Monday 2 November 2026 Export DMLP’s income statement to Excel — free account

Dorchester Minerals, L.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

Insider buying

28.32 1.48 −4.97%

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Market cap: $1.5B
P/E: 16.1×
Fwd P/E: —
Dividend yield: 14.4%
F-score: 4/9
Altman Z: n/a
Beneish M: −4.09
Dividend safety: 20/100

Overview

Insider Decisions last twelve months

Bought, $m 2.07

Trades a month
	Jan 26			Apr 26			Jul 26			Oct 26
Buy	3	—	1	—	—	2	1	—	1	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 5.73%

Capital & Financial Ratios $m

Size

Market Cap 1,460.00

Revenue ttm 192.22

Net income ttm 87.37

Free cash flow ttm 156.70

Net debt Q (72.50)

Valuation

P/E 16.09

Forward P/E —

Price / sales 7.11

Forward P/S Powerpack

Price / FCF 8.71

Price / book 4.50

Financial health

Current ratio Q 13.85

Debt / equity Q 0.00

Interest coverage Q —

Growth

Revenue growth Q +73.10%

Operating income growth Q +150.03%

EPS, this year −25.10%

EPS, next year A —

Revenue, next year A —

EPS, past 5 yrs +13.72%

EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 72.43%

10-year low 10-year high

P/S against its own 10 years 19.79%

10-year low 10-year high

P/B against its own 10 years 25.48%

10-year low 10-year high

EV/Sales against its own 10 years 17.51%

10-year low 10-year high

EV/FCF against its own 10 years 25.95%

10-year low 10-year high

Dividends

Yield: 14.4%
Annual rate: 4.08
Payout ratio: 231.6%
Growth, 2017–26: +12.7%/yr

1.16 ’17
1.74 ’18 +50%
2.01 ’19 +16%
1.39 ’20 −31%
1.53 ’21 +10%
4.25 ’22 +177%
3.40 ’23 −20%
3.49 ’24 +3%
2.78 ’25 −20%
3.39 ’26 +22%

paid

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	47	43	42	73
Receivables	23	25	16	27
Inventory	—	—	—	—
Other	—	—	—	—
	70	68	59	100

	2023	2024	2025	Q'26
Payables	4	4	4	7
ST’ Debt	—	—	—	—
Other	—	—	—	—
	4	4	4	7

Compound Annual Growth %

	10y	5y	3y
Sales	16.97%	26.64%	(3.64%)
Cash Flow	16.94%	27.44%	(3.42%)
Earnings	15.80%	21.16%	(24.05%)
Book Value	15.35%	29.27%	21.18%

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.59	0.62	—	—	—
’25	0.36	0.25	0.23	0.32	1.16
’24	0.44	0.57	0.87	0.29	2.13
’23	0.71	0.50	0.73	0.90	2.85
’22	0.80	0.96	0.88	0.71	3.35
’21	0.33	0.46	0.49	0.66	1.94
’20	0.25	0.03	0.16	0.18	0.61

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	59	56	—	—	—
’25	43	32	35	42	153
’24	31	37	53	40	162
’23	40	31	43	50	164
’22	40	47	44	39	171
’21	18	21	24	30	93
’20	15	7	13	12	47

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	24	64	—	—	—
’25	33	31	34	34	132
’24	28	29	44	32	133
’23	39	29	34	38	140
’22	28	39	46	34	147
’21	11	18	19	23	70
’20	18	9	6	7	39

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	24	64	—	—	—
’25	33	31	34	34	132
’24	28	29	44	32	133
’23	39	29	34	38	140
’22	28	39	46	34	147
’21	11	18	19	23	71
’20	18	9	11	8	46

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM Jun ’26	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
													Ten-year view		Analyst estimates Powerpack
Income, $m
Income, $m	Revenue	38	57	73	79	47	93	171	164	162	153	192		+16.9%	—	—	—	—
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00		0.0 pt	Powerpack Dorchester Minerals, L.P.’s next three years, line by line See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	21	38	54	53	22	70	131	114	92	57	87		+11.8%
	EBT margin, %	55.83	67.07	73.57	66.96	46.60	75.11	76.47	69.67	57.24	37.53	45.45		(18.3) pt
	Net income	21	38	54	53	22	70	131	114	92	57	87		+11.8%
Per share, $
Per share, $	Revenue	1.22	1.82	2.27	2.31	1.35	2.67	4.54	4.22	3.86	3.21	3.98		+11.3%
	Earnings	0.66	1.18	1.61	1.50	0.61	1.94	3.35	2.85	2.13	1.16	1.76		+6.5%
	Cash flow	0.92	1.40	1.94	1.94	1.14	2.01	3.91	3.61	3.17	2.78	3.25		+13.0%
	Capex	0.00	(0.03)	0.00	0.01	0.18	0.01	0.00	0.00	0.00	0.00	0.00		n/m
	Free cash flow	0.92	1.36	1.94	1.95	1.31	2.01	3.91	3.61	3.17	2.78	3.25		+13.0%
	Book value	2.18	2.88	2.68	3.29	2.44	4.06	4.56	4.78	8.65	6.41	6.29		+12.7%
	Shares, m	31	31	32	34	35	35	38	39	42	48	48		+5.0%
Valuation, ×
Valuation, ×	P/E	26.59	12.92	9.09	13.01	17.60	10.20	8.59	11.33	15.37	19.28	16.09		14.4
	P/S	14.33	8.38	6.45	8.45	8.06	7.43	6.34	7.62	8.63	6.97	7.11		8.3
	P/B	8.04	5.29	5.45	5.93	4.47	4.87	6.31	6.72	3.85	3.49	4.50		5.4
	EV/Sales	14.12	8.14	6.20	8.25	7.82	7.12	6.10	7.33	8.36	6.70	6.73		8.0
	EV/FCF	18.75	10.59	7.27	9.77	8.05	9.43	7.07	8.57	10.17	7.71	8.25		9.7
Cash, $m
Cash, $m	Operating cash flow	28	44	63	66	39	70	147	140	133	132	157		+18.7%
	Capex	—	(1)	0	0	6	0	—	—	—	—	0		n/m
	Free cash flow	28	43	62	67	46	71	147	140	133	132	157		+18.7%
Balance, $m
Balance, $m	Working capital	15	25	30	26	16	44	59	65	64	55	93		+16.0%
	Net debt	(8)	(14)	(18)	(15)	(11)	(28)	(41)	(47)	(43)	(42)	(72)		+19.9%
	Shareholders’ equity	67	91	87	112	85	142	172	186	362	305	304		+18.4%
Returns, %
Returns, %	ROA	28.71	46.57	57.72	49.83	20.62	57.69	78.08	60.11	31.98	16.34	26.40		(12.4) pt
	ROIC	22.32	31.22	49.28	34.00	18.64	38.44	62.42	51.48	18.10	13.61	23.62		(8.7) pt
	ROE	28.88	47.04	58.56	51.29	21.50	59.77	80.35	61.83	32.59	16.57	27.08		(12.3) pt
People
People	Employees	24	24	31	34	24	24	26	27	27	26	—		+0.9%
	Revenue/emp, $m	1.56	2.39	2.36	2.32	1.96	3.89	6.57	6.07	5.98	5.88	—		+15.8%

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

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KRP Kimbell Royalty	$2.2B	20.1×	15.6×	+29.96% (above 0%: growing)	+1,900.00% (above 0%: growing)	−66.72% (below 0%: shrinking)	100.00%	53.06%	Compare
VET Vermilion Energy Inc.	$2.1B	— (loss-making)	16.2×	+17.00% (above 0%: growing)	n/m	+110.78% (above 0%: growing)	67.53%	29.66%	Compare
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KOS Kosmos Energy Ltd.	$1.7B	— (loss-making)	21.6×	+56.80% (above 0%: growing)	n/m	+405.33% (above 0%: growing)	70.40%	47.75%	Compare
GFR Greenfire Resources Ltd.	$1.6B	— (loss-making)	46.7×	+21.83% (above 0%: growing)	−38.00% (below 0%: shrinking)	−386.50% (below 0%: shrinking)	93.25%	38.51%	Compare
DMLP Dorchester Minerals, L.P.	$1.5B	16.9×	—	+73.10% (above 0%: growing)	+148.00% (above 0%: growing)	+110.38% (above 0%: growing)	100.00%	55.05%
HPK HighPeak Energy, Inc.	$1.3B	— (loss-making)	— (loss-making)	+25.84% (above 0%: growing)	+215.79% (above 0%: growing)	+41.01% (above 0%: growing)	76.83%	29.46%	Compare
REPX Riley Exploration Permian, Inc.	$1.2B	9.5×	8.5×	+94.22% (above 0%: growing)	+189.58% (above 0%: growing)	−366.95% (below 0%: shrinking)	100.00%	52.60%	Compare
TBN Tamboran Resources Corporation	$1.1B	— (loss-making)	—	—	n/m	−72.13% (below 0%: shrinking)	—	0.00%	Compare
Median of peers	$1.7B	19.9×	15.9×	+29.96%	+189.58%	−39.91%	76.83%	34.34%

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