Dorchester Minerals, L.P. (DMLP) 10-Year Financial Performance & Capital Metrics

DMLP • • Industrial / General

EnergyOil & Gas E&PMineral & Royalty CompaniesLarge-Scale Mineral Owners

AboutDorchester Minerals, L.P. engages in the acquisition, ownership, and administration of producing and nonproducing natural gas and crude oil royalty, net profit, and leasehold interests in the United States. Its royalty properties consist of producing and nonproducing mineral, royalty, and overriding royalty interests located in 582 counties and parishes in 26 states; and net profits interests represent net profits overriding royalty interests in various properties owned by the operating partnership. Dorchester Minerals Management LP serves as the general partner of Dorchester Minerals, L.P. The company was founded in 1982 and is based in Dallas, Texas.Show more

Revenue $162M -1.4%
EBITDA $135M -3.8%
Net Income $92M -16.3%
EPS (Diluted) 2.13 -25.3%
Gross Margin 64.62% -15.5%
EBITDA Margin 83.71% -2.5%
Operating Margin 57.24% -17.8%
Net Margin 57.24% -15.1%
ROE 33.78% -45.4%
ROIC 30.14% -52.1%
Debt/Equity 0.00 -59.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 59.6%
✓FCF machine: 82.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.4%
✓Healthy 5Y average net margin of 64.6%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.5%

5Y15.44%

3Y20.02%

TTM-12.51%

Profit (Net Income) CAGR

10Y7.41%

5Y11.87%

3Y9.62%

TTM-52.5%

EPS CAGR

10Y4.14%

5Y7.26%

3Y3.16%

TTM-59.35%

ROCE

10Y Avg46.89%

5Y Avg52.46%

3Y Avg59.87%

Latest33.67%

Peer Comparison

Large-Scale Mineral Owners

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TPLTexas Pacific Land Corporation	22.81B	330.94	16.78	11.75%	61.68%	34.82%	2.02%	0.00
BSMBlack Stone Minerals, L.P.	3B	14.15	12.30	-12.31%	67.81%	24.36%	12.84%	0.02
DMLPDorchester Minerals, L.P.	1.12B	23.31	10.94	-1.39%	35.84%	16.69%	11.79%	0.00
NOGNorthern Oil and Gas, Inc.	2.2B	22.56	4.39	13.46%	8.26%	8.07%		1.02
KRPKimbell Royalty Partners, LP	1.16B	12.46	-0.16	13.72%	11.14%	4.66%	21.54%	0.28

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	31.86M	37.56M	57.29M	73.28M	78.8M	46.93M	93.42M	170.8M	163.8M	161.52M
Revenue Growth %	-0.51%	0.18%	0.53%	0.28%	0.08%	-0.4%	0.99%	0.83%	-0.04%	-0.01%
Cost of Goods Sold+	13.65M	11.6M	13.94M	14.46M	19.95M	17.6M	18.06M	31.97M	38.52M	57.14M
COGS % of Revenue	0.43%	0.31%	0.24%	0.2%	0.25%	0.38%	0.19%	0.19%	0.24%	0.35%
Gross Profit+	18.21M	25.96M	43.35M	58.82M	58.85M	29.33M	75.36M	138.83M	125.28M	104.38M
Gross Margin %	0.57%	0.69%	0.76%	0.8%	0.75%	0.62%	0.81%	0.81%	0.76%	0.65%
Gross Profit Growth %	-0.63%	0.43%	0.67%	0.36%	0%	-0.5%	1.57%	0.84%	-0.1%	-0.17%
Operating Expenses+	4.97M	4.99M	4.93M	4.91M	6.09M	7.46M	5.19M	8.22M	11.16M	11.93M
OpEx % of Revenue	0.16%	0.13%	0.09%	0.07%	0.08%	0.16%	0.06%	0.05%	0.07%	0.07%
Selling, General & Admin	4.97M	4.99M	4.93M	4.91M	6.09M	7.46M	5.19M	8.22M	11.16M	11.93M
SG&A % of Revenue	0.16%	0.13%	0.09%	0.07%	0.08%	0.16%	0.06%	0.05%	0.07%	0.07%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	7K	0	0	0	0	0	0	0	0	0
Operating Income+	13.25M	20.97M	38.42M	53.91M	52.77M	21.87M	70.17M	130.61M	114.12M	92.45M
Operating Margin %	0.42%	0.56%	0.67%	0.74%	0.67%	0.47%	0.75%	0.76%	0.7%	0.57%
Operating Income Growth %	-0.7%	0.58%	0.83%	0.4%	-0.02%	-0.59%	2.21%	0.86%	-0.13%	-0.19%
EBITDA+	23.32M	29.47M	47.73M	62.85M	66.07M	34.02M	80.86M	149.9M	140.62M	135.22M
EBITDA Margin %	0.73%	0.78%	0.83%	0.86%	0.84%	0.72%	0.87%	0.88%	0.86%	0.84%
EBITDA Growth %	-0.57%	0.26%	0.62%	0.32%	0.05%	-0.49%	1.38%	0.85%	-0.06%	-0.04%
D&A (Non-Cash Add-back)	10.07M	8.51M	9.3M	8.95M	13.3M	12.15M	10.69M	19.29M	26.5M	42.77M
EBIT	13.26M	20.97M	38.42M	53.91M	52.77M	21.87M	70.17M	130.61M	114.12M	92.45M
Net Interest Income+	995K	4.82M	8.01M	0	0	0	0	0	0	0
Interest Income	995K	4.82M	8.01M	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	7K	0	0	0	0	0	0	0	0	0
Pretax Income+	13.26M	20.97M	38.42M	53.91M	52.77M	21.87M	70.17M	130.61M	114.12M	92.45M
Pretax Margin %	0.42%	0.56%	0.67%	0.74%	0.67%	0.47%	0.75%	0.76%	0.7%	0.57%
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	0.97%	1%
Net Income+	13.26M	20.97M	38.42M	53.91M	52.77M	21.87M	70.17M	130.61M	110.39M	92.45M
Net Margin %	0.42%	0.56%	0.67%	0.74%	0.67%	0.47%	0.75%	0.76%	0.67%	0.57%
Net Income Growth %	-0.71%	0.58%	0.83%	0.4%	-0.02%	-0.59%	2.21%	0.86%	-0.15%	-0.16%
Net Income (Continuing)	13.26M	20.97M	38.42M	53.91M	52.77M	21.87M	70.17M	130.61M	114.12M	92.45M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	2M	1.81M	1.78M	1.83M	1.23M	536K	982K	676K	113K	-2M
EPS (Diluted)+	0.42	0.66	1.18	1.67	1.50	0.61	1.94	3.35	2.85	2.13
EPS Growth %	-0.7%	0.57%	0.79%	0.42%	-0.1%	-0.59%	2.18%	0.73%	-0.15%	-0.25%
EPS (Basic)	0.42	0.66	1.18	1.67	1.50	0.61	1.94	3.35	2.85	2.13
Diluted Shares Outstanding	30.68M	30.68M	31.49M	32.28M	34.13M	34.68M	35.05M	37.62M	38.78M	41.81M
Basic Shares Outstanding	30.68M	30.68M	31.49M	32.28M	34.13M	34.68M	35.05M	37.62M	38.78M	41.81M
Dividend Payout Ratio	2.76%	1.3%	0.98%	1.08%	1.34%	2.21%	0.77%	1.01%	1.19%	1.58%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	12.78M	14.77M	25.36M	30.12M	28.28M	18.22M	46.66M	62.47M	69.71M	67.83M
Cash & Short-Term Investments	7.14M	8.21M	13.83M	18.29M	15.34M	11.23M	28.31M	40.75M	47.02M	42.51M
Cash Only	7.14M	8.21M	13.83M	18.29M	15.34M	11.23M	28.31M	40.75M	47.02M	42.51M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	5.64M	6.58M	11.53M	11.83M	12.94M	6.99M	18.36M	21.71M	22.68M	25.32M
Days Sales Outstanding	64.65	63.91	73.44	58.94	59.95	54.36	71.71	46.4	50.54	57.23
Inventory	-2.64M	-4.33M	0	-6.63M	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Total Non-Current Assets+	60.95M	52.44M	66.69M	57.8M	88.6M	70.11M	100.15M	113.78M	121.36M	298.98M
Property, Plant & Equipment	60.93M	52.42M	66.69M	57.8M	88.6M	70.11M	100.15M	113.78M	121.36M	298.98M
Fixed Asset Turnover	0.52x	0.72x	0.86x	1.27x	0.89x	0.67x	0.93x	1.50x	1.35x	0.54x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	19K	19K	0	0	0	0	0	0	0	0
Total Assets+	73.73M	67.21M	92.05M	87.92M	116.88M	88.33M	146.81M	176.24M	191.06M	366.81M
Asset Turnover	0.43x	0.56x	0.62x	0.83x	0.67x	0.53x	0.64x	0.97x	0.86x	0.44x
Asset Growth %	-0.24%	-0.09%	0.37%	-0.04%	0.33%	-0.24%	0.66%	0.2%	0.08%	0.92%
Total Current Liabilities+	535K	275K	637K	486K	2.36M	1.88M	2.8M	3.41M	4.47M	4.25M
Accounts Payable	481K	252K	599K	421K	2.05M	1.58M	2.51M	3.13M	4.2M	3.98M
Days Payables Outstanding	12.86	7.93	15.69	10.63	37.55	32.72	50.77	35.74	39.75	25.45
Short-Term Debt	0	0	0	0	310K	0	291K	281K	0	0
Deferred Revenue (Current)	54K	23K	0	0	0	0	0	0	-272K	0
Other Current Liabilities	54K	23K	38K	65K	0	0	0	0	272K	0
Current Ratio	23.89x	53.71x	39.80x	61.97x	11.97x	9.70x	16.65x	18.31x	15.60x	15.97x
Quick Ratio	28.82x	69.46x	39.80x	75.62x	11.97x	9.70x	16.65x	18.31x	15.60x	15.97x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	23K	0	664K	790K	2.18M	1.89M	1.59M	1.31M	1.04M	777K
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	2.19M	1.89M	1.59M	1.31M	1.04M	777K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	664K	790K	0	1	0	0	0	0
Total Liabilities	558K	275K	1.3M	1.28M	4.55M	3.76M	4.4M	4.72M	5.51M	5.02M
Total Debt+	0	0	0	0	2.5M	2.19M	1.89M	1.59M	1.31M	1.04M
Net Debt	-7.14M	-8.21M	-13.83M	-18.29M	-12.84M	-9.05M	-26.42M	-39.16M	-45.71M	-41.47M
Debt / Equity	-	-	-	-	0.02x	0.03x	0.01x	0.01x	0.01x	0.00x
Debt / EBITDA	-	-	-	-	0.04x	0.06x	0.02x	0.01x	0.01x	0.01x
Net Debt / EBITDA	-0.31x	-0.28x	-0.29x	-0.29x	-0.19x	-0.27x	-0.33x	-0.26x	-0.33x	-0.31x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	75.17M	68.75M	92.53M	-305.19M	112.34M	84.56M	142.41M	171.52M	185.56M	361.79M
Equity Growth %	-0.24%	-0.09%	0.35%	-4.3%	1.37%	-0.25%	0.68%	0.2%	0.08%	0.95%
Book Value per Share	2.45	2.24	2.94	-9.45	3.29	2.44	4.06	4.56	4.78	8.65
Total Shareholders' Equity	73.17M	66.94M	90.75M	-307.01M	111.11M	84.03M	141.43M	170.84M	185.44M	363.79M
Common Stock	71.17M	65.13M	88.96M	84.82M	111.11M	84.03M	141.43M	170.84M	185.44M	363.79M
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-280.26M	-288.76M	-298.07M	-307.01M	0	0	0	0	0	0
Minority Interest	2M	1.81M	1.78M	1.83M	1.23M	536K	982K	676K	113K	-2M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	27.69M	28.28M	44.03M	62.52M	66.11M	39.41M	70.31M	147.05M	139.84M	132.64M
Operating CF Margin %	0.87%	0.75%	0.77%	0.85%	0.84%	0.84%	0.75%	0.86%	0.85%	0.82%
Operating CF Growth %	-0.52%	0.02%	0.56%	0.42%	0.06%	-0.4%	0.78%	1.09%	-0.05%	-0.05%
Net Income	13.26M	20.97M	38.42M	53.91M	52.77M	21.16M	67.83M	126.12M	110.39M	92.45M
Depreciation & Amortization	10.07M	8.51M	9.3M	8.95M	13.56M	12.15M	10.69M	19.29M	26.5M	42.77M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	10.02M	8.45M	9.28M	8.91M	0	705K	2.35M	4.49M	3.73M	0
Working Capital Changes	4.42M	-1.14M	-3.67M	-292K	-213K	5.39M	-10.56M	-2.85M	-776K	-2.58M
Change in Receivables	2.12M	-1.69M	-1.73M	-437K	395K	2.21M	-5.97M	-3.14M	-442K	-1.78M
Change in Inventory	0	0	-3.1M	132K	0	0	0	0	0	0
Change in Payables	-494K	-229K	455K	-178K	324K	-474K	623K	930K	1.05M	-522K
Cash from Investing+	140K	0	-616K	-60K	1.84M	6.13M	2.58M	2.09M	2.28M	14.72M
Capital Expenditures	0	0	-1.06M	-60K	0	0	0	0	0	0
CapEx % of Revenue	-	-	0.02%	0%	-	-	-	-	-	-
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	140K	0	440K	-19K	439K	0	262K	0	0	0
Cash from Financing+	-36.61M	-27.2M	-37.8M	-58.01M	-70.9M	-49.64M	-55.81M	-136.69M	-135.85M	-151.88M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-36.61M	-27.2M	-37.8M	-58.01M	-70.9M	-48.24M	-53.91M	-131.9M	-131.56M	-146.52M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	0	-1.4M	-1.9M	-4.79M	-4.29M	-5.36M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	27.69M	28.28M	42.97M	62.46M	66.11M	39.41M	70.31M	147.05M	139.84M	132.64M
FCF Margin %	0.87%	0.75%	0.75%	0.85%	0.84%	0.84%	0.75%	0.86%	0.85%	0.82%
FCF Growth %	-0.52%	0.02%	0.52%	0.45%	0.06%	-0.4%	0.78%	1.09%	-0.05%	-0.05%
FCF per Share	0.90	0.92	1.36	1.94	1.94	1.14	2.01	3.91	3.61	3.17
FCF Conversion (FCF/Net Income)	2.09x	1.35x	1.15x	1.16x	1.25x	1.80x	1.00x	1.13x	1.27x	1.43x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	15.2%	29.14%	47.65%	-	46.97%	22.21%	61.83%	83.21%	61.83%	33.78%
Return on Invested Capital (ROIC)	13.13%	24.46%	41.4%	-	-	18.74%	54.96%	78.89%	62.89%	30.14%
Gross Margin	57.17%	69.11%	75.67%	80.27%	74.69%	62.49%	80.67%	81.28%	76.48%	64.62%
Net Margin	41.6%	55.83%	67.07%	73.57%	66.96%	46.6%	75.11%	76.47%	67.39%	57.24%
Debt / Equity	-	-	-	-	0.02x	0.03x	0.01x	0.01x	0.01x	0.00x
FCF Conversion	2.09x	1.35x	1.15x	1.16x	1.25x	1.80x	1.00x	1.13x	1.27x	1.43x
Revenue Growth	-51.11%	17.87%	52.54%	27.9%	7.53%	-40.45%	99.08%	82.82%	-4.1%	-1.39%

Revenue by Segment

	2022	2023	2024
Royalties	133.26M	114.53M	137.47M
Royalties Growth	-	-14.06%	20.02%
Net Profit Interests	-	34.34M	21.86M
Net Profit Interests Growth	-	-	-36.35%
Product and Service, Other	670K	2.26M	1.89M
Product and Service, Other Growth	-	237.61%	-16.53%
Lease Bonus and Other	8.66M	12.67M	314K
Lease Bonus and Other Growth	-	46.26%	-97.52%
Net Profits Interest	28.21M	-	-
Net Profits Interest Growth	-	-	-

Frequently Asked Questions

Valuation & Price

Dorchester Minerals, L.P. (DMLP) has a price-to-earnings (P/E) ratio of 10.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Dorchester Minerals, L.P. (DMLP) reported $150.7M in revenue for fiscal year 2024. This represents a 179% increase from $54.0M in 2011.

Dorchester Minerals, L.P. (DMLP) saw revenue decline by 1.4% over the past year.

Yes, Dorchester Minerals, L.P. (DMLP) is profitable, generating $54.0M in net income for fiscal year 2024 (57.2% net margin).

Dividend & Returns

Yes, Dorchester Minerals, L.P. (DMLP) pays a dividend with a yield of 15.03%. This makes it attractive for income-focused investors.

Dorchester Minerals, L.P. (DMLP) has a return on equity (ROE) of 33.8%. This is excellent, indicating efficient use of shareholder capital.

Dorchester Minerals, L.P. (DMLP) generated $129.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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