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DMLP

Dorchester Minerals, L.P.

DMLP

Dorchester Minerals, L.P. • NASDAQ
$21.95 ▲ 3.22% (+0.69)
Market Cap $1.04 B
52w High $34.88
52w Low $20.85
Dividend Yield 2.78%
P/E 20.32
Volume 182.79K
Outstanding Shares 47.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $35.416M ▲ $2.926M ▲ $10.767M ▼ 30.402% ▼ $0.23 ▼ $28.162M ▲
Q2-2025 $32.395M ▼ $2.822M ▼ $11.905M ▼ 36.749% ▼ $0.25 ▼ $27.056M ▼
Q1-2025 $43.164M ▲ $4.316M ▲ $17.642M ▲ 40.872% ▲ $0.36 ▲ $34.401M ▲
Q4-2024 $39.712M ▼ $3.228M ▼ $13.696M ▼ 34.488% ▼ $0.29 ▼ $32.202M ▼
Q3-2024 $53.472M $12.924M $35.14M 65.717% $0.87 $46.454M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $41.606M ▲ $330.373M ▲ $6.804M ▲ $323.569M ▲
Q2-2025 $36.514M ▼ $325.632M ▼ $5.793M ▼ $323.336M ▼
Q1-2025 $41.545M ▼ $349.038M ▼ $5.903M ▲ $345.791M ▼
Q4-2024 $42.508M ▼ $366.812M ▼ $5.024M ▼ $363.785M ▼
Q3-2024 $56.468M $403.352M $6.889M $397.229M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $10.767M ▼ $34.253M ▲ $1.325M ▲ $-30.486M ▲ $5.092M ▲ $34.253M ▲
Q2-2025 $11.905M ▲ $30.522M ▼ $90K ▼ $-35.643M ▲ $-5.031M ▼ $30.522M ▼
Q1-2025 $0 ▼ $33.394M ▲ $1.938M ▼ $-36.295M ▲ $-963K ▲ $33.394M ▲
Q4-2024 $16.945M ▼ $31.532M ▼ $3.424M ▼ $-48.916M ▼ $-13.96M ▼ $31.532M ▼
Q3-2024 $35.14M $43.719M $6.706M $-29.118M $21.307M $43.719M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Lease Bonus
Lease Bonus
 $0 ▲$0 ▲$0 ▲$0 ▲
Net Profit Interests
Net Profit Interests
 $0 ▲$0 ▲$0 ▲$0 ▲
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Royalties
Royalties
 $40.00M ▲$40.00M ▲$20.00M ▼$30.00M ▲
Lease Bonus and Other
Lease Bonus and Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Dorchester’s income statement shows a simple, high‑margin royalty business. Revenue and profits rose strongly from 2020 to 2022 on the back of stronger oil and gas markets, then eased slightly more recently but remain well above early‑period levels. Profit margins have stayed very healthy throughout, which fits a royalty model with low operating costs. Earnings per unit move up and down with commodity prices and drilling activity, so results are cyclical, but the partnership has consistently turned a large share of its revenue into bottom‑line profit.

Balance Sheet

Balance Sheet The balance sheet is conservative and straightforward. Assets and equity have grown meaningfully over the past five years, reflecting accumulated value in the royalty portfolio rather than heavy investment in equipment. The partnership carries essentially no debt, which reduces financial risk and interest burden but also means growth relies on retained cash and equity-based deals. Cash balances are modest but adequate for a royalty owner with low ongoing expenses. Overall, financial leverage is very low and the capital structure is simple and resilient.

Cash Flow

Cash Flow Cash flow is a major strength. Operating cash flow has broadly tracked profits and has grown significantly versus five years ago, confirming that earnings are backed by real cash, not accounting quirks. Because Dorchester does not drill wells itself, it has almost no capital spending needs, so free cash flow is very close to operating cash flow. That means most cash generated is available for distributions or acquisitions, but it also means there is little internal reinvestment to diversify away from oil and gas over time.

Competitive Edge

Competitive Edge Dorchester’s competitive position rests on its royalty-focused model rather than scale or technology. It earns a cut of production from a wide mix of operators and basins, keeping costs low and margins high while avoiding direct drilling and operating risk. The portfolio is geographically diversified, which helps smooth out issues with any single field or operator. Its status as a publicly traded partnership offers transparency and liquidity that many private mineral owners lack. However, it remains highly exposed to commodity price swings, the drilling decisions of third‑party operators, and long‑term questions about fossil fuel demand. Compared with integrated oil majors, its moat is narrower but more focused: a lean, fee-like income stream tied to existing mineral rights.

Innovation and R&D

Innovation and R&D Dorchester is not an R&D-driven company; its innovation is mainly in structure and strategy. It uses standard industry software and data tools, but there is no meaningful proprietary technology edge. The real “innovation” is a disciplined approach to acquiring and managing mineral and royalty interests, often through tax‑efficient, low‑debt structures. Future differentiation depends on how selectively it buys new interests, how well it navigates the energy transition, and whether it can find new uses or leasing opportunities for its acreage. Any technological change in drilling or development is largely captured indirectly through the operators who work on its lands, not through in‑house R&D.

Summary

Overall, Dorchester Minerals is a financially conservative, cash‑generative royalty partnership in a volatile sector. The business has shown strong profitability and cash conversion, supported by a debt‑free balance sheet and minimal capital needs. Its main strengths are high margins, diversification across many properties, and insulation from day‑to‑day operating risks. Key vulnerabilities include heavy dependence on oil and gas prices, on the activity levels of external operators, and on long‑term policy and demand trends for fossil fuels. The partnership’s prospects hinge less on technology and more on continued disciplined acquisitions and prudent management of a specialized, income‑oriented royalty portfolio.

NEWS

November 4, 2025 · 5:48 PM UTC

Dorchester Minerals, L.P. Announces the Passing of C.W.

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October 23, 2025 · 4:45 PM UTC

Dorchester Minerals, L.P. Announces Its Third Quarter Distribution

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September 2, 2025 · 5:16 PM UTC

Dorchester Minerals, L.P. Announces Acquisition of Mineral Interests

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