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 $1.3B against $902.9M — 1.5× the size. HighPeak Energy, Inc. has negative trailing earnings, so its P/E is not meaningful; Dorchester Minerals, L.P. trades at 13.3×. Dorchester Minerals, L.P. grew revenue faster over the last twelve months: 38.2% against −17.3%. Dorchester Minerals, L.P. has the higher net margin (48.1% vs −10.3%) and the higher return on invested capital (27.7% vs 3.19%). Both pay a dividend; Dorchester Minerals, L.P. yields more (12.3% vs 0.56%). 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 13.29 n/m 9.65
P/S 6.45 1.03 1.73
P/B 4.63 0.58 1.23
Price to free cash flow 8.10 n/m 9.34
EV/EBITDA 10.36 3.36 4.58
EV/Sales 6.18 2.24 2.27
Earnings yield 7.53% (10.96%) 7.67%
Free cash flow yield 12.34% (0.88%) 4.40%

Profitability

Metric DMLP HPK Oil & Gas E&P median
Gross margin 100.00% 80.16% 80.16%
Operating margin 49.84% 15.35% 24.33%
Net margin 48.10% (10.28%) 14.15%
Free cash flow margin 79.43% (0.91%) 10.07%
Return on equity 32.66% (5.54%) 9.41%
Return on assets 31.74% (2.83%) 5.35%
Return on invested capital 27.71% 3.19% 6.33%

Growth

Metric DMLP HPK Oil & Gas E&P median
Revenue growth (TTM) 38.18% (17.26%) 13.60%
EPS growth (last fiscal year) (45.54%) (79.10%) (10.17%)
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 0.29
Current ratio 10.60 0.87 0.90
Net debt to EBITDA (0.34) 1.77 0.93

Dividend

Metric DMLP HPK Oil & Gas E&P median
Dividend yield 12.31% 0.56% 3.80%
Payout ratio 1.64 — 0.33

Size

Metric DMLP HPK Oil & Gas E&P median
Market cap 1.34b 902.88m 895.85m

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