Black Stone Minerals, L.P. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Black Stone Minerals, L.P. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	297	430	610	493	343	506	784	592	439	470
General and administrative	73.1	77.6	76.7	63.4	43	48.7	53.7	51.5	52.1	55.5
Operating expenses	233	258	291	253	211	172	181	169	161	162
Operating income	27.5	172	318	235	132	187	482	424	273	308
Interest expense	7.55	15.7	20.8	21.4	10.4	5.64	6.29	2.75	3.11	8.93
Interest income	0.66	0.05	0.18	0.16	0.04	0	0.05	1.87	1.67
Other non-operating income	-7.28	-14.9	-22.8	-20.8	-10.3	-5.34	-6.02	-1.05	-1.78	-8.46
Net income	20.2	157	296	214	122	182	476	423	271	270
EBITDA	130	287	441	345	214	248	530	469	318	345

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.77	5.64	5.41	8.12	1.8	8.88	4.31	70.3	2.52	1.48
Receivables	68.2	80.7	113	78.2	61.9	97.1	136	82.3	4.05	2.89
Other current assets	1.04	1.21	1	1.17	1.67	1.96	1.91	2.32	3.11	9.72
Total current assets	79	87.6	158	102	66.5	108	173	193	78.5	95.6
Property, plant and equipment	1,045	1,481	1,576	1,434	1,172	1,133	1,088	1,066	1,134	1,225
Total assets	1,129	1,576	1,750	1,545	1,244	1,248	1,271	1,267	1,219	1,336
Accounts payable	4.14	2.46	4.15	5.31	3.41	5.94	6.77	6.27	5.95	2.82
Accrued liabilities	51	52.6	60.1	22.7	15.6	17.6	19.7	17	17.2	19.4
Total current liabilities	71.3	59.7	64.8	29.8	39.9	77.1	30.7	25.8	30.4	24.6
Total liabilities	403	486	548	448	185	184	61.3	49.5	89.5	207
Total liabilities and equity	1,129	1,576	1,750	1,545	1,244	1,248	1,271	1,267	1,219	1,336

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	20.2	157	296	214	122	182	476	423	271	300
Depreciation and amortization	102	115	123	110	82	61	47.8	45.7	45.2	36.9
Stock-based compensation	43.1	33	30.1	20.5	3.73	12.2	17.4	10.8	8.56	9.62
Change in receivables	-29.8	-6.08	-31.5	35	16.5	-34.9	-39.5	53.1	11.2
Change in payables	-23.9	-5.67	11.5	-1.19	-5.93	2.65	3.01	-3.83	1.04	-0.29
Cash from operations	197	282	385	413	282	257	425	521	389	310
Cash from investing	-222	-454	-164	-48.6	151	-14.3	-1.22	-19.7	-112	-118
Share buybacks	0				-5.04	-1.96	-2.99	-5.5	-4.45
Cash from financing	21.4	168	-222	-361	-439	-235	-428	-436	-345	-193
Net change in cash	-3.46	-4.13	-0.23	2.71	-6.32	7.08	-4.57	66	-67.8	-1.04
Interest paid	6.54	14.8	19.8	20.5	9.45	4.04	4.33	1.74	1.96	7.38

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.42 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	63.2%	Operating income / revenue.
EBITDA margin	71.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	54.3%	Net income / revenue.
Operating cash flow margin	68.5%	Cash from operations / revenue.
Return on assets (ROA)	18.6%	Net income / average total assets.
Stock-based pay / revenue	2.3%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	8.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-15.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	12.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-13.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	18.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-13.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-0.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-17.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	17.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-20.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-10.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.76x	Current assets / current liabilities.
Quick ratio	0.35x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	18.5%	Total liabilities / total assets.
Interest coverage	23.8x	Operating income / interest expense.
Working capital	$65.3M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Fixed asset turnover	0.37x	Revenue / average property, plant and equipment.
Receivables turnover	70.7x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.

Valuation

Metric	Value	How it is calculated
Market cap	$3.07B	Share price x shares outstanding.
Enterprise value	$3.07B	Market cap + total debt - cash - short-term investments.
P/E	12.1x	Market cap / net income. Only when net income is positive.
P/S	6.55x	Market cap / revenue.
P/OCF	9.57x	Market cap / cash from operations, when positive.
EV/Sales	6.55x	Enterprise value / revenue.
EV/EBIT	10.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.19x	Enterprise value / EBITDA, when both are positive.
Earnings yield	8.3%	Net income / market cap (the inverse of P/E).

What was Black Stone Minerals, L.P.'s revenue in fiscal 2025?

Black Stone Minerals, L.P. reported revenue of $469.9M for fiscal 2025, 6.9% higher than the year before.

Was Black Stone Minerals, L.P. profitable in fiscal 2025?

Yes. Net income was $270.5M, a net margin of 57.6%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Black Stone Minerals, L.P.