Dorchester Minerals, L.P. (DMLP) vs Tamboran Resources Corporation (TBN)

Dorchester Minerals, L.P. and Tamboran Resources Corporation are both Oil & Gas E&P companies. Dorchester Minerals, L.P. is the larger, with a market value of $1.5B against $1.1B — 1.3× the size. Tamboran Resources Corporation has negative trailing earnings, so its P/E is not meaningful; Dorchester Minerals, L.P. trades at 17.3×. Dorchester Minerals, L.P. has the higher net margin (43.9% vs 0.00%) and the higher return on invested capital (23.6% vs −2.54%). Across the 13 metrics below, Dorchester Minerals, L.P. leads on 11 and Tamboran Resources Corporation on 2.

Valuation

Metric DMLP TBN Oil & Gas E&P median
P/E 17.29 n/m 11.01
P/S 7.64 n/m 1.98
P/B 4.84 0.73 1.30
Price to free cash flow 9.36 n/m 10.68
EV/EBITDA 11.24 n/m 5.09
EV/Sales 7.26 n/m 2.63
Earnings yield 5.78% (3.86%) 5.78%
Free cash flow yield 10.69% (26.19%) 4.91%

Profitability

Metric DMLP TBN Oil & Gas E&P median
Gross margin 100.00% — 80.41%
Operating margin 45.45% 0.00% 21.39%
Net margin 43.92% 0.00% 14.17%
Free cash flow margin 81.52% 0.00% 8.18%
Return on equity 27.08% (3.84%) 10.05%
Return on assets 26.40% (3.26%) 5.81%
Return on invested capital 23.62% (2.54%) 6.32%

Growth

Metric DMLP TBN Oil & Gas E&P median
Revenue growth (TTM) 13.91% — 9.94%
EPS growth (last fiscal year) (45.54%) 53.97% (10.50%)
Revenue growth, 5-year CAGR 26.64% — 18.67%
Net income growth, 5-year CAGR 21.16% — 0.00%

Health

Metric DMLP TBN Oil & Gas E&P median
Debt to equity 0.00 0.07 0.28
Current ratio 13.85 2.61 0.96
Net debt to EBITDA (0.34) 5.01 0.89

Dividend

Metric DMLP TBN Oil & Gas E&P median
Dividend yield 10.49% — 3.29%
Payout ratio 1.81 — 0.35

Size

Metric DMLP TBN Oil & Gas E&P median
Market cap 1.47b 1.11b 1.04b

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