(BSM) Black Stone Minerals - Overview
Stock: Mineral Interests, Royalty Interests, Oil, Natural Gas
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 10.01% |
| Yield on Cost 5y | 25.19% |
| Yield CAGR 5y | 13.98% |
| Payout Consistency | 92.0% |
| Payout Ratio | 104.3% |
| Risk 5d forecast | |
|---|---|
| Volatility | 18.8% |
| Relative Tail Risk | 3.75% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.43 |
| Alpha | 0.46 |
| Character TTM | |
|---|---|
| Beta | 0.602 |
| Beta Downside | 0.691 |
| Drawdowns 3y | |
|---|---|
| Max DD | 21.48% |
| CAGR/Max DD | 0.43 |
Description: BSM Black Stone Minerals January 12, 2026
Black Stone Minerals, L.P. (NYSE: BSM) is a Houston-based mineral rights holder that manages a portfolio of oil and natural-gas interests across the United States. The firm controls roughly 16.8 million gross acres of mineral interests, plus non-participating royalty (NPR) interests on 1.8 million acres and overriding royalty (OR) interests on 1.6 million acres, spanning 41 states. Founded in 1876, BSM’s business model focuses on acquiring, retaining, and monetizing royalty streams rather than operating drilling rigs.
Key operating metrics (as of the most recent 10-K) show average annual royalty cash flow of about $120 million, a net debt-to-EBITDA ratio near 2.2×, and a dividend yield of roughly 5.5 %. The company’s acreage base is heavily weighted toward the Permian Basin and the Eagle Ford, regions that have historically delivered higher royalty rates due to dense well density and robust production growth.
Sector drivers that materially affect BSM’s performance include crude-oil price volatility (WTI ± $10 per barrel can swing royalty cash flow by ± 15 %), natural-gas price spreads (especially the Henry Hub – WTI differential), and the pace of upstream capital spending, which determines new well completions on BSM-owned mineral lands. Regulatory shifts-such as changes to royalty rate ceilings or federal leasing policies-also introduce upside or downside risk to the royalty stream.
For a deeper quantitative view, you might explore ValueRay’s analyst dashboard to compare BSM’s royalty yields against peer benchmarks.
Piotroski VR‑10 (Strict, 0-10) 6.5
| Net Income: 274.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.19 > 0.02 and ΔFCF/TA -11.90 > 1.0 |
| NWC/Revenue: 16.25% < 20% (prev 19.04%; Δ -2.79% < -1%) |
| CFO/TA 0.26 > 3% & CFO 336.0m > Net Income 274.1m |
| Net Debt (88.8m) to EBITDA (321.4m): 0.28 < 3 |
| Current Ratio: 4.37 > 1.5 & < 3 |
| Outstanding Shares: last quarter (211.6m) vs 12m ago 0.43% < -2% |
| Gross Margin: 77.07% > 18% (prev 0.77%; Δ 7630 % > 0.5%) |
| Asset Turnover: 32.55% > 50% (prev 38.88%; Δ -6.33% > 0%) |
| Interest Coverage Ratio: 38.94 > 6 (EBITDA TTM 321.4m / Interest Expense TTM 7.22m) |
Beneish M -3.02
| DSRI: 1.10 (Receivables 64.4m/68.1m, Revenue 404.2m/471.5m) |
| GMI: 0.99 (GM 77.07% / 76.55%) |
| AQI: 1.13 (AQ_t 0.01 / AQ_t-1 0.01) |
| SGI: 0.86 (Revenue 404.2m / 471.5m) |
| TATA: -0.05 (NI 274.1m - CFO 336.0m) / TA 1.27b) |
| Beneish M-Score: -3.02 (Cap -4..+1) = AA |
What is the price of BSM shares?
Over the past week, the price has changed by +2.04%, over one month by +11.62%, over three months by +17.24% and over the past year by +12.20%.
Is BSM a buy, sell or hold?
- StrongBuy: 0
- Buy: 0
- Hold: 3
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the BSM price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 13 | -13.3% |
| Analysts Target Price | 13 | -13.3% |
| ValueRay Target Price | 17.4 | 16.1% |
BSM Fundamental Data Overview January 29, 2026
P/E Forward = 7.1736
P/S = 7.5699
P/B = 2.7772
P/EG = 1.22
Revenue TTM = 404.2m USD
EBIT TTM = 281.3m USD
EBITDA TTM = 321.4m USD
Long Term Debt = 95.0m USD (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 95.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 88.8m USD (from netDebt column, last quarter)
Enterprise Value = 3.22b USD (3.12b + Debt 95.0m - CCE 2.86m)
Interest Coverage Ratio = 38.94 (Ebit TTM 281.3m / Interest Expense TTM 7.22m)
EV/FCF = 13.14x (Enterprise Value 3.22b / FCF TTM 244.9m)
FCF Yield = 7.61% (FCF TTM 244.9m / Enterprise Value 3.22b)
FCF Margin = 60.60% (FCF TTM 244.9m / Revenue TTM 404.2m)
Net Margin = 67.81% (Net Income TTM 274.1m / Revenue TTM 404.2m)
Gross Margin = 77.07% ((Revenue TTM 404.2m - Cost of Revenue TTM 92.7m) / Revenue TTM)
Gross Margin QoQ = 66.52% (prev 80.13%)
Tobins Q-Ratio = 2.53 (Enterprise Value 3.22b / Total Assets 1.27b)
Interest Expense / Debt = 2.55% (Interest Expense 2.43m / Debt 95.0m)
Taxrate = 21.0% (US default 21%)
NOPAT = 222.2m (EBIT 281.3m * (1 - 21.00%))
Current Ratio = 4.37 (Total Current Assets 85.2m / Total Current Liabilities 19.5m)
Debt / Equity = 0.08 (Debt 95.0m / totalStockholderEquity, last quarter 1.13b)
Debt / EBITDA = 0.28 (Net Debt 88.8m / EBITDA 321.4m)
Debt / FCF = 0.36 (Net Debt 88.8m / FCF TTM 244.9m)
Total Stockholder Equity = 1.11b (last 4 quarters mean from totalStockholderEquity)
RoA = 22.07% (Net Income 274.1m / Total Assets 1.27b)
RoE = 24.79% (Net Income TTM 274.1m / Total Stockholder Equity 1.11b)
RoCE = 23.43% (EBIT 281.3m / Capital Employed (Equity 1.11b + L.T.Debt 95.0m))
RoIC = 18.89% (NOPAT 222.2m / Invested Capital 1.18b)
WACC = 7.95% (E(3.12b)/V(3.22b) * Re(8.13%) + D(95.0m)/V(3.22b) * Rd(2.55%) * (1-Tc(0.21)))
Discount Rate = 8.13% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -3.13%
[DCF Debug] Terminal Value 76.50% ; FCFF base≈298.2m ; Y1≈266.1m ; Y5≈224.4m
Fair Price DCF = 18.82 (EV 4.08b - Net Debt 88.8m = Equity 3.99b / Shares 211.9m; r=7.95% [WACC]; 5y FCF grow -13.27% → 2.90% )
EPS Correlation: -36.94 | EPS CAGR: 31.31% | SUE: -2.88 | # QB: 0
Revenue Correlation: -82.00 | Revenue CAGR: -17.60% | SUE: -1.81 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.29 | Chg30d=-0.005 | Revisions Net=-2 | Analysts=2
EPS next Year (2026-12-31): EPS=1.23 | Chg30d=+0.000 | Revisions Net=-2 | Growth EPS=+1.7% | Growth Revenue=+2.9%