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MARKETS / NYSE / BSM
NYSE · CRUDE PETROLEUM & NATURAL GAS · LARGE CAP

Black Stone Minerals, L.p. BSM

13 fiscal years on record · USD · FY2025 reported · SEC filings only
$422.3M
▼ 3.9% YoY
$299.9M
▲ 10.5% YoY
$203.1M
▼ 27.4% YoY
In brief

What this company does

The company owns mineral interests in approximately 16.9 million gross acres, with an average 43.4% ownership interest in that acreage. When mineral rights are leased, the company typically receives an upfront cash payment, known as a lease bonus, and retains a royalty interest, which entitles it to a cost-free percentage, usually ranging from 20% to 25%, of production or revenue from production. The company also owns nonparticipating royalty interests in 1.8 million gross acres and overriding royalty interests in 1.6 million gross acres. The company's mineral and royalty interests include ownership in approximately 71,000 producing wells. The company's mineral and royalty interests are located in 41 states in the continental U.S., including all of the major onshore producing basins. Black Stone Management had 122 full-time employees and 7 contractors as of December 31, 2025. The company is a publicly traded Delaware limited partnership formed on September 16, 2014.

Written from the business description in Black Stone Minerals, L.P.'s annual report to the U.S. Securities and Exchange Commission, filed 24 February 2026. Every sentence was checked against that document before publication.

Growth
USD 422.3M
Revenue, FY2025 · full 13-year series below
Revenue $M Net income $M
FY2025 · Revenue 422.3 · Net income 299.9
400M-40M-80M2013201520172019202120232025
Compound annual growth
−18.6%
+7.3%
+0.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +7.3% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
71 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 73.0% · Net 71.0%
50%-10%-20%2013201520172019202120232025
ROE

Not available in our data for this period.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 203.1
200M400M-50M-100M2013201520172019202120232025

Total assetsUSD 1.3B
CashUSD 1.5M
Current ratio3.88×

Not available: we don't have the total debt figure for this period.

The 13-year record
13 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 2025202420232022202120202019201820172016201520142013
Revenue $B0.40.40.50.80.50.30.50.60.40.30.40.50.5
Operating income $B0.30.30.40.50.20.10.20.30.20.0−0.10.20.2
EBITDA $B0.30.30.50.50.20.20.30.40.30.10.00.30.3
Income tax $B·············
Net income $B0.30.30.40.50.20.10.20.30.20.0−0.10.20.2
Free cash flow $B0.20.30.50.40.20.30.40.3−0.10.10.20.40.2
EPS, diluted $·············
Dividend / sh $·············
Payout %·············
ROE %·············

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 37 reconciliationsAUDITED

Reconciled in 13 of 19 fiscal years. 39 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityCrude Petroleum & Natural Gas
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2013

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