The partnership maintains a fortress-like financial position with a 0.00 debt-to-equity ratio and an exceptional current ratio of 16.61 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Total Current Assets | 74.44M | 58.94M | 67.83M | 69.71M | 62.47M | 46.66M | 18.22M | 28.28M | 30.12M | 25.36M | 14.77M | 12.78M | 26.46M | 28.2M | 26.07M | 28.46M | 20.45M | 19.25M | 25.69M | 25.63M | 24.19M | 38.07M | 22.68M | 18.81M | 25.92M | 25.39M |
| Cash & Short-Term Investments | 28.16M | 41.94M | 42.51M | 47.02M | 40.75M | 28.31M | 11.23M | 15.34M | 18.29M | 13.83M | 8.21M | 7.14M | 15.91M | 15.18M | 13.79M | 14.24M | 11.25M | 10.12M | 16.21M | 15M | 13.93M | 23.39M | 12.37M | 10.88M | 23.13M | 23.47M |
| Cash Only | 28.16M | 41.94M | 42.51M | 47.02M | 40.75M | 28.31M | 11.23M | 15.34M | 18.29M | 13.83M | 8.21M | 7.14M | 15.91M | 15.18M | 13.79M | 14.24M | 11.25M | 10.12M | 16.21M | 15M | 13.93M | 23.39M | 12.37M | 10.88M | 23.13M | 18.44M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.03M |
| Accounts Receivable | 45.89M | 16.48M | 25.32M | 22.68M | 21.71M | 18.36M | 6.99M | 12.94M | 11.83M | 11.53M | 6.58M | 5.64M | 10.55M | 13.02M | 12.28M | 14.22M | 9.2M | 9.12M | 9.48M | 10.63M | 10.26M | 14.66M | 10.19M | 7.86M | 2.57M | 1.47M |
| Days Sales Outstanding | 57.64 | 39.36 | 57.23 | 50.54 | 46.4 | 71.71 | 54.36 | 59.95 | 58.94 | 73.44 | 63.91 | 64.65 | 59.1 | 72.16 | 70.9 | 96.17 | 68.46 | 76.31 | 38.48 | 59.35 | 50 | 67.09 | 65.51 | 58.3 | 49.98 | 20.06 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.63M | 0 | -4.33M | -2.64M | -4.76M | -6.51M | -5.81M | -6.6M | -5.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 393K | 526K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 227.18M | 250.61M | 298.98M | 121.36M | 113.78M | 100.15M | 70.11M | 88.6M | 57.8M | 66.69M | 52.44M | 60.95M | 71.04M | 84.59M | 97.73M | 114.31M | 132.66M | 133.52M | 113.87M | 128.62M | 144.24M | 162.76M | 183.49M | 180.14M | 14.19M | 16.06M |
| Property, Plant & Equipment | 384K | 423K | 298.98M | 121.36M | 113.78M | 100.15M | 70.11M | 88.6M | 57.8M | 66.69M | 52.42M | 60.93M | 71.03M | 84.57M | 97.71M | 114.29M | 132.64M | 133.5M | 113.85M | 128.6M | 144.21M | 162.68M | 183.49M | 180.14M | 14.19M | 16.06M |
| Fixed Asset Turnover | 1.26x | 361.30x | 0.54x | 1.35x | 1.50x | 0.93x | 0.67x | 0.89x | 1.27x | 0.86x | 0.72x | 0.52x | 0.92x | 0.78x | 0.65x | 0.47x | 0.37x | 0.33x | 0.79x | 0.51x | 0.52x | 0.49x | 0.31x | 0.27x | 1.32x | 1.67x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 226.8M | 250.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19K | 19K | 19K | 19K | 19K | 19K | 19K | 19K | 19K | 19K | 24K | 74K | 0 | 0 | 0 | 0 |
| Total Assets | 301.63M | 309.55M | 366.81M | 191.06M | 176.24M | 146.81M | 88.33M | 116.88M | 87.92M | 92.05M | 67.21M | 73.73M | 97.51M | 112.78M | 123.8M | 142.77M | 153.11M | 152.77M | 139.56M | 154.25M | 168.43M | 200.83M | 206.17M | 198.95M | 40.1M | 41.45M |
| Asset Turnover | 0.53x | 0.49x | 0.44x | 0.86x | 0.97x | 0.64x | 0.53x | 0.67x | 0.83x | 0.62x | 0.56x | 0.43x | 0.67x | 0.58x | 0.51x | 0.38x | 0.32x | 0.29x | 0.64x | 0.42x | 0.44x | 0.40x | 0.28x | 0.25x | 0.47x | 0.65x |
| Asset Growth % | 37.7% | -15.61% | 91.98% | 8.41% | 20.05% | 66.21% | -24.43% | 32.94% | -4.48% | 36.95% | -8.84% | -24.39% | -13.54% | -8.9% | -13.29% | -6.75% | 0.22% | 9.46% | -9.52% | -8.42% | -16.13% | -2.59% | 3.63% | 396.1% | -3.26% | - |
| Total Current Liabilities | 4.48M | 3.79M | 4.25M | 4.47M | 3.41M | 2.8M | 1.88M | 2.36M | 486K | 637K | 275K | 535K | 985K | 950K | 487K | 568K | 581K | 568K | 772K | 556K | 342K | 619K | 669K | 512K | 1.23M | 4.12M |
| Accounts Payable | 4.23M | 3.54M | 3.98M | 4.2M | 3.13M | 2.51M | 1.58M | 2.05M | 421K | 599K | 252K | 481K | 975K | 911K | 448K | 529K | 542K | 529K | 733K | 517K | 303K | 580K | 630K | 512K | 451K | 648K |
| Days Payables Outstanding | 24.46 | 15.72 | 25.45 | 39.75 | 35.74 | 50.77 | 32.72 | 37.55 | 10.63 | 15.69 | 7.93 | 12.86 | 22.95 | 18.2 | 7.65 | 39.61 | 47.43 | 57.43 | 56.07 | 48.8 | 27.25 | 58.68 | 190.67 | 167.91 | 58.67 | 48.46 |
| Short-Term Debt | 252K | 256K | 0 | 0 | 281K | 291K | 0 | 310K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | -272K | 0 | 0 | 0 | 0 | 0 | 0 | 23K | 54K | 0 | 0 | 39K | 0 | 39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 272K | 0 | 0 | 0 | 0 | 65K | 38K | 23K | 54K | 10K | 39K | 0 | 0 | 0 | 0 | 0 | 39K | 39K | 39K | 0 | 0 | 782K | 0 |
| Current Ratio | 16.61x | 15.54x | 15.97x | 15.60x | 18.31x | 16.65x | 9.70x | 11.97x | 61.97x | 39.80x | 53.71x | 23.89x | 26.87x | 29.68x | 53.53x | 50.10x | 35.20x | 33.88x | 33.28x | 46.10x | 70.73x | 61.51x | 33.91x | 36.74x | 21.02x | 6.17x |
| Quick Ratio | 16.61x | 15.54x | 15.97x | 15.60x | 18.31x | 16.65x | 9.70x | 11.97x | 75.62x | 39.80x | 69.46x | 28.82x | 31.70x | 36.53x | 65.45x | 61.72x | 44.75x | 33.88x | 33.28x | 46.10x | 70.73x | 61.51x | 33.91x | 36.74x | 21.02x | 6.17x |
| Cash Conversion Cycle | 33.17 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 461K | 521K | 777K | 1.04M | 1.31M | 1.59M | 1.89M | 2.18M | 790K | 664K | 0 | 23K | 0 | 11K | 50K | 90K | 129K | 169K | 208K | 248K | 287K | 326K | 366K | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.21M | 521K | 777K | 1.04M | 1.31M | 1.59M | 1.89M | 2.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 790K | 664K | 0 | 0 | 0 | 11K | 0 | 0 | 129K | 169K | 247K | 248K | 287K | 326K | 366K | 0 | 0 | 0 |
| Total Liabilities | 4.94M | 4.32M | 5.02M | 5.51M | 4.72M | 4.4M | 3.76M | 4.55M | 1.28M | 1.3M | 275K | 558K | 985K | 961K | 537K | 658K | 710K | 737K | 980K | 804K | 629K | 945K | 1.03M | 512K | 1.23M | 4.12M |
| Total Debt | 713K | 777K | 1.04M | 1.31M | 1.59M | 1.89M | 2.19M | 2.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -27.44M | -41.16M | -41.47M | -45.71M | -39.16M | -26.42M | -9.05M | -12.84M | -18.29M | -13.83M | -8.21M | -7.14M | -15.91M | -15.18M | -13.79M | -14.24M | -11.25M | -10.12M | -16.21M | -15M | -13.93M | -23.39M | -12.37M | -10.88M | -23.13M | -18.44M |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.01x | 0.03x | 0.02x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.00x | 0.01x | 0.01x | 0.01x | 0.01x | 0.02x | 0.06x | 0.04x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.18x | -0.33x | -0.31x | -0.33x | -0.26x | -0.33x | -0.27x | -0.19x | -0.29x | -0.29x | -0.28x | -0.31x | -0.29x | -0.27x | -0.25x | -0.24x | -0.21x | -0.28x | -0.20x | -0.26x | -0.21x | -0.32x | -0.24x | - | -1.82x | -0.94x |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 756.53x | 505.81x |
| Total Equity | 296.68M | 305.24M | 361.79M | 185.56M | 171.52M | 142.41M | 84.56M | 112.34M | -305.19M | 92.53M | 68.75M | 75.17M | 99.22M | 115.07M | -243.37M | 142.11M | 152.4M | 152.03M | 138.58M | 153.45M | 167.8M | 199.88M | 205.14M | 198.44M | 38.87M | 2.51M |
| Equity Growth % | 39.98% | -15.63% | 94.97% | 8.19% | 20.44% | 68.41% | -24.72% | 136.81% | -429.83% | 34.6% | -8.54% | -24.24% | -13.78% | 147.28% | -271.25% | -6.75% | 0.24% | 9.7% | -9.69% | -8.55% | -16.05% | -2.56% | 3.38% | 410.52% | 1446.76% | - |
| Book Value per Share | 6.15 | 6.41 | 8.65 | 4.78 | 4.56 | 4.06 | 2.44 | 3.29 | -9.45 | 2.94 | 2.24 | 2.45 | 3.23 | 3.75 | -7.93 | 4.63 | 5.00 | 5.23 | 4.91 | 5.43 | 5.94 | 7.08 | 7.30 | 7.54 | 1.44 | 0.23 |
| Total Shareholders' Equity | 301.86M | 310.06M | 363.79M | 185.44M | 170.84M | 141.43M | 84.03M | 111.11M | -307.01M | 90.75M | 66.94M | 73.17M | 96.52M | 111.82M | -247M | 142.11M | 152.4M | 152.03M | 138.58M | 153.45M | 167.8M | 199.88M | 205.14M | 198.44M | 38.87M | 2.51M |
| Common Stock | 301.86M | 310.06M | 363.79M | 185.44M | 170.84M | 141.43M | 84.03M | 111.11M | 84.82M | 88.96M | 65.13M | 71.17M | 93.83M | 108.57M | 119.64M | 0 | 0 | 0 | 0 | 0 | 0 | 199.88M | 205.14M | 198.44M | 38.87M | 0 |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -307.01M | -298.07M | -288.76M | -280.26M | -270.19M | -260.14M | -247M | -230.41M | -212.07M | -194.08M | -178.48M | -163.74M | -148.17M | -129.7M | -108.85M | -88.05M | -21M | 2.51M |
| Minority Interest | -5.17M | -4.83M | -2M | 113K | 676K | 982K | 536K | 1.23M | 1.83M | 1.78M | 1.81M | 2M | 2.69M | 3.25M | 3.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Unhedged Commodity Price Exposure
According to the provided quarterly balance sheets, DMLP has maintained a consistent debt-to-equity ratio of 0.00 since 2024Q4, signaling a fortress-like financial position that remains insulated from the interest rate volatility and capital constraints currently impacting more leveraged peers in the oil and gas sector.
The partnership's trajectory is defined by its deliberate avoidance of leverage, which preserves maximum flexibility for opportunistic acquisitions. This structural discipline suggests that DMLP is positioned to weather prolonged commodity price downturns without the risk of insolvency or the need for dilutive financing.
As reported in financial statements, DMLP's total assets have fluctuated from $191.1 million in 2023Q4 to $301.6 million in 2026Q1, reflecting the partnership's active management of its mineral interest portfolio and the inherent volatility in the valuation of its underlying oil and gas properties.
The significant shift in PPE net values suggests that the partnership is periodically revaluing its interests, likely in response to changes in reserve estimates or commodity price forecasts. Investors should monitor whether these asset fluctuations represent genuine growth in mineral holdings or merely accounting adjustments to existing property valuations.
Based on DMLP's reported figures, the partnership maintains a current ratio of 16.61 as of 2026Q1, which provides an immense liquidity buffer that far exceeds the operational requirements of its royalty-based business model and offers significant protection against short-term revenue volatility.
This high liquidity level appears to be a strategic choice, ensuring that the partnership can meet its distribution obligations even during periods of suppressed production. The substantial cash position relative to liabilities suggests that DMLP is well-prepared to capitalize on distressed asset sales within the energy sector.
Data from the last ten quarters indicates that DMLP's reliance on third-party operators creates a 'passive erosion' risk, where the partnership's inability to dictate drilling activity may lead to stagnant production levels despite the presence of a vast, diversified acreage footprint across 582 counties.
While the balance sheet appears pristine, the lack of control over capital deployment on its acreage remains a non-obvious risk that could limit long-term growth. Investors should consider that the partnership's financial strength is ultimately tethered to the drilling aggressiveness of third-party operators, which may not always align with unitholder interests.
Quick answers to the most common questions about buying DMLP stock.
As of 2025, Dorchester Minerals, L.P. (DMLP) had total assets of $309.6M including $58.9M in current assets.
Dorchester Minerals, L.P. (DMLP) carries total debt of $0.8M, offset by $41.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Dorchester Minerals, L.P. (DMLP) has total shareholders' equity (book value) of $310.1M ($6.41 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Dorchester Minerals, L.P. (DMLP) reported a current ratio of 15.54x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.