DORCHESTER MINERALS, L.P. DMLP
Dorchester Minerals, L.P. is a publicly traded Delaware limited partnership that commenced operations on January 31, 2003, upon the combination of Dorchester Hugoton, Ltd., Republic Royalty Company, L.P. and Spinnaker Royalty Company, L.P. Dorchester Hugoton was a publicly traded Texas limited partnership, and Republic and Spinnaker were private Texas limited partnerships. We have established a website at www.dmlp.net that contains the last annual meeting presentation. You may obtain all current filings free of charge through our website. We will provide electronic or paper copies of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished to the Securities and Exchange Commission ("SEC") free of charge upon written request at our executive offices. In this report, the term "Partnership," as well as the terms "us," "our," "we," and "its" are sometimes used as abbreviated references to Dorchester Minerals, L.P. itself or Dorchester Minerals, L.P. and its related entities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $152.8M | $161.5M | $163.8M | $170.8M | $93.4M | $46.9M | $78.8M | $73.3M | $57.3M | $37.6M |
| SG&A | — | $11.9M | $11.2M | $8.2M | $5.2M | $7.5M | $6.1M | $4.9M | $4.9M | $5.0M |
| Total operating expenses | $95.5M | $69.1M | $49.7M | $40.2M | $23.2M | $25.1M | $26.0M | $19.4M | $2.5M | $1.7M |
| Operating income | — | — | — | — | — | — | — | — | — | $21.0M |
| Net income | $57.4M | $92.4M | $114.1M | $130.6M | $70.2M | $21.9M | $52.8M | $53.9M | $38.4M | $21.0M |
| EPS, basic | 1.16 | 2.13 | 2.85 | 3.35 | 1.94 | 0.61 | — | — | — | — |
| EPS, diluted | — | — | — | — | 1.94 | 0.61 | 1.50 | 1.61 | 1.18 | 0.66 |
| Shares, diluted (wtd. avg.) | $47.7M | $41.8M | $38.8M | $37.6M | $35.1M | $34.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $41.9M | $42.5M | $47.0M | $40.8M | $28.3M | $11.2M | $15.3M | $18.3M | $13.8M | $8.2M |
| Receivables | $16.5M | $24.8M | $22.0M | — | — | — | — | — | — | — |
| Total current assets | $58.9M | $67.8M | $69.7M | $62.5M | $46.7M | $18.2M | $28.3M | $30.1M | $25.4M | $14.8M |
| Total assets | $309.6M | $366.8M | $191.1M | $176.2M | $146.8M | $88.3M | $116.9M | $87.9M | $92.0M | $67.2M |
| Accounts payable | $3.5M | $4.0M | $4.2M | $3.1M | $2.5M | $1.6M | $2.1M | $421.0K | $599.0K | $252.0K |
| Total current liabilities | $3.8M | $4.2M | $4.5M | $3.4M | $2.8M | $1.9M | $2.4M | $486.0K | $637.0K | $275.0K |
| Total liabilities | $4.3M | $5.0M | $5.5M | $4.7M | $4.4M | $3.8M | $4.5M | $1.3M | $1.3M | $275.0K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $132.5M | $132.6M | $139.8M | $147.1M | $70.3M | $39.4M | $66.1M | $62.5M | $44.0M | $28.3M |
| Depreciation and amortisation | $66.3M | $42.6M | $26.3M | $19.1M | $10.5M | $11.9M | $13.3M | $8.9M | $9.3M | $8.5M |
| Investing cash flow | — | — | $2.3M | $2.1M | $2.6M | $6.1M | $1.8M | -$60.0K | -$616.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-005376.
Others in SIC 1311
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| EOG | EOG RESOURCES INC | $76.16B | 15.9x | -4.5% |
| OXY | OCCIDENTAL PETROLEUM CORP /DE/ | $60.02B | 37.3x | -5.0% |
| FANG | Diamondback Energy, Inc. | $55.79B | 34.8x | 35.8% |
| DVN | DEVON ENERGY CORP/DE | $52.87B | 11.5x | 5.4% |
| EQT | EQT Corp | $34.51B | 16.7x | 63.9% |
| EXE | EXPAND ENERGY Corp | $23.42B | 12.9x | 186.3% |
| PR | Permian Resources Corp | $19.57B | 18.2x | 1.3% |
| OVV | Ovintiv Inc. | $17.84B | 13.5x | -3.1% |