Dorchester Minerals, L.P. (DMLP) vs Greenfire Resources Ltd. (GFR)

Dorchester Minerals, L.P. and Greenfire Resources Ltd. are both Oil & Gas E&P companies. Dorchester Minerals, L.P. and Greenfire Resources Ltd. are of similar size ($1.3B and $1.3B). Greenfire Resources Ltd. has negative trailing earnings, so its P/E is not meaningful; Dorchester Minerals, L.P. trades at 13.2×. Dorchester Minerals, L.P. grew revenue faster over the last twelve months: 38.2% against −16.5%. Dorchester Minerals, L.P. has the higher net margin (48.1% vs −6.42%) and the higher return on invested capital (27.7% vs 0.48%). Across the 18 metrics below, Dorchester Minerals, L.P. leads on 15 and Greenfire Resources Ltd. on 3.

Valuation

Metric DMLP GFR Oil & Gas E&P median
P/E 13.24 n/m 9.67
P/S 6.42 1.64 1.76
P/B 4.62 0.84 1.19
Price to free cash flow 8.08 n/m 8.37
EV/EBITDA 10.32 11.01 4.59
EV/Sales 6.16 1.71 2.27
Earnings yield 7.55% (5.07%) 7.55%
Free cash flow yield 12.38% (6.27%) 3.98%

Profitability

Metric DMLP GFR Oil & Gas E&P median
Gross margin 100.00% 91.87% 79.54%
Operating margin 49.84% 1.54% 24.01%
Net margin 48.10% (6.42%) 14.11%
Free cash flow margin 79.43% (10.30%) 7.72%
Return on equity 32.66% (3.69%) 8.99%
Return on assets 31.74% (2.89%) 4.63%
Return on invested capital 27.71% 0.48% 6.33%

Growth

Metric DMLP GFR Oil & Gas E&P median
Revenue growth (TTM) 38.18% (16.46%) 13.60%
EPS growth (last fiscal year) (45.54%) (62.10%) (10.17%)
Revenue growth, 5-year CAGR 26.64% — 18.67%
Net income growth, 5-year CAGR 21.16% — 0.00%

Health

Metric DMLP GFR Oil & Gas E&P median
Debt to equity 0.00 0.03 0.29
Current ratio 10.60 0.96 0.92
Net debt to EBITDA (0.34) (0.21) 0.93

Dividend

Metric DMLP GFR Oil & Gas E&P median
Dividend yield 12.36% — 3.76%
Payout ratio 1.64 — 0.33

Size

Metric DMLP GFR Oil & Gas E&P median
Market cap 1.34b 1.32b 953.29m

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