Black Stone Minerals LPBSM +1.21%80 ROC (Joel Greenblatt) % is 5.41% as of Mar. 2026, which is 70% below its 10-year median of 18.02. GuruFocus rates BSM with a GF Score™ of 80/100 and a GF Value™ of $13.95 (Fairly Valued). The stock has 6 warning signs investors should review. Among 998 Oil & Gas companies, Black Stone Minerals LP ranks better than 83.07% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Black Stone Minerals LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 5.41%.
The historical rank and industry rank for Black Stone Minerals LP's ROC (Joel Greenblatt) % or its related term are showing as below:
BSM'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 2.76 Med: 18.02 Max: 40.72
Current: 25.9
During the past 13 years, Black Stone Minerals LP's highest ROC (Joel Greenblatt) % was 40.72%. The lowest was 2.76%. And the median was 18.02%.
BSM's ROC (Joel Greenblatt) % is ranked better than 83.07% of 998
companies
in the Oil & Gas industry
Industry Median: 8.415
vs BSM: 25.90
Black Stone Minerals LP's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 18.50% per year.
Black Stone Minerals LP (NYSE:BSM) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Black Stone Minerals LP ROC (Joel Greenblatt) % Related Terms
Black Stone Minerals LP ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Black Stone Minerals LP's ROC (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Black Stone Minerals LP ROC (Joel Greenblatt) % Chart
BSM vs GPOR, BKV, CRGY: ROC (Joel Greenblatt) % Comparison
For the Oil & Gas E&P subindustry, Black Stone Minerals LP's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Black Stone Minerals LP ROC (Joel Greenblatt) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Black Stone Minerals LP's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Black Stone Minerals LP's ROC (Joel Greenblatt) % falls into.
Black Stone Minerals LP ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a ROC (Joel Greenblatt) % of 5.41% mean?
Black Stone Minerals LP (BSM) has a ROC (Joel Greenblatt) % of 5.41% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Black Stone Minerals LP and its competitors. This is 70% below median its historical median of 18.02. Over the past decade, Black Stone Minerals LP's ROC (Joel Greenblatt) % has ranged from 2.76 to 40.72. According to the industry distribution chart, Black Stone Minerals LP ranks #169 out of 998 companies in the Oil & Gas industry, placing it in the top 16.9%.
Is Black Stone Minerals LP's ROC (Joel Greenblatt) % too high?
Black Stone Minerals LP's current ROC (Joel Greenblatt) % of 5.41% is 70% below median its 10-year median of 18.02. Over the past 10 years, this metric has ranged from a low of 2.76 to a high of 40.72. The Oil & Gas industry median ROC (Joel Greenblatt) % is 8.42. Black Stone Minerals LP's value of 5.41% is 35.7% below this industry median. Based on the distribution chart, Black Stone Minerals LP ranks #169 out of 998 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Black Stone Minerals LP has a GF Score™ of 80/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Black Stone Minerals LP's ROC (Joel Greenblatt) % compare to GPOR and BKV?
According to the Oil & Gas industry distribution chart, Black Stone Minerals LP ranks #169 out of 998 companies for ROC (Joel Greenblatt) %. This places Black Stone Minerals LP in the top 17% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 8.42. Black Stone Minerals LP's value of 5.41% is 35.7% below this benchmark. Historically, Black Stone Minerals LP's own ROC (Joel Greenblatt) % has ranged from 2.76 to 40.72 over the past decade. While the company's 10-year median is 18.02 vs. the industry median of 8.42, Black Stone Minerals LP has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for an Oil & Gas company?
The median ROC (Joel Greenblatt) % among Oil & Gas companies is 8.42, based on 998 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Black Stone Minerals LP's current ROC (Joel Greenblatt) % of 5.41% is 35.7% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Black Stone Minerals LP and its competitors. For the Oil & Gas industry, the median ROC (Joel Greenblatt) % is 8.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Black Stone Minerals LP's current ROC (Joel Greenblatt) % is 5.41%, which is 70% below median its own 10-year median of 18.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Black Stone Minerals LP stock overvalued right now?
Based on GuruFocus' analysis, Black Stone Minerals LP (BSM) is currently considered Fairly Valued. The stock's GF Value™ is $13.95, compared to a current price of $14.17 — trading 1.6% above its estimated fair value. The current ROC (Joel Greenblatt) % is 5.41%, which is 70% below median its 10-year median of 18.02 and 35.7% below the Oil & Gas industry median of 8.42. Black Stone Minerals LP's overall GF Score™ is 80/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Black Stone Minerals LP (BSM), the current ROC (Joel Greenblatt) % is 5.41% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Black Stone Minerals LP (BSM) Overvalued in 2026?
Based on GuruFocus' analysis, Black Stone Minerals LP stock appears to be overvalued.
The current stock price of $14.17 is trading 1.6% above its estimated GF Value™ of $13.95.
GuruFocus considers Black Stone Minerals LP to be Fairly Valued.
Key valuation signals for BSM:
ROC (Joel Greenblatt) %: 5.41% (70% below median its 10-year median of 18.02)
GF Value™: $13.95 vs. price of $14.17 (1.6% above fair value)
Industry Position: 35.7% below the Oil & Gas median (#169 of 998)
No single metric tells the full story. See the BSM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Black Stone Minerals LP is an oil and natural gas mineral company. It owns oil and natural gas mineral interests, which makes up the majority of its asset base. Its business is actively managing an existing portfolio of mineral and royalty assets to maximize its value and expanding asset base through acquisitions of additional mineral and royalty interests. The company owns mineral interests in approximately 16.9 million gross acres.
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