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 $1.4B against $1.3B — 1.1× the size. Tamboran Resources Corporation has negative trailing earnings, so its P/E is not meaningful; Dorchester Minerals, L.P. trades at 16.5×. Dorchester Minerals, L.P. has the higher net margin (43.9% vs 0.00%) and the higher return on invested capital (23.6% vs −4.13%). 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 16.50 n/m 10.57
P/S 7.29 n/m 1.80
P/B 4.61 1.44 1.27
Price to free cash flow 8.93 n/m 9.99
EV/EBITDA 10.70 n/m 5.08
EV/Sales 6.91 n/m 2.39
Earnings yield 6.06% (5.32%) 6.06%
Free cash flow yield 11.20% (20.60%) 6.17%

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% 9.71%
Return on equity 27.08% (7.89%) 10.05%
Return on assets 26.40% (6.53%) 5.81%
Return on invested capital 23.62% (4.13%) 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%) (8.62%) —
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 0.10 0.28
Current ratio 13.85 2.00 0.96
Net debt to EBITDA (0.34) 0.91 0.91

Dividend

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

Size

Metric DMLP TBN Oil & Gas E&P median
Market cap 1.44b 1.29b 923.59m

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