Dorchester Minerals Lp Financials

DMLP

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Dorchester Minerals Lp (DMLP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI DMLP FY2025 2026-05-06

This is a cash-heavy, low-liability operation where reported earnings understate cash generation more than the income statement suggests.

From FY2024 to FY2025, operating cash flow held near $132.5M while net income fell to $57.4M. At the same time, depreciation and amortization rose to $66.3M from $42.6M, implying the profit drop came largely from heavier non-cash expense rather than weaker cash extraction from the asset base.

The balance sheet is unusually unleveraged: FY2025 liabilities were just $4.3M against $309.6M of assets. With a 15.5x current ratio and cash of $41.9M, routine obligations look minor relative to liquid resources, so operations are not being financed by creditors.

Asset efficiency has reset lower: ROA fell from 59.7% in FY2023 to 18.5% in FY2025. Because leverage stayed minimal, that decline points less to financing strain than to a larger asset base generating less accounting profit per dollar, even though cash generation stayed comparatively resilient.

Financial Health Signals

Financial Profile 51/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Dorchester Minerals Lp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Dorchester Minerals Lp's revenue declined 5.4% year-over-year, from $161.5M to $152.8M. This contraction results in a growth score of 28/100.

Leverage

100

Dorchester Minerals Lp carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 15.54, Dorchester Minerals Lp holds $15.54 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Dorchester Minerals Lp earns a strong 18.8% return on equity (ROE), meaning it generates $19 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 76/100. This is down from 25.6% the prior year.

Piotroski F-Score Neutral

4/9

Dorchester Minerals Lp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.31x

For every $1 of reported earnings, Dorchester Minerals Lp generates $2.31 in operating cash flow ($132.5M OCF vs $57.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$152.8M

YoY-5.4%

5Y CAGR+26.6%

Dorchester Minerals Lp generated $152.8M in revenue in fiscal year 2025. This represents a decrease of 5.4% from the prior year.

EBITDA

N/A

Net Income

$57.4M

YoY-38.0%

5Y CAGR+21.3%

10Y CAGR+15.8%

Dorchester Minerals Lp reported $57.4M in net income in fiscal year 2025. This represents a decrease of 38.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$41.9M

YoY-1.3%

5Y CAGR+30.1%

10Y CAGR+19.4%

Dorchester Minerals Lp held $41.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

37.5%

YoY-19.7pp

5Y CAGR-9.1pp

Dorchester Minerals Lp's net profit margin was 37.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 19.7 percentage points from the prior year.

Return on Equity

18.8%

YoY-6.8pp

5Y CAGR-7.1pp

10Y CAGR+0.7pp

Dorchester Minerals Lp's ROE was 18.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

DMLP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$152.8M-5.4%	$161.5M-1.4%	$163.8M-4.1%	$170.8M+82.8%	$93.4M+99.1%	$46.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$11.9M+6.9%	$11.2M+35.8%	$8.2M+58.4%	$5.2M-30.4%	$7.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$57.4M-38.0%	$92.4M-19.0%	$114.1M-12.6%	$130.6M+86.1%	$70.2M+220.9%	$21.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$58.9M+40.7%	$41.9M+18.2%	$35.4M+9.3%	$32.4M-24.9%	$43.2M+8.7%	$39.7M-25.7%	$53.5M+43.1%	$37.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.3M	N/A	$2.9M+3.7%	$2.8M-34.6%	$4.3M+33.7%	$3.2M+12.0%	$2.9M+13.0%	$2.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$29.1M+80.0%	$16.2M+44.9%	$11.2M-9.5%	$12.3M-30.0%	$17.6M+23.9%	$14.2M-60.9%	$36.4M+54.1%	$23.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DMLP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$309.6M-15.6%	$366.8M+92.0%	$191.1M+8.4%	$176.2M+20.1%	$146.8M+66.2%	$88.3M
Current Assets	$58.9M-13.1%	$67.8M-2.7%	$69.7M+11.6%	$62.5M+33.9%	$46.7M+156.1%	$18.2M
Cash & Equivalents	$41.9M-1.3%	$42.5M-9.6%	$47.0M+15.4%	$40.8M+44.0%	$28.3M+152.0%	$11.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.3M-14.1%	$5.0M-8.8%	$5.5M+16.6%	$4.7M+7.5%	$4.4M+16.8%	$3.8M
Current Liabilities	$3.8M-10.7%	$4.2M-4.9%	$4.5M+30.9%	$3.4M+21.7%	$2.8M+49.3%	$1.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$305.2M-15.6%	$361.8M+95.0%	$185.6M+8.2%	$171.5M+20.4%	$142.4M+68.4%	$84.6M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$301.6M-2.6%	$309.6M-6.3%	$330.4M+1.5%	$325.6M-6.7%	$349.0M-4.8%	$366.8M-9.1%	$403.4M+129.1%	$176.0M
Current Assets	$74.4M+26.3%	$58.9M-5.7%	$62.5M+4.6%	$59.7M-12.8%	$68.5M+0.9%	$67.8M-21.1%	$86.0M+49.7%	$57.4M
Cash & Equivalents	$28.2M-32.9%	$41.9M+0.8%	$41.6M+13.9%	$36.5M-12.1%	$41.5M-2.3%	$42.5M-24.7%	$56.5M+60.6%	$35.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.9M+14.5%	$4.3M-36.6%	$6.8M+17.5%	$5.8M-1.9%	$5.9M+17.5%	$5.0M-27.1%	$6.9M+25.6%	$5.5M
Current Liabilities	$4.5M+18.1%	$3.8M-39.0%	$6.2M+20.9%	$5.1M-0.9%	$5.2M+22.2%	$4.2M-29.8%	$6.0M+32.1%	$4.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$296.7M-2.8%	$305.2M-5.7%	$323.6M+1.2%	$319.8M-6.8%	$343.1M-5.2%	$361.8M-8.7%	$396.5M+132.5%	$170.5M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DMLP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$132.5M-0.1%	$132.6M-5.2%	$139.8M-4.9%	$147.1M+109.2%	$70.3M+78.4%	$39.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	$2.3M+9.3%	$2.1M-19.1%	$2.6M-57.9%	$6.1M
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$23.9M-30.3%	$34.3M+0.2%	$34.3M+12.2%	$30.5M-8.6%	$33.4M+5.9%	$31.5M-27.9%	$43.7M+48.6%	$29.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DMLP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	37.5%-19.7pp	57.2%-12.4pp	69.7%-6.8pp	76.5%+1.4pp	75.1%+28.5pp	46.6%
Return on Equity	18.8%-6.8pp	25.6%-35.9pp	61.5%-14.6pp	76.1%+26.9pp	49.3%+23.4pp	25.9%
Return on Assets	18.5%-6.7pp	25.2%-34.5pp	59.7%-14.4pp	74.1%+26.3pp	47.8%+23.0pp	24.8%
Current Ratio	15.54-0.4	15.97+0.4	15.60-2.7	18.31+1.7	16.65+6.9	9.70
Debt-to-Equity	0.010.0	0.01-0.0	0.030.0	0.030.0	0.03-0.0	0.04
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	49.5%+10.8pp	38.7%+7.1pp	31.6%-6.6pp	38.1%-2.8pp	40.9%+5.0pp	35.9%-32.2pp	68.1%+4.9pp	63.2%
Return on Equity	9.8%+4.5pp	5.3%+1.8pp	3.5%-0.4pp	3.9%-1.3pp	5.1%+1.2pp	3.9%-5.2pp	9.2%-4.7pp	13.9%
Return on Assets	9.7%+4.4pp	5.2%+1.9pp	3.4%-0.4pp	3.8%-1.3pp	5.1%+1.2pp	3.9%-5.2pp	9.0%-4.4pp	13.4%
Current Ratio	16.61+1.1	15.54+5.5	10.05-1.6	11.61-1.6	13.19-2.8	15.97+1.8	14.21+1.7	12.54
Debt-to-Equity	0.020.0	0.010.0	0.020.0	0.020.0	0.020.0	0.010.0	0.02-0.0	0.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Dorchester Minerals Lp's annual revenue?

Dorchester Minerals Lp (DMLP) reported $152.8M in total revenue for fiscal year 2025. This represents a -5.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Dorchester Minerals Lp's revenue growing?

Dorchester Minerals Lp (DMLP) revenue declined by 5.4% year-over-year, from $161.5M to $152.8M in fiscal year 2025.

Is Dorchester Minerals Lp profitable?

Yes, Dorchester Minerals Lp (DMLP) reported a net income of $57.4M in fiscal year 2025, with a net profit margin of 37.5%.

What is Dorchester Minerals Lp's net profit margin?

Dorchester Minerals Lp (DMLP) had a net profit margin of 37.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Dorchester Minerals Lp's return on equity (ROE)?

Dorchester Minerals Lp (DMLP) has a return on equity of 18.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Dorchester Minerals Lp's operating cash flow?

Dorchester Minerals Lp (DMLP) generated $132.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Dorchester Minerals Lp's total assets?

Dorchester Minerals Lp (DMLP) had $309.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What is Dorchester Minerals Lp's current ratio?

Dorchester Minerals Lp (DMLP) had a current ratio of 15.54 as of fiscal year 2025, which is generally considered healthy.

What is Dorchester Minerals Lp's debt-to-equity ratio?

Dorchester Minerals Lp (DMLP) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Dorchester Minerals Lp's return on assets (ROA)?

Dorchester Minerals Lp (DMLP) had a return on assets of 18.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Dorchester Minerals Lp's Piotroski F-Score?

Dorchester Minerals Lp (DMLP) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Dorchester Minerals Lp's earnings high quality?

Dorchester Minerals Lp (DMLP) has an earnings quality ratio of 2.31x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Dorchester Minerals Lp?

Dorchester Minerals Lp (DMLP) scores 51 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.