Black Stone Minerals, L.p. key statistics and ratios

In fiscal 2025, Black Stone Minerals, L.p. had an operating margin of 65.6% and a current ratio of 3.88. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Black Stone Minerals, L.p.: financial ratios, annual
Fiscal year	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%	52.5%
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%	43.7%
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%	43.5%
Return on assets	—	12.8%	−8.5%	1.8%	11.6%	17.8%	13.0%	8.7%	14.6%	37.8%	33.3%	21.8%	21.2%	15.8%
Asset turnover	—	0.41	0.33	0.24	0.32	0.37	0.30	0.25	0.29	0.53	0.47	0.35	0.37	0.36
Current ratio	—	1.37	1.64	1.11	1.47	2.43	3.43	1.67	1.40	5.64	7.48	2.58	3.88	1.78
Interest cover (operating income ÷ interest)	15.9x	13.5x	n/m	3.6x	11.0x	15.3x	11.0x	12.7x	33.2x	76.8x	153.8x	87.8x	34.5x	18.5x
Capital spending as % of revenue	26.2%	8.3%	15.8%	0.5%	0.7%	1.0%	8.8%	0.0%	2.8%	0.0%	2.5%	25.2%	22.8%	22.2%
Free cash flow ÷ net income	117.9%	207.2%	—	968.3%	177.6%	128.3%	172.4%	231.3%	135.6%	89.2%	119.9%	103.1%	75.1%	99.5%
Dividends and buybacks ÷ free cash flow	59.3%	1.5%	1.4%	0.0%	—	—	—	1.8%	0.8%	0.7%	1.1%	1.6%	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Black Stone Minerals, L.p.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	56.8%	29.0%	76.7%	71.0%	63.1%	13.4%	73.9%	56.4%
Net margin	81.7%	14.5%	70.6%	63.7%	54.6%	4.8%	66.5%	45.1%
Free-cash-flow margin	54.6%	92.1%	33.1%	60.0%	13.7%	41.2%	39.3%	88.0%
Current ratio	2.58	1.35	3.22	4.37	3.88	2.34	3.76	1.78

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 3 checks passed · September 30, 2026

What it owns · $1.4bn

Short-term assets $91mLonger-term assets $1.3bn

What it owes, and who funded it · $282m

Short-term liabilities $51mLonger-term liabilities $231m

Short-term assets cover short-term liabilities $91m of assets due within a year against $51m of liabilities due within a year.
Short-term assets cover long-term liabilities $91m short-term assets against $231m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $258m against $14m of interest.

From Black Stone Minerals, L.p.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

94 /100

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.

Returns on capital 20 / 20

Net income has been a median 14.1% of total assets over 10 years.
Durability 17 / 20

Operating margin has been a median 45.9%; its worst year was 21.2%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 72.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Black Stone Minerals, L.p.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Black Stone Minerals, L.p.