Black Stone Minerals L.P.
Research Black Stone Minerals L.P. (BSM) on Bullrun: valuation model: 10.7% undervalued, market cap USD 3.17B, P/E 12.4, dividend yield 8.2%. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerBSM
- ExchangeNYSE
- CountryUnited States
- SectorEnergy
- IndustryOil & Gas E&P
- CurrencyUSD
- Valuation signal10.7% undervalued
- Market capUSD 3.17B
- P/E12.4
- Dividend yield8.2%
- Financial periodQ2 2026
- RevenueUSD 122.12M
- Net incomeUSD 106.36M
- Free cash flowUSD 52.18M
- Gross margin85.6%
Valuation Snapshot
Bullrun's latest valuation model marks Black Stone Minerals L.P. as 10.7% undervalued; latest market cap is USD 3.17B; P/E is 12.4; dividend yield is 8.2%.
Peer valuation comparison
Latest P/E is 12.44x versus a Energy sector median of 14.75x (15.7% below).
Latest dividend yield is 8.17% versus a Energy sector median of 3.8% (115.0% above).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 422.33M | USD 299.93M | USD 191.06M | 79.6% | 1.28 | USD 1.48M | USD 155.99M | USD 0 |
| FY2024 | USD 439.43M | USD 271.33M | USD 274.01M | 76.2% | 1.15 | USD 2.52M | USD 25.71M | USD 0 |
| FY2023 | USD 501.10M | USD 422.55M | n/a | n/a | n/a | USD 70.28M | n/a | USD 0 |
| FY2022 | USD 784.28M | USD 476.48M | n/a | n/a | n/a | USD 4.31M | USD 10.00M | USD 0 |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-08-25 | USD 3.17B | 12.4 | 8.2% | 1.22 |
| 2025 | 2025-12-31 | USD 2.82B | 10.5 | 10.2% | 1.36 |
| 2024 | 2024-12-31 | USD 3.08B | 12.8 | 11.1% | 1.62 |
| 2023 | 2023-12-29 | USD 3.35B | 8.0 | 12.0% | 1.92 |
| 2022 | 2022-12-30 | USD 3.53B | 9.3 | 9.1% | 1.54 |
| 2021 | 2021-12-31 | USD 2.16B | 14.2 | 8.3% | 0.86 |
Dividend history
Latest trailing dividend snapshot: annual dividend/share 1.22 USD, yield 8.2%.
| Year | Dividends/share |
|---|---|
| FY2025 | 1.36 USD |
| FY2024 | 1.62 USD |
| FY2023 | 1.92 USD |
| FY2022 | 1.54 USD |
About Black Stone Minerals L.P.
Black Stone Minerals, L.P., together with its subsidiaries, owns and manages oil and natural gas mineral interests. It owns mineral interests in approximately 16.9 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.6 million gross acres located in 41 states in the United States. The company was founded in 1876 and is based in Houston, Texas.
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Frequently asked questions
Is Black Stone Minerals L.P. overvalued or undervalued?
Bullrun's valuation model currently marks Black Stone Minerals L.P. as 10.7% undervalued.
What is Black Stone Minerals L.P.'s market cap?
Black Stone Minerals L.P.'s market capitalization is USD 3.17B.
What is Black Stone Minerals L.P.'s P/E ratio?
Black Stone Minerals L.P.'s price-to-earnings (P/E) ratio is 12.4.
Does Black Stone Minerals L.P. pay a dividend?
Black Stone Minerals L.P. has a dividend yield of 8.2%.
What does Black Stone Minerals L.P. do?
Black Stone Minerals, L.P., together with its subsidiaries, owns and manages oil and natural gas mineral interests. It owns mineral interests in approximately 16.9 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.6 million gross acres located in 41 states in the United States. The company was founded in 1876 and is based in Houston, Texas.