Dorchester Minerals (DMLP) AI Stock Analysis

• Market Cap: $1.07B
• Dividend Yield: 12.55%
• Average Volume (3M): 216.46K
• Price to Earnings (P/E): 19.8
• Beta (1Y): 0.46
• Revenue Growth: -12.51%
• EPS Growth: -59.55%
• Country: US
• Employees: 27
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): 0.23
• Shares Outstanding: 48,255,450
• 10 Day Avg. Volume: 215,456
• 30 Day Avg. Volume: 216,458
• PEG Ratio: -0.60
• Price to Book (P/B): 3.83
• Price to Sales (P/S): 8.63
• P/FCF Ratio: 10.51
• Enterprise Value/Market Cap: 1.11
• Enterprise Value/Revenue: 7.89
• Enterprise Value/Gross Profit: 13.88
• Enterprise Value/Ebitda: 9.76
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: $24.50 ▲(15.24% Upside)

Dorchester Minerals' overall stock score is primarily influenced by its strong financial stability and attractive dividend yield. However, bearish technical indicators and recent negative corporate events, such as declining income and revenues, weigh down the score. Investors should be cautious of the current market challenges impacting the company's performance.

Positive Factors

Financial Stability

Dorchester Minerals' minimal leverage provides it with significant financial stability, allowing it to navigate market fluctuations without the burden of high debt obligations.

Cash Generation

Strong cash generation capabilities ensure Dorchester Minerals can sustain operations, invest in growth opportunities, and return value to shareholders through distributions.

Profitability

High profit margins indicate efficient operations and a strong ability to convert revenues into actual profit, supporting long-term financial health and shareholder returns.

Negative Factors

Declining Revenue

A decline in revenue suggests potential issues in maintaining market share or demand, which could impact long-term growth and profitability if not addressed.

Decreased Net Income

A substantial drop in net income reflects challenges in maintaining profitability, which could affect future cash flows and investor confidence.

Nasdaq Compliance Issue

Non-compliance with Nasdaq requirements could lead to regulatory challenges and affect investor perception until resolved, impacting the company's governance standing.

Dorchester Minerals Business Overview & Revenue Model

Company Description

Dorchester Minerals, L.P. (DMLP) is a publicly traded limited partnership that primarily operates in the oil and natural gas sector. The company focuses on the acquisition, management, and development of mineral and royalty interests in properties across the United States. Its core products include oil and natural gas royalties, which are derived from its extensive portfolio of mineral rights and leasehold interests in various energy-producing regions.

How the Company Makes Money

Dorchester Minerals generates revenue primarily through the collection of royalties from oil and natural gas production on its owned mineral and royalty interests. As a royalty owner, the company typically receives a percentage of the revenue generated from the extraction of these resources without incurring the direct costs of production. Key revenue streams include payments based on the volume of oil and gas produced and the prevailing market prices for these commodities. Additionally, the company may benefit from partnerships with various exploration and production companies that operate on its leased properties, which can enhance its revenue through increased production levels. Fluctuations in oil and gas prices, as well as the operational efficiency of its partners, significantly influence its earnings.

Dorchester Minerals Financial Statement Overview

Summary

Dorchester Minerals demonstrates strong profitability and financial stability, with excellent margins and low leverage. However, declining revenue and free cash flow in the TTM highlight potential areas of concern that need to be addressed to sustain growth.

Income Statement

Dorchester Minerals shows strong profitability with a high EBIT margin of 47.79% and a net profit margin of 46.45% in TTM. However, revenue has declined by 10.7% in the TTM, indicating potential challenges in revenue generation.

Balance Sheet

The company maintains a very low debt-to-equity ratio of 0.0028, indicating minimal leverage and strong financial stability. Return on equity is solid at 21.98%, reflecting efficient use of equity to generate profits.

Cash Flow

Operating cash flow is robust with a high coverage ratio of 27.05, and free cash flow to net income ratio is 1.0, indicating strong cash generation. However, free cash flow has decreased by 6.8% in the TTM, suggesting a need to monitor cash flow trends.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	150.69M	161.52M	163.80M	170.80M	93.42M	46.93M
Gross Profit	85.68M	104.38M	125.28M	138.83M	75.36M	29.33M
EBITDA	121.82M	135.22M	140.62M	149.90M	80.86M	34.02M
Net Income	54.01M	92.45M	110.39M	130.61M	70.17M	21.87M
Balance Sheet
Total Assets	330.37M	366.81M	191.06M	176.24M	146.81M	88.33M
Cash, Cash Equivalents and Short-Term Investments	41.61M	42.51M	47.02M	40.75M	28.31M	11.23M
Total Debt	842.00K	1.04M	1.31M	1.59M	1.89M	2.19M
Total Liabilities	6.80M	5.02M	5.51M	4.72M	4.40M	3.76M
Stockholders Equity	323.57M	363.79M	185.44M	170.84M	141.43M	84.03M
Cash Flow
Free Cash Flow	129.70M	132.64M	139.84M	147.05M	70.31M	39.41M
Operating Cash Flow	129.70M	132.64M	139.84M	147.05M	70.31M	39.41M
Investing Cash Flow	6.78M	14.72M	2.28M	2.09M	2.58M	6.13M
Financing Cash Flow	-151.34M	-151.88M	-135.85M	-136.69M	-55.81M	-49.64M

Dorchester Minerals Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 21.26
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DMLP, the sentiment is Negative. The current price of 21.26 is below the 20-day moving average (MA) of 22.28, below the 50-day MA of 23.11, and below the 200-day MA of 25.29, indicating a bearish trend. The MACD of -0.27 indicates Negative momentum. The RSI at 44.46 is Neutral, neither overbought nor oversold. The STOCH value of 31.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DMLP.

Dorchester Minerals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MNR	81 Outperform	$1.96B	12.13	6.68%	16.87%	9.33%	―
INR	68 Neutral	$837.07M	-26.00	-2.91%	―	―	―
SBR	66 Neutral	$989.65M	12.49	986.82%	7.68%	-14.84%	-16.23%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
KRP	64 Neutral	$1.42B	-64.07	4.73%	13.97%	-2.71%	-113.80%
TALO	63 Neutral	$1.91B	-5.39	-13.71%	―	-0.02%	-473.61%
DMLP	61 Neutral	$1.07B	19.77	14.72%	12.55%	-12.51%	-59.55%

Dorchester Minerals Corporate Events

Dorchester Minerals Announces Leadership Transition

On December 9, 2025, Dorchester Minerals, L.P. announced the retirement of Mr. William Casey McManemin from the Board of Managers, effective December 31, 2025. Mr. McManemin, a co-founder and former CEO, has been named Chairman Emeritus in recognition of his 37 years of service. Mr. Robert C. Vaughn, a current board member and co-founder, will serve as Interim Chairman, ensuring continuity in governance. Additionally, Mr. Albert G. Nance III, with over 38 years of experience in the oil and gas industry, has been appointed to the Board, effective January 1, 2026, bringing valuable expertise to the company.

Dorchester Minerals Faces Nasdaq Compliance Challenge

Dorchester Minerals, L.P. announced the passing of C.W. (“Bill”) Russell, a manager of its General Partner, on October 30, 2025. Mr. Russell had been a member of the Advisory Committee since 2004. His death reduced the committee’s membership from three to two, causing non-compliance with Nasdaq’s audit committee requirements. The Partnership informed Nasdaq of this non-compliance and received a letter acknowledging the situation. Nasdaq has provided a cure period for the Partnership to regain compliance by either the next annual unitholders’ meeting or October 30, 2026. The Partnership plans to appoint a replacement who meets Nasdaq’s requirements before the cure period ends.

Dorchester Minerals Reports Decrease in Quarterly Income

Dorchester Minerals, L.P. announced its financial results for the quarter ended September 30, 2025, reporting a net income of $11,173,000, or $0.23 per common unit. This represents a significant decrease compared to the same quarter in 2024, where the net income was $36,413,000. The company also declared a third-quarter distribution of $0.689883 per common unit, payable on November 13, 2025. The decline in net income and operating revenues highlights challenges in the current market environment, impacting the company’s financial performance and potentially influencing stakeholder expectations.

Dorchester Minerals Announces Q3 2025 Cash Distribution

Dorchester Minerals, L.P. announced a cash distribution of $0.689883 per common unit for the third quarter of 2025, with payments scheduled for November 13, 2025, to unitholders of record as of November 3, 2025. The distribution is based on cash receipts from its Royalty Properties and Net Profits Interest, totaling approximately $33.0 million and $5.1 million respectively, reflecting oil and natural gas sales from earlier in the year. The announcement also highlights the tax implications for non-U.S. investors, emphasizing the need for brokers and nominees to withhold taxes on distributions.