Dorchester Minerals, L.p.
DMLP Nasdaq Crude Petroleum & Natural Gas Financials FY2016–FY2025
Last close · Oct 23, 2026
$30.64
2.2%
Revenue
Total sales reported in the income statement.
$153M
5.4%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$57.4M
38.0%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Dorchester Minerals, L.p. does
No business description yet.
- Legal name
- DORCHESTER MINERALS, L.P.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Accession · CIK
- 0001437749-26-005376
0001172358
Revenue and margins
Dorchester Minerals, L.p. had $153M of revenue in fiscal 2025, down 5.4% on the year before.
FY16
Revenue $37.6M
FY17
Revenue $57.3M
FY18
Revenue $73.3M
FY19
Revenue $78.8M
FY20
Revenue $46.9M
FY21
Revenue $93.4M
FY22
Revenue $171M
FY23
Revenue $164M
FY24
Revenue $162M
FY25
Revenue $153M
Q3 '23
Revenue $42.6M
Q4 '23
Revenue $50.4M
Q1 '24
Revenue $31.0M
Q2 '24
Revenue $37.4M
Q3 '24
Revenue $53.5M
Q4 '24
Revenue $39.7M
Q1 '25
Revenue $43.2M
Q2 '25
Revenue $32.4M
Q3 '25
Revenue $35.4M
Q4 '25
Revenue $41.9M
Q1 '26
Revenue $58.9M
Q2 '26
Revenue $56.1M
FY16
Gross —
Operating 55.8%
Net 55.8%
FCF —
FY17
Gross —
Operating —
Net 67.1%
FCF —
FY18
Gross —
Operating —
Net 73.6%
FCF —
FY19
Gross —
Operating —
Net 67.0%
FCF —
FY20
Gross —
Operating —
Net 46.6%
FCF —
FY21
Gross —
Operating —
Net 75.1%
FCF —
FY22
Gross —
Operating —
Net 76.5%
FCF —
FY23
Gross —
Operating —
Net 69.7%
FCF —
FY24
Gross —
Operating —
Net 57.2%
FCF —
FY25
Gross —
Operating —
Net 37.5%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 69.2%
FCF —
Q4 '23
Gross —
Operating —
Net 72.9%
FCF —
Q1 '24
Gross —
Operating —
Net 58.6%
FCF —
Q2 '24
Gross —
Operating —
Net 63.2%
FCF —
Q3 '24
Gross —
Operating —
Net 68.1%
FCF —
Q4 '24
Gross —
Operating —
Net 35.9%
FCF —
Q1 '25
Gross —
Operating —
Net 40.9%
FCF —
Q2 '25
Gross —
Operating —
Net 38.1%
FCF —
Q3 '25
Gross —
Operating —
Net 31.5%
FCF —
Q4 '25
Gross —
Operating —
Net 38.7%
FCF —
Q1 '26
Gross —
Operating —
Net 49.5%
FCF —
Q2 '26
Gross —
Operating —
Net 55.1%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $21.0M
FY17
Net income $38.4M
FY18
Net income $53.9M
FY19
Net income $52.8M
FY20
Net income $21.9M
FY21
Net income $70.2M
FY22
Net income $131M
FY23
Net income $114M
FY24
Net income $92.4M
FY25
Net income $57.4M
Q3 '23
Net income $29.5M
Q4 '23
Net income $36.8M
Q1 '24
Net income $18.2M
Q2 '24
Net income $23.6M
Q3 '24
Net income $36.4M
Q4 '24
Net income $14.2M
Q1 '25
Net income $17.6M
Q2 '25
Net income $12.3M
Q3 '25
Net income $11.2M
Q4 '25
Net income $16.2M
Q1 '26
Net income $29.1M
Q2 '26
Net income $30.9M
FY16
Diluted EPS $0.66
FY17
Diluted EPS $1.18
FY18
Diluted EPS $1.61
FY19
Diluted EPS $1.50
FY20
Diluted EPS $0.61
FY21
Diluted EPS $1.94
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets 31.2%
FY17
Return on capital —
Return on equity —
Return on assets 48.3%
FY18
Return on capital —
Return on equity —
Return on assets 59.9%
FY19
Return on capital —
Return on equity —
Return on assets 51.5%
FY20
Return on capital —
Return on equity —
Return on assets 21.3%
FY21
Return on capital —
Return on equity —
Return on assets 59.7%
FY22
Return on capital —
Return on equity —
Return on assets 80.9%
FY23
Return on capital —
Return on equity —
Return on assets 62.1%
FY24
Return on capital —
Return on equity —
Return on assets 33.1%
FY25
Return on capital —
Return on equity —
Return on assets 17.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $28.3M
Capital spending —
FY17
Cash from operations $44.0M
Capital spending —
FY18
Cash from operations $62.5M
Capital spending —
FY19
Cash from operations $66.1M
Capital spending —
FY20
Cash from operations $39.4M
Capital spending —
FY21
Cash from operations $70.3M
Capital spending —
FY22
Cash from operations $147M
Capital spending —
FY23
Cash from operations $140M
Capital spending —
FY24
Cash from operations $133M
Capital spending —
FY25
Cash from operations $132M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $33.8M
Capital spending —
Q4 '23
Cash from operations $37.9M
Capital spending —
Q1 '24
Cash from operations $28.0M
Capital spending —
Q2 '24
Cash from operations $29.4M
Capital spending —
Q3 '24
Cash from operations $43.7M
Capital spending —
Q4 '24
Cash from operations $31.5M
Capital spending —
Q1 '25
Cash from operations $33.4M
Capital spending —
Q2 '25
Cash from operations $30.5M
Capital spending —
Q3 '25
Cash from operations $34.3M
Capital spending —
Q4 '25
Cash from operations $34.3M
Capital spending —
Q1 '26
Cash from operations $23.9M
Capital spending —
Q2 '26
Cash from operations $64.2M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Dorchester Minerals, L.p. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.03B
FY17
Diluted shares 0.03B
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.04B
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Dorchester Minerals, L.p. can carry it.
FY16
Cash $8.2M
Debt —
FY17
Cash $13.8M
Debt —
FY18
Cash $18.3M
Debt —
FY19
Cash $15.3M
Debt —
FY20
Cash $11.2M
Debt —
FY21
Cash $28.3M
Debt —
FY22
Cash $40.8M
Debt —
FY23
Cash $47.0M
Debt —
FY24
Cash $42.5M
Debt —
FY25
Cash $41.9M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $28.3M | $40.8M | $47.0M | $42.5M | $41.9M |
| Current ratio | 16.6x | 18.3x | 15.6x | 16.0x | 15.5x |
| Quick ratio | 16.6x | 18.3x | 15.6x | 16.0x | 15.5x |
| Total assets | $147M | $176M | $191M | $367M | $310M |
| Total liabilities | $4.4M | $4.7M | $5.5M | $5.0M | $4.3M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — | — | — |
| Current ratio rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✓ | ✕ | ✕ | ✕ | — | — | — | — |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| F-score | — / 3 | 5 / 7 | 7 / 7 | 3 / 7 | 3 / 7 | 6 / 7 | — / 6 | — / 6 | — / 6 | — / 6 |
| Accruals ratio | −10.9% | −7.0% | −9.6% | −13.0% | −17.1% | −0.1% | −10.2% | −14.0% | −14.4% | −22.2% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $37.6M | $57.3M | $73.3M | $78.8M | $46.9M | $93.4M | $171M | $164M | $162M | $153M |
| Operating income | $21.0M | — | — | — | — | — | — | — | — | — |
| Net income | $21.0M | $38.4M | $53.9M | $52.8M | $21.9M | $70.2M | $131M | $114M | $92.4M | $57.4M |
| Diluted EPS | $0.66 | $1.18 | $1.61 | $1.50 | $0.61 | $1.94 | — | — | — | — |
| Diluted shares | 0.03B | 0.03B | 0.00B | 0.03B | 0.03B | 0.04B | — | — | — | — |
| Cash flow | ||||||||||
| Cash from operations | $28.3M | $44.0M | $62.5M | $66.1M | $39.4M | $70.3M | $147M | $140M | $133M | $132M |
| Depreciation and amortization | $8.5M | $9.3M | $8.9M | $13.3M | $11.9M | $10.5M | $19.1M | $26.3M | $42.6M | $66.3M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $8.2M | $13.8M | $18.3M | $15.3M | $11.2M | $28.3M | $40.8M | $47.0M | $42.5M | $41.9M |
| Current assets | $14.8M | $25.4M | $30.1M | $28.3M | $18.2M | $46.7M | $62.5M | $69.7M | $67.8M | $58.9M |
| Current liabilities | $0.3M | $0.6M | $0.5M | $2.4M | $1.9M | $2.8M | $3.4M | $4.5M | $4.2M | $3.8M |
| Total assets | $67.2M | $92.0M | $87.9M | $117M | $88.3M | $147M | $176M | $191M | $367M | $310M |
| Total liabilities | $0.3M | $1.3M | $1.3M | $4.5M | $3.8M | $4.4M | $4.7M | $5.5M | $5.0M | $4.3M |
| Margins | ||||||||||
| Operating margin | 55.8% | — | — | — | — | — | — | — | — | — |
| EBITDA margin | 78.5% | — | — | — | — | — | — | — | — | — |
| Net margin | 55.8% | 67.1% | 73.6% | 67.0% | 46.6% | 75.1% | 76.5% | 69.7% | 57.2% | 37.5% |
| Returns | ||||||||||
| Return on capital employed | 31.3% | — | — | — | — | — | — | — | — | — |
| Return on assets | 31.2% | 48.3% | 59.9% | 51.5% | 21.3% | 59.7% | 80.9% | 62.1% | 33.1% | 17.0% |
| Growth | ||||||||||
| Revenue growth | — | 52.5% | 27.9% | 7.5% | −40.4% | 99.1% | 82.8% | −4.1% | −1.4% | −5.4% |
| Net income growth | — | 83.3% | 40.3% | −2.1% | −58.6% | 220.9% | 86.1% | −12.6% | −19.0% | −38.0% |
| EPS growth | — | 78.8% | 36.4% | −6.8% | −59.3% | 218.0% | — | — | — | — |
| Share count change | — | 2.7% | −99.9% | 105,553.3% | 1.6% | 1.1% | — | — | — | — |
| Financial health | ||||||||||
| Current ratio | 53.8x | 39.8x | 62.0x | 12.0x | 9.7x | 16.6x | 18.3x | 15.6x | 16.0x | 15.5x |
| Quick ratio | 53.8x | 39.8x | 62.0x | 12.0x | 9.7x | 16.6x | 18.3x | 15.6x | 16.0x | 15.5x |
| Quality scores | ||||||||||
| Piotroski F-score | — | 5.0 | 7.0 | 3.0 | 3.0 | 6.0 | — | — | — | — |
| Accruals ratio | −10.9% | −7.0% | −9.6% | −13.0% | −17.1% | −0.1% | −10.2% | −14.0% | −14.4% | −22.2% |
Source: SEC EDGAR XBRL filings (CIK 0001172358). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.