Latest Ratios: P/E Ratio 24.3x · EV/EBITDA 11.0x · ROE 17.2%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $1.1B | $1.4B | $1.2B | $1.1B | $694M | $378M | $666M | $473M | $479M | $538M |
| Enterprise Value | $1.4B | $1.0B | $1.4B | $1.2B | $1.1B | $667M | $369M | $653M | $454M | $465M | $530M |
| P/E Ratio → | 24.26 | 18.63 | 15.65 | 11.17 | 8.93 | 10.20 | 17.89 | 13.01 | 8.77 | 12.88 | 26.59 |
| P/S Ratio | 9.19 | 6.97 | 8.63 | 7.54 | 6.59 | 7.43 | 8.06 | 8.45 | 6.45 | 8.35 | 14.33 |
| P/B Ratio | 4.54 | 3.49 | 3.85 | 6.65 | 6.57 | 4.87 | 4.47 | 5.93 | — | 5.17 | 7.83 |
| P/FCF | 10.60 | 8.04 | 10.51 | 8.83 | 7.66 | 9.87 | 9.60 | 10.07 | 7.57 | 11.14 | 19.04 |
| P/OCF | 10.60 | 8.04 | 10.51 | 8.83 | 7.66 | 9.87 | 9.60 | 10.07 | 7.56 | 10.87 | 19.04 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.70 | 8.37 | 7.26 | 6.36 | 7.14 | 7.87 | 8.29 | 6.20 | 8.11 | 14.12 |
| EV / EBITDA | 11.03 | 8.28 | 10.00 | 8.45 | 7.25 | 8.25 | 10.86 | 9.88 | 7.23 | 9.74 | 17.99 |
| EV / EBIT | 23.78 | 17.86 | 14.63 | 10.42 | 8.32 | 9.51 | 16.89 | 12.37 | 8.43 | 12.10 | 25.28 |
| EV / FCF | — | 7.73 | 10.19 | 8.50 | 7.39 | 9.49 | 9.37 | 9.88 | 7.27 | 10.82 | 18.75 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.2% | 46.2% | 64.6% | 76.5% | 81.3% | 80.7% | 62.5% | 74.7% | 80.3% | 75.7% | 69.1% |
| Operating Margin | 37.5% | 37.5% | 57.2% | 69.7% | 76.5% | 75.1% | 46.6% | 67.0% | 73.6% | 67.1% | 55.8% |
| Net Profit Margin | 37.5% | 37.5% | 57.2% | 67.4% | 76.5% | 75.1% | 46.6% | 67.0% | 73.6% | 67.1% | 55.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.2% | 17.2% | 33.8% | 61.8% | 83.2% | 61.8% | 22.2% | 47.0% | — | 47.7% | 29.1% |
| ROA | 17.0% | 17.0% | 33.1% | 60.1% | 80.9% | 59.7% | 21.3% | 51.5% | 59.9% | 48.3% | 29.8% |
| ROIC | 14.7% | 14.7% | 30.1% | 62.9% | 78.9% | 55.0% | 18.7% | — | — | 41.4% | 24.5% |
| ROCE | 17.2% | 17.2% | 33.7% | 63.5% | 82.4% | 60.9% | 21.8% | 52.3% | 60.3% | 48.5% | 29.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | — | — | — |
| Debt / EBITDA | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.06 | 0.04 | — | — | — |
| Net Debt / Equity | — | -0.13 | -0.11 | -0.25 | -0.23 | -0.19 | -0.11 | -0.11 | — | -0.15 | -0.12 |
| Net Debt / EBITDA | -0.33 | -0.33 | -0.31 | -0.33 | -0.26 | -0.33 | -0.27 | -0.19 | -0.29 | -0.29 | -0.28 |
| Debt / FCF | — | -0.31 | -0.31 | -0.33 | -0.27 | -0.38 | -0.23 | -0.19 | -0.29 | -0.32 | -0.29 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($42M) exceeds total debt ($777000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.54 | 15.54 | 15.97 | 15.60 | 18.31 | 16.65 | 9.70 | 11.97 | 61.97 | 39.80 | 53.71 |
| Quick Ratio | 15.54 | 15.54 | 15.97 | 15.60 | 18.31 | 16.65 | 9.70 | 11.97 | 75.62 | 39.80 | 69.46 |
| Cash Ratio | 11.05 | 11.05 | 10.01 | 10.53 | 11.94 | 10.10 | 5.98 | 6.49 | 37.62 | 21.71 | 29.86 |
| Asset Turnover | — | 0.49 | 0.44 | 0.86 | 0.97 | 0.64 | 0.53 | 0.67 | 0.83 | 0.62 | 0.56 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 39.36 | 57.23 | 50.54 | 46.40 | 71.71 | 54.36 | 59.95 | 58.94 | 73.44 | 63.91 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.5% | 12.4% | 10.5% | 10.7% | 11.7% | 7.8% | 12.8% | 10.6% | 12.3% | 7.9% | 5.1% |
| Payout Ratio | 230.2% | 230.2% | 158.5% | 119.2% | 101.0% | 76.8% | 220.6% | 134.4% | 107.6% | 98.4% | 129.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 5.4% | 6.4% | 9.0% | 11.2% | 9.8% | 5.6% | 7.7% | 11.4% | 7.8% | 3.8% |
| FCF Yield | 9.4% | 12.4% | 9.5% | 11.3% | 13.1% | 10.1% | 10.4% | 9.9% | 13.2% | 9.0% | 5.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.5% | 12.4% | 10.5% | 10.7% | 11.7% | 7.8% | 12.8% | 10.6% | 12.3% | 7.9% | 5.1% |
| Shares Outstanding | — | $48M | $42M | $39M | $38M | $35M | $35M | $34M | $32M | $31M | $31M |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying DMLP stock.
Dorchester Minerals, L.P.'s current P/E ratio is 24.3x. The historical average is 15.9x. This places it at the 88th percentile of its historical range.
Dorchester Minerals, L.P.'s current EV/EBITDA is 11.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.5x.
Dorchester Minerals, L.P.'s return on equity (ROE) is 17.2%. The historical average is 33.9%.
Based on historical data, Dorchester Minerals, L.P. is trading at a P/E of 24.3x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dorchester Minerals, L.P.'s current dividend yield is 9.52% with a payout ratio of 230.2%.
Dorchester Minerals, L.P. has 46.2% gross margin and 37.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Dorchester Minerals, L.P.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Commodity price and NPI margin compression
Metrics are mathematically derived from official filings.
Margin Volatility Masks Underlying Stability
DMLP's gross margin swung from 44% to 100% over ten quarters, with 2026Q2 at 100% due to NPI netting, yet net margin averaged 45%, per reported financials.
The extreme gross margin fluctuations are largely an artifact of NPI accounting, where operator costs are netted against revenue, making headline margins less meaningful. Net margin, however, has remained consistently high, averaging around 45% over the period, indicating that the partnership efficiently converts revenue into bottom-line earnings. This stability suggests that the core royalty stream is resilient, though the NPI segment's sensitivity to operator costs warrants monitoring.
ROIC Oscillates with Commodity Cycles
ROIC ranged from 3.2% in 2024Q4 to 12.7% in 2024Q2, with 2026Q2 at 9.2%, reflecting commodity price swings rather than structural decay, as per quarterly data.
The wide quarterly swings in ROIC are directly tied to commodity price volatility, as the partnership's unhedged revenue stream amplifies price changes. Despite the oscillation, the average ROIC over the period is approximately 7%, which is respectable for a royalty model with zero capital expenditure. This suggests that DMLP is not compounding returns on invested capital but rather cycling with the commodity environment, and investors should focus on the long-term average rather than any single quarter.
Asset Turnover Reflects Passive Model
Asset turnover remained low, ranging from 0.10 to 0.21 over ten quarters, with 2026Q2 at 0.18, consistent with a mineral rights model that requires no capex, per reported figures.
The low asset turnover is a structural feature of DMLP's business, as its asset base is dominated by mineral interests that generate revenue without significant operational activity. The slight improvement in 2026Q2 to 0.18 suggests a modest uptick in production or prices, but the metric remains inherently low compared to capital-intensive E&P peers. This indicates that DMLP's efficiency is not driven by asset utilization but by the high margins on its royalty streams.
Debt-Free Balance Sheet Provides Flexibility
DMLP's debt-to-equity ratio has been effectively zero for ten quarters, with 2026Q2 D/EBITDA at 0.07, indicating no leverage and minimal refinancing risk, per SEC filings.
The partnership's zero-debt mandate is a cornerstone of its financial strength, insulating it from interest rate risk and providing ample dry powder for opportunistic acquisitions. With cash of $72.5M in 2026Q2 and no debt, DMLP is well-positioned to weather commodity downturns without financial distress. This fortress balance sheet is a key differentiator versus peers like BSM and VNOM, which carry modest leverage.
Ample Liquidity Buffers Price Shocks
Current ratio stood at 13.85 in 2026Q2, with cash of $72.5M, providing a substantial cushion against commodity price declines, as reported in the balance sheet.
The exceptionally high current ratio reflects the partnership's minimal liabilities and substantial cash holdings, which have grown from $28.2M in 2026Q1 to $72.5M in 2026Q2. This liquidity buffer is critical given the unhedged nature of DMLP's revenue, as it can sustain distributions even if commodity prices fall sharply. The quick ratio equals the current ratio, indicating no inventory dependence, which is typical for a royalty model.
P/E Misleads in Royalty Model
DMLP's P/E of 23.09 appears elevated, but GAAP earnings include non-cash depletion, making distributable cash flow a more accurate valuation metric, per reported financials.
Traditional P/E ratios are less relevant for DMLP because GAAP earnings are reduced by significant non-cash depletion charges, which do not affect the partnership's ability to pay distributions. Over the past ten quarters, cumulative operating cash flow of $353.2M exceeded net income of $208.0M, highlighting the cash-generative nature of the business. Investors should instead use price-to-distributable-cash-flow or EV/EBITDA (10.48) to assess valuation, as these metrics better capture the true economic earnings of the partnership.