NYSE · BSM
Black Stone Minerals, L.P.
Energy · Oil & Gas Exploration & Production
$14.85▲ 0.34% ($0.05)at close
After hours$14.75▼ 0.67%7:56 PM ET
Market cap
$3.16B
P/E
11.13
EPS (TTM)
$1.33
Valuation
Revenue & margin DCF
Verdict: fairly priced. Price above Base.
The price needs 4.9% revenue growth a year for 10 years. Our scenarios assume 0.6–4.4%.
Its past 4 years averaged −4.4% a year.
Value per share
Base case
$10.17
Price used $14.85 is 46% above this
USD · TTM ending Jun 30, 2026 · Price Oct 30, 8:00 PM UTC
Revenue each value needs
Revenue today $484M. The price needs $777M by 2036. Base case: $524M. At its recent pace: $308M. Bear to Bull: $513M to $744M.
Revenue today $484M. The price needs $777M by 2036. Base case: $524M. At its recent pace: $308M. Bear to Bull: $513M to $744M.
Revenue in 2036
today $484M
+$253Mmore than the Base case · 1.5×
Value per share · Base case
$10.17
Price $14.85
46% above this
- 10-yr revenue CAGR
- 0.8%
- Ending operating margin
- 30.0%
- Discount rate
- 7.0%
USD · TTM ending Jun 30, 2026 · Price Oct 30, 8:00 PM UTC
What each scenario assumes. Click a column to start from it.
Price vs Fundamentals
Why The Stock Is Moving
What changed
The stock rose 12.67% over the last year. Revenue grew 12.63% over the trailing twelve months. Operating margin moved from 65.22% to 66.12%. Free cash flow grew 15.86% over the trailing twelve months.
What the market seems to be pricing
The stock is trading toward the richer end of its historical P/FCF range (73rd percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.
What would invalidate this read
Operating margin is at 66.12% — continued expansion would be needed to justify the premium. Revenue growth of 12.63% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.
Return analysis
Company profile
Black Stone Minerals, L.P. and its subsidiaries are primarily engaged in the ownership and active management of oil and natural gas mineral interests.
Market multiples
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Analyst consensus
10
Buy
6
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Actuals vs estimates by quarter, or any quarter against the same one a year earlier.
Next report
Nov 2, 2026
Q3 FY26 · EPS est $0.26 · Revenue est $116.4M
Same quarter, year over year
FY26 YTD -12.4%Each cell vs the same quarter a year earlier (the cell below) · Q1–Q2 combined $0.50 vs $0.57 · 0 of 2 quarters up
Q1
Q2
Q3
Q4
FY total
FY26
—
—
FY25
FY24
FY23
—
—
—
Fiscal year totals
- FY25
- $1.28
- +11.4%
- FY24
- $1.15
- —
Q2 FY26
Reported Aug 3, 2026 · Latest
HoverTap a cell to inspect
Actual
$0.47
Estimate
$0.23
Year over year
-11.3%
Vs prior quarter
n/m
Institutional Sentiment
Black Stone Minerals, L.P. · BSM
From Form 13F filings (managers with $100M+). Filings land up to 45 days after quarter end — read this as positioning context, not live fund flow.