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Dorchester Minerals, L.P. (DMLP) stock analysis

DMLPNasdaqCrude Petroleum & Natural GasFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 5, 2026Score 13/302% above fair value
$28.03+0.53 (+1.93%)

Close on Nov 11, 2026Market cap $1.38BP/E 13.0Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value0Growth2Performance2Health6Dividend3

Mixed13 of 30 checks passed

Dorchester Minerals, L.P. passes 13 of the 30 checks behind our score; 10 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
2/6
Past performance
2/6
Financial health
6/6
Dividend
3/6

What stands out

  • No debt

    Dorchester Minerals, L.P. has no borrowings on its latest balance sheet.

  • Earnings grew over 5 years

    Net income grew 21.3% a year on average over the last five fiscal years.

  • Earnings growth accelerating

    Net income grew 87.3% over the last twelve months, against a 5-year average of 21.3% a year.

  • Interest well covered

    No meaningful interest expense to cover.

What to watch

  • Margin of safety under 20%

    The price is 1.8% above fair value, so there is no margin of safety.

  • Trading above fair value

    The share price of $28.03 is above our fair value estimate of $27.53.

  • Revenue growing under 10% a year

    Revenue grew -3.6% a year over the last three fiscal years, short of the 10% we look for.

  • P/E above its 5-year median

    Dorchester Minerals, L.P.'s P/E of 13.0 is above its own 5-year median of 11.8.

Valuation0/6

  • P/E above its 5-year median

    Dorchester Minerals, L.P.'s P/E of 13.0 is above its own 5-year median of 11.8.

  • P/E above the industry

    Dorchester Minerals, L.P.'s P/E of 13.0 is above the Crude Petroleum and Natural Gas median of 10.4.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/S above the industry

    Dorchester Minerals, L.P.'s price-to-sales of 6.61 is above the Crude Petroleum and Natural Gas median of 1.68 (book value is negative, so we use sales).

  • Trading above fair value

    The share price of $28.03 is above our fair value estimate of $27.53.

  • Margin of safety under 20%

    The price is 1.8% above fair value, so there is no margin of safety.

Growth2/6

  • Revenue growing under 10% a year

    Revenue grew -3.6% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings growth accelerating

    Net income grew 87.3% over the last twelve months, against a 5-year average of 21.3% a year.

  • Growing faster than the industry

    Revenue grew 38.2% over the last twelve months; the Crude Petroleum and Natural Gas median is 8.7%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin trend

    This company does not report gross profit.

Past performance2/6

  • Return on equity

    Needs positive equity and five years of results.

  • Return on invested capital

    Needs operating income and invested capital.

  • Return on equity against the industry

    Needs positive equity.

  • Earnings grew over 5 years

    Net income grew 21.3% a year on average over the last five fiscal years.

  • Net margin below its 5-year average

    Net margin was 49.8% over the last twelve months, against a 5-year average of 63.2%.

  • Net margin above the industry

    Dorchester Minerals, L.P.'s net margin of 49.8% is above the Crude Petroleum and Natural Gas median of 3.8%.

Financial health6/6

  • No debt

    Dorchester Minerals, L.P. has no borrowings on its latest balance sheet.

  • Debt not rising

    With no debt today, leverage cannot have risen.

  • Debt covered by cash flow

    There is no debt to cover.

  • Interest well covered

    No meaningful interest expense to cover.

  • Short-term assets cover short-term debts

    Current assets are 10.60 times current liabilities.

  • Low bankruptcy risk

    The Altman Z-score is 76.03; above 3 is the safe zone and below 1.8 the distress zone.

Dividend3/6

  • Pays a dividend

    Dorchester Minerals, L.P. paid dividends worth 12.1% of the share price over the last twelve months.

  • Yield above Treasuries

    The 12.1% yield is above the 4.4% on a 1-year Treasury.

  • Yield in the top quarter

    The top quarter of US dividend payers yield 3.8% or more; Dorchester Minerals, L.P. yields 12.1%.

  • Dividend stability

    Fewer than five years of dividend history.

  • Earnings cover

    Needs dividends paid and net income.

  • Cash-flow cover

    Needs dividends paid and free cash flow.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$27.53

The share price is 2% above this estimate.

20%+ below
Near fair value
20%+ above
$28.03Price
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
P/E11.1×11.8×10.4×$23.8973%
Earnings power7.4% cost of equity––$37.2627%
Fair value$27.53100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/E at month end
  • Own 5-year median 11.8
  • Crude Petroleum and Natural Gas median 10.4

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day
$2.84M
Value traded per 1% price move
$3.02M

Downside

Low risk

Typical loss in a bad month
8.8%
Volatility (annualized)
25%
Sharpe ratio, 1 year
0.77
Beta to the S&P 500 (5Y)
0.41

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Net margin

37.5%−9.1 pts over 5 years

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