stockrowDorchester Minerals, L.P.
DMLP Energy Oil & Gas E&P
Dorchester Minerals, L.P.’s revenue for fiscal 2025 (year ended December 2025) was $152.8 million, down 5.38% from fiscal 2024.
- Revenue
- +73.1%
- EPS
- +148.0%
- Free cash flow
- +110.4%
Quarter to June 2026, against a year earlier
Follow DMLP
Alert me
Dorchester Minerals, L.P. (DMLP) Beneish M-score
Dorchester Minerals, L.P.'s Beneish M-score for fiscal 2025 is −4.09; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −4.09 | (1.14) |
| FY2024 | −2.95 | 0.38 |
| FY2023 | −3.33 | (0.68) |
| FY2022 | −2.65 | (1.35) |
| FY2021 | −1.30 | 2.72 |
| FY2020 | −4.01 | (0.19) |
| FY2019 | −3.83 | (1.05) |
| FY2018 | −2.78 | (0.47) |
| FY2017 | −2.31 | 0.77 |
| FY2016 | −3.07 | 0.65 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.70 | — | 0.65 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.86 | — | 0.35 | |
| Sales growth index | 0.95 | — | 0.84 | |
| Depreciation index | 0.60 | — | 0.07 | |
| SG&A index | 1.18 | — | −0.20 | |
| Total accruals to total assets | (0.24) | — | −1.14 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.09 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| VET Vermilion Energy Inc. compare | −4.1× |
| DMLP Dorchester Minerals, L.P. | −4.1× |
| HPK HighPeak Energy, Inc. compare | −3.6× |
| KRP Kimbell Royalty compare | −3.2× |
| KOS Kosmos Energy Ltd. compare | −3.0× |
| REPX Riley Exploration Permian, Inc. compare | −2.7× |
| GFR Greenfire Resources Ltd. compare | −2.3× |
| MNR Mach Natural Resources LP compare | −2.3× |
| TBN Tamboran Resources Corporation compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI