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Dorchester 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

28.32 1.48 −4.97%
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
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

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 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +73.10% (above 0%: growing)
Operating income growth Q +150.03% (above 0%: growing)
EPS, this year −25.10% (below 0%: weak)
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
EV/Sales is 6.7×, against a ten-year median of 7.8×; over the ten years it ranged from 4.0× in 2020 to 15.5× in 2016.
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. 1.16 ’17
  2. 1.74 ’18 +50%
  3. 2.01 ’19 +16%
  4. 1.39 ’20 −31%
  5. 1.53 ’21 +10%
  6. 4.25 ’22 +177%
  7. 3.40 ’23 −20%
  8. 3.49 ’24 +3%
  9. 2.78 ’25 −20%
  10. 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.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
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
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

Dorchester Minerals, L.P. vs peers in Oil & Gas E&P (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
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
MNR Mach Natural Resources LP $1.8B 19.9× 8.8× +40.70% (above 0%: growing) −22.37% (below 0%: shrinking) −13.11% (below 0%: shrinking) 61.56% 30.17% Compare
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%

All 74 Oil & Gas E&P stocks →

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stockrow.com/DMLP · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com