BLACK STONE MINERALS LP (BSM) Fundamental Analysis & Valuation
NYSE:BSM • US09225M1018
15.3 USD
-0.03 (-0.2%)
At close: Mar 12, 2026
15.3 USD
0 (0%)
After Hours: 3/12/2026, 8:26:03 PM
This BSM fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
BSM gets a fundamental rating of 7 out of 10. The analysis compared the fundamentals against 207 industry peers in the Oil, Gas & Consumable Fuels industry. Both the health and profitability get an excellent rating, making BSM a very profitable company, without any liquidiy or solvency issues. BSM has a correct valuation and a medium growth rate. With these ratings, BSM could be worth investigating further for quality investing!.
1. BSM Profitability Analysis
1.1 Basic Checks
- BSM had positive earnings in the past year.
- BSM had a positive operating cash flow in the past year.
- BSM had positive earnings in each of the past 5 years.
- BSM had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
- Looking at the Return On Assets, with a value of 20.25%, BSM belongs to the top of the industry, outperforming 95.65% of the companies in the same industry.
- The Return On Equity of BSM (23.97%) is better than 89.37% of its industry peers.
- Looking at the Return On Invested Capital, with a value of 18.58%, BSM belongs to the top of the industry, outperforming 95.65% of the companies in the same industry.
- BSM had an Average Return On Invested Capital over the past 3 years of 21.23%. This is in line with the industry average of 22.51%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 20.25% | ||
| ROE | 23.97% | ||
| ROIC | 18.58% |
ROA(3y)23.91%
ROA(5y)24.09%
ROE(3y)26.1%
ROE(5y)26.22%
ROIC(3y)21.23%
ROIC(5y)21.37%
1.3 Margins
- BSM has a better Profit Margin (57.56%) than 94.20% of its industry peers.
- In the last couple of years the Profit Margin of BSM has grown nicely.
- BSM has a better Operating Margin (65.63%) than 95.65% of its industry peers.
- BSM's Operating Margin has improved in the last couple of years.
- The Gross Margin of BSM (89.54%) is better than 93.72% of its industry peers.
- BSM's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 65.63% | ||
| PM (TTM) | 57.56% | ||
| GM | 89.54% |
OM growth 3Y-3.36%
OM growth 5Y7.17%
PM growth 3Y-5.7%
PM growth 5Y14.38%
GM growth 3Y0.52%
GM growth 5Y1.47%
2. BSM Health Analysis
2.1 Basic Checks
- With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), BSM is creating value.
- BSM has more shares outstanding than it did 1 year ago.
- BSM has more shares outstanding than it did 5 years ago.
- BSM has a worse debt/assets ratio than last year.
2.2 Solvency
- The Debt to FCF ratio of BSM is 0.81, which is an excellent value as it means it would take BSM, only 0.81 years of fcf income to pay off all of its debts.
- BSM has a better Debt to FCF ratio (0.81) than 89.37% of its industry peers.
- A Debt/Equity ratio of 0.14 indicates that BSM is not too dependend on debt financing.
- BSM has a better Debt to Equity ratio (0.14) than 77.29% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.14 | ||
| Debt/FCF | 0.81 | ||
| Altman-Z | N/A |
ROIC/WACC2.11
WACC8.79%
2.3 Liquidity
- A Current Ratio of 3.88 indicates that BSM has no problem at all paying its short term obligations.
- BSM's Current ratio of 3.88 is amongst the best of the industry. BSM outperforms 86.96% of its industry peers.
- A Quick Ratio of 3.88 indicates that BSM has no problem at all paying its short term obligations.
- BSM has a Quick ratio of 3.88. This is amongst the best in the industry. BSM outperforms 86.96% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 3.88 | ||
| Quick Ratio | 3.88 |
3. BSM Growth Analysis
3.1 Past
- BSM shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 9.57%, which is quite good.
- The Earnings Per Share has been growing by 28.47% on average over the past years. This is a very strong growth
- The Revenue has grown by 8.35% in the past year. This is quite good.
- The Revenue has been growing slightly by 6.51% on average over the past years.
EPS 1Y (TTM)9.57%
EPS 3Y-15.66%
EPS 5Y28.47%
EPS Q2Q%72.22%
Revenue 1Y (TTM)8.35%
Revenue growth 3Y-10.87%
Revenue growth 5Y6.51%
Sales Q2Q%41.78%
3.2 Future
- Based on estimates for the next years, BSM will show a small growth in Earnings Per Share. The EPS will grow by 4.41% on average per year.
- Based on estimates for the next years, BSM will show a quite strong growth in Revenue. The Revenue will grow by 8.32% on average per year.
EPS Next Y-3.54%
EPS Next 2Y4.41%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year6.79%
Revenue Next 2Y8.32%
Revenue Next 3YN/A
Revenue Next 5YN/A
3.3 Evolution
- When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
- When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
4. BSM Valuation Analysis
4.1 Price/Earnings Ratio
- BSM is valuated correctly with a Price/Earnings ratio of 12.14.
- 77.29% of the companies in the same industry are more expensive than BSM, based on the Price/Earnings ratio.
- Compared to an average S&P500 Price/Earnings ratio of 25.71, BSM is valued rather cheaply.
- The Price/Forward Earnings ratio is 12.59, which indicates a correct valuation of BSM.
- Based on the Price/Forward Earnings ratio, BSM is valued a bit cheaper than the industry average as 77.78% of the companies are valued more expensively.
- BSM is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 23.82, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.14 | ||
| Fwd PE | 12.59 |
4.2 Price Multiples
- Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of BSM is on the same level as its industry peers.
- BSM's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. BSM is cheaper than 62.80% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 17 | ||
| EV/EBITDA | 9.87 |
4.3 Compensation for Growth
- The excellent profitability rating of BSM may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)0.43
EPS Next 2Y4.41%
EPS Next 3YN/A
5. BSM Dividend Analysis
5.1 Amount
- BSM has a Yearly Dividend Yield of 7.77%, which is a nice return.
- BSM's Dividend Yield is rather good when compared to the industry average which is at 3.41. BSM pays more dividend than 86.96% of the companies in the same industry.
- BSM's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 7.77% |
5.2 History
- On average, the dividend of BSM grows each year by 13.79%, which is quite nice.
- BSM has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)13.79%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
- 116.51% of the earnings are spent on dividend by BSM. This is not a sustainable payout ratio.
- BSM's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP116.51%
EPS Next 2Y4.41%
EPS Next 3YN/A
BSM Fundamentals: All Metrics, Ratios and Statistics
15.3
-0.03 (-0.2%)
Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-23 2026-02-23/amc
Earnings (Next)05-04 2026-05-04
Inst Owners16.98%
Inst Owner Change19.12%
Ins Owners17.01%
Ins Owner Change4.26%
Market Cap3.25B
Revenue(TTM)469.92M
Net Income(TTM)270.47M
Analysts72.5
Price Target15.3 (0%)
Short Float %2.06%
Short Ratio8.74
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 7.77% |
Yearly Dividend1.49
Dividend Growth(5Y)13.79%
DP116.51%
Div Incr Years0
Div Non Decr Years0
Ex-Date02-18 2026-02-18 (0.3)
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)29%
Min EPS beat(2)16.56%
Max EPS beat(2)41.44%
EPS beat(4)3
Avg EPS beat(4)8.81%
Min EPS beat(4)-93.88%
Max EPS beat(4)71.11%
EPS beat(8)4
Avg EPS beat(8)-5.71%
EPS beat(12)6
Avg EPS beat(12)-2.74%
EPS beat(16)9
Avg EPS beat(16)5.64%
Revenue beat(2)2
Avg Revenue beat(2)8.83%
Min Revenue beat(2)1.46%
Max Revenue beat(2)16.2%
Revenue beat(4)2
Avg Revenue beat(4)2.75%
Min Revenue beat(4)-3.91%
Max Revenue beat(4)16.2%
Revenue beat(8)2
Avg Revenue beat(8)-4.49%
Revenue beat(12)3
Avg Revenue beat(12)-3.11%
Revenue beat(16)6
Avg Revenue beat(16)-0.55%
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)1.18%
EPS NQ rev (3m)6.17%
EPS NY rev (1m)0%
EPS NY rev (3m)1.12%
Revenue NQ rev (1m)0.44%
Revenue NQ rev (3m)0.87%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.21%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.14 | ||
| Fwd PE | 12.59 | ||
| P/S | 6.91 | ||
| P/FCF | 17 | ||
| P/OCF | 10.47 | ||
| P/B | 2.88 | ||
| P/tB | 2.88 | ||
| EV/EBITDA | 9.87 |
EPS(TTM)1.26
EY8.24%
EPS(NY)1.22
Fwd EY7.94%
FCF(TTM)0.9
FCFY5.88%
OCF(TTM)1.46
OCFY9.55%
SpS2.21
BVpS5.31
TBVpS5.31
PEG (NY)N/A
PEG (5Y)0.43
Graham Number12.27
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 20.25% | ||
| ROE | 23.97% | ||
| ROCE | 23.53% | ||
| ROIC | 18.58% | ||
| ROICexc | 18.61% | ||
| ROICexgc | 18.61% | ||
| OM | 65.63% | ||
| PM (TTM) | 57.56% | ||
| GM | 89.54% | ||
| FCFM | 40.66% |
ROA(3y)23.91%
ROA(5y)24.09%
ROE(3y)26.1%
ROE(5y)26.22%
ROIC(3y)21.23%
ROIC(5y)21.37%
ROICexc(3y)21.79%
ROICexc(5y)21.75%
ROICexgc(3y)21.79%
ROICexgc(5y)21.75%
ROCE(3y)26.88%
ROCE(5y)27.06%
ROICexgc growth 3Y-15.5%
ROICexgc growth 5Y12.22%
ROICexc growth 3Y-15.5%
ROICexc growth 5Y12.22%
OM growth 3Y-3.36%
OM growth 5Y7.17%
PM growth 3Y-5.7%
PM growth 5Y14.38%
GM growth 3Y0.52%
GM growth 5Y1.47%
F-Score7
Asset Turnover0.35
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.14 | ||
| Debt/FCF | 0.81 | ||
| Debt/EBITDA | 0.45 | ||
| Cap/Depr | 322.9% | ||
| Cap/Sales | 25.35% | ||
| Interest Coverage | 41.77 | ||
| Cash Conversion | 89.83% | ||
| Profit Quality | 70.64% | ||
| Current Ratio | 3.88 | ||
| Quick Ratio | 3.88 | ||
| Altman-Z | N/A |
F-Score7
WACC8.79%
ROIC/WACC2.11
Cap/Depr(3y)206.93%
Cap/Depr(5y)134.22%
Cap/Sales(3y)18.41%
Cap/Sales(5y)12.24%
Profit Quality(3y)103.02%
Profit Quality(5y)110.02%
High Growth Momentum
Growth
EPS 1Y (TTM)9.57%
EPS 3Y-15.66%
EPS 5Y28.47%
EPS Q2Q%72.22%
EPS Next Y-3.54%
EPS Next 2Y4.41%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)8.35%
Revenue growth 3Y-10.87%
Revenue growth 5Y6.51%
Sales Q2Q%41.78%
Revenue Next Year6.79%
Revenue Next 2Y8.32%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y12.92%
EBIT growth 3Y-13.86%
EBIT growth 5Y14.15%
EBIT Next Year18.46%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-30.27%
FCF growth 3Y-22.62%
FCF growth 5Y-7.16%
OCF growth 1Y-20.27%
OCF growth 3Y-9.97%
OCF growth 5Y1.94%
BLACK STONE MINERALS LP / BSM FAQ
What is the fundamental rating for BSM stock?
ChartMill assigns a fundamental rating of 7 / 10 to BSM.
What is the valuation status of BLACK STONE MINERALS LP (BSM) stock?
ChartMill assigns a valuation rating of 5 / 10 to BLACK STONE MINERALS LP (BSM). This can be considered as Fairly Valued.
What is the profitability of BSM stock?
BLACK STONE MINERALS LP (BSM) has a profitability rating of 8 / 10.
Can you provide the PE and PB ratios for BSM stock?
The Price/Earnings (PE) ratio for BLACK STONE MINERALS LP (BSM) is 12.14 and the Price/Book (PB) ratio is 2.88.
What is the expected EPS growth for BLACK STONE MINERALS LP (BSM) stock?
The Earnings per Share (EPS) of BLACK STONE MINERALS LP (BSM) is expected to decline by -3.54% in the next year.