Tearsheet

Black Stone Minerals (BSM)

Market Price (4/28/2026): $14.305 | Market Cap: $3.0 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Black Stone Minerals (BSM)

Market Price (4/28/2026): $14.305
Market Cap: $3.0 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 19%, Dividend Yield is 9.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 15%, FCF Yield is 6.1%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 62%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 73%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45%

Low stock price volatility
Vol 12M is 20%

Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US Oilfield Technologies, and US LNG.

Weak multi-year price returns
2Y Excs Rtn is -28%, 3Y Excs Rtn is -52%

Expensive valuation multiples
P/SPrice/Sales ratio is 7.4x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -17%, Rev Chg QQuarterly Revenue Change % is -8.7%

Key risks
BSM key risks include [1] production underperformance in its key Haynesville/Bossier plays and [2] a heavy dependence on the operational execution and drilling discipline of its unaffiliated third-party operators.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 19%, Dividend Yield is 9.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 15%, FCF Yield is 6.1%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 62%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 73%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45%
3	Low stock price volatility Vol 12M is 20%
4	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include US Oilfield Technologies, and US LNG.
5	Weak multi-year price returns 2Y Excs Rtn is -28%, 3Y Excs Rtn is -52%
6	Expensive valuation multiples P/SPrice/Sales ratio is 7.4x
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -17%, Rev Chg QQuarterly Revenue Change % is -8.7%
8	Key risks BSM key risks include [1] production underperformance in its key Haynesville/Bossier plays and [2] a heavy dependence on the operational execution and drilling discipline of its unaffiliated third-party operators.

Valuation, Metrics & Events

	4/28/26	2025	2024	2023	2022
Share Price CYE	$14.30	$13.29	$14.60	$15.96	$16.87
Market Cap CYE ($ Bil)	3.0	2.8	3.1	3.4	3.5
Total Debt ($ Bil)	0.2	0.2	0.0	0.0	0.0
Total Cash ($ Bil)	0.0	0.0	0.0	0.1	0.0
Enterprise Value ($ Bil)	3.2	3.0	3.1	3.4	3.5
Valuation Ratios
P/S TTM	7.2	6.7	7.0	6.7	4.5
P/EBIT TTM	9.8	9.1	11.2	7.9	7.3
P/E TTM	10.1	9.4	11.3	7.9	7.4
P/FCF TTM	15.9	14.7	11.2	6.7	8.6
Sector Ratios
P/S TTM (Sector)	1.9	1.4	1.5	1.6	1.3
P/EBIT TTM (Sector)	9.0	6.9	6.6	5.9	3.9
P/E TTM (Sector)	12.7	10.4	10.3	8.3	5.0
P/FCF TTM (Sector)	10.8	8.1	6.9	7.5	5.1

	4/28/26	2025	2024
Share Price CYE	$14.30	$13.29	$14.60
Market Cap CYE ($ Bil)	3.0	2.8	3.1
Total Debt ($ Bil)	0.2	0.2	0.0
Total Cash ($ Bil)	0.0	0.0	0.0
Enterprise Value ($ Bil)	3.2	3.0	3.1
Valuation Ratios
P/S TTM	7.2	6.7	7.0
P/EBIT TTM	9.8	9.1	11.2
P/E TTM	10.1	9.4	11.3
P/FCF TTM	15.9	14.7	11.2
Sector Ratios
P/S TTM (Sector)	1.9	1.4	1.5
P/EBIT TTM (Sector)	9.0	6.9	6.6
P/E TTM (Sector)	12.7	10.4	10.3
P/FCF TTM (Sector)	10.8	8.1	6.9

	BSM	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.4
Rev Chg Q	-8.7%	7.5%
Rev Chg LTM	-3.9%	6.9%
Rev Chg 3Y Avg	-17.4%	5.7%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	61.8%	18.6%
CFO/Rev LTM	73.4%	20.9%
Net Inc Mgn	71.0%	12.8%
VALUATION	MODERATE
P/S	7.2	3.3
P/CFO	9.8	15.4
P/FCF	15.9	19.8
P/E	10.1	24.3
STABILITY	FAIR
Debt/Equity	0.05	0.21
Cash/Assets	0.00	0.07

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Metric	Value	Date	Source
Mineral and Royalty Production	34.7 MBoe/d	9302025	Link
Total Production	36.3 MBoe/d	9302025	Link
Working-Interest Production	1.6 MBoe/d	9302025	Link
Gross Acres	20 million	9302025	Link
Net Acres	7.4 million	9302025	Link
Number of Productive Basins	60+	11032025	Link
Number of States with Assets	41	11032025	Link
Rig Count on Acreage	1	9302025	Link
Gross Wells Turned to Sales	5	9302025	Link
Net Wells Turned to Sales	0.18	9302025	Link

Upcoming
5/04/2026	Earnings Release	Rev: $107 Mil (E) EPS: $0.22 (E)
5/08/2026	Dividend	Amount: $0.30 Payment On: 5/15/2026

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Black Stone Minerals (BSM) stock has gained about 15% since 12/31/2025 because of the following key factors:

1. Black Stone Minerals reported strong financial performance in its fourth quarter 2025 earnings, significantly beating analyst expectations. The company announced earnings per share (EPS) of $0.31, surpassing the consensus estimate of $0.27 by $0.04. Additionally, revenue reached $118.7 million, exceeding analyst projections of $98.08 million for the quarter.

2. The company maintained robust and consistent cash distributions, appealing to income-focused investors. Black Stone Minerals declared a cash distribution of $0.30 per common unit for both Q4 2025 and Q1 2026, consistent with prior quarters. This translates to an attractive annualized dividend of $1.20, implying a dividend yield of approximately 8.5%. The Q4 2025 distributable cash flow of $66.8 million provided a healthy 1.05x coverage ratio for these payouts.

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Stock Movement Drivers

Fundamental Drivers

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Market Drivers

12/31/2025 to 4/27/2026

	Return	Correlation
BSM	13.9%
Market (SPY)	4.2%	1.6%
Sector (XLE)	27.0%	46.4%

Fundamental Drivers

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Market Drivers

9/30/2025 to 4/27/2026

	Return	Correlation
BSM	17.9%
Market (SPY)	7.0%	12.4%
Sector (XLE)	28.2%	59.5%

Fundamental Drivers

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Market Drivers

3/31/2025 to 4/27/2026

	Return	Correlation
BSM	6.8%
Market (SPY)	28.1%	49.1%
Sector (XLE)	24.6%	71.7%

Fundamental Drivers

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Market Drivers

3/31/2023 to 4/27/2026

	Return	Correlation
BSM	28.5%
Market (SPY)	79.8%	36.2%
Sector (XLE)	50.2%	62.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
BSM Return	67%	81%	6%	1%	1%	14%	272%
Peers Return	73%	91%	-15%	90%	-19%	39%	501%
S&P 500 Return	27%	-19%	24%	23%	16%	5%	91%
Monthly Win Rates [3]
BSM Win Rate	50%	75%	58%	50%	42%	100%
Peers Win Rate	50%	67%	67%	67%	25%	75%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
BSM Max Drawdown	0%	0%	-15%	-6%	-13%	0%
Peers Max Drawdown	0%	-20%	-25%	-6%	-25%	-5%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: TPL, VNOM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/27/2026 (YTD)

How Low Can It Go

Unique Key	Event	BSM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-29.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	41.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-69.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	222.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	736 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-39.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	64.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	1,071 days	120 days

Compare to TPL, VNOM

In The Past

Black Stone Minerals's stock fell -29.3% during the 2022 Inflation Shock from a high on 11/8/2022. A -29.3% loss requires a 41.4% gain to breakeven.

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About Black Stone Minerals (BSM)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Black Stone Minerals, L.P., together with its subsidiaries, owns and manages oil and natural gas mineral interests. It owns mineral interests in approximately 16.8 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.7 million gross acres located in 41 states in the United States. As of December 31, 2021, the company had a total estimated proved oil and natural gas reserves of 59,824 barrels of oil equivalent. Black Stone Minerals, L.P. was founded in 1876 and is based in Houston, Texas.

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1. Realty Income (O) for oil and gas mineral rights.

2. Prologis (PLD) for subterranean oil and gas deposits.

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Oil and Natural Gas Royalties: Income derived from mineral, nonparticipating royalty, and overriding royalty interests in oil and natural gas production across various U.S. states.

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Black Stone Minerals (BSM) sells primarily to other companies, specifically a diverse group of oil and natural gas operating (exploration and production, or E&P) companies that lease its mineral interests. The company generates revenue through royalty payments from these operators. Black Stone Minerals explicitly states in its financial filings that it does not have any single customer that accounted for 10% or more of its total revenue for the years ended December 31, 2022, 2021, or 2020. Therefore, there are no individually identifiable major customer companies to list by name and symbol. The customers are generally referred to as:

Oil and natural gas operating companies
Exploration and production (E&P) companies

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Thomas L. Carter, Jr. Executive Chairman of the Board

Mr. Carter has served as Executive Chairman of the Board since January 2026. He previously served as Chairman and Chief Executive Officer of the General Partner from November 2014 to December 2025, and also held the position of President. Mr. Carter founded BSMC, Black Stone Minerals' predecessor, and was President, Chief Executive Officer, and Chairman of Black Stone Natural Resources, L.L.C., the former general partner of BSMC, from 1998 to 2015. He founded Black Stone Energy Company, BSMC's operating and exploration subsidiary, in 1980. Prior to that, he served as a lending officer in the Energy Department of Texas Commerce Bank from 1978 to 1980. Mr. Carter also served as a director of Carrizo Oil & Gas Inc. from 2005 to 2019.

Fowler Carter Co-Chief Executive Officer and President

Mr. Carter has served as Co-Chief Executive Officer and President since January 2026. He joined Black Stone Minerals in 2010 and has held various roles of increasing responsibility, including Senior Vice President, Corporate Development from February 2025 to December 2025, and Vice President, Business Development since March 2024. Before joining Black Stone Minerals, Mr. Carter was an Associate in the Restructuring, Valuation, and Transactional Advisory practices at Opportune Consulting. He is the son of Thomas L. Carter, Jr.

H. Taylor DeWalch Co-Chief Executive Officer and President

Mr. DeWalch has served as Co-Chief Executive Officer and President since January 2026. He previously served as Senior Vice President, Chief Financial Officer, and Treasurer from May 2024 to December 2025. Mr. DeWalch joined Black Stone Minerals in 2023, and prior to that, spent 11 years working in various roles with increasing responsibility at both public and private oil and gas operators, including Callon, Unitex Oil and Gas, and Anadarko Petroleum. He is the son of director Mark DeWalch.

Chris R. Bonner Senior Vice President, Chief Financial Officer, and Treasurer

Mr. Bonner assumed the role of Senior Vice President, Chief Financial Officer, and Treasurer in January 2026. He joined Black Stone Minerals in 2018 and has served in various accounting roles, including Director, Accounting from March 2022 until May 2024, and Controller from May 2024 until his current appointment. Before joining Black Stone Minerals, he worked in various audit-related capacities at BDO USA, LLP, a public accounting firm, where he started in 2012, most recently as Audit Manager. Mr. Bonner is a Certified Public Accountant.

Erin Phillips Controller and Principal Accounting Officer

Ms. Phillips has served as Controller and Principal Accounting Officer since January 2026. She joined Black Stone Minerals in July 2024. Prior to joining the company, she was a Consulting Manager with Arcus Advisors since 2022, providing contract accounting and audit-related services. From 2015 to 2022, she was an independent consultant providing public accounting services, and from 2007 to 2015, she worked as an Associate to Audit Manager with PKF of Texas.

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The key risks to Black Stone Minerals (BSM) are:

Volatility of Oil and Natural Gas Prices: Black Stone Minerals' financial condition and operational results are significantly affected by the inherent volatility of oil and natural gas prices. Fluctuations in these commodity markets can lead to unpredictable revenue streams and impact the company's ability to generate sufficient cash flow.
Environmental Regulations and Climate Change Risks: The company faces ongoing risks related to evolving environmental regulations and the broader threat of climate change. Potential reductions in demand for oil and natural gas, driven by conservation measures, technological advancements, and increasing environmental concerns, could negatively impact Black Stone Minerals' operations and market position. Stricter regulations may also increase operational costs.
Dependence on Third-Party Operators: Black Stone Minerals relies on unaffiliated third-party operators for the exploration, development, and production activities on its mineral interests. This dependence introduces risks concerning the efficiency and financial stability of these operators. Should these third parties scale back drilling activities across key basins, it could directly impact BSM's production volumes and ultimately its revenues.

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The accelerating global transition to renewable energy sources and the increasing focus on decarbonization present an emerging threat to Black Stone Minerals. As demand for oil and natural gas potentially declines over the long term due to policy shifts, technological advancements in renewables, and changing consumer preferences, the value of BSM's core assets (oil and gas mineral interests) and the associated royalty revenues could be significantly diminished.

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The addressable market for Black Stone Minerals' main products or services, which involve owning and managing oil and natural gas mineral interests, is the U.S. oil and gas upstream market. This market was valued at approximately USD 103.94 billion in 2025 in the United States. The upstream sector encompasses activities such as exploration, extraction, and production of oil and natural gas.

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Here are the expected drivers of future revenue growth for Black Stone Minerals (BSM) over the next 2-3 years:

Increased Production Volumes: Black Stone Minerals anticipates growth in its overall production volumes, with a particular emphasis on natural gas. Management expects production to increase materially throughout 2026, with full-year 2024 production forecast to be slightly up from 2023 levels. This growth is a key component of the company's plan to increase distributions by 2026.
Favorable Natural Gas Prices Driven by LNG Demand: The company's outlook for 2025 and beyond is positively influenced by liquefied natural gas (LNG) demand, which is expected to drive higher natural gas prices. This favorable pricing environment is crucial, especially as production is anticipated to ramp up in gas-weighted areas.
Increased Operator Activity and Development Agreements: Black Stone Minerals is poised for revenue growth due to significant drilling commitments and development agreements with third-party operators on its acreage. For example, new agreements with Revenant Energy and Caturus Energy, along with existing Aethon commitments, are expected to ramp up drilling activity to approximately 50 gross wells per year by 2031, with initial pilot activity from Caturus starting in 2026. This increased activity in key natural gas regions, such as the Shelby Trough and Haynesville, directly contributes to higher royalty volumes.
Strategic Acquisitions of Mineral and Royalty Acreage: The company continues its strategy of targeted acquisitions of non-producing mineral and royalty interests. Black Stone Minerals has invested approximately $240 million since 2023 to add accretive acreage, particularly in the Shelby Trough and Haynesville expansion areas, which supports long-term growth and commercial initiatives. These acquisitions enhance their existing portfolio and provide new opportunities for future development.

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Share Repurchases

Black Stone Minerals repurchased common units totaling approximately $3.29 million in Q1 2025, $4.38 million in Q1 2024, $5.50 million in Q1 2023, $2.99 million in Q1 2022, and $1.96 million in Q1 2021.
A board-approved $150 million unit repurchase program existed; however, no repurchases were made under this program during the fourth quarter of 2024.

Outbound Investments

From September 2023 through Q1 2025, Black Stone Minerals completed approximately $160.6 million in mineral and royalty acquisitions.
In the first quarter of 2025 alone, the company acquired $14.2 million of additional mineral and royalty interests, primarily focusing on the Shelby Trough area.
The company's strategy involves expanding its asset base through targeted acquisitions of additional mineral and royalty interests.

Capital Expenditures

Black Stone Minerals reported capital expenditures of approximately $119.11 million in fiscal year 2025, $115.03 million in fiscal year 2024, $19.81 million in fiscal year 2023, $12.56 million in fiscal year 2022, and $14.64 million in fiscal year 2021.
The company's business model as a mineral and royalty interest holder generally minimizes direct capital expenditure risk associated with drilling and operating wells.

Interactive Breakdown

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Better Bets vs. Black Stone Minerals (BSM)

INDUSTRY: Oil & Gas Exploration & Production

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Occidental Petroleum

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Higher Rev Chg 3Y Avg (Value for BSM: -17.4%)

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COP (-7.8%)

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EOG Resources

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Higher Op Mgn LTM (Value for BSM: 61.8%)

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MV Oil Trust

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Higher CFO/Rev LTM (Value for BSM: 73.4%)

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Baytex Energy

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Higher FCF/Rev LTM (Value for BSM: 45.2%)

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Battalion Oil

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for BSM: -17.4% | 7.4x)

XOM (-6.4% | 1.9x)

Exxon Mobil

CVX (-7.6% | 2.0x)

Chevron

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ENB (8.8% | 1.8x)

Enbridge

CNQ (-3.2% | 2.1x)

Canadian Natural Resources

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BSM: -17.4% | 12.1x)

ENB (8.8% | 9.9x)

Enbridge

CNQ (-3.2% | 11.4x)

Canadian Natural Resources

SU (-5.5% | 9.7x)

Suncor Energy

EOG (-8.0% | 9.9x)

EOG Resources

MPC (-9.1% | 11.8x)

Marathon Petroleum

Higher Rev Chg LTM (Value for BSM: -3.9%)

ENB (21.9%)

Enbridge

WMB (13.8%)

Williams Companies

COP (7.7%)

ConocoPhillips

CNQ (6.4%)

Canadian Natural Resources

SLB (-1.6%)

SLB

Higher Rev Chg 3Y Avg (Value for BSM: -17.4%)

ENB (8.8%)

Enbridge

CNQ (-3.2%)

Canadian Natural Resources

XOM (-6.4%)

Exxon Mobil

CVX (-7.6%)

Chevron

COP (-7.8%)

ConocoPhillips

Higher Op Mgn LTM (Value for BSM: 61.8%)

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Cross Timbers Royalty Trust

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Texas Pacific Land

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Higher CFO/Rev LTM (Value for BSM: 73.4%)

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Higher FCF/Rev LTM (Value for BSM: 45.2%)

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Uranium Royalty

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LandBridge

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CKX (54.8%)

CKX Lands

TALO (52.6%)

Talos Energy

Higher Total Yield (Value for BSM: 18.6%)

PROP (45.5%)

Prairie Operating

REPX (25.7%)

Riley Exploration Permian

KNTK (23.5%)

Kinetik

NBR (22.4%)

Nabors Industries

SM (20.5%)

SM Energy

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Higher Rev Chg 3Y Avg | Lower P/S (Values for BSM: -17.4% | 7.4x)

AMZN (11.7% | 3.9x)

Amazon.com

BRK-B (27.0% | 2.5x)

Berkshire Hathaway

WMT (5.3% | 1.4x)

Walmart

JPM (12.8% | 4.7x)

JPMorgan Chase

JNJ (4.4% | 5.6x)

Johnson & Johnson

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BSM: -17.4% | 12.1x)

TMUS (3.6% | 10.9x)

T-Mobile US

VZ (0.3% | 6.8x)

Verizon Communications

T (1.3% | 7.2x)

AT&T

PFE (-12.0% | 8.8x)

Pfizer

BUD (0.9% | 9.2x)

Anheuser-Busch InBev SA/NV

Higher Rev Chg LTM (Value for BSM: -3.9%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for BSM: -17.4%)

NVDA (101.8%)

NVIDIA

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

AAPL (4.1%)

Apple

Higher Op Mgn LTM (Value for BSM: 61.8%)

APP (71.7%)

AppLovin

FNV (71.6%)

Franco-Nevada

V (67.0%)

Visa

BAM (65.8%)

Brookfield Asset Management

CME (65.6%)

CME

Higher CFO/Rev LTM (Value for BSM: 73.4%)

IBKR (154.7%)

Interactive Brokers

RPRX (104.7%)

Royalty Pharma

RY (91.5%)

Royal Bank of Canada

STT (85.2%)

State Street

FNV (81.9%)

Franco-Nevada

Higher FCF/Rev LTM (Value for BSM: 45.2%)

RY (88.3%)

Royal Bank of Canada

V (55.4%)

Visa

MA (50.1%)

Mastercard

ANET (47.2%)

Arista Networks

PLTR (46.9%)

Palantir Technologies

Higher Total Yield (Value for BSM: 18.6%)

BCE (38.6%)

BCE

FNMA (35.6%)

Federal National Mortgage Association Fannie Mae

CMCSA (24.9%)

Comcast

EIX (22.6%)

Edison International

ALL (20.2%)

Allstate

Best Bets in Energy

What You Pay

P/EBIT (Value for BSM: 10.2x)

AM (13.6x)

Antero Midstream

MGY (12.2x)

Magnolia Oil & Gas

DTM (18.1x)

DT Midstream

INSW (11.3x)

International Seaways

EQT (7.3x)

EQT

WHD (14.9x)

Cactus

LNG (6.0x)

Cheniere Energy

GPOR (6.1x)

Gulfport Energy

CNX (5.4x)

CNX Resources

TDW (15.8x)

Tidewater

P/E (Value for BSM: 10.5x)

AM (24.8x)

Antero Midstream

MGY (16.4x)

Magnolia Oil & Gas

DTM (31.1x)

DT Midstream

INSW (12.9x)

International Seaways

EQT (11.2x)

EQT

WHD (23.6x)

Cactus

LNG (10.4x)

Cheniere Energy

GPOR (8.4x)

Gulfport Energy

CNX (8.2x)

CNX Resources

TDW (13.5x)

Tidewater

What You Get

Rev Chg 3Y Avg (Value for BSM: -17.4%)

AM (8.4%)

Antero Midstream

MGY (-6.9%)

Magnolia Oil & Gas

DTM (11.1%)

DT Midstream

INSW (0.5%)

International Seaways

EQT (10.0%)

EQT

WHD (19.3%)

Cactus

LNG (-11.6%)

Cheniere Energy

GPOR (-8.0%)

Gulfport Energy

CNX (-5.7%)

CNX Resources

TDW (29.9%)

Tidewater

Rev Chg LTM (Value for BSM: -3.9%)

AM (7.0%)

Antero Midstream

MGY (-0.3%)

Magnolia Oil & Gas

DTM (26.7%)

DT Midstream

INSW (-11.4%)

International Seaways

EQT (50.8%)

EQT

WHD (-4.5%)

Cactus

LNG (27.2%)

Cheniere Energy

GPOR (42.5%)

Gulfport Energy

CNX (48.9%)

CNX Resources

TDW (0.5%)

Tidewater

Rev Chg Q (Value for BSM: -8.7%)

AM (3.1%)

Antero Midstream

MGY (-2.7%)

Magnolia Oil & Gas

DTM (27.3%)

DT Midstream

INSW (37.6%)

International Seaways

EQT (49.5%)

EQT

WHD (-4.0%)

Cactus

LNG (22.9%)

Cheniere Energy

GPOR (24.8%)

Gulfport Energy

CNX (28.3%)

CNX Resources

TDW (-2.4%)

Tidewater

FCF/Rev 3Y Avg (Value for BSM: 69.2%)

AM (55.3%)

Antero Midstream

MGY (33.1%)

Magnolia Oil & Gas

DTM (26.8%)

DT Midstream

INSW (25.7%)

International Seaways

EQT (24.9%)

EQT

WHD (24.0%)

Cactus

LNG (21.1%)

Cheniere Energy

GPOR (19.9%)

Gulfport Energy

CNX (17.7%)

CNX Resources

TDW (17.4%)

Tidewater

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Black Stone Minerals Earnings Notes	08/10/2025
2	BSM Dip Buy Analysis	06/29/2025
3	Fundamental Metrics: ...	06/19/2024

	Title
0	ARTICLES

Trade Ideas

Select ideas related to BSM.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
KGS_3312026_Insider_Buying_45D_2Buy_200K	03312026	KGS	Kodiak Gas Services	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
KOS_3312026_Insider_Buying_45D_2Buy_200K	03312026	KOS	Kosmos Energy	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
TPL_12262025_Dip_Buyer_ValueBuy	12262025	TPL	Texas Pacific Land	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	65.2%	65.2%	-2.1%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	NOV	NOV	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	15.3%	15.3%	-6.5%
RIG_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	RIG	Transocean	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	60.5%	60.5%	-7.0%
BSM_11302023_Insider_Buying_GTE_1Mil_EBITp+DE_V2	11302023	BSM	Black Stone Minerals	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-4.8%	-1.9%	-14.7%

Recent Active Movers

Top Gainers

Ticker

Top Losers

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Top Gainers

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Top Losers

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Top Gainers

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Top Losers

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Peer Comparisons

Peers to compare with:

Financials

	BSM	TPL	VNOM	Median
Name	Black St.	Texas Pa.	Viper En.
Mkt Price	-	436.90	47.80	242.35
Mkt Cap	3.1	30.1	8.1	8.1
Rev LTM	422	798	1,394	798
Op Inc LTM	261	592	628	592
FCF LTM	191	32	-1,371	32
FCF 3Y Avg	322	159	-572	159
CFO LTM	310	546	1,053	546
CFO 3Y Avg	407	485	770	485

Growth & Margins

	BSM	TPL	VNOM	Median
Name	Black St.	Texas Pa.	Viper En.
Rev Chg LTM	-3.9%	13.1%	62.1%	13.1%
Rev Chg 3Y Avg	-17.4%	6.5%	20.5%	6.5%
Rev Chg Q	-8.7%	13.9%	89.5%	13.9%
QoQ Delta Rev Chg LTM	-2.1%	3.3%	17.2%	3.3%
Op Inc Chg LTM	-6.5%	9.8%	10.8%	9.8%
Op Inc Chg 3Y Avg	-22.5%	2.4%	-2.2%	-2.2%
Op Mgn LTM	61.8%	74.2%	45.1%	61.8%
Op Mgn 3Y Avg	63.8%	75.8%	62.0%	63.8%
QoQ Delta Op Mgn LTM	-2.6%	-1.6%	-9.0%	-2.6%
CFO/Rev LTM	73.4%	68.4%	75.5%	73.4%
CFO/Rev 3Y Avg	88.7%	68.0%	74.9%	74.9%
FCF/Rev LTM	45.2%	4.0%	-98.4%	4.0%
FCF/Rev 3Y Avg	69.2%	24.4%	-46.6%	24.4%

Valuation

	BSM	TPL	VNOM	Median
Name	Black St.	Texas Pa.	Viper En.
Mkt Cap	3.1	30.1	8.1	8.1
P/S	7.4	37.7	5.8	7.4
P/Op Inc	12.1	50.9	12.9	12.9
P/EBIT	10.2	49.3	-66.2	10.2
P/E	10.5	62.6	-118.7	10.5
P/CFO	10.1	55.2	7.7	10.1
Total Yield	18.6%	2.1%	3.2%	3.2%
Dividend Yield	9.1%	0.5%	4.1%	4.1%
FCF Yield 3Y Avg	10.2%	0.4%	-11.0%	0.4%
D/E	0.0	0.0	0.3	0.0
Net D/E	0.0	-0.0	0.3	0.0

Returns

	BSM	TPL	VNOM	Median
Name	Black St.	Texas Pa.	Viper En.
1M Rtn	-	-14.6%	-0.1%	-7.4%
3M Rtn	3.8%	28.0%	22.3%	22.3%
6M Rtn	17.9%	41.4%	32.1%	32.1%
12M Rtn	12.7%	-1.2%	21.4%	12.7%
3Y Rtn	21.9%	175.2%	76.6%	76.6%
1M Excs Rtn	-	-27.1%	-10.8%	-19.0%
3M Excs Rtn	0.5%	24.8%	19.1%	19.1%
6M Excs Rtn	11.8%	33.7%	22.8%	22.8%
12M Excs Rtn	-17.6%	-32.1%	-7.7%	-17.6%
3Y Excs Rtn	-51.8%	87.0%	2.9%	2.9%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/24/2026	2/24/2026	2/25/2025	2/20/2024	2/23/2023	2/22/2022	2/23/2021
Key Financials
Total Revenue	422	422	439	501	784	506	297
EBITDA	346	346	320	471	531	249	214
Operating Income	261	261	279	332	603	331	113
Net Income	300	300	271	423	476	182	122
EPS	1.28	1.28	1.15	1.91	2.18	0.77	0.49
Growth Rates
Total Revenue Growth	-3.9%	-3.9%	-12.3%	-36.1%	55.1%	70.5%	-39.8%
EBITDA Growth	8.2%	8.2%	-32.1%	-11.2%	113.4%	16.1%	-38.0%
Operating Income Growth	-6.5%	-6.5%	-16.1%	-44.9%	82.3%	192.9%	-52.9%
Net Income Growth	10.5%	10.5%	-35.8%	-11.3%	161.8%	49.4%	-43.2%
Margins
EBITDA Margin	81.9%	81.9%	72.7%	94.0%	67.7%	49.2%	72.2%
Operating Income Margin	61.8%	61.8%	63.5%	66.3%	76.9%	65.4%	38.1%
Net Income Margin	71.0%	71.0%	61.7%	84.3%	60.8%	36.0%	41.1%
Cash & Debt
Total Cash	1	1	3	70	4	9	2
Total Debt	156	156	26	0	10	89	121
Net Debt / (Cash)	155	155	23	-70	6	80	119
Cash Flows
Net Cash from Operations	310	310	389	521	425	257	282
Free Cash from Operations	191	191	274	501	412	242	277
Returns to Shareholders
Dividends	286	315	365	420	343	198	161
Share Repurchases	4	4	4	5	3	2	5

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/24/2026	11/4/2025	8/5/2025	5/6/2025	2/25/2025	11/5/2024	8/6/2024	5/7/2024	2/20/2024	10/31/2023	8/1/2023	5/2/2023
Key Financials Quarterly
Total Revenue	95	105	107	115	104	103	115	117	136	137	106	122
Ebitda	84	104	131	26	58	105	80	76	160	75	89	146
Operating Income	51	67	69	73	68	61	74	75	93	89	67	83
Net Income	72	92	120	16	46	93	68	64	148	62	78	134
EPS	0.31	0.40	0.53	0.04	0.19	0.41	0.29	0.27	0.67	0.27	0.35	0.62
Key Financials TTM
Total Revenue TTM	422	431	429	438	439	472	505	496	501	564	648	750
Ebitda TTM	346	320	321	270	320	421	392	401	471	509	616	672
Operating Income TTM	261	278	272	277	279	304	331	325	332	393	479	572
Net Income TTM	300	274	275	223	271	373	342	352	423	458	565	618
Growth Rates Quarterly
Total Revenue Growth	-8.7%	1.9%	-7.3%	-1.3%	-23.5%	-24.5%	9.0%	-4.5%	-31.5%	-38.2%	-49.1%	-21.8%
EBITDA Growth	43.3%	-0.6%	63.7%	-65.3%	-63.5%	39.5%	-10.2%	-48.0%	-19.2%	-58.8%	-38.3%	2757.2%
Operating Income Growth	-24.6%	8.7%	-6.1%	-2.8%	-26.9%	-30.9%	9.8%	-9.2%	-39.3%	-49.2%	-57.9%	-27.4%
Net Income Growth	55.8%	-1.1%	75.7%	-75.1%	-68.6%	49.4%	-12.8%	-52.5%	-19.4%	-63.2%	-40.5%	2020.1%
Margins Quarterly
EBITDA Margin	88.0%	98.9%	123.2%	23.0%	56.0%	101.5%	69.7%	65.2%	117.4%	54.9%	84.6%	119.7%
Operating Income Margin	53.9%	63.5%	65.1%	63.5%	65.3%	59.6%	64.3%	64.4%	68.3%	65.0%	63.8%	67.8%
Net Income Margin	75.9%	87.2%	112.5%	13.8%	44.4%	89.9%	59.3%	54.7%	108.3%	45.4%	74.2%	109.9%
Cash & Debt
Total Cash	1	3	3	2	3	21	27	40	70	56	47	19
Total Debt	156	95	99	63	26	0	0	0	0	0	0	0
Net Debt / (Cash)	155	92	96	61	23	-21	-27	-40	-70	-56	-47	-19
Cash Flows Quarterly
FCF from Operations	65	100	80	65	91	93	100	104	134	117	133	137
Cash Flows TTM
FCF from Operations TTM	310	336	330	349	389	432	456	489	521	544	535	480
Returns to Shareholders Quarterly
Dividends	64	64	79	79	79	79	79	100	100	100	100	100
Share Repurchases	0	0	-0	3	-0	-0	0	4	-0	-0	-0	5
Return on Invested Capital (ROIC) Quarterly
ROIC	132.9%	290.1%	288.1%	483.1%	1174.3%	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	168.8%	301.3%	282.1%	456.8%	1202.2%	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Sale of oil and natural gas, as well as lease bonus and other income that is derived from our oil	434	592
Gain (loss) on commodity derivative instruments			-121	-146	46
Lease bonus and other income			13	14	9
Natural gas and natural gas liquids sales			435	256	139
Oil and condensate sales			336	236	149
Total	434	592	664	359	343

Price Behavior

Price Behavior

Market Price	$14.84
Market Cap ($ Bil)	3.1
First Trading Date	05/01/2015
Distance from 52W High	-2.7%
	50 Days	200 Days
DMA Price	$14.03	$12.83
DMA Trend	indeterminate	up
Distance from DMA	5.8%	15.6%
	3M	1YR
Volatility	21.7%	20.6%
Downside Capture	-88.86	9.83
Upside Capture	-17.01	24.29
Correlation (SPY)	0.1%	12.7%

BSM Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	�	0.00	0.06	0.14	0.56	0.49
Up Beta	�	0.16	0.07	0.03	0.70	0.62
Down Beta	�	0.29	0.36	0.31	0.69	0.57
Up Capture	0%	-12%	19%	27%	22%	13%
Bmk +ve Days	8	17	28	66	140	425
Stock +ve Days	0	8	20	55	119	389
Down Capture	-0%	-16%	-40%	-10%	39%	60%
Bmk -ve Days	14	25	35	60	112	325
Stock -ve Days	0	5	12	39	98	317

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BSM
BSM	13.2%	20.5%	0.64	-
Sector ETF (XLE)	41.2%	19.6%	1.64	59.7%
Equity (SPY)	31.2%	12.5%	1.91	14.9%
Gold (GLD)	39.7%	27.2%	1.21	10.7%
Commodities (DBC)	45.1%	18.1%	1.93	37.1%
Real Estate (VNQ)	13.1%	13.4%	0.67	20.1%
Bitcoin (BTCUSD)	-17.7%	42.1%	-0.35	12.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BSM
BSM	19.9%	26.7%	0.71	-
Sector ETF (XLE)	23.6%	26.1%	0.81	66.3%
Equity (SPY)	12.9%	17.1%	0.59	35.8%
Gold (GLD)	20.9%	17.8%	0.96	11.2%
Commodities (DBC)	14.5%	19.1%	0.62	48.5%
Real Estate (VNQ)	3.4%	18.8%	0.08	28.4%
Bitcoin (BTCUSD)	6.5%	56.3%	0.33	15.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BSM
BSM	9.3%	31.8%	0.36	-
Sector ETF (XLE)	10.1%	29.5%	0.38	59.4%
Equity (SPY)	14.8%	17.9%	0.71	36.3%
Gold (GLD)	13.8%	15.9%	0.72	6.1%
Commodities (DBC)	10.0%	17.8%	0.47	42.5%
Real Estate (VNQ)	5.3%	20.7%	0.22	31.0%
Bitcoin (BTCUSD)	68.2%	66.9%	1.07	10.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	4152026
Short Interest: Shares Quantity	3.7 Mil
Short Interest: % Change Since 3312026	-2.8%
Average Daily Volume	0.5 Mil
Days-to-Cover Short Interest	7.5 days
Basic Shares Quantity	211.9 Mil
Short % of Basic Shares	1.8%

Returns Analyses

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Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/4/2025	0.0%	-1.4%	-1.4%
8/5/2025	-0.2%	-0.6%	-2.3%
5/6/2025	-2.7%	2.3%	-0.5%
2/25/2025	0.3%	-3.9%	1.6%
11/5/2024	1.4%	3.5%	3.7%
8/6/2024	-0.8%	0.9%	0.4%
5/7/2024	0.1%	-3.1%	-1.1%
2/20/2024	-2.0%	1.7%	3.7%
...
SUMMARY STATS
# Positive	11	13	13
# Negative	12	10	10
Median Positive	1.2%	3.2%	3.7%
Median Negative	-0.8%	-2.1%	-3.7%
Max Positive	6.3%	21.0%	28.8%
Max Negative	-3.4%	-4.1%	-48.9%

	Forward Returns
11/4/2025	0.0%	-1.4%	-1.4%
8/5/2025	-0.2%	-0.6%	-2.3%
5/6/2025	-2.7%	2.3%	-0.5%
2/25/2025	0.3%	-3.9%	1.6%
11/5/2024	1.4%	3.5%	3.7%
8/6/2024	-0.8%	0.9%	0.4%
5/7/2024	0.1%	-3.1%	-1.1%
2/20/2024	-2.0%	1.7%	3.7%
10/31/2023	0.5%	-0.2%	0.1%
8/1/2023	-0.6%	3.2%	1.7%
2/22/2023	-0.9%	0.1%	-6.2%
11/1/2022	1.2%	5.4%	0.6%
8/2/2022	-1.1%	-3.1%	6.9%
5/3/2022	2.1%	-4.1%	9.2%
2/22/2022	0.5%	4.2%	9.7%
11/2/2021	-0.2%	-1.5%	-9.4%
8/3/2021	-2.5%	0.7%	-1.3%
5/4/2021	2.4%	3.8%	0.3%
2/23/2021	6.3%	-0.8%	-5.9%
11/3/2020	4.3%	21.0%	22.7%
8/4/2020	-0.3%	1.1%	-5.0%
5/5/2020	-0.3%	8.3%	28.8%
2/25/2020	-3.4%	-2.8%	-48.9%
SUMMARY STATS
# Positive	11	13	13
# Negative	12	10	10
Median Positive	1.2%	3.2%	3.7%
Median Negative	-0.8%	-2.1%	-3.7%
Max Positive	6.3%	21.0%	28.8%
Max Negative	-3.4%	-4.1%	-48.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/24/2026	10-K
09/30/2025	11/04/2025	10-Q
06/30/2025	08/05/2025	10-Q
03/31/2025	05/06/2025	10-Q
12/31/2024	02/25/2025	10-K
09/30/2024	11/05/2024	10-Q
06/30/2024	08/06/2024	10-Q
03/31/2024	05/07/2024	10-Q
12/31/2023	02/20/2024	10-K
09/30/2023	10/31/2023	10-Q
06/30/2023	08/01/2023	10-Q
03/31/2023	05/02/2023	10-Q
12/31/2022	02/23/2023	10-K
09/30/2022	11/01/2022	10-Q
06/30/2022	08/02/2022	10-Q
03/31/2022	05/03/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q3 2025 Earnings Reported 11/4/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2025 Wells to turn to sales		13		550.0%		Higher New	Actual: 2 for Q3 2025
2026 Wells to turn to sales		16		166.7%		Raised	Guidance: 6 for 2026

Prior: Q2 2025 Earnings Reported 8/5/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q3 2025 Wells turned to sales		2
2025 Total Production	33,000	34,000	35,000
2025 Wells turned to sales		22
2026 Wells drilled		6

Insider Activity

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BSM Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

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Diversification Alternatives

How Is The Market Pricing BSM?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What BSM Makes & Who Pays

TTM figures based on

BSM Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Black Stone Minerals (BSM)

Market Price (4/28/2026): $14.305 | Market Cap: $3.0 BilSector: Energy | Industry: Oil & Gas Exploration & Production

Black Stone Minerals (BSM)

Market Price (4/28/2026): $14.305Market Cap: $3.0 BilSector: EnergyIndustry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Black Stone Minerals (BSM)

Share Repurchases

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Black Stone Minerals (BSM)

INDUSTRY: Oil & Gas Exploration & Production

Higher Rev Chg 3Y Avg | Lower P/S (Values for BSM: -17.4% | 7.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BSM: -17.4% | 12.1x)

Higher Rev Chg LTM (Value for BSM: -3.9%)

Higher Rev Chg 3Y Avg (Value for BSM: -17.4%)

Higher Op Mgn LTM (Value for BSM: 61.8%)

Higher CFO/Rev LTM (Value for BSM: 73.4%)

Higher FCF/Rev LTM (Value for BSM: 45.2%)

Higher Total Yield (Value for BSM: 18.6%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for BSM: -17.4% | 7.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BSM: -17.4% | 12.1x)

Higher Rev Chg LTM (Value for BSM: -3.9%)

Higher Rev Chg 3Y Avg (Value for BSM: -17.4%)

Higher Op Mgn LTM (Value for BSM: 61.8%)

Higher CFO/Rev LTM (Value for BSM: 73.4%)

Higher FCF/Rev LTM (Value for BSM: 45.2%)

Higher Total Yield (Value for BSM: 18.6%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BSM: -17.4% | 7.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BSM: -17.4% | 12.1x)

Higher Rev Chg LTM (Value for BSM: -3.9%)

Higher Rev Chg 3Y Avg (Value for BSM: -17.4%)

Higher Op Mgn LTM (Value for BSM: 61.8%)

Higher CFO/Rev LTM (Value for BSM: 73.4%)

Higher FCF/Rev LTM (Value for BSM: 45.2%)

Higher Total Yield (Value for BSM: 18.6%)

Best Bets in Energy

P/EBIT (Value for BSM: 10.2x)

P/E (Value for BSM: 10.5x)

Rev Chg 3Y Avg (Value for BSM: -17.4%)

Rev Chg LTM (Value for BSM: -3.9%)

Rev Chg Q (Value for BSM: -8.7%)

FCF/Rev 3Y Avg (Value for BSM: 69.2%)

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Market Price (4/28/2026): $14.305 | Market Cap: $3.0 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Market Price (4/28/2026): $14.305
Market Cap: $3.0 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production