Share count
48Mpeak FY2025
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DMLP, Dorchester Minerals L.P. Common
Oil & Gas Producers capital-intensive
Dorchester Minerals Operating LP owns working interests and other properties underlying our Net Profits Interest, provides day-to-day operational and administrative services to us and our General Partner, and is the employer of all the employees who perform such services.
We expect to benefit from continued operator development and believe the new production will help offset other mature property production declines.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$153M
−5.4% YoY · 27% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $169M 5-yr avg $148M
Revenue $59M +36.4% vs yr-ago qtr
Net income $29M yr-ago $18M
Net margin 49.5% yr-ago 40.9%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Royalties, Oil (75%) and Net Profit Interests (9%), with 3 more lines behind.
- What moves the needle
- Operating margin has run about 67% through the cycle, a wide margin for the work it does — whether that reflects a durable edge or one that can fade is what the record weighs. Read this kind of business on the commodity price, and the cost to lift a barrel. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Royalties, Oil is 75% of revenue, with Net Profit Interests the other meaningful line at 9%.
Revenue by product line, FY2025
- Royalties, Oil75%$114M
- Net Profit Interests9%$14M
- Royalties, Natural Gas9%$14M
- Lease Bonus6%$9M
- Other Revenue1%$2M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $38M | $57M | $73M | $79M | $47M | $93M | $171M | $164M | $162M | $153M | $169M | RevenueRevenue |
| 13% | 9% | 7% | 8% | 16% | 6% | 5% | 7% | 7% | — | 8% | SG&A / revenueSG&A/rev |
| $21M | $38M | $54M | $53M | $22M | $70M | $131M | $114M | $92M | $57M | $21M | Operating incomeOp. inc. |
| 55.8% | 67.1% | 73.6% | 67.0% | 46.6% | 75.1% | 76.5% | 69.7% | 57.2% | 37.5% | 12.4% | Operating marginOp. mgn |
| $21M | $38M | $54M | $53M | $22M | $70M | $131M | $114M | $92M | $57M | $69M | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| $28M | $44M | $63M | $66M | $39M | $70M | $147M | $140M | $133M | $132M | $123M | Operating cash flowOp. cash |
| $9M | $9M | $9M | $13M | $12M | $10M | $19M | $26M | $43M | $66M | $70M | DepreciationDeprec. |
| ($1M) | ($4M) | ($330K) | $43K | $6M | ($10M) | ($3M) | ($582K) | ($2M) | $9M | ($16M) | Working capital & otherWC & other |
| — | $1M | $41K | — | — | — | — | — | — | — | $41K | CapexCapex |
| — | 1.8% | 0.1% | — | — | — | — | — | — | — | 0.0% | Capex / revenueCapex/rev |
| — | $43M | $62M | — | — | — | — | — | — | — | $123M | Owner earningsOwner earn. |
| — | 75.0% | 85.3% | — | — | — | — | — | — | — | 73.0% | Owner earnings marginOE mgn |
| — | $43M | $62M | — | — | — | — | — | — | — | $123M | Free cash flowFCF |
| — | 75.0% | 85.3% | — | — | — | — | — | — | — | 73.0% | Free cash flow marginFCF mgn |
| Balance sheet | |||||||||||
| $8M | $14M | $18M | $15M | $11M | $28M | $41M | $47M | $43M | $42M | $28M | Cash & investmentsCash+inv |
| — | — | — | — | — | — | — | $22M | $25M | $16M | $46M | ReceivablesReceiv. |
| $252K | $599K | $421K | $2M | $2M | $3M | $3M | $4M | $4M | $4M | $4M | Accounts payablePayables |
| — | — | — | — | — | — | — | $18M | $21M | $13M | $42M | Operating working capitalOper. WC |
| $15M | $25M | $30M | $28M | $18M | $47M | $62M | $70M | $68M | $59M | $74M | Current assetsCur. assets |
| $275K | $637K | $486K | $2M | $2M | $3M | $3M | $4M | $4M | $4M | $4M | Current liabilitiesCur. liab. |
| 53.8× | 39.8× | 62.0× | 12.0× | 9.7× | 16.6× | 18.3× | 15.6× | 16.0× | 15.5× | 16.6× | Current ratioCurr. ratio |
| $67M | $92M | $88M | $117M | $88M | $147M | $176M | $191M | $367M | $310M | $302M | Total assetsAssets |
| ($8M) | ($14M) | ($18M) | ($15M) | ($11M) | ($28M) | ($41M) | ($47M) | ($43M) | ($42M) | ($28M) | Net debt / (cash)Net debt |
| Per share | |||||||||||
| 30.7M | 31.5M | 32.3M | 34.1M | 34.7M | 35.1M | 37.6M | 38.8M | 41.8M | 47.7M | 48.3M | Shares out (diluted)Shares |
| $1.22 | $1.82 | $2.27 | $2.31 | $1.35 | $2.67 | $4.54 | $4.22 | $3.86 | $3.21 | $3.49 | Revenue / shareRev/sh |
| $0.68 | $1.22 | $1.67 | $1.55 | $0.63 | $2.00 | $3.47 | $2.94 | $2.21 | $1.20 | $1.43 | EPS (diluted)EPS |
| — | $1.36 | $1.94 | — | — | — | — | — | — | — | $2.55 | Owner earnings / shareOE/sh |
| — | $1.36 | $1.94 | — | — | — | — | — | — | — | $2.55 | Free cash flow / shareFCF/sh |
| — | $0.03 | $0.00 | — | — | — | — | — | — | — | $0.00 | Cap. spending / shareCapex/sh |
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +11.3%/yr | +18.8%/yr |
| Owner earnings / share | +41.8%/yr (1-yr) | +41.8%/yr (1-yr) |
| EPS | +6.5%/yr | +13.8%/yr |
| Capital spending / share | −96.2%/yr (1-yr) | −96.2%/yr (1-yr) |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2016FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2018 the business turned $54M of profit into $62M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2018 | FY2017 | |
|---|---|---|
| Reported net income | $54M | $38M |
| Depreciation & amortizationnon-cash charge added back | +$9M | +$9M |
| Working capital & othertiming of cash in and out, other non-cash items | −$330K | −$4M |
| Cash from operations | $63M | $44M |
| Capital expenditurecash put back in to keep running and to grow | −$41K | −$1M |
| Owner earnings | $62M | $43M |
| Owner-earnings marginowner earnings ÷ revenue | 85% | 75% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $42M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $42M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median 5%
What this means
The filing data didn't include the inputs for this check.
- HighOwner earnings $132M = operating cash $132M − maintenance capex $41KIndustry peers: median 31%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 87% of revenue this year.
- Cash-backedCash from ops $132M ÷ net income $57M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.00×HarvestingCapex $41K ÷ depreciation $66M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 3 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $153M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 15.54×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Earnings stability PassA profit every year (10-yr record) · no losses
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth PassEarnings +33% over the record · +133%
What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.82/share (latest year $1.19), the averaged base the calculator's gate runs on. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2016–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 10 of 10
What this means
Never lost money over the record, the earnings stability Graham insisted on.
- Operating margin 65% → 55% (3-yr avg ends)
What this means
Through the cycle the operating margin slipped — about 65% early to 55% lately, median 67% — competition or costs are biting in.
- Owner earnings growth +0%/yr
What this means
Owner earnings grew about 0% a year over the record.
- Worst year 2025 · 37.5% op. margin
What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
- Share count +5.0%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$74M
- Cash & short-term investments$28M
- Receivables$46M
- Other current assets$393K
Current liabilities$4M
- Accounts payable$4M
- Other current liabilities$252K
Current ratio16.61×all current assets ÷ what's due · Graham looked for 2×
Quick ratio—inventory untagged this quarter, so withheld rather than shown equal to the current ratio
Cash ratio6.28×strictest: cash alone against what's due
Working capital$70Mthe cushion left after near-term bills
Revenue, latest quarter vs. a year ago+36.4%the freshest read on whether the business is still growing
Current ratio, recent quarters12.5× → 16.6×
Deeper floors
Net current asset value$69MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$713K$713K of it operating leases
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Pay, as filed | “Actually paid” | Net income |
|---|---|---|---|
| 2021 | $115k | $115k | $70M |
| 2022 | $115k | $115k | $131M |
| 2022 | $927k | $927k | $131M |
| 2023 | $115k | $115k | $114M |
| 2023 | $1.6M | $1.6M | $114M |
| 2024 | $1.8M | $1.8M | $92M |
| 2025 | $1.6M | $1.4M | $57M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Net income is the whole business's, as filed, for the same fiscal years.
Peers, Oil & Gas Producers
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| WTIW&T Offshore Inc. | $501M | — | 13.8% | 3% | 16% |
| REPXRiley Exploration Permian Inc. | $392M | — | 21.7% | 10% | 31% |
| TXOTXO Partners L.P. Common | $363M | — | -5.7% | — | 25% |
| EGYVAALCO Energy Inc. | $359M | — | 27.2% | 18% | 23% |
| INRInfinity Natural Resources Inc. | $350M | — | 33.0% | 3% | 69% |
| VTSVitesse Energy Inc. | $274M | — | 15.9% | 4% | 50% |
| SDSandRidge Energy Inc. | $156M | 84% | 18.8% | 7% | 36% |
| DMLPDorchester Minerals L.P. Common | $153M | — | 67.0% | — | 87% |
| Group median | — | — | 20.3% | — | 33% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Dorchester Minerals L.P. Common has delivered.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · since FY2017+45%/yr
Owner-earnings growth · ’17→’18+0%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $123M on 48M shares outstanding, per the 10-Q cover, as of 2026-05-06; net cash $28M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Dorchester Minerals L.P. Common (DMLP), the owner's record," https://ownerscorecard.com/c/DMLP, data as of 2026-07-09.
Manual order: ← DMC its page in the Manual DNA →
Industry order: ← DEC the Oil & Gas Producers chapter DVN →