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DMLP logoDorchester Minerals, L.P.(DMLP)Earnings, Financials & Key Ratios

DMLP•NASDAQ
$26.94
$1.3B mkt cap·22.5× P/E·Price updated May 6, 2026
SectorEnergyIndustryOil & Gas E&PSub-IndustryMineral and royalty interest 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$153M-5.4%
  • EBITDA$124M-8.6%
  • Net Income$57M-38.0%
  • EPS (Diluted)1.20-43.7%
  • EBITDA Margin80.91%-3.4%
  • Net Margin37.53%-34.4%
  • ROE17.2%-49.1%
  • Debt/Equity0.00-11.4%
Technical→

DMLP Key Insights

Dorchester Minerals, L.P. (DMLP) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Excellent 3Y average ROE of 37.6%
  • ✓Strong 5Y profit CAGR of 21.3%
  • ✓FCF machine: 86.7% free cash flow margin
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 26.6%

✗Weaknesses

  • ✗Shares diluted 14.0% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

DMLP Price & Volume

Dorchester Minerals, L.P. (DMLP) stock price & volume — 10-year historical chart

Loading chart...

DMLP Growth Metrics

Dorchester Minerals, L.P. (DMLP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years16.97%
5 Years26.64%
3 Years-3.64%
TTM-5.38%

Profit CAGR

10 Years15.78%
5 Years21.27%
3 Years-23.99%
TTM-36.72%

EPS CAGR

10 Years11.07%
5 Years14.49%
3 Years-28.98%
TTM-44.7%

Return on Capital

10 Years50.36%
5 Years60.13%
3 Years48.58%
Last Year-

DMLP Recent Earnings

Dorchester Minerals, L.P. (DMLP) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
Q1 2026Latest
Feb 24, 2026
EPS
$0.32
Revenue
$42M
Q4 2025
Nov 6, 2025
EPS
$0.23
Revenue
$35M
Q3 2025
Aug 7, 2025
EPS
$0.25
Revenue
$32M
Q2 2025
May 8, 2025
EPS
$0.36
Revenue
$43M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 24, 2026
$0.32
$42M
Q4 2025Nov 6, 2025
$0.23
$35M
Q3 2025Aug 7, 2025
$0.25
$32M
Q2 2025May 8, 2025
$0.36
$43M
Based on last 12 quarters of dataView full earnings history →

DMLP Peer Comparison

Dorchester Minerals, L.P. (DMLP) competitors in Mineral and royalty interest owners — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
BSM logoBSMBlack Stone Minerals, L.P.Direct Competitor2.91B13.6910.70-3.89%63.48%28.82%10.27%0.14
VNOM logoVNOMViper Energy, Inc.Direct Competitor18.74B49.96-104.0856.56%-2.88%-0.46%0.21
TPL logoTPLTexas Pacific Land CorporationProduct Competitor29.71B430.4461.7613.09%61.68%34.82%1.64%0.01
NRP logoNRPNatural Resource Partners L.P.Product Competitor1.56B117.9311.75-17.42%67.28%22.53%10.61%0.05
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.Product Competitor221.89M5.484.4936.55%50.62%14.02%1.33
DVN logoDVNDevon Energy CorporationSupply Chain31.69B50.9912.1410.01%15.91%17.34%9.84%0.57
EOG logoEOGEOG Resources, Inc.Supply Chain75.44B140.8215.46-3.47%23.41%18.28%5.21%0.28
OXY logoOXYOccidental Petroleum CorporationSupply Chain58.85B59.3436.86-20.32%19.57%16.57%6.98%0.65

Compare DMLP vs Peers

Dorchester Minerals, L.P. (DMLP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs BSM

Most directly comparable listed peer for DMLP.

Scale Benchmark

vs COP

Larger-name benchmark to compare DMLP against a more recognizable public peer.

Peer Set

Compare Top 5

vs BSM, VNOM, TPL, NRP

DMLP Income Statement

Dorchester Minerals, L.P. (DMLP) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue57.29M73.28M78.8M46.93M93.42M170.8M163.8M161.52M152.83M
Revenue Growth %52.54%27.9%7.53%-40.45%99.08%82.82%-4.1%-1.39%-5.38%
Cost of Goods Sold13.94M14.46M19.95M17.6M18.06M31.97M38.52M57.14M0
COGS % of Revenue24.33%19.73%25.31%37.51%19.33%18.72%23.52%35.38%-
Gross Profit
43.35M▲ 0%
58.82M▲ 35.7%
58.85M▲ 0.1%
29.33M▼ 50.2%
75.36M▲ 157.0%
138.83M▲ 84.2%
125.28M▼ 9.8%
104.38M▼ 16.7%
0▼ 100.0%
Gross Margin %75.67%80.27%74.69%62.49%80.67%81.28%76.48%64.62%-
Gross Profit Growth %67.02%35.67%0.05%-50.17%156.98%84.21%-9.76%-16.68%-100%
Operating Expenses4.93M4.91M6.09M7.46M5.19M8.22M11.16M11.93M152.83M
OpEx % of Revenue8.61%6.7%7.72%15.89%5.55%4.81%6.82%7.39%100%
Selling, General & Admin4.93M4.91M6.09M7.46M5.19M8.22M11.16M11.93M2.18M
SG&A % of Revenue8.61%6.7%7.72%15.89%5.55%4.81%6.82%7.39%1.43%
Research & Development000000000
R&D % of Revenue---------
Other Operating Expenses00000000150.65M
Operating Income
38.42M▲ 0%
53.91M▲ 40.3%
52.77M▼ 2.1%
21.87M▼ 58.6%
70.17M▲ 220.9%
130.61M▲ 86.1%
114.12M▼ 12.6%
92.45M▼ 19.0%
0▼ 100.0%
Operating Margin %67.07%73.57%66.96%46.6%75.11%76.47%69.67%57.24%-
Operating Income Growth %83.26%40.3%-2.12%-58.56%220.91%86.12%-12.63%-18.99%-100%
EBITDA47.73M62.85M66.07M34.02M80.86M149.9M140.62M135.22M123.65M
EBITDA Margin %83.3%85.77%83.84%72.49%86.55%87.76%85.85%83.71%80.91%
EBITDA Growth %61.93%31.7%5.11%-48.51%137.72%85.38%-6.19%-3.84%-8.55%
D&A (Non-Cash Add-back)9.3M8.95M13.3M12.15M10.69M19.29M26.5M42.77M66.3M
EBIT38.42M53.91M52.77M21.87M70.17M130.61M114.12M92.45M57.35M
Net Interest Income8.01M00000000
Interest Income8.01M00000000
Interest Expense000000000
Other Income/Expense000000000
Pretax Income
38.42M▲ 0%
53.91M▲ 40.3%
52.77M▼ 2.1%
21.87M▼ 58.6%
70.17M▲ 220.9%
130.61M▲ 86.1%
114.12M▼ 12.6%
92.45M▼ 19.0%
57.35M▼ 38.0%
Pretax Margin %67.07%73.57%66.96%46.6%75.11%76.47%69.67%57.24%37.53%
Income Tax000000000
Effective Tax Rate %0%0%0%0%0%0%0%0%0%
Net Income
38.42M▲ 0%
53.91M▲ 40.3%
52.77M▼ 2.1%
21.87M▼ 58.6%
70.17M▲ 220.9%
130.61M▲ 86.1%
110.39M▼ 15.5%
92.45M▼ 16.3%
57.35M▼ 38.0%
Net Margin %67.07%73.57%66.96%46.6%75.11%76.47%67.39%57.24%37.53%
Net Income Growth %83.26%40.3%-2.12%-58.56%220.91%86.12%-15.48%-16.25%-37.96%
Net Income (Continuing)38.42M53.91M52.77M21.87M70.17M130.61M114.12M92.45M57.35M
Discontinued Operations000000000
Minority Interest1.78M1.83M1.23M536K982K676K113K-2M0
EPS (Diluted)
1.18▲ 0%
1.67▲ 41.5%
1.50▼ 10.2%
0.61▼ 59.3%
1.94▲ 218.0%
3.35▲ 72.7%
2.85▼ 14.9%
2.13▼ 25.3%
1.20▼ 43.7%
EPS Growth %78.79%41.53%-10.18%-59.33%218.03%72.68%-14.93%-25.26%-43.66%
EPS (Basic)1.181.671.500.611.943.352.852.131.20
Diluted Shares Outstanding31.49M32.28M34.13M34.68M35.05M37.62M38.78M41.81M47.65M
Basic Shares Outstanding31.49M32.28M34.13M34.68M35.05M37.62M38.78M41.81M47.65M
Dividend Payout Ratio98.37%107.6%134.37%220.62%76.82%100.99%119.18%158.49%-

DMLP Balance Sheet

Dorchester Minerals, L.P. (DMLP) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets25.36M30.12M28.28M18.22M46.66M62.47M69.71M67.83M58.94M
Cash & Short-Term Investments13.83M18.29M15.34M11.23M28.31M40.75M47.02M42.51M41.94M
Cash Only13.83M18.29M15.34M11.23M28.31M40.75M47.02M42.51M41.94M
Short-Term Investments000000000
Accounts Receivable11.53M11.83M12.94M6.99M18.36M21.71M22.68M25.32M16.48M
Days Sales Outstanding73.4458.9459.9554.3671.7146.450.5457.2339.36
Inventory0-6.63M0000000
Days Inventory Outstanding---------
Other Current Assets00000000526K
Total Non-Current Assets66.69M57.8M88.6M70.11M100.15M113.78M121.36M298.98M250.61M
Property, Plant & Equipment66.69M57.8M88.6M70.11M100.15M113.78M121.36M298.98M423K
Fixed Asset Turnover0.86x1.27x0.89x0.67x0.93x1.50x1.35x0.54x361.30x
Goodwill000000000
Intangible Assets000000000
Long-Term Investments000000000
Other Non-Current Assets00000000250.19M
Total Assets
92.05M▲ 0%
87.92M▼ 4.5%
116.88M▲ 32.9%
88.33M▼ 24.4%
146.81M▲ 66.2%
176.24M▲ 20.1%
191.06M▲ 8.4%
366.81M▲ 92.0%
309.55M▼ 15.6%
Asset Turnover0.62x0.83x0.67x0.53x0.64x0.97x0.86x0.44x0.49x
Asset Growth %36.95%-4.48%32.94%-24.43%66.21%20.05%8.41%91.98%-15.61%
Total Current Liabilities637K486K2.36M1.88M2.8M3.41M4.47M4.25M3.79M
Accounts Payable599K421K2.05M1.58M2.51M3.13M4.2M3.98M0
Days Payables Outstanding15.6910.6337.5532.7250.7735.7439.7525.45-
Short-Term Debt00310K0291K281K00256K
Deferred Revenue (Current)000000-272K00
Other Current Liabilities38K65K0000272K03.54M
Current Ratio39.80x61.97x11.97x9.70x16.65x18.31x15.60x15.97x15.54x
Quick Ratio39.80x75.62x11.97x9.70x16.65x18.31x15.60x15.97x15.54x
Cash Conversion Cycle---------
Total Non-Current Liabilities664K790K2.18M1.89M1.59M1.31M1.04M777K521K
Long-Term Debt00000000521K
Capital Lease Obligations002.19M1.89M1.59M1.31M1.04M777K0
Deferred Tax Liabilities000000000
Other Non-Current Liabilities664K790K0100000
Total Liabilities1.3M1.28M4.55M3.76M4.4M4.72M5.51M5.02M4.32M
Total Debt002.5M2.19M1.89M1.59M1.31M1.04M777K
Net Debt-13.83M-18.29M-12.84M-9.05M-26.42M-39.16M-45.71M-41.47M-41.16M
Debt / Equity--0.02x0.03x0.01x0.01x0.01x0.00x0.00x
Debt / EBITDA--0.04x0.06x0.02x0.01x0.01x0.01x0.01x
Net Debt / EBITDA-0.29x-0.29x-0.19x-0.27x-0.33x-0.26x-0.33x-0.31x-0.33x
Interest Coverage---------
Total Equity
92.53M▲ 0%
-305.19M▼ 429.8%
112.34M▲ 136.8%
84.56M▼ 24.7%
142.41M▲ 68.4%
171.52M▲ 20.4%
185.56M▲ 8.2%
361.79M▲ 95.0%
305.24M▼ 15.6%
Equity Growth %34.6%-429.83%136.81%-24.72%68.41%20.44%8.19%94.97%-15.63%
Book Value per Share2.94-9.453.292.444.064.564.788.656.41
Total Shareholders' Equity90.75M-307.01M111.11M84.03M141.43M170.84M185.44M363.79M305.24M
Common Stock88.96M84.82M111.11M84.03M141.43M170.84M185.44M363.79M0
Retained Earnings000000000
Treasury Stock000000000
Accumulated OCI-298.07M-307.01M0000000
Minority Interest1.78M1.83M1.23M536K982K676K113K-2M0

DMLP Cash Flow Statement

Dorchester Minerals, L.P. (DMLP) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations44.03M62.52M66.11M39.41M70.31M147.05M139.84M132.64M132.49M
Operating CF Margin %76.85%85.32%83.9%83.97%75.25%86.1%85.37%82.12%86.69%
Operating CF Growth %55.7%42.01%5.73%-40.39%78.41%109.16%-4.9%-5.15%-0.12%
Net Income38.42M53.91M52.77M21.16M67.83M126.12M110.39M92.45M57.35M
Depreciation & Amortization9.3M8.95M13.56M12.15M10.69M19.29M26.5M42.77M66.46M
Stock-Based Compensation000000000
Deferred Taxes000000000
Other Non-Cash Items9.28M8.91M0705K2.35M4.49M3.73M08.67M
Working Capital Changes-3.67M-292K-213K5.39M-10.56M-2.85M-776K-2.58M0
Change in Receivables-1.73M-437K395K2.21M-5.97M-3.14M-442K-1.78M6.02M
Change in Inventory-3.1M132K0000000
Change in Payables455K-178K324K-474K623K930K1.05M-522K-135K
Cash from Investing-616K-60K1.84M6.13M2.58M2.09M2.28M14.72M0
Capital Expenditures-1.06M-60K0000000
CapEx % of Revenue1.84%0.08%-------
Acquisitions440K-19K1.41M6.13M2.32M2.09M2.28M14.72M0
Investments---------
Other Investing440K-19K439K0262K0000
Cash from Financing-37.8M-58.01M-70.9M-49.64M-55.81M-136.69M-135.85M-151.88M0
Debt Issued (Net)000000000
Equity Issued (Net)000000000
Dividends Paid-37.8M-58.01M-70.9M-48.24M-53.91M-131.9M-131.56M-146.52M0
Share Repurchases000000000
Other Financing000-1.4M-1.9M-4.79M-4.29M-5.36M0
Net Change in Cash
5.62M▲ 0%
4.46M▼ 20.6%
-2.95M▼ 166.1%
-4.11M▼ 39.4%
17.07M▲ 515.7%
12.45M▼ 27.1%
6.27M▼ 49.6%
-4.52M▼ 172.0%
-571K▲ 87.4%
Free Cash Flow
42.97M▲ 0%
62.46M▲ 45.4%
66.11M▲ 5.8%
39.41M▼ 40.4%
70.31M▲ 78.4%
147.05M▲ 109.2%
139.84M▼ 4.9%
132.64M▼ 5.2%
132.49M▼ 0.1%
FCF Margin %75.01%85.24%83.9%83.97%75.25%86.1%85.37%82.12%86.69%
FCF Growth %51.96%45.36%5.84%-40.39%78.41%109.16%-4.9%-5.15%-0.12%
FCF per Share1.361.941.941.142.013.913.613.172.78
FCF Conversion (FCF/Net Income)1.15x1.16x1.25x1.80x1.00x1.13x1.27x1.43x2.31x
Interest Paid000000000
Taxes Paid000000000

DMLP Key Ratios

Dorchester Minerals, L.P. (DMLP) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)29.14%47.65%-46.97%22.21%61.83%83.21%61.83%33.78%17.2%
Return on Invested Capital (ROIC)24.46%41.4%--18.74%54.96%78.89%62.89%30.14%-
Gross Margin69.11%75.67%80.27%74.69%62.49%80.67%81.28%76.48%64.62%-
Net Margin55.83%67.07%73.57%66.96%46.6%75.11%76.47%67.39%57.24%37.53%
Debt / Equity---0.02x0.03x0.01x0.01x0.01x0.00x0.00x
FCF Conversion1.35x1.15x1.16x1.25x1.80x1.00x1.13x1.27x1.43x2.31x
Revenue Growth17.87%52.54%27.9%7.53%-40.45%99.08%82.82%-4.1%-1.39%-5.38%

DMLP SEC Filings & Documents

Dorchester Minerals, L.P. (DMLP) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Mar 16, 2026·SEC

Material company update

Mar 2, 2026·SEC

Material company update

Feb 24, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 24, 2026·SEC

FY 2025

Feb 20, 2025·SEC

FY 2024

Feb 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 8, 2025·SEC

DMLP Frequently Asked Questions

Dorchester Minerals, L.P. (DMLP) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Dorchester Minerals, L.P. (DMLP) reported $152.8M in revenue for fiscal year 2025. This represents a 471% increase from $26.8M in 2001.

Dorchester Minerals, L.P. (DMLP) saw revenue decline by 5.4% over the past year.

Yes, Dorchester Minerals, L.P. (DMLP) is profitable, generating $57.4M in net income for fiscal year 2025 (37.5% net margin).

Dividend & Returns

Dorchester Minerals, L.P. (DMLP) has a return on equity (ROE) of 17.2%. This is reasonable for most industries.

Dorchester Minerals, L.P. (DMLP) generated $132.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More DMLP

Dorchester Minerals, L.P. (DMLP) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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