(BSM) Black Stone Minerals - Overview

Sector: Energy | Industry: Oil & Gas E&P | Exchange: NYSE (USA) | Market Cap: 2.977m USD | Total Return: 11.7% in 12m

Mineral Interests, Royalty Interests, Oil, Natural Gas
Total Rating 54
Safety 41
Buy Signal 0.08
Oil & Gas E&P
Industry Rotation: +19.9
Market Cap: 2.98B
Avg Turnover: 4.21M
Risk 3d forecast
Volatility21.4%
VaR 5th Pctl4.02%
VaR vs Median14.0%
Reward TTM
Sharpe Ratio0.44
Rel. Str. IBD44.7
Rel. Str. Peer Group16.9
Character TTM
Beta0.355
Beta Downside0.537
Hurst Exponent0.616
Drawdowns 3y
Max DD21.48%
CAGR/Max DD0.22
CAGR/Mean DD0.62
EPS (Earnings per Share) EPS (Earnings per Share) of BSM over the last years for every Quarter: "2021-03": 0.08, "2021-06": 0.05, "2021-09": 0.05, "2021-12": 0.6, "2022-03": -0.06, "2022-06": 0.59, "2022-09": 0.75, "2022-12": 0.82, "2023-03": 0.6, "2023-06": 0.35, "2023-09": 0.27, "2023-12": 0.65, "2024-03": 0.27, "2024-06": 0.29, "2024-09": 0.41, "2024-12": 0.3251, "2025-03": 0.2902, "2025-06": 0.2794, "2025-09": 0.4, "2025-12": 0.31, "2026-03": 0.2759,
EPS CAGR: -19.78%
EPS Trend: -89.0%
Last SUE: -0.16
Qual. Beats: 0
Revenue Revenue of BSM over the last years for every Quarter: 2021-03: 89.45, 2021-06: 117.922, 2021-09: 137.388, 2021-12: 160.974, 2022-03: 156.444, 2022-06: 207.721, 2022-09: 221.155, 2022-12: 198.964, 2023-03: 122.307, 2023-06: 105.697, 2023-09: 136.719, 2023-12: 136.376, 2024-03: 116.783, 2024-06: 115.171, 2024-09: 103.181, 2024-12: 104.294, 2025-03: 115.253, 2025-06: 106.71, 2025-09: 77.896, 2025-12: 95.182, 2026-03: 188.459,
Rev. CAGR: -12.44%
Rev. Trend: -85.1%
Last SUE: 4.00
Qual. Beats: 1

Warnings

Beneish M-Score 1.00 > -1.5 - likely earnings manipulation

Tailwinds

Garp

Description: BSM Black Stone Minerals

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.

Headlines to Watch Out For
  • 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
Piotroski VR‑10 (Strict) 6.0
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 (175.4m) to EBITDA (475.9m): 0.37 < 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 0.77%; Δ 7.72k% > 0.5%)
Asset Turnover: 36.34% > 50% (prev 35.35%; Δ 0.99% > 0%)
Interest Coverage Ratio: 40.14 > 6 (EBITDA TTM 475.9m / Interest Expense TTM 10.9m)
Beneish M 1.00
DSRI: 0.90 (Receivables 75.4m/77.9m, Revenue 468.2m/437.9m)
GMI: 0.99 (GM 78.01% / 77.43%)
AQI: 132.9 (AQ_t 0.93 / 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-Score: 75.12 (Cap -4..+1) = D
What is the price of BSM shares? As of May 21, 2026, the stock is trading at USD 13.93 with a total of 311,382 shares traded.
Over the past week, the price has changed by +2.80%, over one month by +3.48%, over three months by -5.44% and over the past year by +11.73%.
Is BSM a buy, sell or hold? Black Stone Minerals has received a consensus analysts rating of 3.00. Therefor, it is recommend to hold BSM.
  • StrongBuy: 0
  • Buy: 0
  • Hold: 3
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the BSM price?
Analysts Target Price 14 0.5%
Black Stone Minerals (BSM) - Fundamental Data Overview as of 18 May 2026
P/E Trailing = 11.0315
P/E Forward = 7.1736
P/S = 7.2582
P/B = 2.6323
P/EG = 1.22
Revenue TTM = 468.2m USD
EBIT TTM = 437.3m USD
EBITDA TTM = 475.9m USD
Long Term Debt = 154.0m USD (from longTermDebt, last fiscal year)
 Short Term Debt = unknown (none)
 Debt = 187.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 175.4m USD (from netDebt column, last quarter)
Enterprise Value = 3.15b USD (2.98b + Debt 187.0m - CCE 11.6m)
Interest Coverage Ratio = 40.14 (Ebit TTM 437.3m / 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 = 1.80% (Interest Expense 3.36m / Debt 187.0m)
Taxrate = 21.0% (US default 21%)
NOPAT = 345.4m (EBIT 437.3m * (1 - 21.00%))
Current Ratio = 2.34 (Total Current Assets 95.7m / Total Current Liabilities 41.0m)
Debt / Equity = 0.17 (Debt 187.0m / totalStockholderEquity, last quarter 1.07b)
Debt / EBITDA = 0.37 (Net Debt 175.4m / EBITDA 475.9m)
Debt / FCF = 0.79 (Net Debt 175.4m / 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 = 34.68% (EBIT 437.3m / Capital Employed (Equity 1.11b + L.T.Debt 154.0m))
RoIC = 27.98% (NOPAT 345.4m / Invested Capital 1.23b)
WACC = 6.89% (E(2.98b)/V(3.16b) * Re(7.23%) + D(187.0m)/V(3.16b) * Rd(1.80%) * (1-Tc(0.21)))
Discount Rate = 7.23% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares (quarterly) Correlation: 46.67 | Cagr: -2.63%
[DCF] Terminal Value 79.31% ; FCFF base≈243.0m ; Y1≈190.6m ; Y5≈124.3m
[DCF] Fair Price = 13.19 (EV 2.98b - Net Debt 175.4m = Equity 2.80b / Shares 212.5m; r=6.89% [WACC]; 5y FCF grow -25.75% → 3.0% )
EPS Correlation: -88.97 | EPS CAGR: -19.78% | SUE: -0.16 | # QB: 0
Revenue Correlation: -85.14 | Revenue CAGR: -12.44% | SUE: 4.0 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.25 | Chg30d=-10.71% | Revisions=-33% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.25 | Chg30d=-10.71% | Revisions=-20% | Analysts=1
EPS current Year (2026-12-31): EPS=0.99 | Chg30d=-8.76% | Revisions=-20% | GrowthEPS=-10.9% | GrowthRev=-8.7%
EPS next Year (2027-12-31): EPS=1.13 | Chg30d=-5.83% | Revisions=-20% | GrowthEPS=+14.1% | GrowthRev=+10.7%