Black Stone Minerals, L.P. (BSM) Financial Ratios
14 years of historical data (2012–2025) · Energy · Oil & Gas Exploration & Production
EV/EBITDA
↑
10.14
+17% vs avg
5yr avg: 8.66
30Y Low7.0·High29.9
P/FCF
↑
9.66
+13% vs avg
5yr avg: 8.53
30Y Low5.0·High38.3
P/B Ratio
↑
2.55
-4% vs avg
5yr avg: 2.67
30Y Low1.3·High5.0
ROE
↑
26.6%
-7% vs avg
5yr avg: 28.7%
30Y Low-12%·High42%
Debt/EBITDA
↑
0.51
↑+112% vs avg
5yr avg: 0.24
30Y Low0.0·High7.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BSM Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Black Stone Minerals, L.P. trades at 10.6x earnings, roughly in line with its 5-year average of 10.6x, sitting at the 30th percentile of its historical range. Compared to the Energy sector median P/E of 16.9x, the stock trades at a discount of 37%. On a free-cash-flow basis, the stock trades at 9.7x P/FCF, 13% above the 5-year average of 8.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $2.8B | $3.1B | $3.6B | $3.8B | $2.2B | $1.4B | $2.6B | $3.4B | $3.5B | $3.6B |
| Enterprise Value | $3.0B | $3.0B | $3.1B | $3.5B | $3.8B | $2.2B | $1.5B | $3.0B | $3.8B | $3.8B | $3.9B |
| P/E Ratio → | 10.60 | 10.38 | 12.70 | 8.49 | 7.96 | 13.42 | 13.63 | 12.59 | 11.38 | 17.76 | 72.23 |
| P/S Ratio | 6.82 | 6.66 | 7.00 | 7.17 | 4.83 | 4.25 | 4.66 | 5.32 | 5.53 | 8.04 | 13.81 |
| P/B Ratio | 2.55 | 2.50 | 2.72 | 2.95 | 3.13 | 2.02 | 1.30 | 2.39 | 2.80 | 3.17 | 4.96 |
| P/FCF | 9.66 | 9.43 | 8.00 | 7.16 | 9.18 | 8.88 | 4.99 | 8.70 | 38.26 | — | — |
| P/OCF | 9.29 | 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
BSM EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Black Stone Minerals, L.P.'s enterprise value stands at 10.1x EBITDA, 17% above its 5-year average of 8.7x. The Energy sector median is 8.1x, placing the stock at a 25% premium on an enterprise-value basis.
| 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 | 10.14 | 9.92 | 9.74 | 7.51 | 7.15 | 8.99 | 6.97 | 8.72 | 8.53 | 13.34 | 29.87 |
| EV / EBIT | 11.63 | 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 | — | — |
BSM Profitability
Margins and return-on-capital ratios measuring operating efficiency
Black Stone Minerals, L.P. earns an operating margin of 61.8%, significantly above the Energy sector average of 14.5%. Operating margins have compressed from 84.5% to 61.8% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 26.6% indicates solid capital efficiency, compared to the sector median of 7.9%. ROIC of 16.1% represents solid returns on invested capital versus a sector median of 6.4%.
Margins
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% |
Return on Capital
| 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% |
BSM Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Black Stone Minerals, L.P. carries a Debt/EBITDA ratio of 0.5x, which is very conservative (79% below the sector average of 2.4x). Net debt stands at $153M ($154M total debt minus $1M cash). Interest coverage of 34.6x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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 | 0.51 | 0.51 | 0.08 | — | 0.02 | 0.36 | 0.56 | 1.14 | 0.93 | 1.35 | 2.42 |
| 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 | 0.55 | 1.12 | 0.92 | 1.33 | 2.34 |
| 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 |
BSM Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Black Stone Minerals, L.P.'s current ratio of 3.88x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 7.48x to 3.88x over the past 3 years.
| 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 |
BSM Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Black Stone Minerals, L.P. returns 10.1% to shareholders annually — split between a 9.9% dividend yield and 0.1% buyback yield. The payout ratio of 95.2% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 9.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 9.9% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.4% | 9.6% | 7.9% | 11.8% | 12.6% | 7.5% | 7.3% | 7.9% | 8.8% | 5.6% | 1.4% |
| FCF Yield | 10.4% | 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 | 10.1% | 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 |
Peer Comparison
Compare BSM with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 BSMYou | $3B | 10.6 | 10.1 | 9.7 | 74.9% | 61.8% | 26.6% | 16.1% | 0.5 |
 VNOM | $18B | -99.4 | 16.9 | — | 47.9% | 43.0% | -1.0% | 5.0% | 1.8 |
 TPL | $29B | 60.2 | 44.0 | 59.5 | 100.0% | 74.2% | 37.2% | 42.1% | 0.0 |
 DMLP | $1B | 21.8 | 9.9 | 9.5 | — | — | 17.2% | — | 0.0 |
 NRP | $2B | 11.5 | 9.9 | 9.2 | 81.2% | 68.9% | 22.6% | 16.1% | 0.2 |
 CTRA | $25B | 14.5 | 5.9 | 15.1 | 60.4% | 89.1% | 12.3% | 10.9% | 0.8 |
 EOG | $72B | 14.8 | 6.1 | 18.4 | 68.1% | 35.1% | 16.8% | 19.1% | 0.7 |
 DVN | $29B | 11.1 | 4.9 | 9.3 | 24.7% | 22.0% | 17.5% | 12.3% | 1.2 |
 COP | $145B | 18.7 | 7.0 | 8.6 | 24.6% | 19.6% | 12.4% | 10.4% | 1.0 |
 AR | $11B | 18.1 | 10.3 | 9.2 | 22.1% | 16.5% | 8.5% | 5.2% | 3.2 |
 EPD | $81B | 14.1 | 12.1 | 27.4 | 13.6% | 13.1% | 19.3% | 8.3% | 3.7 |
| Energy Median | — | 16.9 | 8.1 | 14.1 | 32.7% | 14.5% | 7.9% | 6.4% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonBSM — Frequently Asked Questions
Quick answers to the most common questions about buying BSM stock.
What is Black Stone Minerals, L.P.'s P/E ratio?
Black Stone Minerals, L.P.'s current P/E ratio is 10.6x. The historical average is 18.1x. This places it at the 30th percentile of its historical range.
What is Black Stone Minerals, L.P.'s EV/EBITDA?
Black Stone Minerals, L.P.'s current EV/EBITDA is 10.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.1x.
What is Black Stone Minerals, L.P.'s ROE?
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%.
Is BSM stock overvalued?
Based on historical data, Black Stone Minerals, L.P. is trading at a P/E of 10.6x. This is at the 30th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Black Stone Minerals, L.P.'s dividend yield?
Black Stone Minerals, L.P.'s current dividend yield is 9.94% with a payout ratio of 95.2%.
What are Black Stone Minerals, L.P.'s profit margins?
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.
How much debt does Black Stone Minerals, L.P. have?
Black Stone Minerals, L.P.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.