BSM (Black Stone Minerals, L.P.) Stock Financials & Earnings | Market Cap Arena

BSM (Black Stone Minerals, L.P.) Stock Financials & Earnings | Market Cap Arena

BSMBlack Stone Minerals, L.P.

Mkt Cap$3B

Energy·Oil & Gas Exploration & Production·🇺🇸 United States·NYSE

Revenue (TTM)$395M

Net Income (TTM)$300M

EPS (TTM)$1.28

Free Cash Flow (TTM)$212M

Gross Margin75.1%

Op. Margin58.3%

Net Margin75.9%

FCF Margin53.7%

P/S Ratio (TTM)8.2x

P/E Ratio (TTM)10.8x

YoY Rev Growth-10.1%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$122M	$96M	$135M
Q2 23	$106M	$80M	$79M
Q3 23	$137M	$105M	$62M
Q4 23	$136M	$106M	$148M
Q1 24	$117M	$90M	$64M
Q2 24	$115M	$88M	$68M
Q3 24	$103M	$77M	$93M
Q4 24	$104M	$80M	$48M
Q1 25	$115M	$94M	$17M
Q2 25	$107M	$86M	$122M
Q3 25	$78M	$52M	$40M
Q4 25	$95M	$65M	$51M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	4.3x	5.3x
Q2 23	5.0x	5.7x
Q3 23	5.8x	7.1x
Q4 23	6.5x	7.7x
Q1 24	6.5x	9.2x
Q2 24	6.4x	9.5x
Q3 24	6.9x	8.7x
Q4 24	7.4x	12.0x
Q1 25	7.4x	14.5x
Q2 25	7.6x	11.8x
Q3 25	8.0x	11.8x
Q4 25	8.2x	10.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$137M	$135M
Q2 23	$133M	$133M
Q3 23	$117M	$114M
Q4 23	$134M	$119M
Q1 24	$104M	$80M
Q2 24	$100M	$100M
Q3 24	$93M	$78M
Q4 24	$91M	$43M
Q1 25	$65M	$51M
Q2 25	$80M	$51M
Q3 25	$100M	$100M
Q4 25	$65M	$10M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$2M
Q2 23	$679K
Q3 23	$2M
Q4 23	$15M
Q1 24	$24M
Q2 24	$16K
Q3 24	$15M
Q4 24	$48M
Q1 25	$13M
Q2 25	$30M
Q3 25	$11K
Q4 25	$55M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-21.8%	-107.9%
Q2 23	-49.1%	-63.9%
Q3 23	-38.2%	+46.6%
Q4 23	-31.5%	-180.2%
Q1 24	-4.5%	+509.6%
Q2 24	+9.0%	+73.3%
Q3 24	-24.5%	-86.5%
Q4 24	-23.5%	+605.7%
Q1 25	-1.3%	+85.7%
Q2 25	-7.3%	-133.4%
Q3 25	-24.5%	+281.4%
Q4 25	-8.7%	-22.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$2M	1.7%
Q2 23	$3M	2.4%
Q3 23	$4M	2.8%
Q4 23	$2M	1.8%
Q1 24	$2M	2.0%
Q2 24	$2M	1.9%
Q3 24	$2M	2.1%
Q4 24	$2M	1.7%
Q1 25	$3M	2.7%
Q2 25	$2M	1.8%
Q3 25	$2M	2.8%
Q4 25	$2M	2.5%

OpEx Breakdown

Quarter	G&A
Q1 23	$13M
Q2 23	$12M
Q3 23	$14M
Q4 23	$13M
Q1 24	$14M
Q2 24	$13M
Q3 24	$13M
Q4 24	$12M
Q1 25	$15M
Q2 25	$14M
Q3 25	$12M
Q4 25	$14M

Revenue Segments

Quarter	Natural Gas	Oil	Real Estate
Q1 23	$57M	$61M	$4M
Q2 23	$42M	$62M	$3M
Q3 23	$49M	$86M	$2M
Q4 23	$52M	$80M	$4M
Q1 24	$42M	$71M	$4M
Q2 24	$36M	$74M	$5M
Q3 24	$37M	$64M	$2M
Q1 25	$58M	$50M	$7M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$19M	$0	$19M
Q2 23	$47M	$0	$47M
Q3 23	$56M	$0	$56M
Q4 23	$70M	$0	$70M
Q1 24	$40M	$0	$40M
Q2 24	$27M	$0	$27M
Q3 24	$21M	$0	$21M
Q4 24	$3M	$0	$3M
Q1 25	$2M	$0	$2M
Q2 25	$3M	$0	$3M
Q3 25	$6M	$0	$6M
Q4 25	$1M	$0	$1M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	225M	+0.1%
Q2 23	210M	-6.6%
Q3 23	210M	+0.0%
Q4 23	226M	+7.4%
Q1 24	211M	-6.6%
Q2 24	211M	+0.0%
Q3 24	211M	-0.0%
Q4 24	211M	+0.2%
Q1 25	211M	+0.1%
Q2 25	227M	+7.3%
Q3 25	212M	-6.7%
Q4 25	212M	+0.2%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	$4M	107
FY 16	$2M	108
FY 17	$4M	113
FY 18	$5M	116
FY 19	$4M	115
FY 20	$3M	87
FY 21	$5M	93
FY 22	$8M	98
FY 23	$5M	108
FY 24	$4M	113
FY 25	$3M	122