Black Stone Minerals, L.P. Financial Ratios — BSM Stock

Profitability (USD)

	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	-1.86	-12.53	1.77	16.77	23.95	16.82	9.35	15.17	40.07	33.02	20.61	23.96
Return on Assets (%)	- -	- -	-8.42	1.84	11.62	17.77	13.01	8.74	14.61	37.83	33.3	21.83	23.48
Return on Capital (%)	- -	1.06	- -	2.75	13.72	20.46	15.2	9.9	16.09	40.7	34.9	23.13	25.32
Return on Invested Capital (%)	- -	20.68	- -	6.51	11.41	19.58	15.41	8.41	28.21	50.57	27.12	23.38	21.27
Gross Margin (%)	64.55	64.23	46.59	47.29	55.48	65.46	61.89	52.97	75.5	83.88	77.24	76.22	79.62
EBITDA Margin (%)	73.54	73.25	53.81	56.64	64.25	71.66	70.97	65.74	77.5	83	75.45	73.74	70.49
Operating Margin (%)	51.71	51.34	19.35	22.17	35.82	51.04	48.73	38.09	65.44	76.91	66.34	63.45	61.75
Incremental Operating Margin (%)	- -	47.1	97.81	-137.89	74.28	82.98	62.2	64.82	104.24	97.72	95.61	86.87	105.44
Pretax Margin (%)	35.99	33.11	-33.47	6.79	39.02	49.7	43.5	41.07	35.98	60.75	84.32	61.75	71.02
Profit Margin (%)	- -	- -	-33.21	6.79	39.03	49.69	43.5	41.07	35.98	60.75	84.32	61.75	71.02
Net Income to Common Margin (%)	- -	-3.08	-35.69	4.86	37.78	46.16	39.24	33.99	31.83	58.08	79.98	55.04	64.04
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	142.89	146.57	-193.96	1,225.04	127.26	90.13	158.98	139.2	109.9	70.78	99.32	138.75	105.62
Sustainable Growth Rate (%)	- -	0.87	-36.84	-19.88	-4.57	2.36	-9.92	-3.67	-1.5	11.71	0.22	-7.99	-1.35

Credit (USD)

Credit Ratios API ChatGPT

	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	451	394	66	316	388	410	394	121	89	10	- -	26	156
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	2
LT Debt	451	394	66	316	388	410	394	121	89	10	- -	25	154
Total Debt/EBITDA	1.31	1.05	0.41	1.88	1.5	0.96	1.13	0.62	0.23	0.02	- -	0.08	0.52
Net Debt/EBITDA	1.22	1.01	0.32	1.82	1.48	0.95	1.1	0.61	0.2	0.01	-0.19	0.07	0.51
Total Debt/EBIT	1.86	1.5	1.13	4.79	2.69	1.35	1.64	1.07	0.27	0.02	- -	0.09	0.6
Net Debt/EBIT	1.73	1.45	0.9	4.65	2.65	1.33	1.61	1.06	0.24	0.01	-0.21	0.08	0.58
EBITDA to Interest Expense	30.44	27.71	25.37	22.31	16.49	20.53	16.31	18.74	69.52	103.56	137.29	104.22	33.34
EBITDA-CapEx/Interest Expense	13.18	18.78	7.19	-7.07	-14.38	6.21	11.12	18.27	66.93	101.56	130.09	67.22	20
EBIT to Interest Expense	21.4	19.42	9.12	8.73	9.19	14.62	11.2	10.86	58.7	95.95	120.7	89.69	29.21
Interest Expense	11	14	6	8	16	21	21	10	6	6	3	3	9
Common Equity/Total Assets	60.49	61.38	85.69	64.19	69.12	68.72	70.98	85.13	85.23	95.18	96.09	92.66	84.49
Long-Term Debt/Equity (%)	51.38	48.38	7.25	43.55	35.58	34.09	35.92	11.43	8.37	0.83	- -	2.21	13.65
Long-Term Debt/Capital (%)	33.94	32.61	6.76	30.34	26.24	25.42	26.43	10.25	7.72	0.82	- -	2.16	11.99
Long-Term Debt/Total Assets (%)	31.22	29.7	6.22	27.99	24.61	23.43	25.5	9.73	7.13	0.79	- -	2.05	11.53
Total Debt/Equity (%)	51.38	48.38	7.25	43.55	35.58	34.09	35.92	11.43	8.37	0.83	- -	2.28	13.82
Total Debt/Capital (%)	33.94	32.61	6.76	30.34	26.24	25.42	26.43	10.25	7.72	0.82	- -	2.23	12.14
Total Debt/Total Assets (%)	31.22	29.7	6.22	27.99	24.61	23.43	25.5	9.73	7.13	0.79	- -	2.11	11.68
Net Debt to Equity	47.95	46.56	5.79	42.2	35.06	33.64	35.18	11.26	7.53	0.47	-5.77	1.99	13.52
Net Debt/Capital (%)	32.41	31.77	5.48	29.68	25.96	25.17	26.03	10.12	7.01	0.47	-6.13	1.95	11.89
EBITDA	345	374	163	168	259	426	350	195	392	651	378	324	298
EBITDA-CapEx	149	254	46	-53	-226	129	238	190	377	638	358	209	179
Operating Income (Loss)	243	262	59	66	144	304	240	113	331	603	332	279	261

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.31	0.15	0.21	0.14	0.09	0.08	0.27	0.04	0.12	0.14	2.72	0.08	0.06
Current Ratio	1.29	1.37	1.64	1.11	1.47	2.43	3.43	1.67	1.4	5.64	7.48	2.58	3.88
Quick Ratio	1.24	0.9	0.86	1.09	1.45	1.83	2.9	1.59	1.37	4.56	5.9	2.42	2.72
CFO/Avg Current Liab	- -	4.03	3.52	2.93	4.3	6.19	8.73	8.08	4.39	7.88	18.43	13.83	11.27
Common Equity/Total Assets	60.49	61.38	85.69	64.19	69.12	68.72	70.98	85.13	85.23	95.18	96.09	92.66	84.49
Long-Term Debt/Equity (%)	51.38	48.38	7.25	43.55	35.58	34.09	35.92	11.43	8.37	0.83	- -	2.21	13.65
Long-Term Debt/Capital (%)	33.94	32.61	6.76	30.34	26.24	25.42	26.43	10.25	7.72	0.82	- -	2.16	11.99
Long-Term Debt/Total Assets (%)	31.22	29.7	6.22	27.99	24.61	23.43	25.5	9.73	7.13	0.79	- -	2.05	11.53
Total Debt/Equity (%)	51.38	48.38	7.25	43.55	35.58	34.09	35.92	11.43	8.37	0.83	- -	2.28	13.82
Total Debt/Capital (%)	33.94	32.61	6.76	30.34	26.24	25.42	26.43	10.25	7.72	0.82	- -	2.23	12.14
Total Debt/Total Assets (%)	31.22	29.7	6.22	27.99	24.61	23.43	25.5	9.73	7.13	0.79	- -	2.11	11.68
CFO/Total Liabilities	56.61	77.31	188.84	48.78	58.01	70.39	92.04	152.32	139.39	693.62	1,052.2	434.85	149.77
CFO/CapEx	1.64	3.29	2.44	0.89	0.58	1.3	3.71	58.52	17.55	33.83	26.31	3.38	2.6
Altman's Z-Score	0.9	1.07	11.49	5.8	4.98	4.45	4.39	5.04	8.33	36.91	42.01	21.79	9.18

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	6.19	5.25	5.43	5.53	6.42	5.51	4.59	6.69	7.06	4.85	10.77	121.73
Days Sales Outstanding	- -	59	69.55	67.17	66.03	56.88	66.23	79.49	54.56	51.68	75.26	33.89	3
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	10.11	30.88	34.15	54.28	62.13	39.71	32.01	26.5	19.88	17.49	17.11	19.63
Accounts Payable Turnover Days	- -	36.1	11.82	10.69	6.72	5.87	9.19	11.4	13.78	18.36	20.87	21.34	18.6
Cash Conversion Cycle	- -	22.89	57.73	56.48	59.31	51	57.04	68.09	40.78	33.32	54.39	12.55	-15.6
Inventory to Cash Days	- -	59	69.55	67.17	66.03	56.88	66.23	79.49	54.56	51.68	75.26	33.89	3
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	2,759	3,585	3,567	3,169	2,620	1,381	2,156	3,533	3,351	3,076	2,816
- Cash & Cash Equivalents	30	15	13	10	6	5	8	2	9	4	70	3	1
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	4	- -	1	1	1	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	451	394	66	316	388	410	394	121	89	10	- -	26	156
Enterprise Value	425	379	2,813	3,892	3,950	3,573	3,006	1,500	2,236	3,538	3,281	3,099	2,970
Total Capital	1,329	1,208	977	1,042	1,479	1,613	1,491	1,180	1,153	1,220	1,217	1,155	1,284
Total Debt/Capital (%)	33.94	32.61	6.76	30.34	26.24	25.42	26.43	10.25	7.72	0.82	- -	2.23	12.14
Total Debt / EV	1.06	1.04	0.02	0.08	0.1	0.11	0.13	0.08	0.04	- -	- -	0.01	0.05
EV/Sales	0.91	0.74	9.3	13.09	9.81	6.01	6.1	5.06	4.42	4.51	6.55	7.05	7.03
EV/EBITDA	1.23	1.01	17.27	23.11	15.27	8.38	8.59	7.69	5.7	5.44	8.68	9.56	9.98
EV/EBIT	1.75	1.45	48.05	59.05	27.39	11.77	12.52	13.28	6.76	5.87	9.87	11.12	11.39
EV/Cash Flow to Firm	1.28	0.93	9.66	19.06	13.28	8.8	6.92	5.13	8.52	8.2	6.26	7.9	9.31
EV/Free Cash Flow to Firm	0.81	0.72	6.9	9.14	5.05	5.08	5.51	5.05	8.07	7.97	6.03	6.11	6.78
Diluted Market Cap	- -	- -	2,760	3,603	3,454	3,369	2,622	1,382	2,152	3,786	3,593	3,077	2,814
Diluted Enterprise Value	425	379	2,813	3,910	3,838	3,773	3,008	1,501	2,232	3,792	3,522	3,101	2,968
EV per Share	2.23	1.99	14.71	20.39	19.87	17.46	14.59	7.26	10.71	16.9	15.63	14.71	14.02
TTM Sales	469	511	303	297	403	595	493	297	506	784	501	439	422
TTM EBITDA	345	374	163	168	259	426	350	195	392	651	378	324	298
TTM Operating Income	243	262	59	66	144	304	240	113	331	603	332	279	261
TTM Cash Flow to Firm	332	410	291	204	298	406	434	292	263	431	524	392	319
TTM Free Cash Flow to Firm	528	530	408	426	782	703	545	297	277	444	544	507	438

Multiples (USD)

Valuation Multiples API ChatGPT

	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	6.87	8.61	4.51	4.93	5	4.82	7.92	8.65	6.64	6.11	6.55
EV/EBIT	1.75	1.45	48.05	59.05	27.39	11.77	12.52	13.28	6.76	5.87	9.87	11.12	11.39
Enterprise Value	425	379	2,813	3,892	3,950	3,573	3,006	1,500	2,236	3,538	3,281	3,099	2,970
Low Price	- -	- -	12.03	10.71	15.12	15.23	11.25	4.04	6.7	10.36	13.41	13.78	11.78
EV/Sales	0.91	0.74	9.3	13.09	9.81	6.01	6.1	5.06	4.42	4.51	6.55	7.05	7.03
EV/EBITDA	1.23	1.01	17.27	23.11	15.27	8.38	8.59	7.69	5.7	5.44	8.68	9.56	9.98
Price/Earnings	- -	- -	- -	248.73	22.7	11.4	13.55	13.7	13.36	7.76	8.36	12.72	10.4
Price/Earnings Average	- -	- -	-27.47	209.89	21.63	13.05	16.38	14.83	13.31	6.9	8.64	13.44	10.73
Price/Earnings High	- -	- -	-34.45	263.04	24.74	14.21	19.99	27.76	16.49	9.3	9.72	14.74	12.21
Price/Earnings Low	- -	- -	-21.3	141.85	19.14	11.22	11.98	8.28	8.66	4.76	7.03	12	9.22
Price/Book Value	- -	- -	3.03	4.95	3.27	2.63	2.39	1.3	2.03	2.92	2.75	2.72	2.5
Price/Book Value Average	- -	- -	3.26	4.17	3.12	3.02	2.89	1.41	2.02	2.6	2.84	2.88	2.57
Price/Book Value High	- -	- -	4.09	5.23	3.57	3.28	3.52	2.64	2.5	3.5	3.2	3.16	2.93
Price/Book Value Low	- -	- -	2.53	2.82	2.76	2.59	2.11	0.79	1.31	1.79	2.31	2.57	2.21
Price/Tangible Book Value	- -	- -	3.03	4.95	3.27	2.63	2.39	1.3	2.03	2.92	2.75	2.72	2.5
Price/Tangible Book Value Average	- -	- -	3.26	4.17	3.12	3.02	2.89	1.41	2.02	2.6	2.84	2.88	2.57
Price/Tangible Book Value High	- -	- -	4.09	5.23	3.57	3.28	3.52	2.64	2.5	3.5	3.2	3.16	2.93
Price/Tangible Book Value Low	- -	- -	2.53	2.82	2.76	2.59	2.11	0.79	1.31	1.79	2.31	2.57	2.21
Price/Sales	- -	- -	9.12	12.08	8.58	5.26	5.32	4.65	4.25	4.5	6.69	7	6.66
Price/Sales Average	- -	- -	9.8	10.19	8.17	6.02	6.43	5.04	4.24	4.01	6.91	7.4	6.87
Price/Sales High	- -	- -	12.3	12.77	9.35	6.56	7.85	9.43	5.25	5.4	7.77	8.11	7.82
Price/Sales Low	- -	- -	7.6	6.89	7.23	5.18	4.7	2.82	2.76	2.77	5.62	6.61	5.9
Price/Cash Flow	- -	- -	9.69	18.26	12.26	8.12	6.35	4.9	8.37	8.31	6.43	7.91	9.07
Price/Cash Flow Average	- -	- -	10.42	15.41	11.67	9.3	7.67	5.31	8.34	7.39	6.64	8.35	9.36
Price/Cash Flow High	- -	- -	13.07	19.31	13.36	10.12	9.37	9.93	10.33	9.97	7.47	9.16	10.65
Price/Cash Flow Low	- -	- -	8.08	10.41	10.33	7.99	5.61	2.96	5.43	5.1	5.4	7.46	8.04
Price/Free Cash Flow Average	- -	- -	7.39	7.27	4.29	5.65	6.05	5.22	7.9	7.7	6.86	6.45	6.76
Price/Free Cash Flow High	- -	- -	9.27	9.11	4.91	6.15	7.38	9.77	9.78	10.38	7.72	7.08	7.69
Price/Free Cash Flow Low	- -	- -	5.73	4.91	3.8	4.85	4.43	2.92	5.14	5.31	5.58	5.76	5.81
EV/Sales Average	0.91	0.74	9.98	11.21	9.39	6.78	7.21	5.44	4.41	4.01	6.77	7.45	7.24
EV/Sales High	0.91	0.74	12.47	13.78	10.6	7.32	8.63	9.84	5.42	5.41	7.63	8.17	8.19
EV/Sales Low	0.91	0.74	7.78	7.91	8.42	5.92	5.49	3.22	2.92	2.77	5.48	6.66	6.28
EV/EBITDA Average	1.23	1.01	18.55	19.79	14.61	9.46	10.16	8.28	5.68	4.84	8.97	10.1	10.28
EV/EBITDA High	1.23	1.01	23.18	24.34	16.5	10.21	12.16	14.97	6.99	6.52	10.12	11.07	11.62
EV/EBITDA Low	1.23	1.01	14.46	13.96	13.1	8.26	7.73	4.89	3.77	3.34	7.26	9.03	8.9
EV/EBIT Average	1.75	1.45	51.59	50.55	26.21	13.28	14.8	14.3	6.73	5.22	10.2	11.74	11.73
EV/EBIT High	1.75	1.45	64.47	62.17	29.61	14.34	17.71	25.83	8.28	7.04	11.51	12.87	13.27
EV/EBIT Low	1.75	1.45	40.21	35.68	23.5	11.6	11.26	8.45	4.47	3.61	8.26	10.5	10.16
Last Price	- -	- -	14.43	18.78	17.94	15.48	12.72	6.68	10.33	16.87	15.96	14.6	13.29
High Price	- -	- -	19.46	19.86	19.55	19.29	18.77	13.54	12.75	20.24	18.55	16.92	15.6
Enterprise Value Average	425	379	3,021	3,332	3,781	4,032	3,553	1,615	2,228	3,148	3,391	3,273	3,060
Enterprise Value High	425	379	3,775	4,098	4,271	4,353	4,252	2,919	2,741	4,244	3,825	3,588	3,460
Enterprise Value Low	425	379	2,354	2,352	3,390	3,522	2,703	954	1,478	2,175	2,746	2,927	2,650

Shares Outstanding	190	190	191	191	199	205	206	207	209	209	210	211	212
Diluted Weighted Avg Shares	190	190	191	192	193	218	206	207	208	224	225	211	212
Basic Weighted Avg Shares	190	190	191	191	193	202	206	207	208	209	210	211	212
Revenue per Share	2.47	2.69	1.58	1.55	2.09	2.94	2.39	1.44	2.43	3.75	2.39	2.09	2
EBITDA per Share	1.81	1.97	0.85	0.88	1.34	2.11	1.7	0.94	1.88	3.11	1.8	1.54	1.41
Operating Income per Share	1.28	1.38	0.31	0.34	0.75	1.5	1.17	0.55	1.59	2.88	1.58	1.32	1.23
Basic EPS, GAAP	- -	-0.08	-0.56	0.08	0.79	1.36	0.94	0.49	0.77	2.18	1.91	1.15	1.28
Basic EPS from Cont Ops	0.89	0.89	-0.53	0.11	0.82	1.46	1.04	0.59	0.87	2.28	2.01	1.29	1.42
Diluted EPS, GAAP	- -	-0.08	-0.56	0.08	0.79	1.26	0.94	0.49	0.77	2.03	1.78	1.15	1.28
Diluted EPS from Cont Ops	0.89	0.89	-0.53	0.11	0.82	1.36	1.04	0.59	0.87	2.12	1.88	1.29	1.42
Dividend per Share	1.27	1.26	1.16	0.95	1.03	1.33	1.59	0.78	0.95	1.64	2	1.73	1.49
Cash Flow per Share	1.69	2.08	1.49	1.03	1.46	1.91	2	1.36	1.23	2.03	2.48	1.85	1.47
Free Cash Flow per Basic Share	0.66	1.45	0.88	-0.13	-1.05	0.44	1.46	1.34	1.16	1.97	2.39	1.3	0.9
Cash & Equivalents per Share	0.16	0.08	0.07	0.05	0.03	0.03	0.04	0.01	0.04	0.02	0.33	0.01	0.01
Book Value per Share	4.59	4.28	4.76	3.8	5.48	5.88	5.33	5.12	5.1	5.78	5.8	5.36	5.33
Tangible Book Value per Share	4.59	4.28	4.76	3.8	5.48	5.88	5.33	5.12	5.1	5.78	5.8	5.36	5.33

Black Stone Minerals, L.P.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)