Dorchester Minerals, L.P. (DMLP) vs HighPeak Energy, Inc. (HPK)

Dorchester Minerals, L.P. and HighPeak Energy, Inc. are both Oil & Gas E&P companies. Dorchester Minerals, L.P. is the larger, with a market value of $1.4B against $975.0M — 1.5× the size. HighPeak Energy, Inc. 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 −17.3%. Dorchester Minerals, L.P. has the higher net margin (43.9% vs −10.3%) and the higher return on invested capital (23.6% vs 3.19%). Both pay a dividend; Dorchester Minerals, L.P. yields more (11.8% vs 0.53%). Across the 21 metrics below, Dorchester Minerals, L.P. leads on 16 and HighPeak Energy, Inc. on 5.

Valuation

Metric DMLP HPK Oil & Gas E&P median
P/E 16.50 n/m 10.57
P/S 7.29 1.10 1.80
P/B 4.61 0.61 1.27
Price to free cash flow 8.93 n/m 9.99
EV/EBITDA 10.70 3.47 5.08
EV/Sales 6.91 2.31 2.39
Earnings yield 6.06% (10.26%) 6.06%
Free cash flow yield 11.20% (0.83%) 6.17%

Profitability

Metric DMLP HPK Oil & Gas E&P median
Gross margin 100.00% 80.16% 80.41%
Operating margin 45.45% 15.35% 21.39%
Net margin 43.92% (10.28%) 14.17%
Free cash flow margin 81.52% (0.91%) 9.71%
Return on equity 27.08% (5.54%) 10.05%
Return on assets 26.40% (2.83%) 5.81%
Return on invested capital 23.62% 3.19% 6.32%

Growth

Metric DMLP HPK Oil & Gas E&P median
Revenue growth (TTM) 13.91% (17.26%) 9.94%
EPS growth (last fiscal year) (45.54%) (79.10%) —
Revenue growth, 5-year CAGR 26.64% 103.69% 18.67%
Net income growth, 5-year CAGR 21.16% 0.00% 0.00%

Health

Metric DMLP HPK Oil & Gas E&P median
Debt to equity 0.00 0.77 0.28
Current ratio 13.85 0.87 0.96
Net debt to EBITDA (0.34) 1.77 0.91

Dividend

Metric DMLP HPK Oil & Gas E&P median
Dividend yield 11.76% 0.53% 4.93%
Payout ratio — 0.05 0.07

Size

Metric DMLP HPK Oil & Gas E&P median
Market cap 1.44b 974.95m 923.59m

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