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Dorchester Minerals (DMLP) USD

At a glance: strengths & risks
✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 7.7 vs avg 10.1)✗Revenue declining (-5%)✗Profit falling (-38%)✗Margins compressing (83%→81%)

Sector: Oil

Geography: United States

COMM_DMLP

Price chart

27.18 USDDay 2.45%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
27.18 USD · 2.45%
Market cap
1.3 bn USD

Growth

Δ revenue y/y
73.1%
Δ EBITDA y/y
72.5%

Multiples

P/E (LTM)
14.8x
3y avg: 16.4x
P/B (FY)
4.2x
P/E (ann.)
10.5x
EV/EBITDA (LTM)
7.7x
3y avg: 10.1x
EV/EBITDA (ann.)
6.6x

Cash return

Dividend yield
11.8%
FCF yield (LTM)
2.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-69.5%
↓ details

Liquidity

Daily turnover (listing)
4.8 mln USD

Shares: yahoo_fundamentals_timeseries/DMLP

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)PARTIAL56.1
y/y 73.1%
30.9
y/y 150.0%
15.8
y/y 7.4%
46.7
y/y 72.5%
30.9
y/y 150.0%
64.2—314.0
y/y -3.6%
303.7
y/y -5.0%
41.1%-71.8Link
2026-03-31Q1 2026 (3M)PARTIAL58.9
y/y 36.4%
29.1
y/y 65.2%
20.9
y/y 24.8%
50.0
y/y 45.5%
29.1
y/y 65.2%
23.9—301.6
y/y -13.6%
296.7
y/y -13.5%
38.7%-27.4Link
2025-12-31Q4 2025 (3M)OK41.9
y/y 5.4%
16.2
y/y 13.7%
17.8
y/y -0.7%
34.0
y/y 5.7%
16.2
y/y 13.7%
34.3—309.6
y/y -15.6%
305.2
y/y -15.6%
18.2%-41.2Link
2025-09-30Q3 2025 (3M)OK35.4
y/y -33.8%
11.2
y/y -69.3%
17.0
y/y 69.2%
28.2
y/y -39.4%
11.2
y/y -69.3%
34.3—330.4
y/y -18.1%
323.6
y/y -18.4%
4.6%-40.8Link
2025-06-30Q2 2025 (3M)OK32.4
y/y -13.3%
12.3
y/y -47.7%
14.7
y/y 91.9%
27.1
y/y -13.5%
12.3
y/y -47.7%
30.5—325.6
y/y 85.0%
319.8
y/y 87.5%
14.9%-35.6Link
2025-03-31Q1 2025 (3M)OK43.2
y/y 39.3%
17.6
y/y -2.9%
16.8
y/y 142.2%
34.4
y/y 37.1%
17.6
y/y -2.9%
33.4—349.0
y/y 88.9%
343.1
y/y 91.3%
20.0%-40.6Link
2024-12-31Q4 2024 (3M)OK39.7
y/y -21.2%
14.2
y/y -60.0%
18.0
y/y 133.0%
32.2
y/y -25.6%
14.2
y/y -61.3%
31.5—366.8
y/y 92.0%
361.8
y/y 95.0%
24.4%-41.5Link
2024-09-30Q3 2024 (3M)OK53.5
y/y 25.5%
36.4
y/y 23.6%
10.0
y/y 51.7%
46.5
y/y 28.7%
36.4
y/y 23.6%
43.7—403.4
y/y 109.8%
396.5
y/y 116.1%
17.1%-55.4Link
2024-06-30Q2 2024 (3M)OK37.4
y/y 22.0%
23.6
y/y 12.5%
7.7
y/y 43.6%
31.3
y/y 18.8%
23.6
y/y 19.3%
29.4—176.0
y/y 15.0%
170.5
y/y 17.3%
54.0%-34.0Link
2024-03-31Q1 2024 (3M)OK31.0
y/y -22.9%
18.2
y/y -35.3%
6.9
y/y 4.2%
25.1
y/y -27.7%
18.2
y/y -35.3%
28.0—184.8
y/y 9.2%
179.4
y/y 9.0%
39.8%-36.5Link
2023-12-31Q4 2023 (3M)OK50.4
y/y —
35.6
y/y —
7.7
y/y —
43.3
y/y —
36.8
y/y —
37.9—191.1
y/y —
185.6
y/y —
61.9%-45.7Link
2023-09-30Q3 2023 (3M)OK42.6
y/y —
29.5
y/y —
6.6
y/y —
36.1
y/y —
29.5
y/y —
33.8—192.3
y/y —
183.4
y/y —
23.9%-42.1Link
2023-06-30Q2 2023 (3M)PARTIAL30.6
y/y —
21.0
y/y —
5.3
y/y —
26.3
y/y —
19.8
y/y —
29.3—153.1
y/y —
145.3
y/y —
51.1%-33.9Link
2023-03-31Q1 2023 (3M)OK40.2
y/y —
28.1
y/y —
6.6
y/y —
34.7
y/y —
28.1
y/y —
38.7—169.3
y/y —
164.5
y/y —
—-43.5Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)0
− Cash & equivalents72
Net debt-72

Net debt / LTM EBITDA: -0.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02040602024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

02040602024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-80-60-40-2002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.23x of reported net profit.
year20212022202320242025
cash flow / profit1.00x1.13x1.23x1.44x2.31x
accruals, % of assets-0.1%-9.3%-13.5%-11.0%-24.3%
Last twelve months (to 2025-Q3): 1.79x of profit came back as operating cash flow.
net debt / EBITDA -0.3x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
9.52 mln boe
2023
Reserve life (R/P)
3.2 yrs
reserves ÷ annual output
Annual production
2.96 mln boe
2025

Production, mln boe

2.2220222.7320242.962025

Proved reserves

YearReserves, mln boe
20239.52
202211.60
202111.52
201911.24

Production

YearProduction, mln boeper day, mln boe
20261.18 * (3M)
+55.5%		0.01
20252.96
+8.4%		0.01
20242.730.01
20231.22 * (6M)
+11.7%		0.01
20222.220.01
20210.82 * (6M)0.00

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 89spot vs LTM +16%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -69.5% ▲ +0.2 pp 1d

Main driver: Brent +17% vs LTM; revenue ×1.04 vs costs ×1.04; EBITDA 159→163; at 7.7× EV/EBITDA → -70%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+65%89.1676.5180.42+17%+5%
Henry Hub Gas (rev)+35%2.753.383.11-19%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue192
LTM EBITDA159
LTM cash costs (revenue − EBITDA)33
2 · Revenue projection
Revenue multiplier — spot×1.042 (+4%)
= Spot revenue200
Revenue multiplier — 3y price×1.005 (+1%)
= 3-year-price revenue193
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs34
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs34
4 · EBITDA projection (revenue − costs)
= Spot EBITDA166
= 3-year-price EBITDA159
Conservative EBITDA = min(spot, avg)163
5 · Valuation → target market cap
Target EV/EBITDA (capped at current — trough guard)7.7x
Target EV = EV/EBITDA × conservative EBITDA1 248
Net debt-72
Target market cap = EV − net debt1 320
Current market cap1 295

Upside = target market cap ÷ current − 1 = -69.5%

Life of mine: 3 yrs — before haircut +1.9%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q34332+32.6%3627+35.8%
2023 Q45036+40.2%4430+47.0%
2024 Q13137-17.4%2531-20.6%
2024 Q23738-2.7%3132-3.7%
2024 Q35337+43.7%4631+49.2%
2024 Q44044-8.9%3237-14.2%
2025 Q14347-8.6%3440-15.2%
2025 Q23243-25.1%2735-23.5%
2025 Q33540-11.3%2832-13.1%
2025 Q44238+10.8%3530+15.3%
2026 Q15941+43.7%5034+49.2%
2026 Q25651+10.7%4743+7.9%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -5% vs -1% the year before — a -4.0 pp move. 3-year CAGR -4%.
revenue growth by year: 2023 -4% · 2024 -1% · 2025 -5%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.7x · target 75th pct (3y) 7.7x · LTM avg 8.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-031.273 USDEx-dividend: 1.273 USD per sharePaidYahoo Finance (ex-div)
2026-05-040.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2026-02-020.756 USDEx-dividend: 0.756 USD per sharePaidYahoo Finance (ex-div)
2025-11-030.69 USDEx-dividend: 0.69 USD per sharePaidYahoo Finance (ex-div)
2025-08-040.62 USDEx-dividend: 0.62 USD per sharePaidYahoo Finance (ex-div)
2025-05-050.726 USDEx-dividend: 0.726 USD per sharePaidYahoo Finance (ex-div)
2025-02-030.739 USDEx-dividend: 0.739 USD per sharePaidYahoo Finance (ex-div)
2024-10-280.996 USDEx-dividend: 0.996 USD per sharePaidYahoo Finance (ex-div)
2024-07-290.702 USDEx-dividend: 0.702 USD per sharePaidYahoo Finance (ex-div)
2024-04-260.782 USDEx-dividend: 0.782 USD per sharePaidYahoo Finance (ex-div)
2024-01-261.008 USDEx-dividend: 1.008 USD per sharePaidYahoo Finance (ex-div)
2023-10-270.845 USDEx-dividend: 0.845 USD per sharePaidYahoo Finance (ex-div)
2023-07-280.677 USDEx-dividend: 0.677 USD per sharePaidYahoo Finance (ex-div)
2023-04-280.99 USDEx-dividend: 0.99 USD per sharePaidYahoo Finance (ex-div)
2023-01-270.884 USDEx-dividend: 0.884 USD per sharePaidYahoo Finance (ex-div)
2022-10-281.135 USDEx-dividend: 1.135 USD per sharePaidYahoo Finance (ex-div)
2022-07-290.969 USDEx-dividend: 0.969 USD per sharePaidYahoo Finance (ex-div)
2022-04-290.754 USDEx-dividend: 0.754 USD per sharePaidYahoo Finance (ex-div)
2022-01-280.639 USDEx-dividend: 0.639 USD per sharePaidYahoo Finance (ex-div)
2021-10-290.508 USDEx-dividend: 0.508 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Dorchester Minerals (DMLP) — from primary filings.

Dorchester Minerals, L.P. acquires, owns, and administers royalty and net profits interests in oil and natural gas properties across the United States.

Frequently asked questions

What is Dorchester Minerals (DMLP)'s P/E ratio?
Dorchester Minerals (DMLP) trades at a P/E of 14.8x (price to trailing 12-month earnings).
What is Dorchester Minerals (DMLP)'s EV/EBITDA?
Dorchester Minerals (DMLP) trades at 7.7x EV/EBITDA.
What is Dorchester Minerals (DMLP)'s P/B ratio?
Dorchester Minerals (DMLP) trades at a P/B of 4.2x.
What is Dorchester Minerals (DMLP)'s dividend yield?
Dorchester Minerals (DMLP)'s trailing 12-month dividend yield is 11.8%.
What is Dorchester Minerals (DMLP)'s return on equity (ROE)?
Dorchester Minerals (DMLP)'s ROE is 41.1%.
What is Dorchester Minerals (DMLP)'s market capitalization?
Dorchester Minerals (DMLP)'s market cap is 1.3 bn USD.

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