Dorchester Minerals, L.P. (DMLP) vs Mach Natural Resources LP (MNR)

Dorchester Minerals, L.P. and Mach Natural Resources LP are both Oil & Gas E&P companies. Mach Natural Resources LP is the larger, with a market value of $1.8B against $1.4B — 1.2× the size. Dorchester Minerals, L.P. trades at the lower P/E: 16.5× against 17.3×. Mach Natural Resources LP grew revenue faster over the last twelve months: 34.4% against 13.9%. Dorchester Minerals, L.P. has the higher net margin (43.9% vs 7.44%) and the higher return on invested capital (23.6% vs 4.09%). Across the 20 metrics below, Dorchester Minerals, L.P. leads on 12 and Mach Natural Resources LP on 8.

Valuation

Metric DMLP MNR Oil & Gas E&P median
P/E 16.50 17.33 10.57
P/S 7.29 1.29 1.80
P/B 4.61 0.94 1.27
Price to free cash flow 8.93 6.96 9.99
EV/EBITDA 10.70 5.28 5.08
EV/Sales 6.91 2.18 2.39
Earnings yield 6.06% 5.77% 6.06%
Free cash flow yield 11.20% 14.36% 6.17%

Profitability

Metric DMLP MNR Oil & Gas E&P median
Gross margin 100.00% 56.26% 80.41%
Operating margin 45.45% 14.40% 21.39%
Net margin 43.92% 7.44% 14.17%
Free cash flow margin 81.52% 18.51% 9.71%
Return on equity 27.08% 0.00% 10.05%
Return on assets 26.40% 3.35% 5.81%
Return on invested capital 23.62% 4.09% 6.32%

Growth

Metric DMLP MNR Oil & Gas E&P median
Revenue growth (TTM) 13.91% 34.42% 9.94%
EPS growth (last fiscal year) (45.54%) (42.63%) —
Revenue growth, 5-year CAGR 26.64% — 18.67%
Net income growth, 5-year CAGR 21.16% — 0.00%

Health

Metric DMLP MNR Oil & Gas E&P median
Debt to equity 0.00 0.63 0.28
Current ratio 13.85 0.88 0.96
Net debt to EBITDA (0.34) 2.03 0.91

Dividend

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

Size

Metric DMLP MNR Oil & Gas E&P median
Market cap 1.44b 1.76b 923.59m

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