if cash from operations slows.
While debt levels are modest, sustained large dividend payments and debt service could become a risk if oil/gas prices retreat or cash flows deteriorate, reducing flexibility to fund distributions or capex without additional financing.

05/14/26 06:23 AM 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 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Black Stone Minerals (BSM) Financials

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Black Stone Minerals (BSM) Financials

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Black Stone Minerals Financials - Frequently Asked Questions

When does Black Stone Minerals' financial year end?

How has Black Stone Minerals' net income changed over the last 10 years?

What is Black Stone Minerals' operating income?

How has Black Stone Minerals' revenue changed over the last 10 years?

How much debt does Black Stone Minerals have?

How much cash does Black Stone Minerals have?

How has Black Stone Minerals' book value per share changed over the last 10 years?

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