Revenue surged 63.5% to $188.5 million in 2026Q1, though net margins remain highly volatile, swinging from 7.0% to over 117% due to non-operating adjustments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 468.25M | 422.33M | 439.43M | 501.1M | 784.28M | 505.73M | 296.64M | 492.78M | 609.57M | 429.66M | 260.83M | 392.92M | 548.32M | 463.56M | 368.95M |
| Revenue Growth % | 6.93% | -3.89% | -12.31% | -36.11% | 55.08% | 70.49% | -39.8% | -19.16% | 41.87% | 64.73% | -33.62% | -28.34% | 18.29% | 25.64% | - |
| Cost of Goods Sold | 102.95M | 106.06M | 104.48M | 114.05M | 126.42M | 123.88M | 139.51M | 187.78M | 205.43M | 179.29M | 156.71M | 161.65M | 184.82M | 166.4M | 57.21M |
| COGS % of Revenue | - | 25.11% | 23.78% | 22.76% | 16.12% | 24.5% | 47.03% | 38.11% | 33.7% | 41.73% | 60.08% | 41.14% | 33.71% | 35.9% | 15.51% |
| Gross Profit | 365.3M | 316.27M | 334.95M | 387.05M | 657.87M | 381.85M | 157.13M | 304.99M | 404.14M | 250.37M | 104.13M | 231.28M | 363.5M | 297.16M | 311.75M |
| Gross Margin % | 78.01% | 74.89% | 76.22% | 77.24% | 83.88% | 75.5% | 52.97% | 61.89% | 66.3% | 58.27% | 39.92% | 58.86% | 66.29% | 64.1% | 84.49% |
| Gross Profit Growth % | - | -5.58% | -13.46% | -41.17% | 72.28% | 143.02% | -48.48% | -24.53% | 61.41% | 140.45% | -54.98% | -36.37% | 22.32% | -4.68% | - |
| Operating Expenses | 6.42M | 55.46M | 61.84M | -36.55M | 175.37M | 194.53M | 25.02M | 69.82M | 85.76M | 79.22M | 74.68M | 82.44M | 63.83M | 60.26M | 150.98M |
| OpEx % of Revenue | - | 13.13% | 14.07% | -7.29% | 22.36% | 38.46% | 8.43% | 14.17% | 14.07% | 18.44% | 28.63% | 20.98% | 11.64% | 13% | 40.92% |
| Selling, General & Admin | 57.12M | 55.46M | 52.08M | 51.45M | 53.65M | 48.75M | 42.98M | 63.35M | 76.71M | 77.57M | 73.14M | 77.17M | 62.77M | 59.5M | 50.35M |
| SG&A % of Revenue | - | 13.13% | 11.85% | 10.27% | 6.84% | 9.64% | 14.49% | 12.86% | 12.58% | 18.05% | 28.04% | 19.64% | 11.45% | 12.84% | 13.65% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 9.76M | -88M | 121.72M | 145.78M | -17.96M | 6.47M | -2.25M | 714K | -390K | 910K | 959K | 407K | 0 |
| Operating Income | 358.88M | 260.81M | 273.11M | 423.6M | 482.5M | 187.32M | 132.11M | 235.17M | 318.38M | 172.08M | 27.47M | -95.86M | 181.71M | 179.81M | 159.94M |
| Operating Margin % | 76.64% | 61.75% | 62.15% | 84.53% | 61.52% | 37.04% | 44.54% | 47.72% | 52.23% | 40.05% | 10.53% | -24.4% | 33.14% | 38.79% | 43.35% |
| Operating Income Growth % | - | -4.5% | -35.53% | -12.21% | 157.57% | 41.8% | -43.82% | -26.14% | 85.01% | 526.47% | 128.66% | -152.75% | 1.06% | 12.42% | - |
| EBITDA | 397.51M | 299.07M | 318.3M | 469.28M | 530.3M | 248.34M | 215.26M | 344.76M | 442.14M | 287.64M | 130.85M | 8.44M | 293.67M | 282.25M | 327.59M |
| EBITDA Margin % | 84.89% | 70.81% | 72.44% | 93.65% | 67.62% | 49.11% | 72.57% | 69.96% | 72.53% | 66.95% | 50.17% | 2.15% | 53.56% | 60.89% | 88.79% |
| EBITDA Growth % | 47.42% | -6.04% | -32.17% | -11.51% | 113.54% | 15.37% | -37.56% | -22.03% | 53.71% | 119.83% | 1449.78% | -97.13% | 4.05% | -13.84% | - |
| D&A (Non-Cash Add-back) | 38.64M | 38.26M | 45.2M | 45.68M | 47.8M | 61.02M | 83.15M | 109.58M | 123.76M | 115.56M | 103.38M | 104.3M | 111.96M | 102.44M | 167.65M |
| EBIT | 437.25M | 308.86M | 274.44M | 425.3M | 482.77M | 187.63M | 132.23M | 235.8M | 316.32M | 172.85M | 27.73M | -94.89M | 182.7M | 180.31M | 159.94M |
| Net Interest Income | -10.69M | -8.69M | -1.44M | -887K | -6.23M | -5.64M | -10.37M | -21.28M | -20.57M | -15.64M | -6.89M | -6.36M | -13.48M | -11.25M | 0 |
| Interest Income | 205K | 237K | 1.67M | 1.87M | 53K | 1K | 35K | 159K | 183K | 49K | 656K | 58K | 28K | 90K | 8.96M |
| Interest Expense | 10.89M | 8.93M | 3.11M | 2.75M | 6.29M | 5.64M | 10.41M | 21.43M | 20.76M | 15.69M | 7.55M | 6.42M | 13.51M | 11.34M | 0 |
| Other Income/Expense | -61.62M | 39.13M | -1.78M | -1.05M | -6.02M | -5.34M | -10.29M | -20.8M | -22.82M | -14.93M | -7.28M | -5.45M | -12.52M | -10.85M | -8.13M |
| Pretax Income | 297.26M | 299.93M | 271.33M | 422.55M | 476.48M | 181.99M | 121.82M | 214.37M | 295.56M | 157.15M | 20.19M | -101.31M | 169.19M | 168.96M | 151.81M |
| Pretax Margin % | 63.48% | 71.02% | 61.75% | 84.32% | 60.75% | 35.98% | 41.07% | 43.5% | 48.49% | 36.58% | 7.74% | -25.78% | 30.86% | 36.45% | 41.15% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.06M | 0 | 0 | 0 | 0 | 0 | 60.09M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.7% | 0% | 0% | 0% | 0% | 0% | 39.58% |
| Net Income | 297.26M | 299.93M | 271.33M | 422.55M | 476.48M | 181.99M | 121.82M | 214.37M | 295.54M | 157.19M | 20.2M | -100.05M | 170.35M | 168.59M | 91.72M |
| Net Margin % | 63.48% | 71.02% | 61.75% | 84.32% | 60.75% | 35.98% | 41.07% | 43.5% | 48.48% | 36.58% | 7.74% | -25.46% | 31.07% | 36.37% | 24.86% |
| Net Income Growth % | 33.09% | 10.54% | -35.79% | -11.32% | 161.82% | 49.39% | -43.17% | -27.46% | 88.02% | 678.15% | 120.19% | -158.73% | 1.04% | 83.8% | - |
| Net Income (Continuing) | 297.26M | 299.93M | 271.33M | 422.55M | 476.48M | 181.99M | 121.82M | 214.37M | 295.56M | 157.15M | 20.19M | -101.31M | 169.19M | 168.96M | 91.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 867K | 1.02M | 1.14M | 2.62M | 4.09M | 327.82M |
| EPS (Diluted) | 1.40 | 1.28 | 1.15 | 1.88 | 2.12 | 0.77 | 0.49 | 1.01 | 1.36 | 1.01 | 0.26 | -0.53 | 0.81 | 0.89 | 0.04 |
| EPS Growth % | 37.71% | 11.3% | -38.83% | -11.32% | 175.32% | 57.14% | -51.49% | -25.74% | 34.65% | 288.46% | 149.06% | -165.43% | -8.79% | 1979.7% | - |
| EPS (Basic) | - | 1.28 | 1.15 | 1.91 | 2.18 | 0.77 | 0.49 | 1.01 | 1.36 | 1.01 | 0.26 | -0.53 | 0.81 | 0.89 | 0.04 |
| Diluted Shares Outstanding | 212.37M | 211.73M | 210.78M | 225.1M | 224.45M | 208.29M | 206.82M | 206.12M | 217.61M | 192.55M | 191.83M | 191.24M | 190.27M | 190.27M | 2.15B |
| Basic Shares Outstanding | 212.37M | 211.67M | 210.68M | 209.97M | 209.38M | 208.18M | 206.71M | 205.97M | 217.61M | 192.55M | 191.21M | 191.24M | 187.01M | 190.27M | 2.15B |
| Dividend Payout Ratio | - | 95.24% | 124.18% | 94.39% | 67.66% | 97.22% | 115.21% | 143.41% | 84.63% | 123.93% | 871.01% | - | 132.04% | 133.88% | 260.09% |
Natural gas price volatility
As indicated by the most recent quarterly data, BSM experienced a significant revenue surge to $188.5 million in 2026Q1, representing a 63.5% growth rate, though this follows a period of inconsistent top-line performance that highlights the company's sensitivity to regional natural gas pricing and operator activity levels.
The sharp revenue spike in the most recent quarter suggests that transactional lease bonuses or favorable production timing may be creating lumpy growth patterns. Investors should monitor whether this acceleration is sustainable or merely a temporary deviation from the broader trend of production-based royalty fluctuations observed over the previous eight quarters.
According to the provided financial statements, BSM maintains a robust gross margin profile, peaking at 86.3% in 2026Q1, which underscores the inherent cost advantages of a royalty-based business model that avoids the heavy capital expenditures and lifting costs typically associated with traditional oil and gas exploration and production.
The ability to sustain gross margins consistently above 70% suggests that the company's fee-simple mineral ownership provides a durable competitive moat. This structural efficiency allows the firm to capture significant value from commodity price upside while remaining insulated from the inflationary pressures on labor and equipment that often compress peer margins.
Based on reported figures, BSM's net income exhibits extreme volatility, with net margins swinging from as low as 7.0% to over 117% in recent periods, a trend that appears largely driven by non-operating items and mark-to-market adjustments rather than core operational performance or underlying production trends.
The disconnect between operating income and net income warrants further investigation, as it suggests that GAAP earnings may be an unreliable metric for assessing the company's true cash-generating capacity. Analysts should prioritize distributable cash flow metrics to strip away the noise created by derivative accounting and non-cash depletion charges.
As highlighted by the recent income statement data, BSM's heavy exposure to the Haynesville/Bossier gas play creates a significant risk profile, as prolonged weakness in natural gas prices may lead to a reduction in lease bonus income and a deceleration in new well completions on company acreage.
Short-term observers may focus on the potential for margin compression if operator activity slows in response to low gas prices, which would directly impact the company's royalty revenue. The reliance on third-party drilling decisions means that BSM lacks direct control over its production growth, leaving it vulnerable to the capital allocation strategies of its operators.
Quick answers to the most common questions about buying BSM stock.
For fiscal year 2025, Black Stone Minerals, L.P. (BSM) reported total revenue of $422.3M. This represents a 14.5% increase compared to $369.0M in 2012.
Black Stone Minerals, L.P. (BSM) is profitable, generating $299.9M in net income for the fiscal year ending 2025 with a net profit margin of 71.0%.
Black Stone Minerals, L.P. (BSM) reported an operating income of $260.8M, resulting in an operating profit margin of 61.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Black Stone Minerals, L.P. (BSM) generated $316.3M in gross profit for the year, representing a gross profit margin of 74.9%. This demonstrates the company's core pricing power and production efficiency.