Black Stone Minerals, L.p. is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
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~$24
Cash-flow model
Base case. Range ~$18–$33 across our lower- and higher-growth cases (0.3%–10.3% a year).
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Black Stone Minerals, L.p. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $524m, up 19.8% on a year earlier, slower than the 38.0% growth a quarter earlier. Free-cash-flow margin fell to 39.2% from 53.0% a year earlier. Operating margin narrowed to 56.4% from 64.0%. It passes 2 of our 3 financial-health checks.
Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Black Stone Minerals, L.p.'s trailing-twelve-month revenue grew 19.8% year on year, with a free-cash-flow margin of 39.2%. Where it stands out: net margin of 48.5% ranks 2 of 57 oil & gas exploration & production companies we cover. Where it lags: change in growth rate of -18.1pp ranks 52 of 57 oil & gas exploration & production companies we cover.
Our discounted-cash-flow model values the business at ~$24 per share in the base case (~$18–$33 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 19.8% (-18.1pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
Our value per share comes from a discounted-cash-flow model of Black Stone Minerals, L.p.'s free cash flow after stock-based pay ( $289M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
We value Black Stone Minerals, L.p. as an oil and gas producer, with every model that fits that kind of business. Cost of equity 7.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.57 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. | ~$3.3 | Left out: far from the other models (more than 3x away from their median) |
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$24 ~$18–$33 | Included |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$13 ~$11–$21 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: book value or earnings not available |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Combined value Weighted average of the models that apply: the primary model (proved-reserve net asset value) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$19 ~$13–$24 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Black Stone Minerals, L.p. with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| Discount rate ↓ / growth → | −5% growth | 0% growth | 5% growth | 10% growth | 15% growth | 20% growth |
|---|---|---|---|---|---|---|
| 7% | $19 | $26 | $35 | $47 | $63 | $84 |
| 8.5% | $14 | $19 | $26 | $35 | $46 | $61 |
| 10% | $11 | $15 | $20 | $27 | $36 | $47 |
Strong moat
How hard Black Stone Minerals's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 15.3% of total assets over 10 years.
Operating margin has been a median 42.6%; its worst year was 30.3%.
Free cash flow was positive in 10 of 10 years, at a median 67.0% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $1.11 | −0% | $435m | −7% |
| Next | $1.15 | +3% | $485m | +11% |
Next year's EPS estimate has moved −3.0% in 90 days, across 2 analysts.
The consensus EPS forecast for the current fiscal year is +7.2% on 90 days ago. In the last 30 days, 1 analyst raised Black Stone Minerals, L.p.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $1.03 | $1.18 |
| 60 days ago | $1.01 | $1.16 |
| 30 days ago | $1.09 | $1.13 |
| 7 days ago | $1.11 | $1.14 |
| Now | $1.11 | $1.15 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.25 | $0.30 | +20.0% |
| Mar 2026 | $0.23 | $0.28 | +20.0% |
| Dec 2025 | $0.27 | $0.22 | −19.3% |
| Sept 2025 | $0.29 | $0.30 | +4.7% |
Adjusted EPS as companies report it, against the average analyst estimate.
Our cash-flow model grows Black Stone Minerals, L.p.'s revenue by -4.4% next year and +6.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-12.2%, weight 56%) and the company's own record (+5.3%, weight 44%) . How the weights are set.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| BSM | +67% | +81% | +6% | +2% | +1% | +18% |
| Industry peers (median) | +88% | +54% | −8% | +2% | −15% | +17% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| BSM | 50% | 75% | 58% | 50% | 42% | 64% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| BSM | −20% | −23% | −15% | −13% | −20% | −13% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 76% from May 7, 2019 to March 19, 2020. Getting back needed a 310% gain, reached on April 8, 2022, 750 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 4, 2026 | −3.3% | +1.6% | −3.7% | +1.5% |
| May 5, 2026 | −4.7% | +2.2% | −2.9% | −0.3% |
| February 24, 2026 | +0.9% | +1.6% | +0.6% | +2.4% |
| November 4, 2025 | +1.8% | −0.8% | +6.6% | +13.4% |
| August 5, 2025 | +1.0% | +0.3% | +0.5% | −1.2% |
| May 6, 2025 | −4.4% | −0.4% | +0.6% | −2.2% |
| February 25, 2025 | +1.5% | −0.4% | −2.8% | +2.7% |
| November 5, 2024 | +1.2% | +3.7% | +3.3% | +3.5% |
| August 6, 2024 | +2.2% | +0.2% | +3.9% | +3.3% |
| May 7, 2024 | −0.5% | +0.1% | −3.8% | −1.7% |
| February 20, 2024 | +0.1% | −0.5% | +1.9% | +3.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $631.8M |
| FY23 Q4 | $592.2M |
| FY24 Q1 | $523.1M |
| FY24 Q2 | $515.8M |
| FY24 Q3 | $540.8M |
| FY24 Q4 | $433.7M |
| FY25 Q1 | $387.5M |
| FY25 Q2 | $437.3M |
| FY25 Q3 | $434.9M |
| FY25 Q4 | $469.9M |
| FY26 Q1 | $534.6M |
| FY26 Q2 | $524.1M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -13.8% |
| FY23 Q4 | -24.4% |
| FY24 Q1 | -34.8% |
| FY24 Q2 | -30.2% |
| FY24 Q3 | -14.4% |
| FY24 Q4 | -26.8% |
| FY25 Q1 | -25.9% |
| FY25 Q2 | -15.2% |
| FY25 Q3 | -19.6% |
| FY25 Q4 | 8.4% |
| FY26 Q1 | 38.0% |
| FY26 Q2 | 19.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | 73.0% |
| FY23 Q4 | 71.5% |
| FY24 Q1 | 67.4% |
| FY24 Q2 | 66.3% |
| FY24 Q3 | 69.0% |
| FY24 Q4 | 63.0% |
| FY25 Q1 | 58.4% |
| FY25 Q2 | 64.0% |
| FY25 Q3 | 64.6% |
| FY25 Q4 | 65.6% |
| FY26 Q1 | 57.6% |
| FY26 Q2 | 56.4% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 85.9% |
| FY23 Q4 | 85.6% |
| FY24 Q1 | 86.2% |
| FY24 Q2 | 75.9% |
| FY24 Q3 | 65.5% |
| FY24 Q4 | 64.5% |
| FY25 Q1 | 65.2% |
| FY25 Q2 | 53.0% |
| FY25 Q3 | 53.5% |
| FY25 Q4 | 43.2% |
| FY26 Q1 | 37.3% |
| FY26 Q2 | 39.2% |
Each dollar Black Stone Minerals took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
| Revenue | $470M | |
|---|---|---|
| Selling, general and admin | $55.5M | 11.8% of revenue |
| Other operating costs | $106M | 22.6% of revenue |
| Operating income | $308M | 65.6% of revenue |
| Interest and other | $37.9M | 8.1% of revenue |
| Net income | $270M | 57.6% of revenue |
| Fiscal year | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||
| Revenue | 464 | 548 | 393 | 261 | 430 | 610 | 488 | 343 | 359 | 664 | 592 | 434 | 470 | 524 |
| EBITDA | 282 | 294 | 8 | 130 | 287 | 441 | 345 | 214 | 248 | 530 | 469 | 318 | 345 | 333 |
| Operating income | 180 | 182 | −96 | 27 | 172 | 318 | 235 | 132 | 187 | 482 | 424 | 273 | 308 | 296 |
| Net income | 169 | 169 | −102 | 20 | 157 | 296 | 214 | 122 | 182 | 476 | 423 | 271 | 270 | 254 |
| Growth (year on year) | ||||||||||||||
| Revenue | — | +18.3% | −28.3% | −33.6% | +64.7% | +41.9% | −20.0% | −29.7% | +4.8% | +84.7% | −10.8% | −26.8% | +8.4% | +19.8% |
| EBITDA | — | +4.0% | −97.1% | +>999% | +120.5% | +53.9% | −21.8% | −37.9% | +16.0% | +113.5% | −11.5% | −32.2% | +8.5% | +4.0% |
| Operating income | — | +1.1% | −152.8% | — | +526.5% | +85.0% | −26.1% | −43.8% | +41.8% | +157.6% | −12.2% | −35.5% | +12.9% | +5.6% |
| Net income | — | +0.1% | −160.1% | — | +678.4% | +88.1% | −27.5% | −43.2% | +49.4% | +161.8% | −11.3% | −35.8% | −0.3% | −7.6% |
| Margins | ||||||||||||||
| EBITDA margin | 60.9% | 53.6% | 2.1% | 49.8% | 66.7% | 72.4% | 70.7% | 62.5% | 69.1% | 79.9% | 79.2% | 73.4% | 73.5% | 63.6% |
| Operating margin | 38.8% | 33.1% | −24.4% | 10.5% | 40.1% | 52.2% | 48.2% | 38.5% | 52.1% | 72.7% | 71.5% | 63.0% | 65.6% | 56.4% |
| Net margin | 36.4% | 30.9% | −25.9% | 7.7% | 36.6% | 48.5% | 43.9% | 35.5% | 50.7% | 71.8% | 71.4% | 62.6% | 57.6% | 48.5% |
| Free-cash-flow margin | 43.0% | 63.9% | 56.6% | 74.9% | 64.9% | 62.2% | 75.8% | 82.2% | 68.7% | 64.0% | 85.6% | 64.5% | 43.2% | 39.2% |
| Cash flow | ||||||||||||||
| Cash from operations | 321 | 396 | 285 | 197 | 282 | 385 | 413 | 282 | 257 | 425 | 521 | 389 | 310 | 320 |
| Capital spending | 122 | 46 | 62 | 1 | 3 | 6 | 43 | 0 | 10 | 0 | 15 | 109 | 107 | 115 |
| Free cash flow | 199 | 351 | 222 | 195 | 279 | 379 | 370 | 282 | 247 | 425 | 507 | 280 | 203 | 205 |
| Stock-based pay | 7 | 11 | 18 | 43 | 33 | 30 | 20 | 4 | 12 | 17 | 11 | 9 | 10 | 11 |
| Free cash flow after stock pay | 192 | 339 | 204 | 152 | 246 | 349 | 349 | 278 | 235 | 407 | 496 | 271 | 193 | 195 |
| Balance sheet | ||||||||||||||
| Cash | 30 | 15 | 13 | 10 | 6 | 5 | 8 | 2 | 9 | 4 | 70 | 3 | 1 | 2 |
| Total debt | 0 | 394 | 66 | 316 | 388 | 410 | 394 | 121 | 89 | 10 | 3 | 25 | 154 | 196 |
| Net debt (negative = net cash) | −30 | 379 | 53 | 306 | 382 | 405 | 386 | 119 | 80 | 6 | −67 | 22 | 153 | 194 |
| Returned to shareholders | ||||||||||||||
| Buybacks | 118 | 5 | 3 | 0 | — | — | — | 5 | 2 | 3 | 5 | 4 | — | — |
| Total returned | 118 | 5 | 3 | 0 | — | — | — | 5 | 2 | 3 | 5 | 4 | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 135 | 84 | 59 | 159 | 132 | 119 | 124 | 149 |
| EBITDA | 104 | 58 | 26 | 131 | 104 | 84 | 26 | 119 |
| Operating income | 93 | 48 | 17 | 122 | 94 | 75 | 17 | 110 |
| Net income | 85 | 68 | 9 | 113 | 84 | 65 | 6 | 99 |
| Growth (year on year) | ||||||||
| Revenue | +22.8% | −56.1% | −43.8% | +45.5% | −1.8% | +41.8% | +109.1% | −6.6% |
| EBITDA | +40.3% | −63.3% | −65.2% | +64.7% | −0.4% | +42.9% | +0.5% | −9.1% |
| Operating income | +50.1% | −67.8% | −73.2% | +78.5% | +1.1% | +57.5% | −3.1% | −10.0% |
| Net income | +50.2% | −58.1% | −84.8% | +84.8% | −1.2% | −5.2% | −31.2% | −12.1% |
| Margins | ||||||||
| EBITDA margin | 77.4% | 69.8% | 44.4% | 82.4% | 78.5% | 70.4% | 21.3% | 80.2% |
| Operating margin | 69.1% | 56.8% | 29.0% | 76.7% | 71.0% | 63.1% | 13.4% | 73.9% |
| Net margin | 63.3% | 81.7% | 14.5% | 70.6% | 63.7% | 54.6% | 4.8% | 66.5% |
| Free-cash-flow margin | 58.2% | 54.6% | 92.1% | 33.1% | 60.0% | 13.7% | 41.2% | 39.3% |
| Cash flow | ||||||||
| Cash from operations | 93 | 91 | 65 | 80 | 100 | 65 | 63 | 93 |
| Capital spending | 15 | 45 | 10 | 28 | 20 | 49 | 12 | 34 |
| Free cash flow | 79 | 46 | 55 | 53 | 79 | 16 | 51 | 59 |
| Stock-based pay | 2 | 2 | 3 | 2 | 2 | 2 | 4 | 2 |
| Free cash flow after stock pay | 76 | 44 | 52 | 51 | 77 | 14 | 47 | 56 |
| Last 12 months unless stated | BSM | TXO | GRNT | GPRK | REPX | WTI | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $524m | $497m | $496m | $493m | $484m | $601m | $1.4bn |
| Revenue growth, last 12 months | 19.8% | 49.6% | 14.6% | −25.5% | 23.2% | 20.3% | 10.6% |
| Revenue growth, 3-year average | −10.8% | 9.2% | 4.7% | — | 13.3% | 0.6% | 1.4% |
| Revenue growth, latest quarter | −6.6% | 67.9% | 36.7% | — | 94.2% | 31.0% | 31.5% |
| Operating margin | 56.4% | −8.7% | 7.5% | 22.4% | 38.4% | 5.0% | 21.1% |
| Operating margin, 3-year average | 62.3% | −27.0% | 15.4% | 24.5% | 39.4% | −3.2% | 16.5% |
| Net margin | 48.5% | −7.5% | −5.6% | 10.1% | 24.5% | −8.4% | 10.1% |
| Cash from operations / revenue | 61.1% | 28.8% | 51.7% | 3.0% | 49.4% | 16.4% | 42.4% |
| Free-cash-flow margin | 39.2% | 7.4% | 31.6% | −17.0% | 48.4% | 16.4% | 19.3% |
| Free-cash-flow margin, 3-year average | 56.0% | 12.4% | 44.7% | 2.3% | 51.5% | 9.8% | 19.1% |
| Stock pay / revenue | 2.0% | 2.7% | 1.1% | 0.9% | 2.3% | 4.2% | 1.5% |
| Change in share count | — | 28.8% | 0.2% | −2.0% | −0.1% | 2.6% | 0.4% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 19.8% | 10.6% | 19 of 57 |
| Change in growth rate Growth | -18.1pp | +4.9pp | 52 of 57 |
| Operating margin Profitability | 56.4% | 19.9% | 2 of 42 |
| Net margin Profitability | 48.5% | 10.1% | 2 of 57 |
| Free-cash-flow margin Cash generation | 39.2% | 23.2% | 12 of 51 |
| Stock pay as % of revenue Cash generation | 2.0% | 1.2% | 31 of 47 |
| Days sales outstanding Balance sheet | 5 days | 41 days | 2 of 42 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Oil Reserves | $209M | ▼ 22.2% |
| Natural Gas Reserves | $192M | ▲ 21.3% |
| Real Estate | $21.4M | ▲ 71.3% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Black Stone Minerals, L.p.'s 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Morgan Stanley | $124M | 8.9M | 19.7% | ▲ 7.6% |
| William Marsh Rice University | $79.1M | 5.7M | 12.5% | 0.0% |
| FMR LLC | $63.1M | 4.5M | 10.0% | ▼ 0.4% |
| Bank Of America Corp | $29.1M | 2.1M | 4.6% | ▼ 1.3% |
| Penn Davis Mcfarland Inc | $27.4M | 2.0M | 4.3% | ▼ 0.1% |
| Investment Management Associates Inc | $25.8M | 1.8M | 4.1% | ▼ 2.8% |
| Natixis | $22.1M | 1.6M | 3.5% | 0.0% |
| Ameriprise Financial Inc | $16.5M | 1.2M | 2.6% | 0.0% |
| Long Corridor Asset Management Ltd | $12.3M | 880K | 1.9% | ▲ 14.0% |
| Brown Advisory Inc | $12.2M | 871K | 1.9% | ▼ 0.8% |
| Cambridge Investment Research Advisors, Inc. | $11.4M | 816K | 1.8% | ▲ 100.3% |
| Mudita Advisors LLP | $10.6M | 761K | 1.7% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Black Stone Minerals, L.p.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Whitehead James Director | August 6, 2026 | Sell | 1,628,762 | $13.21 | $21.5M |
| Whitehead James Director | August 6, 2026 | Sell | 498,343 | $13.21 | $6.6M |
| Dewalch D Mark Director | June 1, 2026 | Buy | 36,363 | $13.62 | $495,264 |
| Dewalch D Mark Director | May 29, 2026 | Buy | 36,363 | $13.48 | $490,173 |
| Dewalch D Mark Director | May 28, 2026 | Buy | 37,650 | $13.21 | $497,357 |
| Carter Thomas L Jr Executive Chairman | May 13, 2026 | Buy | 1,120 | $13.50 | $15,120 |
| Carter Thomas L Jr Executive Chairman | May 12, 2026 | Buy | 19,154 | $13.48 | $258,196 |
| Longmaid Ashley J Director | May 12, 2026 | Sell | 11,128 | $13.45 | $149,672 |
| Carter Thomas L Jr Executive Chairman | May 11, 2026 | Buy | 25,000 | $13.47 | $336,750 |
| Carter Thomas L Jr Executive Chairman | May 8, 2026 | Buy | 23,604 | $13.32 | $314,405 |
| Putman Luke Stevens SVP, General Counsel, and Sec | May 5, 2026 | Sell pre-set plan | 29,386 | $13.75 | $404,058 |
| Putman Luke Stevens SVP, General Counsel, and Sec | April 6, 2026 | Sell | 29,386 | $14.45 | $424,628 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around February 23, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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