Black Stone Minerals, L.P. (BSM) 10-Year Financial Performance & Capital Metrics

BSM • • Industrial / General

EnergyOil & Gas E&PMineral & Royalty CompaniesLarge-Scale Mineral Owners

AboutBlack Stone Minerals, L.P., together with its subsidiaries, owns and manages oil and natural gas mineral interests. It owns mineral interests in approximately 16.8 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.7 million gross acres located in 41 states in the United States. As of December 31, 2021, the company had a total estimated proved oil and natural gas reserves of 59,824 barrels of oil equivalent. Black Stone Minerals, L.P. was founded in 1876 and is based in Houston, Texas.Show more

Revenue $439M -12.3%
EBITDA $318M -32.2%
Net Income $271M -35.8%
EPS (Diluted) 1.15 -38.8%
Gross Margin 76.22% -1.3%
EBITDA Margin 72.44% -22.7%
Operating Margin 62.15% -26.5%
Net Margin 61.75% -26.8%
ROE 23.12% -33.6%
ROIC 17.82% -33.7%
Debt/Equity 0.02
Interest Coverage 87.84 -42.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 33.3%
✓FCF machine: 87.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 6.4% through buybacks
✓Healthy 5Y average net margin of 56.8%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-2.19%

5Y-2.27%

3Y-4.58%

TTM-14.29%

Profit (Net Income) CAGR

10Y4.76%

5Y4.83%

3Y14.24%

TTM-26.45%

EPS CAGR

10Y3.57%

5Y2.63%

3Y14.31%

TTM-28.98%

ROCE

10Y Avg16.42%

5Y Avg24.43%

3Y Avg32.22%

Latest22.48%

Peer Comparison

Large-Scale Mineral Owners

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TPLTexas Pacific Land Corporation	22.81B	330.94	16.78	11.75%	61.68%	34.82%	2.02%	0.00
BSMBlack Stone Minerals, L.P.	3B	14.15	12.30	-12.31%	67.81%	24.36%	12.84%	0.02
DMLPDorchester Minerals, L.P.	1.12B	23.31	10.94	-1.39%	35.84%	16.69%	11.79%	0.00
NOGNorthern Oil and Gas, Inc.	2.2B	22.56	4.39	13.46%	8.26%	8.07%		1.02
KRPKimbell Royalty Partners, LP	1.16B	12.46	-0.16	13.72%	11.14%	4.66%	21.54%	0.28

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	392.92M	260.83M	429.66M	609.57M	492.78M	296.64M	505.73M	784.28M	501.1M	439.43M
Revenue Growth %	-0.28%	-0.34%	0.65%	0.42%	-0.19%	-0.4%	0.7%	0.55%	-0.36%	-0.12%
Cost of Goods Sold+	161.65M	156.71M	179.29M	205.43M	187.78M	139.51M	123.88M	126.42M	114.05M	104.48M
COGS % of Revenue	0.41%	0.6%	0.42%	0.34%	0.38%	0.47%	0.24%	0.16%	0.23%	0.24%
Gross Profit+	231.28M	104.13M	250.37M	404.14M	304.99M	157.13M	381.85M	657.87M	387.05M	334.95M
Gross Margin %	0.59%	0.4%	0.58%	0.66%	0.62%	0.53%	0.76%	0.84%	0.77%	0.76%
Gross Profit Growth %	-0.36%	-0.55%	1.4%	0.61%	-0.25%	-0.48%	1.43%	0.72%	-0.41%	-0.13%
Operating Expenses+	82.44M	74.68M	79.22M	85.76M	69.82M	25.02M	194.53M	175.37M	-36.55M	61.84M
OpEx % of Revenue	0.21%	0.29%	0.18%	0.14%	0.14%	0.08%	0.38%	0.22%	-0.07%	0.14%
Selling, General & Admin	77.17M	73.14M	77.57M	76.71M	63.35M	42.98M	48.75M	53.65M	51.45M	52.08M
SG&A % of Revenue	0.2%	0.28%	0.18%	0.13%	0.13%	0.14%	0.1%	0.07%	0.1%	0.12%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	910K	-390K	714K	-2.25M	6.47M	-17.96M	145.78M	121.72M	-88M	9.76M
Operating Income+	-95.86M	27.47M	172.08M	318.38M	235.17M	132.11M	187.32M	482.5M	423.6M	273.11M
Operating Margin %	-0.24%	0.11%	0.4%	0.52%	0.48%	0.45%	0.37%	0.62%	0.85%	0.62%
Operating Income Growth %	-1.53%	1.29%	5.26%	0.85%	-0.26%	-0.44%	0.42%	1.58%	-0.12%	-0.36%
EBITDA+	8.44M	130.85M	287.64M	442.14M	344.76M	215.26M	248.34M	530.3M	469.28M	318.3M
EBITDA Margin %	0.02%	0.5%	0.67%	0.73%	0.7%	0.73%	0.49%	0.68%	0.94%	0.72%
EBITDA Growth %	-0.97%	14.5%	1.2%	0.54%	-0.22%	-0.38%	0.15%	1.14%	-0.12%	-0.32%
D&A (Non-Cash Add-back)	104.3M	103.38M	115.56M	123.76M	109.58M	83.15M	61.02M	47.8M	45.68M	45.2M
EBIT	-94.89M	27.73M	172.85M	316.32M	235.8M	132.23M	187.63M	482.77M	425.3M	274.44M
Net Interest Income+	-6.36M	-6.89M	-15.64M	-20.57M	-21.28M	-10.37M	-5.64M	-6.23M	-887K	-1.44M
Interest Income	58K	656K	49K	183K	159K	35K	1K	53K	1.87M	1.67M
Interest Expense	6.42M	7.55M	15.69M	20.76M	21.43M	10.41M	5.64M	6.29M	2.75M	3.11M
Other Income/Expense	-5.45M	-7.28M	-14.93M	-22.82M	-20.8M	-10.29M	-5.34M	-6.02M	-1.05M	-1.78M
Pretax Income+	-101.31M	20.19M	157.15M	295.56M	214.37M	121.82M	181.99M	476.48M	422.55M	271.33M
Pretax Margin %	-0.26%	0.08%	0.37%	0.48%	0.44%	0.41%	0.36%	0.61%	0.84%	0.62%
Income Tax+	0	0	0	-2.06M	0	0	0	0	0	0
Effective Tax Rate %	0.99%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-100.5M	20.2M	157.19M	295.54M	214.37M	121.82M	181.99M	476.48M	422.55M	271.33M
Net Margin %	-0.26%	0.08%	0.37%	0.48%	0.44%	0.41%	0.36%	0.61%	0.84%	0.62%
Net Income Growth %	-1.59%	1.2%	6.78%	0.88%	-0.27%	-0.43%	0.49%	1.62%	-0.11%	-0.36%
Net Income (Continuing)	-101.31M	20.19M	157.15M	295.56M	214.37M	121.82M	181.99M	476.48M	422.55M	271.33M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.14M	1.02M	867K	0	0	0	0	0	0	0
EPS (Diluted)+	-0.53	0.26	1.01	1.36	1.01	0.49	0.77	2.12	1.88	1.15
EPS Growth %	-1.65%	1.49%	2.88%	0.35%	-0.26%	-0.51%	0.57%	1.75%	-0.11%	-0.39%
EPS (Basic)	-0.53	0.26	1.01	1.36	1.01	0.49	0.77	2.18	1.91	1.15
Diluted Shares Outstanding	191.24M	191.83M	192.55M	217.61M	206.12M	206.82M	208.29M	224.45M	225.1M	210.78M
Basic Shares Outstanding	191.24M	191.21M	192.55M	217.61M	205.97M	206.71M	208.18M	209.38M	209.97M	210.68M
Dividend Payout Ratio	-	8.71%	1.24%	0.85%	1.43%	1.15%	0.97%	0.68%	0.94%	1.24%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	103.59M	78.99M	87.64M	157.53M	102.29M	66.52M	107.97M	173.38M	193.13M	78.54M
Cash & Short-Term Investments	13.23M	9.77M	5.64M	5.41M	8.12M	1.8M	8.88M	4.31M	70.28M	2.52M
Cash Only	13.23M	9.77M	5.64M	5.41M	8.12M	1.8M	8.88M	4.31M	70.28M	2.52M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	41.25M	68.18M	80.69M	113.15M	78.21M	61.91M	97.14M	135.7M	82.25M	71.09M
Days Sales Outstanding	38.31	95.41	68.55	67.75	57.93	76.17	70.11	63.15	59.91	59.05
Inventory	0	0	0	0	0	0	0	31.47M	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	90.87	-	-
Other Current Assets	48.26M	0	94K	37.97M	14.79M	1.15M	0	1.91M	40.59M	4.93M
Total Non-Current Assets+	957.84M	1.05B	1.49B	1.59B	1.44B	1.18B	1.14B	1.1B	1.07B	1.14B
Property, Plant & Equipment	938.59M	1.04B	1.48B	1.58B	1.43B	1.17B	1.13B	1.09B	1.07B	1.13B
Fixed Asset Turnover	0.42x	0.25x	0.29x	0.39x	0.34x	0.25x	0.45x	0.72x	0.47x	0.39x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	16.27M	0	363K	10.07M	608K	0	0	728K	372K	0
Other Non-Current Assets	2.97M	5.17M	7.12M	6.64M	8.08M	5.32M	6.61M	8.73M	7.88M	6.32M
Total Assets+	1.06B	1.13B	1.58B	1.75B	1.55B	1.24B	1.25B	1.27B	1.27B	1.22B
Asset Turnover	0.37x	0.23x	0.27x	0.35x	0.32x	0.24x	0.41x	0.62x	0.40x	0.36x
Asset Growth %	-0.2%	0.06%	0.4%	0.11%	-0.12%	-0.19%	0%	0.02%	-0%	-0.04%
Total Current Liabilities+	63.04M	71.33M	59.73M	64.77M	29.8M	39.95M	77.14M	30.73M	25.84M	30.42M
Accounts Payable	5.04M	4.14M	2.46M	4.15M	5.31M	3.41M	5.94M	6.77M	6.27M	5.95M
Days Payables Outstanding	11.37	9.65	5.02	7.37	10.32	8.91	17.51	19.56	20.07	20.77
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	518K	0	0	0	0	0	0	0	0
Other Current Liabilities	17M	33.49M	33.35M	33.47M	3.81M	20.97M	54.46M	4.39M	5.15M	16.12M
Current Ratio	1.64x	1.11x	1.47x	2.43x	3.43x	1.67x	1.40x	5.64x	7.48x	2.58x
Quick Ratio	1.64x	1.11x	1.47x	2.43x	3.43x	1.67x	1.40x	4.62x	7.48x	2.58x
Cash Conversion Cycle	-	-	-	-	-	-	-	134.47	-	-
Total Non-Current Liabilities+	87.74M	331.83M	426.17M	482.73M	418.6M	145.06M	107.15M	30.54M	23.7M	59.04M
Long-Term Debt	66M	316M	388M	410M	394M	121M	89M	10M	0	25M
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	18.49M	15.32M	38.17M	72.73M	24.6M	24.06M	18.15M	20.54M	23.7M	34.04M
Total Liabilities	150.78M	403.17M	485.91M	547.5M	448.4M	185.01M	184.29M	61.27M	49.54M	89.47M
Total Debt+	66M	316M	388M	410M	394M	121M	89M	10M	0	25M
Net Debt	52.77M	306.23M	382.36M	404.59M	385.88M	119.2M	80.12M	5.69M	-70.28M	22.48M
Debt / Equity	0.07x	0.44x	0.36x	0.34x	0.36x	0.11x	0.08x	0.01x	-	0.02x
Debt / EBITDA	7.82x	2.42x	1.35x	0.93x	1.14x	0.56x	0.36x	0.02x	-	0.08x
Net Debt / EBITDA	6.25x	2.34x	1.33x	0.92x	1.12x	0.55x	0.32x	0.01x	-0.15x	0.07x
Interest Coverage	-14.94x	3.64x	10.96x	15.34x	10.97x	12.69x	33.23x	76.76x	153.81x	87.84x
Total Equity+	910.65M	725.66M	1.09B	1.2B	1.1B	1.06B	1.06B	1.21B	1.22B	1.13B
Equity Growth %	0.11%	-0.2%	0.5%	0.1%	-0.09%	-0.03%	0%	0.14%	0.01%	-0.07%
Book Value per Share	4.76	3.78	5.66	5.53	5.32	5.12	5.11	5.39	5.41	5.36
Total Shareholders' Equity	909.51M	724.64M	1.09B	1.2B	1.1B	1.06B	1.06B	1.21B	1.22B	1.13B
Common Stock	574.65M	489.02M	603.12M	714.82M	798.44M	760.61M	765.27M	911.45M	918.21M	828.96M
Retained Earnings	0	0	-768.12M	-904.26M	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	255.7M	181.6M	164.14M	189.44M	0	0	0	0	0	0
Minority Interest	1.14M	1.02M	867K	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	284.74M	196.66M	281.85M	385.38M	412.72M	281.81M	256.88M	424.98M	521.25M	389.04M
Operating CF Margin %	0.72%	0.75%	0.66%	0.63%	0.84%	0.95%	0.51%	0.54%	1.04%	0.89%
Operating CF Growth %	-0.28%	-0.31%	0.43%	0.37%	0.07%	-0.32%	-0.09%	0.65%	0.23%	-0.25%
Net Income	-101.31M	20.19M	157.15M	295.56M	214.37M	121.82M	181.99M	476.48M	422.55M	271.33M
Depreciation & Amortization	104.3M	102.49M	114.53M	122.65M	109.58M	82.02M	61.02M	47.8M	0	46.49M
Stock-Based Compensation	18M	43.14M	33.04M	30.13M	20.48M	3.73M	12.22M	17.39M	10.83M	8.56M
Deferred Taxes	154.41M	38.45M	-27.83M	-14.83M	0	-82.02M	-61.02M	0	0	0
Other Non-Cash Items	65.09M	46.23M	16.89M	-28.29M	34.6M	146.2M	95.17M	-80.24M	39.06M	51.16M
Working Capital Changes	44.24M	-53.84M	-11.93M	-19.85M	33.69M	10.06M	-32.49M	-36.45M	48.81M	11.5M
Change in Receivables	33.59M	-29.76M	-6.08M	-31.53M	35.04M	16.49M	-34.86M	-39.51M	53.05M	11.24M
Change in Inventory	95K	-180K	-177K	339K	0	0	0	0	0	0
Change in Payables	11.22M	-23.03M	-3.58M	11.47M	-1.19M	-5.93M	2.65M	3.01M	-3.83M	1.04M
Cash from Investing+	-91M	-221.54M	-454.25M	-163.8M	-48.62M	151.25M	-14.32M	-1.22M	-19.74M	-112.24M
Capital Expenditures	-116.7M	-221.74M	-484.52M	-297.33M	-111.3M	-4.82M	-14.63M	-12.56M	-19.81M	-4.21M
CapEx % of Revenue	0.3%	0.85%	1.13%	0.49%	0.23%	0.02%	0.03%	0.02%	0.04%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	25.7M	198K	30.27M	133.53M	62.68M	0	0	0	73K	-108.02M
Cash from Financing+	-195.31M	21.43M	168.27M	-221.8M	-361.39M	-439.38M	-235.48M	-428.34M	-435.54M	-344.57M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-221.05M	-182.33M	-198.58M	-268.49M	-328.42M	-161.34M	-197.92M	-343.4M	-419.82M	-365.06M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	39.16M	-18.81M	-276.96M	-3.16M	0	0	-3.6M	-2.94M	-216K	-64K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	168.03M	-25.08M	-202.67M	88.04M	301.42M	276.99M	242.25M	412.42M	501.44M	384.83M
FCF Margin %	0.43%	-0.1%	-0.47%	0.14%	0.61%	0.93%	0.48%	0.53%	1%	0.88%
FCF Growth %	-0.39%	-1.15%	-7.08%	1.43%	2.42%	-0.08%	-0.13%	0.7%	0.22%	-0.23%
FCF per Share	0.88	-0.13	-1.05	0.40	1.46	1.34	1.16	1.84	2.23	1.83
FCF Conversion (FCF/Net Income)	-2.83x	9.74x	1.79x	1.30x	1.93x	2.31x	1.41x	0.89x	1.23x	1.43x
Interest Paid	0	0	0	0	20.47M	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-11.63%	2.47%	17.31%	25.78%	18.65%	11.3%	17.15%	41.92%	34.82%	23.12%
Return on Invested Capital (ROIC)	-6.66%	2.07%	10.31%	15.5%	11.42%	7.45%	12.1%	30.68%	26.89%	17.82%
Gross Margin	58.86%	39.92%	58.27%	66.3%	61.89%	52.97%	75.5%	83.88%	77.24%	76.22%
Net Margin	-25.58%	7.74%	36.58%	48.48%	43.5%	41.07%	35.98%	60.75%	84.32%	61.75%
Debt / Equity	0.07x	0.44x	0.36x	0.34x	0.36x	0.11x	0.08x	0.01x	-	0.02x
Interest Coverage	-14.94x	3.64x	10.96x	15.34x	10.97x	12.69x	33.23x	76.76x	153.81x	87.84x
FCF Conversion	-2.83x	9.74x	1.79x	1.30x	1.93x	2.31x	1.41x	0.89x	1.23x	1.43x
Revenue Growth	-28.34%	-33.62%	64.73%	41.87%	-19.16%	-39.8%	70.49%	55.08%	-36.11%	-12.31%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Oil	-	310.28M	263.68M	148.63M	235.77M	336.29M	288.3M	269.06M
Oil Growth	-	-	-15.02%	-43.63%	58.63%	42.63%	-14.27%	-6.67%
Natural Gas	-	248.24M	199.26M	138.93M	255.67M	434.94M	200.3M	157.91M
Natural Gas Growth	-	-	-19.73%	-30.28%	84.03%	70.12%	-53.95%	-21.16%
Real Estate	-	36.22M	29.83M	9.08M	14.29M	13.05M	12.51M	12.46M
Real Estate Growth	-	-	-17.62%	-69.55%	57.35%	-8.68%	-4.18%	-0.36%

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
Angelina County, Texas	13.6M	-	-	-	-	-	-	-
Angelina County, Texas Growth	-	-	-	-	-	-	-	-
San Augustine County, Texas	5.6M	-	-	-	-	-	-	-
San Augustine County, Texas Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Black Stone Minerals, L.P. (BSM) has a price-to-earnings (P/E) ratio of 12.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Black Stone Minerals, L.P. (BSM) reported $404.2M in revenue for fiscal year 2024. This represents a 10% increase from $369.0M in 2012.

Black Stone Minerals, L.P. (BSM) saw revenue decline by 12.3% over the past year.

Yes, Black Stone Minerals, L.P. (BSM) is profitable, generating $274.1M in net income for fiscal year 2024 (61.7% net margin).

Dividend & Returns

Yes, Black Stone Minerals, L.P. (BSM) pays a dividend with a yield of 11.30%. This makes it attractive for income-focused investors.

Black Stone Minerals, L.P. (BSM) has a return on equity (ROE) of 23.1%. This is excellent, indicating efficient use of shareholder capital.

Black Stone Minerals, L.P. (BSM) generated $244.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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