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Dorchester Minerals (DMLP) USD

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

At a glance: strengths & risks
✓Revenue growing (+73% y/y, Q2 2026)✓Profit growing (+150% y/y, Q2 2026)✓Net cash balance sheet

Sector: Oil

Geography: United States

COMM_DMLP

Price chart

29.21 USDDay -0.14%

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
29.21 USD · -0.14%
Market cap
1.4 bn USD

Growth

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

Multiples

P/E (LTM)
15.9x
3y avg: 16.4x
P/B (FY)
4.6x
P/E (ann.)
11.3x
EV/EBITDA (LTM)
8.3x
3y avg: 10.1x
EV/EBITDA (ann.)
7.1x

Cash return

Dividend yield
10.9%
FCF yield (LTM)
2.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-68.1%
↓ details

Liquidity

Daily turnover (listing)
3.1 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%-69.0Yahoo Finance
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)3
− Cash & equivalents72
Net debt-69

Net debt / LTM EBITDA: -0.4x

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 2026-06-30): 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
20261.93 * (6M)
+39.2%		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 97spot vs LTM +12%

Commodity-player potential

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

Upside: -68.1% ▲ +0.0 pp 1d

Main driver: Brent +26% vs LTM; revenue ×1.12 vs costs ×1.04; EBITDA 159→171; at 8.2× EV/EBITDA → -68%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+65%96.2876.5180.57+26%+5%
Henry Hub Gas (rev)+35%2.943.383.12-13%-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×1.122 (+12%)
= Spot revenue216
Revenue multiplier — 3y price×1.007 (+1%)
= 3-year-price revenue194
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 EBITDA182
= 3-year-price EBITDA159
Conservative EBITDA = min(spot, avg)171
5 · Valuation → target market cap
Target EV/EBITDA (capped at current — trough guard)8.2x
Target EV = EV/EBITDA × conservative EBITDA1 392
Net debt-69
Target market cap = EV − net debt1 461
Current market cap1 370

Upside = target market cap ÷ current − 1 = -68.1%

Life of mine: 3 yrs — before haircut +6.6%

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 7.2x · target 75th pct (3y) 12.6x · LTM avg 9.5x

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.

Frequently asked questions

What is Dorchester Minerals (DMLP)'s P/E ratio?
Dorchester Minerals (DMLP) trades at a P/E of 15.9x (price to trailing 12-month earnings).
What is Dorchester Minerals (DMLP)'s EV/EBITDA?
Dorchester Minerals (DMLP) trades at 8.3x EV/EBITDA.
What is Dorchester Minerals (DMLP)'s P/B ratio?
Dorchester Minerals (DMLP) trades at a P/B of 4.6x.
What is Dorchester Minerals (DMLP)'s dividend yield?
Dorchester Minerals (DMLP)'s trailing 12-month dividend yield is 10.9%.
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 1.4 bn USD.

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