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 ($1.5B and $1.4B). Greenfire Resources Ltd. has negative trailing earnings, so its P/E is not meaningful; Dorchester Minerals, L.P. trades at 16.5×. Dorchester Minerals, L.P. grew revenue faster over the last twelve months: 13.9% against −16.5%. Dorchester Minerals, L.P. has the higher net margin (43.9% vs −6.42%) and the higher return on invested capital (23.6% 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 16.50 n/m 10.57
P/S 7.29 1.75 1.80
P/B 4.61 0.89 1.27
Price to free cash flow 8.93 n/m 9.99
EV/EBITDA 10.70 11.69 5.08
EV/Sales 6.91 1.81 2.39
Earnings yield 6.06% (4.77%) 6.06%
Free cash flow yield 11.20% (5.90%) 6.17%

Profitability

Metric DMLP GFR Oil & Gas E&P median
Gross margin 100.00% 91.87% 80.41%
Operating margin 45.45% 1.54% 21.39%
Net margin 43.92% (6.42%) 14.17%
Free cash flow margin 81.52% (10.30%) 9.71%
Return on equity 27.08% (3.69%) 10.05%
Return on assets 26.40% (2.89%) 5.81%
Return on invested capital 23.62% 0.48% 6.32%

Growth

Metric DMLP GFR Oil & Gas E&P median
Revenue growth (TTM) 13.91% (16.46%) 9.94%
EPS growth (last fiscal year) (45.54%) (62.10%) —
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 0.28
Current ratio 13.85 0.96 0.96
Net debt to EBITDA (0.34) (0.21) 0.91

Dividend

Metric DMLP GFR Oil & Gas E&P median
Dividend yield 11.76% — 4.93%
Payout ratio — 0.00 0.07

Size

Metric DMLP GFR Oil & Gas E&P median
Market cap 1.44b 1.49b 923.59m

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