(BSM) Black Stone Minerals - NYSE
Sector: Energy | Industry: Oil & Gas E&P | Exchange: NYSE (USA) | Market Cap: 2.977m USD | Total Return: 18.3% in 12m
Avg Turnover: 4.82M
EPS Trend: -95.8%
Qual. Beats: 1
Rev. Trend: -85.1%
Qual. Beats: 1
Warnings
Choppy
Tailwinds
No distinct edge detected
Black Stone Minerals, L.P. (BSM) is a Houston-based owner and manager of oil and natural gas mineral interests across 41 states. The company’s portfolio encompasses approximately 20.3 million gross acres of mineral, nonparticipating royalty, and overriding royalty interests. Unlike traditional exploration and production companies, BSM operates a royalty-based business model, which allows it to collect revenue from production without incurring the capital expenditures or operating costs associated with drilling and well maintenance.
The mineral interest sector is characterized by high margins and lower operational risk, as royalty owners typically hold a perpetual claim to a portion of production value. Because mineral owners do not pay for drilling, the company’s cash flow is primarily influenced by commodity price fluctuations and the drilling activity of third-party operators on its acreage. Investors can evaluate the long-term sustainability of these distributions by reviewing detailed asset metrics on ValueRay. Founded in 1876, Black Stone Minerals represents one of the largest pure-play mineral and royalty owners in the United States energy sector.
- Natural gas price volatility directly impacts royalty revenue and distribution capacity
- Drilling activity levels on leased acreage drive production volume growth
- Strategic acquisitions of high-quality mineral interests expand asset base value
- Shifts in federal and state environmental regulations affect operator development plans
- Commodity price hedges provide short-term cash flow stability against market swings
| Net Income: 297.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.17 > 0.02 and ΔFCF/TA -5.33 > 1.0 |
| NWC/Revenue: 11.68% < 20% (prev 5.24%; Δ 6.44% < -1%) |
| CFO/TA 0.23 > 3% & CFO 307.9m > Net Income 297.3m |
| Net Debt (176.5m) to EBITDA (346.8m): 0.51 < 3 |
| Current Ratio: 2.34 > 1.5 & < 3 |
| Outstanding Shares: last quarter (212.4m) vs 12m ago 0.53% < -2% |
| Gross Margin: 78.01% > 18% (prev 77.43%; Δ 0.59% > 0.5%) |
| Asset Turnover: 36.34% > 50% (prev 35.35%; Δ 0.99% > 0%) |
| Interest Coverage Ratio: 28.29 > 6 (EBIT TTM 308.1m / Interest Expense TTM 10.9m) |
| DSRI: 0.90 (Receivables 75.4m/77.9m, Revenue 468.2m/437.9m) |
| GMI: 0.99 (GM 77.43% / 78.01%) |
| AQI: 1.65 (AQ_t 0.01 / AQ_t-1 0.01) |
| SGI: 1.07 (Revenue 468.2m / 437.9m) |
| TATA: -0.01 (NI 297.3m - CFO 307.9m) / TA 1.34b) |
| Beneish M = -2.68 (Cap -4..+1) = A |
As of June 22, 2026, the stock is trading at USD 14.01 with a total of 655,800 shares traded.
Over the past week, the price has changed by +1.37%,
over one month by +0.79%,
over three months by -4.33% and
over the past year by +18.28%.
Black Stone Minerals has received a consensus analysts rating of 3.00. Therefore, it is recommended to hold BSM.
- StrongBuy: 0
- Buy: 0
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 16 | 14.2% |
P/E Trailing = 11.0315
P/E Forward = 13.8696
P/S = 7.2582
P/B = 2.7728
P/EG = 1.7339
Revenue TTM = 468.2m USD
EBIT TTM = 308.1m USD
EBITDA TTM = 346.8m USD
Long Term Debt = 187.0m USD (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 188.1m USD (from shortLongTermDebtTotal, last quarter) + Leases 1.05m
Net Debt = 176.5m USD (calculated: Debt 188.1m - CCE 11.6m)
Enterprise Value = 3.15b USD (2.98b + Debt 188.1m - CCE 11.6m)
Interest Coverage Ratio = 28.29 (Ebit TTM 308.1m / Interest Expense TTM 10.9m)
EV/FCF = 14.12x (Enterprise Value 3.15b / FCF TTM 223.3m)
FCF Yield = 7.08% (FCF TTM 223.3m / Enterprise Value 3.15b)
FCF Margin = 47.68% (FCF TTM 223.3m / Revenue TTM 468.2m)
Net Margin = 63.48% (Net Income TTM 297.3m / Revenue TTM 468.2m)
Gross Margin = 78.01% ((Revenue TTM 468.2m - Cost of Revenue TTM 102.9m) / Revenue TTM)
Gross Margin QoQ = 86.26% (prev 68.72%)
Tobins Q-Ratio = 2.36 (Enterprise Value 3.15b / Total Assets 1.34b)
Interest Expense / Debt = 5.79% (Interest Expense 10.9m / Debt 188.1m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 243.4m (EBIT 308.1m * (1 - 21.00%))
Current Ratio = 2.34 (Total Current Assets 95.7m / Total Current Liabilities 41.0m)
Debt / Equity = 0.18 (Debt 188.1m / totalStockholderEquity, last quarter 1.07b)
Debt / EBITDA = 0.51 (Net Debt 176.5m / EBITDA 346.8m)
Debt / FCF = 0.79 (Net Debt 176.5m / FCF TTM 223.3m)
Total Stockholder Equity = 1.11b (last 4 quarters mean from totalStockholderEquity)
RoA = 23.07% (Net Income 297.3m / Total Assets 1.34b)
RoE = 26.86% (Net Income TTM 297.3m / Total Stockholder Equity 1.11b)
RoCE = 23.82% (EBIT 308.1m / Capital Employed (Equity 1.11b + L.T.Debt 187.0m))
RoIC = 18.93% (NOPAT 243.4m / Invested Capital 1.29b)
WACC = 7.03% (E(2.98b)/V(3.17b) * Re(7.19%) + D(188.1m)/V(3.17b) * Rd(5.79%) * (1-Tc(0.21)))
Discount Rate = 7.19% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 46.67 | Cagr: -2.63%
[DCF] Terminal Value 73.10% ; FCFF base≈243.0m ; Y1≈213.1m ; Y5≈172.2m
[DCF] Fair Price = 12.18 (EV 2.76b - Net Debt 176.5m = Equity 2.59b / Shares 212.5m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -95.80 | EPS CAGR: -23.75% | SUE: 1.29 | # QB: 1
Revenue Correlation: -85.14 | Revenue CAGR: -12.44% | SUE: 4.0 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.23 | Chg30d=-6.00% | Revisions=-20% | Analysts=2
EPS next Quarter (2026-09-30): EPS=0.23 | Chg30d=-6.00% | Revisions=-20% | Analysts=2
EPS current Year (2026-12-31): EPS=0.99 | Chg30d=+0.00% | Revisions=-20% | GrowthEPS=-10.9% | GrowthRev=-8.1%
EPS next Year (2027-12-31): EPS=1.14 | Chg30d=+0.88% | Revisions=-20% | GrowthEPS=+15.2% | GrowthRev=+11.5%
[Analyst] Revisions Ratio: -20%