BSM

MKT CAP:$3B

Black Stone Minerals, L.P.

Market Cap

$3B

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

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

Stock Price

$13.67+$0.16 (+1.18%)

Apr 17, 2026

Company Details

Black 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...

CEO

H. Taylor DeWalch

IPO Date

Apr 30, 2015

Website

www.blackstoneminerals.com

Key Metrics TTM

Revenue

$395M

-10.1% YoY

Net Income

$300M

EPS (Diluted)

$1.28

Free Cash Flow

$212M

Revenue / Share

$1.86

Gross Margin

75.1%

Operating Margin

58.3%

Net Margin

75.9%

FCF Margin

53.7%

P/S

7.6x

P/E

10.1x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 24, 2026

$422M-3.9%EPS $1.28

Q4 2025

Feb 24, 2026

$95M-8.7%EPS $0.31

Q3 2025

Nov 4, 2025

$78M-24.5%EPS $0.40

Q2 2025

Aug 5, 2025

$107M-7.3%EPS $0.53

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$156M	$128M	-$6M
Q2 22	$208M	$173M	$133M
Q3 22	$221M	$188M	$170M
Q4 22	$199M	$168M	$185M
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

Valuation

Quarter	P/S	P/E
Q1 22	4.8x	17.3x
Q2 22	4.6x	11.1x
Q3 22	4.6x	8.0x
Q4 22	4.3x	7.1x
Q1 23	4.5x	5.5x
Q2 23	5.1x	5.9x
Q3 23	6.4x	7.9x
Q4 23	6.8x	8.1x
Q1 24	6.8x	9.6x
Q2 24	6.6x	9.7x
Q3 24	6.7x	8.5x
Q4 24	6.9x	11.1x
Q1 25	7.3x	14.4x
Q2 25	6.4x	10.0x
Q3 25	6.9x	10.2x
Q4 25	7.2x	9.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$83M	$79M
Q2 22	$78M	$71M
Q3 22	$108M	$106M
Q4 22	$156M	$156M
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

Quarter	CapEx
Q1 22	$4M
Q2 22	$6M
Q3 22	$2M
Q4 22	$538.0K
Q1 23	$2M
Q2 23	$679.0K
Q3 23	$2M
Q4 23	$15M
Q1 24	$24M
Q2 24	$16.0K
Q3 24	$15M
Q4 24	$48M
Q1 25	$13M
Q2 25	$30M
Q3 25	$11.0K
Q4 25	$55M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+74.9%	+124.5%
Q2 22	+76.2%	-26.0%
Q3 22	+61.0%	-57.5%
Q4 22	+23.6%	-44.9%
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 22	$5M	2.9%
Q2 22	$3M	1.3%
Q3 22	$5M	2.1%
Q4 22	$6M	2.8%
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 22	$14M
Q2 22	$13M
Q3 22	$13M
Q4 22	$14M
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 22	$76M	$76M	$5M
Q2 22	$111M	$94M	$2M
Q3 22	$138M	$80M	$3M
Q4 22	$110M	$86M	$3M
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 22	$7M	$0	$7M
Q2 22	$12M	$0	$12M
Q3 22	$838.0K	$0	$838.0K
Q4 22	$4M	$0	$4M
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	209M	-6.6%	+0.9%
Q2 22	224M	+7.2%	+7.9%
Q3 22	224M	+0.0%	+7.5%
Q4 22	225M	+0.2%	+0.3%
Q1 23	225M	+0.1%	+7.4%
Q2 23	210M	-6.6%	-6.4%
Q3 23	210M	+0.0%	-6.4%
Q4 23	226M	+7.4%	+0.3%
Q1 24	211M	-6.6%	-6.3%
Q2 24	211M	+0.0%	+0.4%
Q3 24	211M	-0.0%	+0.3%
Q4 24	211M	+0.2%	-6.4%
Q1 25	211M	+0.1%	+0.3%
Q2 25	227M	+7.3%	+7.6%
Q3 25	212M	-6.7%	+0.4%
Q4 25	212M	+0.2%	+0.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$2M	93
Q2 22	$2M	93
Q3 22	$2M	93
Q4 22	$2M	98
Q1 23	$1M	98
Q2 23	$1M	98
Q3 23	$1M	98
Q4 23	$1M	108
Q1 24	$1M	108
Q2 24	$1M	108
Q3 24	$955.4K	108
Q4 24	$923.0K	113
Q1 25	$1M	113
Q2 25	$944.3K	113
Q3 25	$689.3K	113
Q4 25	$780.2K	122

Revenue / Employee