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 $1.3B against $981.3M — 1.4× the size. Tamboran Resources Corporation has negative trailing earnings, so its P/E is not meaningful; Dorchester Minerals, L.P. trades at 13.2×. Dorchester Minerals, L.P. has the higher net margin (48.1% vs 0.00%) and the higher return on invested capital (27.7% 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 13.24 n/m 9.67
P/S 6.42 n/m 1.76
P/B 4.62 0.87 1.19
Price to free cash flow 8.08 n/m 8.37
EV/EBITDA 10.32 n/m 4.59
EV/Sales 6.16 n/m 2.27
Earnings yield 7.55% (4.56%) 7.55%
Free cash flow yield 12.38% (21.92%) 3.98%

Profitability

Metric DMLP TBN Oil & Gas E&P median
Gross margin 100.00% — 79.54%
Operating margin 49.84% 0.00% 24.01%
Net margin 48.10% 0.00% 14.11%
Free cash flow margin 79.43% 0.00% 7.72%
Return on equity 32.66% (3.84%) 8.99%
Return on assets 31.74% (3.26%) 4.63%
Return on invested capital 27.71% (2.54%) 6.33%

Growth

Metric DMLP TBN Oil & Gas E&P median
Revenue growth (TTM) 38.18% — 13.60%
EPS growth (last fiscal year) (45.54%) 53.97% (10.17%)
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 0.29
Current ratio 10.60 2.61 0.92
Net debt to EBITDA (0.34) 5.01 0.93

Dividend

Metric DMLP TBN Oil & Gas E&P median
Dividend yield 12.36% — 3.76%
Payout ratio 1.64 — 0.33

Size

Metric DMLP TBN Oil & Gas E&P median
Market cap 1.34b 981.33m 953.29m

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