Black Stone Minerals, L.P., (BSM) Fair Value & Analysis
Energy · US · Market cap $2.9B
Black Stone Minerals, L.P.,
BSM · US
Fair value as of: Jul 15, 2026
From 23 valuation models · updated 26 days ago
Share price −0.5% over the past month.
A strong business, but screening 11% overvalued on our models.
What matters now
- Our model range runs from $10.19 (bear) to $14.93 (bull), base $12.53. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 79/100 (high quality) with high evidence: the data supports the verdict.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.
How to read this chart
60‑month range $5.84 – $15.09 · fair‑value band $10.19 – $14.93 · the $14.10 price screens above the $12.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.
Analysis
Black Stone Minerals, L.P., (BSM) currently trades at $14.10, while our model-based Fair Value estimate is $12.53, implying the stock looks roughly 11.1% overvalued today. The Quality Score stands at 79/100 (high quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Black Stone Minerals, L.P., generated revenue of $410M at a net margin of 72.5%. Revenue grew 8.5% year over year. It earns a return on equity of 27.8%. Net debt stands at $153M. Fundamentals as of Jul 15, 2026
Our scenario range runs from $10.19 (bear case) to $14.93 (bull case); at $14.10, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 29% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -26% fair-value upside, at -11%, BSM screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 23 models by family
Widest divergence: Growth DCF ($17.42) versus Asset-Based ($3.55). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 76 · Market factors (momentum, volatility) 67
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Black Stone Minerals, L.P., reported revenue of $422M in FY2025 versus $506M in FY2021, a compound −4.4%/yr. Reported net income was $300M in FY2025, compounding +13.3%/yr from FY2021.
BSM screens 11% overvalued. Compare with CNOOC Limited →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Black Stone Minerals, L.P. Announces Distribution Increase and Schedules Earnings Call to Discuss Second Quarter 2026 Results
- Core Laboratories, Excelerate Energy, and Black Stone Minerals Shares Are Falling, What You Need To Know
- RBC Capital Highlights Natural Gas Exposure in New Black Stone Minerals (BSM) Coverage
Peer Group
Oil & Gas E&P · 315 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas E&P median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 46/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Oil & Gas E&P stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| CNOOC Limited 600938 | ¥28.97 | ¥32.55 | +12% |
| ConocoPhillips explores for, COP | $109.04 | $91.79 | -16% |
| Canadian Natural Resources Limited CNQ | $42.86 | $31.54 | -26% |
| EOG Resources, Inc EOG | $139.89 | $130.19 | -7% |
| Occidental Petroleum Corporation OXY | $54.86 | $30.68 | -44% |
| Diamondback Energy, Inc FANG | $183.39 | $106.12 | -42% |
| Devon Energy Corporation DVN | $43.83 | $27.06 | -38% |
| Woodside Energy Group WDS | A$30.46 | A$20.71 | -32% |
| EQT Corporation EQT | $48.85 | $42.85 | -12% |
| Texas Pacific Land Corporation TPL | $415.70 | $79.20 | -81% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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