Latest Ratios: P/E Ratio 12.2x · EV/EBITDA 8.3x · ROE 26.6%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $2.8B | $3.1B | $3.6B | $3.8B | $2.2B | $1.4B | $2.6B | $3.4B | $3.5B | $3.6B |
| Enterprise Value | $3.1B | $3.0B | $3.1B | $3.5B | $3.8B | $2.2B | $1.5B | $3.0B | $3.8B | $3.8B | $3.9B |
| P/E Ratio → | 12.18 | 10.38 | 12.70 | 8.49 | 7.96 | 13.42 | 13.63 | 12.59 | 11.38 | 17.76 | 72.23 |
| P/S Ratio | 5.88 | 6.66 | 7.00 | 7.17 | 4.83 | 4.25 | 4.66 | 5.32 | 5.53 | 8.04 | 13.81 |
| P/B Ratio | 2.63 | 2.50 | 2.72 | 2.95 | 3.13 | 2.02 | 1.30 | 2.39 | 2.80 | 3.17 | 4.96 |
| P/FCF | 11.71 | 9.43 | 8.00 | 7.16 | 9.18 | 8.88 | 4.99 | 8.70 | 38.26 | — | — |
| P/OCF | 9.58 | 9.07 | 7.91 | 6.89 | 8.91 | 8.38 | 4.90 | 6.35 | 8.74 | 12.26 | 18.32 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.02 | 7.05 | 7.03 | 4.84 | 4.41 | 5.06 | 6.10 | 6.19 | 8.93 | 14.99 |
| EV / EBITDA | 8.35 | 9.96 | 9.74 | 7.51 | 7.15 | 8.99 | 7.01 | 8.72 | 8.56 | 13.39 | 30.08 |
| EV / EBIT | 11.98 | 9.60 | 11.30 | 8.28 | 7.85 | 11.89 | 11.35 | 12.76 | 11.93 | 22.20 | 140.94 |
| EV / FCF | — | 9.94 | 8.06 | 7.02 | 9.19 | 9.21 | 5.42 | 9.98 | 42.86 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.9% | 74.9% | 76.2% | 77.2% | 83.9% | 75.5% | 53.0% | 61.9% | 66.3% | 58.3% | 39.9% |
| Operating Margin | 61.8% | 61.8% | 62.2% | 84.5% | 61.5% | 37.0% | 44.5% | 47.7% | 52.2% | 40.1% | 10.5% |
| Net Profit Margin | 71.0% | 71.0% | 61.7% | 84.3% | 60.8% | 36.0% | 41.1% | 43.5% | 48.5% | 36.6% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.6% | 26.6% | 23.1% | 34.8% | 41.9% | 17.1% | 11.3% | 18.6% | 25.8% | 17.3% | 2.5% |
| ROA | 23.5% | 23.5% | 21.8% | 33.3% | 37.8% | 14.6% | 8.7% | 13.0% | 17.8% | 11.6% | 1.8% |
| ROIC | 16.1% | 16.1% | 17.8% | 26.9% | 30.7% | 12.1% | 7.4% | 11.4% | 15.5% | 10.3% | 2.1% |
| ROCE | 20.9% | 20.9% | 22.5% | 34.1% | 40.0% | 15.8% | 9.7% | 14.7% | 19.9% | 13.4% | 2.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.02 | — | 0.01 | 0.08 | 0.11 | 0.36 | 0.34 | 0.36 | 0.44 |
| Debt / EBITDA | 0.52 | 0.52 | 0.08 | — | 0.02 | 0.36 | 0.57 | 1.14 | 0.93 | 1.35 | 2.43 |
| Net Debt / Equity | — | 0.14 | 0.02 | -0.06 | 0.00 | 0.08 | 0.11 | 0.35 | 0.34 | 0.35 | 0.42 |
| Net Debt / EBITDA | 0.51 | 0.51 | 0.07 | -0.15 | 0.01 | 0.32 | 0.56 | 1.12 | 0.92 | 1.33 | 2.36 |
| Debt / FCF | — | 0.51 | 0.06 | -0.14 | 0.01 | 0.33 | 0.43 | 1.28 | 4.60 | — | — |
| Interest Coverage | 34.59 | 34.59 | 88.27 | 154.43 | 76.80 | 33.28 | 12.70 | 11.00 | 15.24 | 11.01 | 3.67 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.88 | 3.88 | 2.58 | 7.48 | 5.64 | 1.40 | 1.67 | 3.43 | 2.43 | 1.47 | 1.11 |
| Quick Ratio | 3.88 | 3.88 | 2.58 | 7.48 | 4.62 | 1.40 | 1.67 | 3.43 | 2.43 | 1.47 | 1.11 |
| Cash Ratio | 0.06 | 0.06 | 0.08 | 2.72 | 0.14 | 0.12 | 0.04 | 0.27 | 0.08 | 0.09 | 0.14 |
| Asset Turnover | — | 0.32 | 0.36 | 0.40 | 0.62 | 0.41 | 0.24 | 0.32 | 0.35 | 0.27 | 0.23 |
| Inventory Turnover | — | — | — | — | 4.02 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 56.67 | 59.05 | 59.91 | 63.15 | 70.11 | 76.17 | 57.93 | 67.75 | 68.55 | 95.41 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.7% | 10.2% | 10.9% | 11.1% | 8.5% | 8.2% | 10.2% | 11.7% | 7.4% | 5.6% | 4.9% |
| Payout Ratio | 95.2% | 95.2% | 124.2% | 94.4% | 67.7% | 97.2% | 115.2% | 143.4% | 84.6% | 123.9% | 871.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.2% | 9.6% | 7.9% | 11.8% | 12.6% | 7.5% | 7.3% | 7.9% | 8.8% | 5.6% | 1.4% |
| FCF Yield | 8.5% | 10.6% | 12.5% | 14.0% | 10.9% | 11.3% | 20.0% | 11.5% | 2.6% | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.2% | 0.1% | 0.1% | 0.4% | 0.6% | 0.4% | 0.8% | 1.3% |
| Total Shareholder Yield | 9.8% | 10.3% | 11.1% | 11.3% | 8.6% | 8.3% | 10.5% | 12.4% | 7.8% | 6.4% | 6.2% |
| Shares Outstanding | — | $212M | $211M | $225M | $224M | $208M | $207M | $206M | $218M | $193M | $192M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying BSM stock.
Black Stone Minerals, L.P.'s current P/E ratio is 12.2x. The historical average is 18.1x. This places it at the 40th percentile of its historical range.
Black Stone Minerals, L.P.'s current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.1x.
Black Stone Minerals, L.P.'s return on equity (ROE) is 26.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 19.4%.
Based on historical data, Black Stone Minerals, L.P. is trading at a P/E of 12.2x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Black Stone Minerals, L.P.'s current dividend yield is 9.65% with a payout ratio of 95.2%.
Black Stone Minerals, L.P. has 74.9% gross margin and 61.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Black Stone Minerals, L.P.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Natural gas price dependence
Metrics are mathematically derived from official filings.
Discount Multiples Price Gas Exposure Cautiously
Based on reported figures, BSM trades at 10.92x trailing P/E and 10.44x EV/EBITDA, a discount to TPL's 39.08x P/E and 28.52x EV/EBITDA that appears to reflect its Haynesville gas concentration rather than a mispricing of its asset base.
The 0.52 PEG ratio suggests the market is pricing in limited earnings growth, which is consistent with a revenue base that fell 3.9% year over year in the latest quarter. Relative to DMLP and NRP, which trade near 10x to 12x earnings, BSM's multiples look broadly in line with its royalty peers, indicating the market is not assigning a premium for its 16.8 million gross acres. Investors should monitor whether the 9.7% dividend yield remains supported by free cash flow if gas prices stay weak.
Royalty Margins Mask Volatile Earnings
Across the ten reported quarters, gross margin ranged from 66.5% to 86.3%, yet net margin swung from 7.0% to 117.8%, suggesting headline profitability is heavily distorted by non-operating items rather than steady royalty economics.
The consistently high gross margins are consistent with a cost structure largely free of lifting and depreciation burdens, which supports the royalty model's structural advantage. However, the extreme net margin dispersion suggests derivative mark-to-market effects and lease bonus timing may be dominating GAAP net income, making operating margin a more reliable gauge of earning power. Distributable cash flow would likely be a better anchor for unitholder economics than reported net income.
Rising Debt Still Well Covered
According to recent SEC filings, BSM's debt-to-equity rose from zero in 2024Q3 to 0.18 in 2026Q3, while interest coverage remained at 14.31x, indicating debt service is currently comfortable despite a gradual shift toward borrowing.
The move from effectively no debt to roughly $195M in total debt is a directional change worth tracking, even though the absolute level remains conservative against $1.4B of assets. Coverage has fluctuated sharply, dipping to 1.20x in 2026Q1 when operating income was weak, which suggests debt service comfort depends heavily on lease bonus timing. Refinancing risk appears limited at current leverage, but warrants monitoring if revenue remains under pressure.
Returns Oscillate Without Clear Compounding
Based on reported figures, ROIC moved between 1.1% and 8.7% over ten quarters, with the latest reading at 3.3%, a pattern that suggests returns are tied to episodic income rather than a durable compounding trajectory.
Against TPL's 42.1% ROIC and DMLP's 14.7%, BSM's returns appear subdued, which may reflect a large equity base of roughly $1.1B that is not being redeployed at high rates. The gap is partly structural, since BSM is distributing most of its earnings rather than reinvesting them. Investors should monitor whether acquisitions can lift returns without diluting the royalty base's margin profile.
Headline Solvency Masks Earnings Volatility
Based on the reported figures, BSM's low debt-to-equity may look conservative, yet quarterly revenue swinging from $188.5M to $99.7M suggests leverage metrics could deteriorate sharply if lease bonus income fails to recur.
The most commonly misapplied metric for a royalty owner is trailing P/E, since GAAP earnings are distorted by hedging, depletion estimates, and lumpy bonus income. Price-to-distributable-cash-flow or EV to production-based royalty cash flow would more accurately reflect the economics. Relying on headline ratios may understate the sensitivity of BSM's coverage to a sustained decline in Haynesville gas pricing.