BLACK STONE MINERALS LP (BSM) Fundamental Analysis & Valuation

NYSE:BSM • US09225M1018

Current stock price

14.2 USD
+0.2 (+1.43%)
Last:

This BSM fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

1. BSM Profitability Analysis

1.1 Basic Checks

  • In the past year BSM was profitable.
  • BSM had a positive operating cash flow in the past year.
  • BSM had positive earnings in each of the past 5 years.
  • Each year in the past 5 years BSM had a positive operating cash flow.
BSM Yearly Net Income VS EBIT VS OCF VS FCFBSM Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M 400M

1.2 Ratios

  • The Return On Assets of BSM (20.25%) is better than 96.17% of its industry peers.
  • BSM has a Return On Equity of 23.97%. This is amongst the best in the industry. BSM outperforms 88.04% of its industry peers.
  • BSM has a better Return On Invested Capital (18.58%) than 95.69% of its industry peers.
  • 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 22.73%.
Industry RankSector 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%
BSM Yearly ROA, ROE, ROICBSM Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30

1.3 Margins

  • The Profit Margin of BSM (57.56%) is better than 94.26% 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 95.69% of its industry peers.
  • In the last couple of years the Operating Margin of BSM has grown nicely.
  • BSM has a Gross Margin of 89.54%. This is amongst the best in the industry. BSM outperforms 94.26% of its industry peers.
  • BSM's Gross Margin has been stable in the last couple of years.
Industry RankSector 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%
BSM Yearly Profit, Operating, Gross MarginsBSM Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

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7

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.
  • The number of shares outstanding for BSM has been increased compared to 5 years ago.
  • The debt/assets ratio for BSM is higher compared to a year ago.
BSM Yearly Shares OutstandingBSM Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M 200M
BSM Yearly Total Debt VS Total AssetsBSM Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B

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.
  • Looking at the Debt to FCF ratio, with a value of 0.81, BSM belongs to the top of the industry, outperforming 89.95% of the companies in the same industry.
  • A Debt/Equity ratio of 0.14 indicates that BSM is not too dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.14, BSM is in the better half of the industry, outperforming 77.03% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.14
Debt/FCF 0.81
Altman-Z N/A
ROIC/WACC2.1
WACC8.83%
BSM Yearly LT Debt VS Equity VS FCFBSM Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M 1B

2.3 Liquidity

  • A Current Ratio of 3.88 indicates that BSM has no problem at all paying its short term obligations.
  • The Current ratio of BSM (3.88) is better than 86.60% 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 better Quick ratio (3.88) than 86.60% of its industry peers.
Industry RankSector Rank
Current Ratio 3.88
Quick Ratio 3.88
BSM Yearly Current Assets VS Current LiabilitesBSM Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. BSM Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an nice 9.57% over the past year.
  • BSM shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 28.47% yearly.
  • Looking at the last year, BSM shows a quite strong growth in Revenue. The Revenue has grown by 8.35% in the last year.
  • 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

  • BSM is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -3.78% yearly.
  • Based on estimates for the next years, BSM will show a small growth in Revenue. The Revenue will grow by 5.30% on average per year.
EPS Next Y-27.06%
EPS Next 2Y-3.78%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year1.14%
Revenue Next 2Y5.3%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
BSM Yearly Revenue VS EstimatesBSM Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 200M 400M 600M
BSM Yearly EPS VS EstimatesBSM Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.5 1 1.5 2

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6

4. BSM Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 11.27, which indicates a very decent valuation of BSM.
  • BSM's Price/Earnings ratio is rather cheap when compared to the industry. BSM is cheaper than 82.78% of the companies in the same industry.
  • BSM is valuated cheaply when we compare the Price/Earnings ratio to 27.66, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 15.45 indicates a correct valuation of BSM.
  • BSM's Price/Forward Earnings is on the same level as the industry average.
  • The average S&P500 Price/Forward Earnings ratio is at 38.00. BSM is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 11.27
Fwd PE 15.45
BSM Price Earnings VS Forward Price EarningsBSM Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

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.
  • 66.51% of the companies in the same industry are more expensive than BSM, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 15.78
EV/EBITDA 9.05
BSM Per share dataBSM EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 1 2 3 4 5

4.3 Compensation for Growth

  • BSM has an outstanding profitability rating, which may justify a higher PE ratio.
  • BSM's earnings are expected to decrease with -3.78% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)0.4
EPS Next 2Y-3.78%
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. BSM Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 8.63%, BSM is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 3.26, BSM pays a better dividend. On top of this BSM pays more dividend than 90.91% of the companies listed in the same industry.
  • BSM's Dividend Yield is rather good when compared to the S&P500 average which is at 1.81.
Industry RankSector Rank
Dividend Yield 8.63%

5.2 History

  • On average, the dividend of BSM grows each year by 13.79%, which is quite nice.
  • BSM has paid a dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)13.79%
Div Incr Years0
Div Non Decr Years0
BSM Yearly Dividends per shareBSM Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5

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 declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP116.51%
EPS Next 2Y-3.78%
EPS Next 3YN/A
BSM Yearly Income VS Free CF VS DividendBSM Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M 400M
BSM Dividend Payout.BSM Dividend Payout, showing the Payout Ratio.BSM Dividend Payout.PayoutRetained Earnings

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BSM Fundamentals: All Metrics, Ratios and Statistics

BLACK STONE MINERALS LP

NYSE:BSM (4/22/2026, 3:54:08 PM)

14.2

+0.2 (+1.43%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-23
Earnings (Next)05-04
Inst Owners16.97%
Inst Owner Change-2.63%
Ins Owners16.99%
Ins Owner Change3.84%
Market Cap3.02B
Revenue(TTM)469.92M
Net Income(TTM)270.47M
Analysts72.5
Price Target15.81 (11.34%)
Short Float %2.29%
Short Ratio8.32
Dividend
Industry RankSector Rank
Dividend Yield 8.63%
Yearly Dividend1.49
Dividend Growth(5Y)13.79%
DP116.51%
Div Incr Years0
Div Non Decr Years0
Ex-Date02-18
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)3.33%
PT rev (3m)3.33%
EPS NQ rev (1m)5.19%
EPS NQ rev (3m)-16.47%
EPS NY rev (1m)-24.38%
EPS NY rev (3m)-23.53%
Revenue NQ rev (1m)-0.96%
Revenue NQ rev (3m)0.38%
Revenue NY rev (1m)-1.91%
Revenue NY rev (3m)-5.24%
Valuation
Industry RankSector Rank
PE 11.27
Fwd PE 15.45
P/S 6.42
P/FCF 15.78
P/OCF 9.72
P/B 2.67
P/tB 2.67
EV/EBITDA 9.05
EPS(TTM)1.26
EY8.87%
EPS(NY)0.92
Fwd EY6.47%
FCF(TTM)0.9
FCFY6.34%
OCF(TTM)1.46
OCFY10.29%
SpS2.21
BVpS5.31
TBVpS5.31
PEG (NY)N/A
PEG (5Y)0.4
Graham Number12.2748 (-13.56%)
Profitability
Industry RankSector 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 RankSector 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
WACC8.83%
ROIC/WACC2.1
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-27.06%
EPS Next 2Y-3.78%
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 Year1.14%
Revenue Next 2Y5.3%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y12.92%
EBIT growth 3Y-13.86%
EBIT growth 5Y14.15%
EBIT Next Year3.53%
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 Fundamental Analysis FAQ

What is the fundamental rating for BSM stock?

ChartMill assigns a fundamental rating of 6 / 10 to BSM.


What is the valuation status of BLACK STONE MINERALS LP (BSM) stock?

ChartMill assigns a valuation rating of 6 / 10 to BLACK STONE MINERALS LP (BSM). This can be considered as Fairly Valued.


How profitable is BLACK STONE MINERALS LP (BSM) stock?

BLACK STONE MINERALS LP (BSM) has a profitability rating of 8 / 10.


What are the PE and PB ratios of BLACK STONE MINERALS LP (BSM) stock?

The Price/Earnings (PE) ratio for BLACK STONE MINERALS LP (BSM) is 11.27 and the Price/Book (PB) ratio is 2.67.


Is the dividend of BLACK STONE MINERALS LP sustainable?

The dividend rating of BLACK STONE MINERALS LP (BSM) is 6 / 10 and the dividend payout ratio is 116.51%.