DMLP
Dorchester Minerals, L.P.
DMLP's fundamentals are strong: revenue grew 38% and its operating margin rose 13 points to 50%. At 14x earnings, it's trading above its usual 12x.
DMLP Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
DMLP's revenue, profitability, cash flow and balance sheet are all currently strong.
DMLP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.4x | $19.61 | -31% |
| Fair | 12x | $25.24 | -11% |
| Current | 14x | $28.46 | — |
| Expensive | 18x | $37.61 | +32% |
Historical ranges are pointers, not guarantees.
DMLP's PE is in its expensive range at 14x.
DMLP Forward outlook
There aren't enough analyst estimates for DMLP to show an outlook.
DMLP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $2.09 | +77% |
| Q2 2026 | $1.78 | -2.2% |
| Q1 2026 | $1.41 | -34% |
| Q4 2025 | $1.18 | -47% |
| Q3 2025 | $1.18 | -58% |
| Q2 2025 | $1.82 | -32% |
| Q1 2025 | $2.14 | -18% |
| Q4 2024 | $2.22 | -23% |
DMLP's earnings per share have fallen from their peak: $2.09 over the past year, against $3.40 in late 2022.
DMLP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $51.4M | +45% |
| Q2 2026 | $56.1M | +73% |
| Q1 2026 | $58.9M | +36% |
| Q4 2025 | $41.9M | +5.4% |
| Q3 2025 | $35.4M | -34% |
| Q2 2025 | $32.4M | -13% |
| Q1 2025 | $43.2M | +39% |
| Q4 2024 | $39.7M | -21% |
DMLP's revenue has grown year over year for four quarters in a row: $51M last quarter, up 45% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 54% | +22 points |
| Q2 2026 | 55% | +17 points |
| Q1 2026 | 49% | +8.6 points |
| Q4 2025 | 39% | +2.8 points |
| Q3 2025 | 32% | -37 points |
| Q2 2025 | 38% | -25 points |
| Q1 2025 | 41% | -18 points |
| Q4 2024 | 36% | -37 points |
DMLP's operating margin was 54% last quarter, up 22 points from the same quarter a year ago.
DMLP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $42.9M | +25% |
| Q2 2026 | $64.2M | +110% |
| Q1 2026 | $23.9M | -28% |
| Q4 2025 | $34.3M | +8.8% |
| Q3 2025 | $34.3M | -22% |
| Q2 2025 | $30.5M | +3.7% |
| Q1 2025 | $33.4M | +19% |
| Q4 2024 | $31.5M | -17% |
DMLP's free cash flow has been positive every quarter for seven years: $165M over the past year, up 28% from the year before.
DMLP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.2% | +563K shares |
| 1 year | +2.4% | +1.1M shares |
| 3 years | +26% | +10M shares |
| 5 years | +38% | +13.4M shares |
| Available history | +41% | +14.1M shares |
DMLP has 49M diluted shares, up 2.4% from a year ago.
DMLP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.5x | Net Cash |
| Q1 2026 | -0.2x | Net Cash |
| Q4 2025 | -0.3x | Net Cash |
| Q3 2025 | -0.3x | Net Cash |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.3x | Net Cash |
| Q4 2024 | -0.3x | Net Cash |
DMLP has more cash than debt.
DMLP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.1 | Neutral |
| Stochastic | 54.4 | Neutral |
DMLP's weekly RSI is 51 (neutral) and its Stochastic is 54 (neutral).
DMLP PE vs Energy Sector
| Metric | DMLP | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 3.8% above |
| PE % | 66 | 61 | 5 pts above |
DMLP is trading at 14x earnings, in line with the Energy sector's median of 13x.
DMLP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $29.3 | 2.8% below |
| 20 week MA | $28.4 | 0.1% above |
| 50 week MA | $26.8 | 6% above |
| 100 week MA | $27.4 | 3.9% above |
| 200 week MA | $29.0 | 2% below |
DMLP's trend is mixed: it's above three of its five weekly moving averages, and 2% below its 200-week average.
DMLP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $19.4 | $11.4 | -41% |
| 2021 | $11.4 | $18.7 | +64% |
| 2022 | $18.7 | $30.0 | +60% |
| 2023 | $30.0 | $31.8 | +6.2% |
| 2024 | $31.8 | $33.3 | +4.6% |
| 2025 | $33.3 | $22.1 | -34% |
| 2026 YTD | $22.1 | $28.5 | +29% |
DMLP has finished higher in four of the last six years, two of them by more than 50%. It's up 29% so far in 2026.