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Oil & gas E&P · Energy · Fiscal year ends Dec 31
Black Stone Minerals reported revenue of $422M in the fiscal year ended Dec 2025, down 3.9% from the year before. Operating income was $308M, an operating margin of 73.0%, and net income was $300M. Operating cash flow of $310M less capital expenditure of $107M left free cash flow of $203M.
Ranks among the 34 oil & gas e&p companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 506 | 784 | 501 | 439 | 422 |
| Operating income | 187 | 482 | 424 | 273 | 308 |
| Interest expense | 5.6 | 6.3 | 2.8 | 3.1 | 8.9 |
| Net income | 182 | 476 | 423 | 271 | 300 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 8.9 | 4.3 | 70.3 | 2.5 | 1.5 |
| Receivables | 97.1 | 136 | 82.3 | 4.0 | 2.9 |
| Current assets | 108 | 173 | 193 | 78.5 | 95.6 |
| Net PP&E | 1,133 | 1,088 | 1,066 | 1,134 | 1,225 |
| Total assets | 1,248 | 1,271 | 1,267 | 1,219 | 1,336 |
| Payables | 5.9 | 6.8 | 6.3 | 5.9 | 2.8 |
| Current liabilities | 77.1 | 30.7 | 25.8 | 30.4 | 24.6 |
| Total liabilities | 184 | 61.3 | 49.5 | 89.5 | 207 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 257 | 425 | 521 | 389 | 310 |
| Capital expenditure | 10.0 | 0.1 | 14.6 | 109 | 107 |
| Free cash flow | 247 | 425 | 507 | 280 | 203 |
| Depreciation & amortisation | 61.0 | 47.8 | 45.7 | 45.2 | 36.9 |
| Stock-based compensation | 12.2 | 17.4 | 10.8 | 8.6 | 9.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 55.1% | −36.1% | −12.3% | −3.9% |
| Operating income growth (YoY) | – | 157.6% | −12.2% | −35.5% | 12.9% |
| Operating margin | 37.0% | 61.5% | 84.5% | 62.2% | 73.0% |
| Net margin | 36.0% | 60.8% | 84.3% | 61.7% | 71.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.0% | 38.9% | 34.1% | 23.0% | 23.5% |
| Free cash flow margin | 48.8% | 54.2% | 101.1% | 63.6% | 48.1% |
| Cash conversion (CFO ÷ net income) | 1.41x | 0.89x | 1.23x | 1.43x | 1.03x |
| Receivable days | 70 | 63 | 60 | 3 | 3 |
| Interest cover | 33.2x | 76.8x | 154x | 87.8x | 34.5x |
| Current ratio | 1.40x | 5.64x | 7.48x | 2.58x | 3.88x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.