Black Stone Minerals, L.P. (BSM) Key Metrics
BSM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.20B
- Enterprise value
- $3.29B
- P/E (TTM)
- 12.5 10-yr median 11.4
- Forward P/E
- 12.3
- PEG ratio
- 1.37
- Price / sales
- 7.5 10-yr median 6.1
- Price / book
- 2.8 10-yr median 2.8
- EV / EBITDA
- 9.9 10-yr median 8.7
- Dividend yield
- 8.12% $1.22 a year
- Beta
- 0.12
BSM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsBSM valuation Price multiples at each fiscal year-end price.
BSM returns How much profit the business earns on the capital it uses.
BSM per-share figures Results divided by the shares outstanding at year-end.
BSM financial health Debt, liquidity and how easily interest is covered.
BSM efficiency & capital use Working capital cycle and where the cash goes.
BSM valuation history
BSM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
BSM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
BSM cash returned to shareholders
BSM price vs earnings per share
BSM key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.81B | $3.08B | $3.59B | $3.79B | $2.15B | $1.38B | $2.62B | $3.37B | $3.45B | $3.60B |
| Enterprise value | $2.97B | $3.10B | $3.52B | $3.80B | $2.29B | $1.52B | $3.01B | $3.83B | $3.86B | $3.96B |
| P/E ratio | 9.4 | 11.3 | 8.5 | 7.9 | 11.8 | 11.3 | 12.2 | 11.4 | 22.0 | 178.3 |
| Price / sales | 6.7 | 7.0 | 7.2 | 4.8 | 4.3 | 4.7 | 5.3 | 5.5 | 8.0 | 13.8 |
| Price / book | 2.5 | 2.7 | 3.0 | 3.1 | 2.0 | 1.3 | 2.4 | 2.8 | 3.2 | 5.0 |
| Price / free cash flow | 9.4 | 8.0 | 7.2 | 9.2 | 8.9 | 5.0 | 8.7 | 38.3 | — | — |
| Price / operating cash flow | 9.1 | 7.9 | 6.9 | 8.9 | 8.4 | 4.9 | 6.4 | 8.7 | 12.3 | 18.3 |
| EV / sales | 7.0 | 7.1 | 7.0 | 4.8 | 4.5 | 5.1 | 6.1 | 6.3 | 9.0 | 15.2 |
| EV / EBITDA | 8.6 | 9.7 | 7.5 | 7.2 | 9.2 | 7.1 | 8.7 | 8.7 | 13.4 | 30.4 |
| EV / free cash flow | 9.9 | 8.1 | 7.0 | 9.2 | 9.4 | 5.5 | 10.0 | 43.5 | — | — |
| Earnings yield | 10.7% | 8.8% | 11.8% | 12.6% | 8.5% | 8.8% | 8.2% | 8.8% | 4.6% | 0.6% |
| Free cash flow yield | 10.6% | 12.5% | 14.0% | 10.9% | 11.3% | 20.0% | 11.5% | 2.6% | −5.9% | −0.7% |
| Dividend yield | 11.2% | 11.9% | 11.7% | 9.1% | 9.2% | 11.7% | 12.5% | 8.0% | 5.7% | 5.1% |
| Shareholder yield (dividends + buybacks) | 11.3% | 12.0% | 11.8% | 9.1% | 9.3% | 12.0% | 13.2% | 8.3% | 6.6% | 6.3% |
| Share price at fiscal year-end | $13.29 | $14.60 | $15.96 | $16.87 | $10.33 | $6.68 | $12.72 | $15.48 | $17.94 | $18.78 |
| Per share | ||||||||||
| Revenue per share | $1.99 | $2.08 | $2.23 | $3.49 | $2.43 | $1.43 | $2.39 | $2.80 | $2.23 | $1.36 |
| Earnings per share | $1.42 | $1.29 | $1.88 | $2.12 | $0.87 | $0.59 | $1.04 | $1.36 | $0.82 | $0.11 |
| Operating cash flow per share | $1.46 | $1.85 | $2.32 | $1.89 | $1.23 | $1.36 | $2.00 | $1.77 | $1.46 | $1.03 |
| Free cash flow per share | $1.41 | $1.83 | $2.23 | $1.84 | $1.16 | $1.34 | $1.46 | $0.40 | −$1.05 | −$0.13 |
| Cash per share | $0.01 | $0.01 | $0.31 | $0.02 | $0.04 | $0.01 | $0.04 | $0.02 | $0.03 | $0.05 |
| Book value per share | $5.31 | $5.36 | $5.41 | $5.39 | $5.11 | $5.12 | $5.32 | $5.53 | $5.66 | $3.78 |
| Tangible book value per share | $5.31 | $5.36 | $5.41 | $5.39 | $5.11 | $5.12 | $5.32 | $5.53 | $5.66 | $3.78 |
| Dividends per share | $1.49 | $1.73 | $1.87 | $1.53 | $0.95 | $0.78 | $1.59 | $1.23 | $1.03 | $0.95 |
| Capex per share | $0.06 | $0.02 | $0.09 | $0.06 | $0.07 | $0.02 | $0.54 | $1.37 | $2.52 | $1.16 |
| Debt per share | $0.73 | $0.12 | $0.01 | $0.08 | $0.69 | $0.70 | $1.95 | $2.14 | $2.14 | $1.91 |
| Shares outstanding | 211.7M | 210.8M | 225.1M | 224.4M | 208.3M | 206.8M | 206.1M | 217.6M | 192.5M | 191.8M |
| Change in shares outstanding | +0.5% | −6.4% | +0.3% | +7.8% | +0.7% | +0.3% | −5.3% | +13.0% | +0.4% | +0.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 26.6% | 23.1% | 34.8% | 41.9% | 17.1% | 11.3% | 18.6% | 25.8% | 17.3% | 2.5% |
| Return on invested capital (ROIC) | 17.0% | 18.8% | 33.9% | 39.4% | 15.6% | 9.8% | 14.9% | 20.2% | 13.3% | 2.7% |
| Return on assets (ROA) | 23.5% | 21.8% | 33.3% | 37.8% | 14.6% | 8.7% | 13.0% | 17.8% | 11.6% | 1.8% |
| Return on tangible assets | 22.5% | 22.3% | 33.4% | 37.5% | 14.6% | 9.8% | 13.9% | 16.9% | 10.0% | 1.8% |
| Free cash flow margin | 70.7% | 87.6% | 100.1% | 52.6% | 47.9% | 93.4% | 61.2% | 14.4% | −47.2% | −9.6% |
| Income quality (OCF / net income) | 1.03 | 1.43 | 1.23 | 0.89 | 1.41 | 2.31 | 1.93 | 1.30 | 1.79 | 9.74 |
| Financial health | ||||||||||
| Total debt | $154.0M | $25.0M | $1.8M | $16.8M | $143.3M | $144.4M | $401.0M | $466.0M | $411.4M | $366.4M |
| Cash & short-term investments | $1.5M | $2.5M | $70.3M | $4.3M | $8.9M | $1.8M | $8.1M | $5.4M | $5.6M | $9.8M |
| Net debt | $152.5M | $22.5M | −$68.5M | $12.5M | $134.4M | $142.6M | $392.9M | $460.6M | $405.8M | $356.7M |
| Debt / equity | 0.14 | 0.02 | 0.00 | 0.01 | 0.13 | 0.14 | 0.37 | 0.39 | 0.38 | 0.50 |
| Debt / assets | 0.12 | 0.02 | 0.00 | 0.01 | 0.11 | 0.12 | 0.26 | 0.27 | 0.26 | 0.32 |
| Net debt / EBITDA | 0.44 | 0.07 | −0.15 | 0.02 | 0.54 | 0.67 | 1.14 | 1.05 | 1.41 | 2.74 |
| Current ratio | 3.88 | 2.58 | 7.48 | 5.64 | 1.40 | 1.67 | 3.43 | 2.43 | 1.47 | 1.11 |
| Quick ratio | 3.88 | 2.58 | 3.18 | 4.62 | 1.40 | 1.67 | 3.43 | 2.43 | 1.47 | 1.11 |
| Interest coverage | 29.2 | 87.8 | 153.8 | 76.8 | 33.2 | 12.7 | 11.0 | 15.3 | 11.0 | 3.6 |
| Working capital | $71.0M | $48.1M | $167.3M | $142.6M | $30.8M | $26.6M | $72.5M | $92.8M | $27.9M | $7.7M |
| Invested capital | $1.28B | $1.15B | $1.15B | $1.22B | $1.20B | $1.20B | $1.49B | $1.66B | $1.50B | $1.08B |
| Tangible asset value | $1.13B | $1.13B | $1.22B | $1.21B | $1.06B | $1.06B | $1.10B | $1.20B | $1.09B | $725.7M |
| Net current asset value | −$111.5M | −$10.9M | $143.6M | $112.1M | −$76.3M | −$118.5M | −$346.1M | −$390.0M | −$398.3M | −$324.2M |
| Graham number | $13.01 | $12.46 | $15.11 | $16.05 | $10.02 | $8.24 | $11.16 | $13.00 | $10.20 | $2.99 |
| Graham net-net per share | −$0.74 | −$0.16 | $0.61 | $0.27 | −$0.49 | −$0.66 | −$1.85 | −$2.10 | −$2.18 | −$1.78 |
| Capital allocation | ||||||||||
| Dividends paid | $315.1M | $365.1M | $419.8M | $343.4M | $197.9M | $161.3M | $328.4M | $268.5M | $198.6M | $182.3M |
| Share buybacks (net) | $3.8M | $4.4M | $5.5M | $3.0M | $2.0M | $5.0M | $17.0M | $12.7M | $27.9M | $45.9M |
| Dividend payout ratio | 105.1% | 134.5% | 99.4% | 72.1% | 108.8% | 132.4% | 153.2% | 90.8% | 126.3% | 902.6% |
| Dividends + buybacks / free cash flow | 106.9% | 96.0% | 84.8% | 84.0% | 82.5% | 60.1% | 114.6% | 319.4% | — | — |
| Capex / revenue | 2.8% | 1.0% | 4.0% | 1.6% | 2.9% | 1.6% | 22.6% | 48.8% | 112.8% | 85.0% |
| Capex / operating cash flow | 3.8% | 1.1% | 3.8% | 3.0% | 5.7% | 1.7% | 27.0% | 77.2% | 171.9% | 112.8% |
| Capex / depreciation | 0.32 | 0.09 | 0.43 | 0.26 | 0.24 | 0.06 | 1.02 | 2.42 | 4.23 | 2.16 |
| Stock-based compensation / revenue | 2.3% | 1.9% | 2.2% | 2.2% | 2.4% | 1.3% | 4.2% | 4.9% | 7.7% | 16.5% |
| SG&A / revenue | 13.1% | 11.9% | 10.3% | 6.8% | 9.6% | 14.5% | 12.9% | 12.6% | 18.1% | 28.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 59.1 | 63.7 | 79.4 | 54.2 | 57.4 | 86.2 | 70.9 | 58.0 | 63.2 | 76.6 |
| Days of inventory on hand | — | — | 227.8 | 90.9 | — | 0.0 | 0.0 | — | — | — |
| Days payables outstanding | 15.1 | 21.3 | 20.9 | 18.4 | 13.8 | 11.4 | 9.2 | 5.9 | 6.7 | 10.7 |
| Cash conversion cycle (days) | 44.0 | 42.3 | 286.3 | 126.7 | 43.6 | 74.8 | 61.7 | 52.2 | 56.5 | 65.9 |
| Receivables turnover | 6.18 | 5.73 | 4.60 | 6.74 | 6.36 | 4.23 | 5.15 | 6.29 | 5.77 | 4.77 |
| Payables turnover | 24.19 | 17.11 | 17.49 | 19.88 | 26.50 | 32.01 | 39.71 | 62.13 | 54.28 | 34.15 |
| Inventory turnover | — | — | 1.60 | 4.02 | — | 139,513,000.00 | 187,782,000.00 | — | — | — |
| Asset turnover | 0.33 | 0.35 | 0.39 | 0.62 | 0.41 | 0.21 | 0.30 | 0.37 | 0.32 | 0.24 |
| Average receivables | $68.3M | $76.7M | $109.0M | $116.4M | $79.5M | $70.1M | $95.7M | $96.9M | $74.4M | $54.7M |
| Average payables | $4.4M | $6.1M | $6.5M | $6.4M | $4.7M | $4.4M | $4.7M | $3.3M | $3.3M | $4.6M |
| Average inventory | — | — | $71.2M | $31.5M | — | $1 | $1 | — | $0 | $0 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from BSM's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
BSM valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Black Stone Minerals traded at 9.4 times earnings, against a 10-year median of 11.4. Based on the latest twelve months, the trailing P/E is 12.5 and the forward P/E is 12.3. Black Stone Minerals earned a return on equity of 26.6% and a return on invested capital of 17.0% in fiscal 2025. It ended the year with $154.0 million of debt and $1.5 million in cash and short-term investments, net debt of $152.5 million. It returned $318.9 million to shareholders: $315.1 million in dividends and $3.8 million in share buybacks, 107% of free cash flow. The share count rose 10.4% from 191.8M to 211.7M over 9 years.
See the BSM income statement, the BSM chart for price history, or the BSM stock overview for the latest quote and news.
BSM key metrics FAQ
What is Black Stone Minerals's P/E ratio?
Black Stone Minerals's trailing P/E ratio is 12.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.3. At the end of fiscal 2025 it was 9.4, compared with a 10-year median of 11.4.
What is Black Stone Minerals's EV/EBITDA?
Black Stone Minerals's enterprise value was 8.6 times EBITDA at the end of fiscal 2025 (enterprise value $3.0 billion, EBITDA $345.7 million); the current EV/EBITDA is 9.9.
What is Black Stone Minerals's return on equity?
Black Stone Minerals's return on equity (ROE) was 26.6% in fiscal 2025: net income of $299.9 million on average shareholders' equity of $1.1 billion.
What is Black Stone Minerals's ROIC?
Black Stone Minerals's return on invested capital was 17.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Black Stone Minerals have?
Black Stone Minerals had total debt of $154.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.14 and $152.5 million of net debt (0.44 times EBITDA).
What is Black Stone Minerals's dividend yield?
Black Stone Minerals's forward dividend yield is 8.12%. Black Stone Minerals paid $315.1 million in dividends in fiscal 2025 ($1.49 per share), a payout ratio of 105.1%.
Does Black Stone Minerals buy back its shares?
Yes. Black Stone Minerals spent $3.8 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.5% over the year, to 211.7M..
What is Black Stone Minerals's free cash flow yield?
Black Stone Minerals generated $298.4 million of free cash flow in fiscal 2025, a free cash flow yield of 10.6% on its market value at year-end ($2.8 billion).
What is Black Stone Minerals's current ratio?
Black Stone Minerals's current ratio was 3.88 at the end of fiscal 2025: current assets were 3.88 times current liabilities.