Revenue growth remains highly volatile, oscillating between a 36.4% expansion in 2026Q1 and a 33.8% contraction in 2025Q3, reflecting significant sensitivity to unhedged commodity price fluctuations.
| 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 |
|---|
| Sales/Revenue | 168.54M | 152.83M | 161.52M | 163.8M | 170.8M | 93.42M | 46.93M | 78.8M | 73.28M | 57.29M | 37.56M | 31.86M | 65.17M | 65.87M | 63.2M | 53.96M | 49.05M | 43.63M | 89.92M | 65.36M | 74.93M | 79.77M | 56.77M | 49.22M | 18.74M | 26.78M |
| Revenue Growth % | -2.97% | -5.38% | -1.39% | -4.1% | 82.82% | 99.08% | -40.45% | 7.53% | 27.9% | 52.54% | 17.87% | -51.11% | -1.06% | 4.22% | 17.12% | 10.02% | 12.42% | -51.48% | 37.57% | -12.76% | -6.07% | 40.51% | 15.32% | 162.7% | -30.03% | - |
| Cost of Goods Sold | 69.44M | 82.16M | 57.14M | 38.52M | 31.97M | 18.06M | 17.6M | 19.95M | 14.46M | 13.94M | 11.6M | 13.65M | 15.51M | 18.27M | 21.38M | 4.88M | 4.17M | 3.36M | 4.77M | 3.87M | 4.06M | 3.61M | 1.21M | 1.11M | 2.81M | 4.88M |
| COGS % of Revenue | - | 53.76% | 35.38% | 23.52% | 18.72% | 19.33% | 37.51% | 25.31% | 19.73% | 24.33% | 30.89% | 42.83% | 23.79% | 27.74% | 33.82% | 9.03% | 8.5% | 7.71% | 5.31% | 5.92% | 5.42% | 4.52% | 2.12% | 2.26% | 14.97% | 18.23% |
| Gross Profit | 99.11M | 70.68M | 104.38M | 125.28M | 138.83M | 75.36M | 29.33M | 58.85M | 58.82M | 43.35M | 25.96M | 18.21M | 49.66M | 47.6M | 41.83M | 49.09M | 44.88M | 40.27M | 85.15M | 61.5M | 70.87M | 76.16M | 55.56M | 48.11M | 15.93M | 21.9M |
| Gross Margin % | 58.8% | 46.24% | 64.62% | 76.48% | 81.28% | 80.67% | 62.49% | 74.69% | 80.27% | 75.67% | 69.11% | 57.17% | 76.21% | 72.26% | 66.18% | 90.97% | 91.5% | 92.29% | 94.69% | 94.08% | 94.58% | 95.48% | 97.88% | 97.74% | 85.03% | 81.77% |
| Gross Profit Growth % | - | -32.29% | -16.68% | -9.76% | 84.21% | 156.98% | -50.17% | 0.05% | 35.67% | 67.02% | 42.5% | -63.32% | 4.34% | 13.8% | -14.8% | 9.39% | 11.44% | -52.71% | 38.46% | -13.22% | -6.94% | 37.07% | 15.48% | 201.98% | -27.24% | - |
| Operating Expenses | 13.27M | 13.32M | 11.93M | 11.16M | 8.22M | 5.19M | 7.46M | 6.09M | 4.91M | 4.93M | 4.99M | 4.97M | 5.14M | 4.2M | 3.81M | 22.44M | 22.12M | 19.31M | 18.7M | 19.16M | 21.53M | 23.74M | 25.73M | 28.36M | 4.58M | 3.69M |
| OpEx % of Revenue | - | 8.72% | 7.39% | 6.82% | 4.81% | 5.55% | 15.89% | 7.72% | 6.7% | 8.61% | 13.29% | 15.59% | 7.88% | 6.37% | 6.04% | 41.58% | 45.09% | 44.27% | 20.8% | 29.31% | 28.73% | 29.76% | 45.32% | 57.62% | 24.46% | 13.78% |
| Selling, General & Admin | 10.27M | 13.32M | 11.93M | 11.16M | 8.22M | 5.19M | 7.46M | 6.09M | 4.91M | 4.93M | 4.99M | 4.97M | 5.14M | 4.2M | 3.81M | 4.09M | 4.13M | 3.71M | 3.96M | 3.59M | 3.06M | 2.88M | 3.61M | 2.92M | 1.45M | 1.58M |
| SG&A % of Revenue | - | 8.72% | 7.39% | 6.82% | 4.81% | 5.55% | 15.89% | 7.72% | 6.7% | 8.61% | 13.29% | 15.59% | 7.88% | 6.37% | 6.04% | 7.58% | 8.42% | 8.51% | 4.41% | 5.49% | 4.08% | 3.61% | 6.36% | 5.94% | 7.71% | 5.92% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7K | 0 | 0 | 11K | 18.35M | 17.99M | 15.6M | 14.74M | 15.57M | 18.47M | 20.86M | 22.11M | 25.44M | 3.14M | 2.1M |
| Operating Income | 85.84M | 57.35M | 92.45M | 114.12M | 130.61M | 70.17M | 21.87M | 52.77M | 53.91M | 38.42M | 20.97M | 13.25M | 44.53M | 43.4M | 38.01M | 42.18M | 34.81M | 20.95M | 66.45M | 42.34M | 49.34M | 52.42M | 29.84M | -27.14M | 10.61M | 17.42M |
| Operating Margin % | 50.93% | 37.53% | 57.24% | 69.67% | 76.47% | 75.11% | 46.6% | 66.96% | 73.57% | 67.07% | 55.83% | 41.58% | 68.32% | 65.89% | 60.14% | 78.16% | 70.97% | 48.03% | 73.89% | 64.77% | 65.85% | 65.72% | 52.56% | -55.13% | 56.63% | 65.07% |
| Operating Income Growth % | - | -37.96% | -18.99% | -12.63% | 86.12% | 220.91% | -58.56% | -2.12% | 40.3% | 83.26% | 58.27% | -70.25% | 2.6% | 14.18% | -9.88% | 21.18% | 66.1% | -68.46% | 56.94% | -14.19% | -5.87% | 75.69% | 209.95% | -355.7% | -39.1% | - |
| EBITDA | 156.28M | 123.65M | 135.22M | 140.62M | 149.9M | 80.86M | 34.02M | 66.07M | 62.85M | 47.73M | 29.47M | 23.32M | 54.58M | 56.54M | 54.59M | 60.53M | 52.8M | 36.55M | 81.19M | 57.87M | 67.77M | 73.24M | 50.62M | -3.5M | 12.74M | 19.53M |
| EBITDA Margin % | 92.73% | 80.91% | 83.71% | 85.85% | 87.76% | 86.55% | 72.49% | 83.84% | 85.77% | 83.3% | 78.48% | 73.18% | 83.75% | 85.84% | 86.38% | 112.16% | 107.64% | 83.78% | 90.28% | 88.53% | 90.45% | 91.82% | 89.17% | -7.1% | 68% | 72.93% |
| EBITDA Growth % | 8.27% | -8.55% | -3.84% | -6.19% | 85.38% | 137.72% | -48.51% | 5.11% | 31.7% | 61.93% | 26.41% | -57.28% | -3.48% | 3.57% | -9.8% | 14.64% | 44.43% | -54.98% | 40.3% | -14.61% | -7.46% | 44.68% | 1547.97% | -127.44% | -34.75% | - |
| D&A (Non-Cash Add-back) | 70.45M | 66.3M | 42.77M | 26.5M | 19.29M | 10.69M | 12.15M | 13.3M | 8.95M | 9.3M | 8.51M | 10.07M | 10.05M | 13.14M | 16.58M | 18.35M | 17.99M | 15.6M | 14.74M | 15.53M | 18.43M | 20.82M | 20.79M | 23.64M | 2.13M | 2.1M |
| EBIT | 68.85M | 57.35M | 92.45M | 114.12M | 130.61M | 70.17M | 21.87M | 52.77M | 53.91M | 38.42M | 20.97M | 13.26M | 44.53M | 43.58M | 38.02M | 42.18M | 34.81M | 11.51M | 66.45M | 42.34M | 49.34M | 52.47M | 29.84M | 16.67M | 11.35M | 18.21M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.01M | 4.82M | 995K | 8.87M | 10.35M | 7.95M | 15.53M | 12.05M | 9.45M | 0 | 0 | 0 | 0 | 0 | 0 | -15K | -36K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.01M | 4.82M | 995K | 8.87M | 10.35M | 7.95M | 15.53M | 12.05M | 9.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15K | 36K |
| Other Income/Expense | -16.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7K | 712K | 176K | 11K | 37K | 76K | 726K | 334K | 708K | 869K | 355K | 240K | 0 | -4.09M | 178K |
| Pretax Income | 68.85M | 57.35M | 92.45M | 114.12M | 130.61M | 70.17M | 21.87M | 52.77M | 53.91M | 38.42M | 20.97M | 13.26M | 45.24M | 43.58M | 38.02M | 42.22M | 34.88M | 21.68M | 66.78M | 43.05M | 50.21M | -26.98M | 31.69M | -117.21M | 6.52M | 17.6M |
| Pretax Margin % | 40.85% | 37.53% | 57.24% | 69.67% | 76.47% | 75.11% | 46.6% | 66.96% | 73.57% | 67.07% | 55.83% | 41.6% | 69.42% | 66.16% | 60.16% | 78.23% | 71.12% | 49.69% | 74.27% | 65.86% | 67.01% | -33.82% | 55.82% | -238.12% | 34.82% | 65.73% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -334K | 0 | 0 | -315K | -230K | 46.58M | -1.61M | -142K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.5% | 0% | 0% | 1.17% | -0.73% | -39.74% | -24.75% | -0.81% |
| Net Income | 68.85M | 57.35M | 92.45M | 110.39M | 130.61M | 70.17M | 21.87M | 52.77M | 53.91M | 38.42M | 20.97M | 13.26M | 45.24M | 43.58M | 38.02M | 42.22M | 34.88M | 21.68M | 66.78M | 43.05M | 50.21M | 52.77M | 30.08M | -26.83M | 12.96M | 18.35M |
| Net Margin % | 40.85% | 37.53% | 57.24% | 67.39% | 76.47% | 75.11% | 46.6% | 66.96% | 73.57% | 67.07% | 55.83% | 41.6% | 69.42% | 66.16% | 60.16% | 78.23% | 71.12% | 49.69% | 74.27% | 65.86% | 67.01% | 66.16% | 52.98% | -54.5% | 69.18% | 68.53% |
| Net Income Growth % | -23.59% | -37.96% | -16.25% | -15.48% | 86.12% | 220.91% | -58.56% | -2.12% | 40.3% | 83.26% | 58.18% | -70.7% | 3.82% | 14.61% | -9.93% | 21.02% | 60.89% | -67.54% | 55.14% | -14.26% | -4.86% | 75.47% | 212.11% | -306.95% | -29.36% | - |
| Net Income (Continuing) | 68.85M | 57.35M | 92.45M | 114.12M | 130.61M | 70.17M | 21.87M | 52.77M | 53.91M | 38.42M | 20.97M | 13.26M | 45.24M | 43.58M | 38.02M | 42.22M | 34.88M | 21.68M | 66.78M | 43.05M | 50.21M | 52.77M | 30.08M | -26.83M | 12.96M | 18.35M |
| Discontinued Operations | 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 |
| 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 |
| EPS (Diluted) | 1.43 | 1.20 | 2.13 | 2.85 | 3.35 | 1.94 | 0.61 | 1.50 | 1.67 | 1.18 | 0.66 | 0.42 | 1.42 | 1.37 | 1.20 | 1.33 | 1.11 | 0.72 | 2.30 | 1.48 | 1.72 | 1.82 | 1.07 | -1.02 | 1.19 | 1.69 |
| EPS Growth % | -31.1% | -43.66% | -25.26% | -14.93% | 72.68% | 218.03% | -59.33% | -10.18% | 41.53% | 78.79% | 57.14% | -70.42% | 3.65% | 14.17% | -9.77% | 19.82% | 54.17% | -68.7% | 55.41% | -13.95% | -5.49% | 70.09% | 204.9% | -185.71% | -29.59% | - |
| EPS (Basic) | - | 1.20 | 2.13 | 2.85 | 3.35 | 1.94 | 0.61 | 1.50 | 1.67 | 1.18 | 0.66 | 0.42 | 1.42 | 1.37 | 1.20 | 1.33 | 1.11 | 0.72 | 2.30 | 1.48 | 1.72 | 1.82 | 1.07 | -1.02 | 1.19 | 1.69 |
| Diluted Shares Outstanding | 48.26M | 47.65M | 41.81M | 38.78M | 37.62M | 35.05M | 34.68M | 34.13M | 32.28M | 31.49M | 30.68M | 30.68M | 30.68M | 30.68M | 30.68M | 30.68M | 30.47M | 29.04M | 28.24M | 28.24M | 28.24M | 28.24M | 28.11M | 26.3M | 27.04M | 10.86M |
| Basic Shares Outstanding | 48.26M | 47.65M | 41.81M | 38.78M | 37.62M | 35.05M | 34.68M | 34.13M | 32.28M | 31.49M | 30.68M | 30.68M | 30.68M | 30.68M | 30.68M | 30.68M | 30.47M | 29.04M | 28.24M | 28.24M | 28.24M | 28.24M | 28.11M | 26.3M | 27.04M | 10.86M |
| Dividend Payout Ratio | - | 230.19% | 158.49% | 119.18% | 100.99% | 76.82% | 220.62% | 134.37% | 107.6% | 98.37% | 129.74% | 276.18% | 133.82% | 126.25% | 149.57% | 124.38% | 149.64% | 199.71% | 118.6% | 129.5% | 163.9% | - | 158.6% | - | 90.42% | - |
Commodity Price Volatility
According to the provided quarterly income statements, DMLP's revenue growth has exhibited significant volatility, oscillating between a 36.4% expansion in 2026Q1 and a 33.8% contraction in 2025Q3, illustrating the partnership's high sensitivity to unhedged commodity price fluctuations and the inherent unpredictability of third-party operator drilling schedules.
The erratic revenue trajectory suggests that DMLP's top-line performance is less a function of internal operational execution and more a reflection of external market pricing and operator activity levels. Investors should monitor whether the recent 36.4% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from the depressed levels observed in late 2025.
As reported in financial statements, DMLP's gross margin has fluctuated widely, dropping from a peak of 92.3% in 2024Q3 to 46.5% by 2025Q4, which suggests that the partnership's reliance on Net Profits Interests may be introducing significant variability into its core profitability metrics.
The wide variance in gross margins implies that the 'netting' of operator costs within the NPI segment creates a non-linear relationship between top-line revenue and actual cash retention. This structural characteristic makes it difficult to forecast profitability, as inflationary pressures on third-party operators directly erode the partnership's margins without any offsetting control.
Based on DMLP's reported figures, the partnership maintains a lean operating structure with SG&A expenses consistently representing a small fraction of revenue, yet operating income remains highly sensitive to the underlying gross profit volatility inherent in the royalty and NPI business model.
The lack of significant fixed operating costs provides a degree of protection during downturns, but it also means that DMLP cannot easily scale its operating income through traditional efficiency gains. The partnership's ability to maintain positive operating income even during periods of revenue contraction suggests a resilient, albeit passive, cost structure.
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.
Short-sellers might argue that the lack of control over capital allocation on its own land makes DMLP a 'price-taker' that is fundamentally unable to high-grade its portfolio effectively. This dependency on external operators suggests that the partnership's long-term value is contingent on factors entirely outside of management's direct influence.
Quick answers to the most common questions about buying DMLP stock.
For fiscal year 2025, Dorchester Minerals, L.P. (DMLP) reported total revenue of $152.8M. This represents a 470.7% increase compared to $26.8M in 2001.
Dorchester Minerals, L.P. (DMLP) is profitable, generating $57.4M in net income for the fiscal year ending 2025 with a net profit margin of 37.5%.
Dorchester Minerals, L.P. (DMLP) reported an operating income of $57.4M, resulting in an operating profit margin of 37.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Dorchester Minerals, L.P. (DMLP) generated $70.7M in gross profit for the year, representing a gross profit margin of 46.2%. This demonstrates the company's core pricing power and production efficiency.