Dorchester Minerals, L.P. Common Units (DMLP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 23	—	$0.71	—	—	$40.2M	—
Q4 22	—	$0.71	—	—	$38.9M	—
Q3 22	—	$0.88	—	—	$44.1M	—
Q2 22	—	$0.96	—	—	$47.5M	—
Q1 22	—	$0.8	—	—	$40.4M	—
Q4 21	—	$0.66	—	—	$30.3M	—
Q3 21	—	$0.49	—	—	$24M	—
Q2 21	—	$0.46	—	—	$21.4M	—
Q1 21	—	$0.33	—	—	$17.8M	—
Q4 20	—	$0.18	—	—	$12.1M	—
Q3 20	—	$0.16	—	—	$12.5M	—
Q2 20	—	$0.03	—	—	$6.8M	—
Q1 20	—	$0.25	—	—	$15.5M	—
Q4 19	—	$0.35	—	—	$19.6M	—
Q3 19	—	$0.35	—	—	$19.6M	—
Q2 19	—	$0.38	—	—	$20.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.16	—	—	$152.8M	—
FY24	—	$2.13	—	—	$161.5M	—
FY23	—	$2.85	—	—	$163.8M	—
FY22	—	$3.35	—	—	$170.8M	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$37.6M	$57.3M	$73.3M	$78.8M	$46.9M	$93.4M	$170.8M	$163.8M	$161.5M	$152.8M
YoY change	+17.8%	+52.5%	+27.9%	+7.53%	-40.4%	+99.1%	+82.8%	-4.1%	-1.39%	-5.38%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	37.6M	57.3M	73.3M	78.8M	46.9M	93.4M	170.8M	163.8M	161.5M	152.8M
Cost of revenue	11.6M	13.9M	14.5M	19.9M	17.6M	18.1M	32M	38.5M	57.1M	82.2M
Gross profit	26M	43.4M	58.8M	58.9M	29.3M	75.4M	138.8M	125.3M	104.4M	70.7M
Gross margin	69.1%	75.7%	80.3%	74.7%	62.5%	80.7%	81.3%	76.5%	64.6%	46.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5M	4.9M	4.9M	6.1M	7.5M	5.2M	8.2M	11.2M	11.9M	13.3M
Operating expenses	5M	7.4M	4.9M	6.1M	7.5M	5.2M	8.2M	11.2M	11.9M	13.3M
Operating income	21M	38.4M	53.9M	52.8M	21.9M	70.2M	130.6M	114.1M	92.4M	57.4M
Operating margin	55.8%	67.1%	73.6%	67%	46.6%	75.1%	76.5%	69.7%	57.2%	37.5%
Non-operating income, net	-4.8M	—	—	—	—	—	—	—	—	—
Pretax income	21M	38.4M	53.9M	52.8M	21.9M	70.2M	130.6M	114.1M	92.4M	57.4M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	21M	38.4M	53.9M	52.8M	21.9M	70.2M	130.6M	114.1M	92.4M	57.4M
Net margin	55.8%	67.1%	73.6%	67%	46.6%	75.1%	76.5%	69.7%	57.2%	37.5%
EBITDA	29.5M	47.7M	62.9M	66.3M	34M	80.9M	149.9M	140.6M	135.2M	123.8M
EPS	0.66	1.18	1.61	1.5	0.61	1.94	3.35	2.85	2.13	1.16
Diluted EPS	0.66	1.18	1.61	1.5	0.61	1.94	3.35	2.85	2.13	1.16

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	42.6M	50.4M	31M	37.4M	53.5M	39.7M	43.2M	32.4M	35.4M	41.9M	58.9M	56.1M
Cost of revenue	10.3M	10.7M	9.5M	11.2M	14.2M	22.2M	21.2M	17.2M	21.3M	22.4M	25.5M	21.4M
Gross profit	32.3M	39.7M	21.4M	26.2M	39.3M	17.5M	22M	15.2M	14.1M	19.4M	33.4M	34.6M
Gross margin	75.7%	78.7%	69.2%	70.1%	73.5%	44%	50.9%	46.8%	39.8%	46.5%	56.7%	61.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.8M	2.9M	3.3M	2.6M	2.9M	3.2M	4.3M	2.8M	2.9M	3.3M	4.3M	3.8M
Operating expenses	2.8M	2.9M	3.3M	2.6M	2.9M	3.2M	4.3M	2.8M	2.9M	3.3M	4.3M	3.8M
Operating income	29.5M	36.8M	18.2M	23.6M	36.4M	14.2M	17.6M	12.3M	11.2M	16.2M	29.1M	30.9M
Operating margin	69.2%	72.9%	58.6%	63.2%	68.1%	35.9%	40.9%	38.1%	31.5%	38.7%	49.5%	55.1%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	29.5M	36.8M	18.2M	23.6M	36.4M	14.2M	17.6M	12.3M	11.2M	16.2M	29.1M	30.9M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	29.5M	36.8M	18.2M	23.6M	36.4M	14.2M	17.6M	12.3M	11.2M	16.2M	29.1M	30.9M
Net margin	69.2%	72.9%	58.6%	63.2%	68.1%	35.9%	40.9%	38.1%	31.5%	38.7%	49.5%	55.1%
EBITDA	29.5M	36.8M	18.2M	23.6M	36.4M	14.2M	17.6M	12.3M	11.2M	16.2M	50.1M	46.8M
EPS	0.73	—	0.44	0.57	0.87	—	0.36	0.25	0.23	—	0.59	0.62
Diluted EPS	0.73	—	0.44	0.57	0.87	—	0.36	0.25	0.23	—	0.59	0.62

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	538.3M	478.6M	472.6M	665.8M	378.4M	693.7M	1.1B	1.2B	1.4B	—	1.4B
Enterprise value	530.1M	464.8M	454.3M	653M	369.3M	667.3M	1.1B	1.2B	1.4B	—	1.4B
Shares outstanding	30.7M	31.5M	32.3M	34.1M	34.7M	35.1M	37.6M	38.8M	41.8M	47.7M	47.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	25.7	12.5	8.77	12.6	17.3	9.89	8.62	10.8	15.1	—	16.4
P/S	14.3	8.35	6.45	8.45	8.06	7.43	6.59	7.54	8.63	—	7.54
P/B	8.04	5.27	5.45	5.93	4.47	4.87	6.57	6.65	3.85	—	4.48
EV/EBITDA	18	9.74	7.23	9.85	10.9	8.25	7.25	8.45	10	—	8.5
EV/Sales	14.1	8.11	6.2	8.29	7.87	7.14	6.36	7.26	8.37	—	7.25
Earnings yield	3.89%	8.03%	11.4%	7.93%	5.78%	10.1%	11.6%	9.24%	6.63%	—	6.11%
FCF yield	5.25%	8.98%	13.2%	9.93%	10.4%	10.1%	13.1%	11.3%	9.52%	—	8.93%
PEG	—	—	—	—	—	—	—	—	—	—	0.11

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	69.1%	75.7%	80.3%	74.7%	62.5%	80.7%	81.3%	76.5%	64.6%	46.2%	61.8%
Operating margin	55.8%	67.1%	73.6%	67%	46.6%	75.1%	76.5%	69.7%	57.2%	37.5%	55.1%
Net margin	55.8%	67.1%	73.6%	67%	46.6%	75.1%	76.5%	69.7%	57.2%	37.5%	45.3%
ROE	31.3%	42.3%	62.2%	47%	25.9%	49.3%	76.1%	61.5%	25.6%	18.8%	28%
ROA	31.2%	41.7%	61.3%	45.1%	24.8%	47.8%	74.1%	59.7%	25.2%	18.5%	17.1%
Return on tangible assets	31.2%	41.7%	61.3%	45.1%	24.8%	47.8%	74.1%	59.7%	25.2%	18.5%	27.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	53.8	39.8	62	12	9.7	16.6	18.3	15.6	16	15.5	13.9
Quick ratio	53.8	39.8	62	12	9.7	16.6	18.3	15.6	16	15.5	13.9
Debt / equity	—	—	—	0.02	0.03	0.01	0.01	0.01	0	0	0.01
Debt / assets	—	—	—	0.02	0.02	0.01	0.01	0.01	0	0	0.01
Net debt / EBITDA	—	—	—	-0.19	-0.27	-0.33	-0.26	-0.33	-0.31	-0.33	-0.56

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.22	1.82	2.27	2.31	1.35	2.67	4.54	4.22	3.86	3.21	3.87
EPS (basic)	0.66	1.18	1.61	1.5	0.61	1.94	3.35	2.85	2.13	1.16	1.16
EPS (diluted)	0.66	1.18	1.61	1.5	0.61	1.94	3.35	2.85	2.13	1.16	1.75
Book value per share	2.18	2.88	2.68	3.29	2.44	4.06	4.56	4.78	8.65	6.41	6.4
FCF per share	0.92	1.36	1.94	1.94	1.14	2.01	3.91	3.61	3.17	2.78	3.25
Cash per share	0.27	0.44	0.57	0.45	0.32	0.81	1.08	1.21	1.02	0.88	1.48
Capex per share	0	0.01	0	0.01	0.18	0.01	0	0	0.35	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0%	0.77%	0%	0.56%	13.1%	0.28%	0%	0%	9.12%	—	—
Capex / operating cash flow	0%	1%	0%	0.66%	15.5%	0.37%	0%	0%	11.1%	—	—
Payout ratio	129.7%	98.4%	107.6%	134.4%	227%	79.5%	104.7%	119%	164.3%	238.8%	145.2%
Dividend yield	5.05%	7.9%	12.3%	10.6%	13.1%	8.05%	12.1%	11%	10.9%	—	17.9%

Yield

17.9%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.2729

ex-dividend Aug 3, 2026

Payout ratio

145%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 3, 2026	$1.2729
May 4, 2026	$0.475
Feb 2, 2026	$0.7557

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$42.6M	$50.4M	$31M	$37.4M	$53.5M	$39.7M	$43.2M	$32.4M	$35.4M	$41.9M	$58.9M	$56.1M
YoY change	-3.32%	+29.7%	-22.9%	+22%	+25.5%	-21.2%	+39.3%	-13.3%	-33.8%	+5.4%	+36.4%	+73.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	8.2M	13.8M	18.3M	15.3M	11.2M	28.3M	40.8M	47M	42.5M	41.9M
Receivables	4.4M	6.2M	6.6M	7.1M	5.1M	11.5M	14.5M	14.4M	19.8M	14M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	14.8M	25.4M	30.1M	28.3M	18.2M	46.7M	62.5M	69.7M	67.8M	58.9M
Property, plant & equipment	-288.1M	-296.5M	-305.4M	-317.1M	-329.2M	-339.9M	-359.2M	-385.7M	-428.5M	-494.9M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	67.2M	92M	87.9M	116.9M	88.3M	146.8M	176.2M	191.1M	366.8M	309.6M
Accounts payable	252K	599K	421K	2.1M	1.6M	2.5M	3.1M	4.2M	4M	3.5M
Short-term debt	—	—	—	310K	300K	291K	281K	272K	263K	256K
Total current liabilities	275K	637K	486K	2.4M	1.9M	2.8M	3.4M	4.5M	4.2M	3.8M
Long-term debt	—	—	—	2.2M	1.9M	1.6M	1.3M	1M	777K	521K
Total liabilities	275K	1.3M	1.3M	4.5M	3.8M	4.4M	4.7M	5.5M	5M	4.3M
Shareholders' equity	66.9M	90.7M	86.6M	112.3M	84.6M	142.4M	171.5M	185.6M	361.8M	305.2M
Total debt	—	—	—	2.5M	2.2M	1.9M	1.6M	1.3M	1M	777K
Net debt	—	—	—	-12.8M	-9M	-26.4M	-39.2M	-45.7M	-41.5M	-41.2M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	43.5M	47M	37.7M	35.2M	56.5M	42.5M	41.5M	36.5M	41.6M	41.9M	28.2M	72.5M
Receivables	14.2M	14.4M	13.8M	16.3M	21.8M	19.8M	21.4M	17M	16.3M	14M	26.8M	15M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	63.1M	69.7M	58.6M	57.4M	86M	67.8M	68.5M	59.7M	62.5M	58.9M	74.4M	99.8M
Property, plant & equipment	-377.9M	-385.7M	-392.7M	-400.4M	-410.5M	-428.5M	-445.3M	-460M	-477M	-494.9M	-515.9M	-528.9M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	192.3M	191.1M	184.8M	176M	403.4M	366.8M	349M	325.6M	330.4M	309.6M	301.6M	314M
Accounts payable	7.5M	4.2M	4.2M	4.3M	5.8M	4M	4.9M	4.9M	6M	3.5M	4.2M	6.8M
Short-term debt	275K	272K	270K	268K	265K	263K	261K	259K	257K	256K	252K	355K
Total current liabilities	7.7M	4.5M	4.5M	4.6M	6M	4.2M	5.2M	5.1M	6.2M	3.8M	4.5M	7.2M
Long-term debt	1.1M	1M	975K	907K	842K	777K	713K	648K	585K	521K	461K	3.1M
Total liabilities	8.8M	5.5M	5.5M	5.5M	6.9M	5M	5.9M	5.8M	6.8M	4.3M	4.9M	10.3M
Shareholders' equity	183.4M	185.6M	179.4M	170.5M	396.5M	361.8M	343.1M	319.8M	323.6M	305.2M	296.7M	303.7M
Total debt	1.4M	1.3M	1.2M	1.2M	1.1M	1M	974K	907K	842K	777K	713K	3.5M
Net debt	-42.1M	-45.7M	-36.5M	-34M	-55.4M	-41.5M	-40.6M	-35.6M	-40.8M	-41.2M	-27.4M	-69M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	21M	38.4M	53.9M	52.8M	21.9M	70.2M	130.6M	114.1M	92.4M	57.4M
Depreciation & amortization	8.5M	9.3M	8.9M	13.6M	12.1M	10.7M	19.3M	26.5M	42.8M	66.5M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-1.1M	-3.7M	-292K	-213K	5.4M	-10.6M	-2.8M	-776K	-2.6M	8.7M
Operating cash flow	28.3M	44M	62.5M	66.1M	39.4M	70.3M	147.1M	139.8M	132.6M	132.5M
Capital expenditure	0	440K	0	439K	6.1M	262K	0	0	14.7M	—
Investing cash flow	0	880K	-19K	1.8M	6.1M	2.6M	2.1M	2.3M	14.7M	—
Dividends paid	-27.2M	-37.8M	-58M	-70.9M	-49.6M	-55.8M	-136.7M	-135.9M	-151.9M	-136.9M
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-27.2M	-37.8M	-58M	-70.9M	-49.6M	-55.8M	-136.7M	-135.9M	-151.9M	-136.9M
Net change in cash	1.1M	7.1M	4.5M	-2.9M	-4.1M	17.1M	12.4M	6.3M	-4.5M	-4.5M
Free cash flow	28.3M	43M	62.5M	66.1M	39.4M	70.3M	147.1M	139.8M	132.6M	132.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	29.1M	30.9M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	20.9M	15.9M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	-26.3M	17.3M
Operating cash flow	—	—	—	—	—	—	—	30.5M	34.3M	34.3M	23.9M	64.2M
Capital expenditure	1.5M	-2M	4.2M	438K	6.7M	3.4M	1.9M	—	—	—	—	—
Investing cash flow	1.5M	-2M	4.2M	438K	6.7M	3.4M	1.9M	—	—	—	—	—
Dividends paid	-27.1M	-34.7M	-41.4M	-32.4M	-29.1M	-48.9M	-36.3M	-35.6M	-30.5M	-34.5M	-37.7M	-23.9M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-27.1M	-34.7M	-41.4M	-32.4M	-29.1M	-48.9M	-36.3M	-35.6M	-30.5M	-34.5M	-37.7M	-23.9M
Net change in cash	-25.7M	-36.7M	-37.3M	-32M	-22.4M	-45.5M	-34.4M	-5.1M	3.8M	-204K	-13.8M	40.3M
Free cash flow	33.8M	37.9M	28M	29.4M	43.7M	31.5M	33.4M	30.5M	34.3M	34.3M	23.9M	64.2M

Dorchester Minerals, L.P. Common Units Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement