Black Stone Minerals, L.P.

BSMNYSEEnergy● Active

$13.99

+$0.10(+0.72%)

Market Cap$3.0B

P/E Ratio—

52W High$15.49

52W Low$11.78

Avg Volume426K

Open$13.92

Beta0.02

Overview

Black Stone Minerals, L.P. (BSM) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

BSM · free cash flow · updated Jun 8, 2026

Core FCF metrics

BSM · FCF · TTM · margin & CAGR

Free cash flow was $298.4M for FY2025 (fiscal year ending 2025-12-31), down 22.5% year-over-year The FCF margin was 70.7%. Five-year CAGR stands at +1.5%.

FY2025 Free Cash Flow$298.4M▼ -22.5% YoY

Trailing 12M (TTM)$223.3Mtrailing 4 quarters sum

FCF Margin70.7%$298.4M ÷ revenue

3-Year CAGR-10.2%FY2022 → FY2025

5-Year CAGR+1.5%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

BSM · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$310.2M(12M)$298.4M▼ 22.5%70.7%

FY2024$389.0M(4M)$384.8M▼ 23.3%87.6%

FY2023$521.3M(20M)$501.4M▲ +21.6%100.1%

FY2022$425.0M(13M)$412.4M▲ +70.2%52.6%

FY2021$256.9M(15M)$242.2M▼ 12.5%47.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

BSM · P/FCF · FCF yield · FCF per share

Black Stone Minerals, L.P. (BSM) trades at a FCF yield of 7.54% and a price-to-free-cash-flow ratio of 13.3x. FCF per share stands at $1.05, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

7.54%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.05

TTM FCF ÷ Shares Outstanding

Price / FCF

x13.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x14.0

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

BSM · cash flow statement · operating / investing / financing

For FY2025, Black Stone Minerals, L.P. generated $310.2M in operating cash flow and spent 12M in capital expenditures, yielding $298.4M in free cash flow.

Operating Activities

+$310.2M

Cash from core business operations

2025-12-31

Investing Activities

−$118.3M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$192.9M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($310.2M) − |CapEx| (12M) = FCF ($298.4M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Energy)

BSM vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Black Stone Minerals, L.P.YOU

BSM

$298.4M-22.5%70.7%

Exxon Mobil Corporation

Energy · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Black Stone Minerals, L.P. (BSM) reported free cash flow of $298.4M for FY2025 (fiscal year ending 2025-12-31), down 22.5% year-over-year. The FCF margin was 70.7%.

Based on available data, Black Stone Minerals, L.P. has maintained positive free cash flow for at least 12 fiscal year(s). FCF peaked at $501.4M in FY2023. The 5-year CAGR stands at +1.5%.

Black Stone Minerals, L.P.'s FCF yield is 7.54% and price-to-FCF ratio is 13.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

BSM free cash flow · 8 questions

Black Stone Minerals, L.P. free cash flow was $298.4M for FY2025, down 22.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $223.3M.

BSM free cash flowBSM FCFBSM FCF 2025BSM free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Black Stone Minerals, L.P. · Black Stone Minerals, L.P. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026