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Dorchester Minerals LP (DMLP) Financials

DMLP
Trailing 12 months to June 30, 2026
Revenue $192.2M +13.9% YoY
Net Income $87.4M +8.3% YoY
EPS (Diluted) Not reported for the trailing 12 months
Operating Cash Flow $156.7M +12.6% YoY
Market Cap $1.5B as of Oct 12, 2026
Price / Sales 7.6x on $192.2M revenue, trailing 12 months to June 30, 2026
Price / Earnings 16.7x on $87.4M net income, trailing 12 months to June 30, 2026
Price / Book 4.8x on $303.7M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DMLP SEC filings page.

Dorchester Minerals LP (DMLP) reported $192.2M in revenue over the twelve months to Jun 30, 2026, up 13.9% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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

Reported earnings have fallen sharply, but operating cash remains high because depreciation increasingly separates accounting profit from cash generation.

Between the latest two filings, net income fell 38.0% while operating cash flow was essentially unchanged at about $132.5M; accounting profit is therefore a less direct measure of current cash generation. That gap tracks depreciation rising from $42.6M to $66.3M, showing that a larger share of the period’s expense is noncash.

Revenue declined from $170.8M to $152.8M across the period, while net margin compressed from 76.5% to 37.5%; the business is producing less earnings per dollar of revenue, not merely experiencing slower top-line growth.

Liabilities remain small relative to equity: $4.3M versus $305.2M in the latest filing, which points to limited balance-sheet leverage. A 15.5x current ratio likewise indicates that short-term obligations are not the main financial constraint.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

Dorchester Minerals LP does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial
4/7

Dorchester Minerals LP passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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
$56.1M
YoY+73.1%
QoQ-4.8%
5Y CAGR+21.3%

Dorchester Minerals LP generated $56.1M in revenue in Q2 2026. This represents an increase of 73.1% from the same quarter a year earlier. Against the prior quarter it is down 4.8%.

Net Income
$30.9M
YoY+150.0%
QoQ+6.0%
5Y CAGR+13.3%

Dorchester Minerals LP reported $30.9M in net income in Q2 2026. This represents an increase of 150.0% from the same quarter a year earlier. Against the prior quarter it is up 6.0%.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt
$72.5M
YoY+98.6%
QoQ+157.5%
5Y CAGR+28.8%
10Y CAGR+22.5%

Dorchester Minerals LP held $72.5M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding
49M
YoY+3.7%
QoQ+1.7%
5Y CAGR+6.8%
10Y CAGR+4.8%

Dorchester Minerals LP had 49M shares outstanding in Q2 2026. This represents an increase of 3.7% from the same quarter a year earlier. Against the prior quarter it is up 1.7%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Net Margin
55.0%
YoY+16.9pp
QoQ+5.6pp
5Y change-22.2pp

Dorchester Minerals LP's net profit margin was 55.0% in Q2 2026, showing the share of revenue converted to profit. This is up 16.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.6 percentage points.

Return on Equity
10.2%
YoY+6.3pp
QoQ+0.4pp
5Y change-5.5pp

Dorchester Minerals LP's ROE was 10.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 6.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

DMLP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

DMLP quarterly income statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Revenue$56.1M+73.1%$58.9M+36.4%$41.9M+5.4%$35.4M-33.8%$32.4M-13.3%$43.2M+39.3%$39.7M-21.2%$53.5M+25.5%
SG&A ExpensesN/AN/AN/A$2.9M+1.5%$2.8M+10.6%$4.3M+32.0%$3.2M+11.2%$2.9M+3.0%
Net Income$30.9M+150.0%$29.1M+65.2%$16.2M+13.7%$11.2M-69.3%$12.3M-47.7%$17.6M-2.9%$14.2M-61.3%$36.4M+23.6%
EPS (Basic)$0.62+148.0%$0.59+63.9%$0.32+33.3%$0.23-73.6%$0.25-56.1%$0.36-18.2%$0.24-73.6%$0.87+19.2%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, EPS (Diluted), Diluted Shares (Avg).

DMLP Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

DMLP quarterly balance sheet
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Total Assets$314.0M-3.6%$301.6M-13.6%$309.6M-15.6%$330.4M-18.1%$325.6M+85.0%$349.0M+88.9%$366.8M+92.0%$403.4M+109.8%
Current Assets$99.8M+67.1%$74.4M+8.7%$58.9M-13.1%$62.5M-27.3%$59.7M+4.0%$68.5M+16.8%$67.8M-2.7%$86.0M+36.2%
Cash & Equivalents$72.5M+98.6%$28.2M-32.2%$41.9M-1.3%$41.6M-26.3%$36.5M+3.8%$41.5M+10.1%$42.5M-9.6%$56.5M+29.8%
Short-Term Investments$0$0$0$0$0$0$0$0
Long-Term Investments$0$0$0$0$0$0$0$0
Total Liabilities$10.3M+78.5%$4.9M-16.3%$4.3M-14.1%$6.8M-1.2%$5.8M+5.6%$5.9M+8.1%$5.0M-8.8%$6.9M-22.1%
Current Liabilities$7.2M+40.0%$4.5M-13.7%$3.8M-10.7%$6.2M+2.8%$5.1M+12.4%$5.2M+15.7%$4.2M-4.9%$6.0M-21.9%
Non-Current Liabilities$3.1M+384.0%$461K-35.3%$521K-32.9%$585K-30.5%$648K-28.6%$713K-26.9%$777K-25.4%$842K-24.0%
Total Equity$303.7M-5.1%$296.7M-13.5%$305.2M-15.6%$323.6M-18.4%$319.8M+87.5%$343.1M+91.3%$361.8M+95.0%$396.5M+116.1%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt, Retained Earnings.

DMLP Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

DMLP quarterly cash flow statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Operating Cash Flow$64.2M+110.4%$23.9M-28.4%$34.3M+8.8%$34.3M-21.7%$30.5M+3.7%$33.4M+19.4%$31.5M-16.8%$43.7M+29.2%
Depreciation & Amortization$15.8M+7.6%$20.9M+24.8%$17.8M-0.7%$17.0M+69.2%$14.7M+91.9%$16.8M+142.2%$18.0M+133.0%$10.0M+51.7%

Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

DMLP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

DMLP quarterly financial ratios
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Net Margin55.0%+16.9pp49.5%+8.6pp38.7%+2.8pp31.6%-36.6pp38.1%-25.1pp40.9%-17.8pp35.9%-37.1pp68.1%-1.1pp
Return on Equity10.2%+6.3pp9.8%+4.7pp5.3%+1.4pp3.5%-5.7pp3.9%-10.0pp5.1%-5.0pp3.9%-15.9pp9.2%-6.9pp
Return on Assets9.8%+6.0pp9.7%+4.6pp5.2%+1.3pp3.4%-5.7pp3.8%-9.6pp5.1%-4.8pp3.9%-15.4pp9.0%-6.3pp
Current Ratio13.85+2.2x16.61+3.4x15.54-0.4x10.05-4.2x11.61-0.9x13.19+0.1x15.97+0.4x14.21+6.1x
Debt-to-Equity0.030.0x0.020.0x0.010.0x0.020.0x0.020.0x0.020.0x0.010.0x0.020.0x
Asset Turnover0.18+0.1x0.20+0.1x0.140.0x0.110.0x0.10-0.1x0.120.0x0.11-0.2x0.13-0.1x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
Dorchester Minerals LP DMLP FY2025 $152.8M $57.4M 37.5% $1.5B —
Kimbell Royalty Partners, LP Common Units KRP FY2025 $333.8M $99.7M 29.8% $1.5B 60/100
Vitesse Energy, Inc.. VTS FY2025 $274.0M $25.3M 9.2% $727.6M 42/100
HighPeak Energy, Inc. HPK FY2025 $863.4M N/A N/A $1.2B 37/100
Mach Natural Resources LP Common Units MNR FY2025 $1.2B $143.0M 12.2% $1.8B 49/100

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%.

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.

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.

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

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

Dorchester Minerals LP (DMLP) had 48M shares outstanding as of fiscal year 2025.

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

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.

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.

Dorchester Minerals LP (DMLP) trades at 16.7x earnings, its market capitalization divided by net income of $87.4M net income, trailing 12 months to June 30, 2026. The market capitalization is $1.5B as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Dorchester Minerals LP (DMLP) trades at 7.6x sales, its market capitalization divided by revenue of $192.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.5B as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Dorchester Minerals LP (DMLP) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.

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.

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