DMLP

MKT CAP:$1B

Dorchester Minerals, L.P.

Market Cap

$1B

Energy·Oil & Gas Exploration & Production·🇺🇸 United States·NASDAQ

Energy·Oil & Gas Exploration & Production·🇺🇸·NASDAQ

Stock Price

$27.93+$4.68 (+20.13%)

Apr 20, 2026

Company Details

Dorchester Minerals, L.P. engages in the acquisition, ownership, and administration of producing and nonproducing natural gas and crude oil royalty, net profit, and leasehold interests in the United States. Its royalty properties consist of...

CEO

Bradley J. Ehrman

IPO Date

Feb 3, 2003

Website

www.dmlp.net

Key Metrics TTM

Revenue

$161M

-0.5% YoY

Net Income

$85M

EPS (Diluted)

$2.06

Free Cash Flow

$147M

Revenue / Share

$3.39

Gross Margin

82.4%

Operating Margin

69.1%

Net Margin

52.7%

FCF Margin

91.2%

P/S

8.2x

P/E

15.6x

Earnings Reports

Q4 2025

May 7, 2026

PENDING

Q3 2025

Nov 6, 2025

$35M-33.8%EPS $0.23

Q2 2025

Aug 7, 2025

$32MEPS $0.25

FY 2024

Feb 20, 2025

$162M-1.4%EPS $2.13

Q3 2024

Oct 31, 2024

$53MEPS $0.87

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$20M	$14M	$12M
Q1 20	$15M	$11M	$9M
Q2 20	$7M	$3M	$1M
Q3 20	$13M	$8M	$6M
Q4 20	$12M	$8M	$6M
Q1 21	$18M	$14M	$12M
Q2 21	$21M	$17M	$17M
Q3 21	$24M	$19M	$18M
Q4 21	$30M	$25M	$24M
Q1 22	$40M	$33M	$31M
Q2 22	$47M	$44M	$42M
Q3 22	$44M	$41M	$38M
Q1 23	$40M	$37M	$35M
Q3 24	$53M	$49M	$36M
Q2 25	$32M	$15M	$12M
Q3 25	$35M	$31M	$28M

Valuation

Quarter	P/S	P/E
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	24.4x	49.2x
Q4 20	28.3x	62.8x
Q1 21	27.0x	55.3x
Q2 21	20.8x	34.2x
Q3 21	17.7x	26.1x
Q4 21	14.2x	19.6x
Q1 22	11.5x	15.5x
Q2 22	9.4x	12.5x
Q3 22	8.2x	10.9x
Q1 23	7.7x	10.6x
Q3 24	7.2x	10.1x
Q2 25	7.8x	12.4x
Q3 25	8.2x	15.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$11M	$11M
Q1 20	$18M	$18M
Q2 20	$9M	$9M
Q3 20	$6M	$6M
Q4 20	$7M	$7M
Q1 21	$11M	$11M
Q2 21	$18M	$18M
Q3 21	$19M	$19M
Q4 21	$23M	$23M
Q1 22	$28M	$28M
Q2 22	$39M	$39M
Q3 22	$46M	$46M
Q1 23	$39M	$39M
Q3 24	$44M	$44M
Q2 25	$31M	$31M
Q3 25	$34M	$34M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	-38.2%	-20.1%
Q1 21	+14.9%	-10.8%
Q2 21	+214.4%	-13.4%
Q3 21	+91.1%	-14.3%
Q4 21	+150.2%	+15.1%
Q1 22	+127.1%	+63.3%
Q2 22	+122.2%	+10.5%
Q3 22	+83.8%	-5.5%
Q1 23	+32.5%	-18.5%
Q3 24	+32.4%	+74.5%
Q2 25	-31.7%	+273.9%
Q3 25	-19.6%	+29.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q1 23	$0	0.0%
Q3 24	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q4 19	$2M	—
Q1 20	$2M	—
Q2 20	$1M	—
Q3 20	$2M	—
Q4 20	$2M	—
Q1 21	$2M	—
Q2 21	$724.0K	—
Q3 21	$910.0K	—
Q4 21	—	$1M
Q1 22	$2M	—
Q2 22	$2M	—
Q3 22	$2M	—
Q1 23	$3M	—
Q3 24	$3M	—
Q2 25	$3M	—
Q3 25	$3M	—

Revenue Segments

Quarter	Lease Bonus and Other	Net Profits Interest	Royalties	Product and Service, Other	Net Profit Interests	Lease Bonus	Other Revenue
Q1 22	$52.0K	$5M	$35M	—	—	—	—
Q2 22	$1M	$9M	$37M	$53.0K	—	—	—
Q3 22	$7M	$3M	$34M	$188.0K	—	—	—
Q1 23	$536.0K	—	$25M	—	$15M	—	—
Q3 24	$548.0K	—	$45M	—	$8M	—	—
Q2 25	—	—	$24M	—	$4M	$4M	$473.0K
Q3 25	—	—	$32M	—	$3M	$4.0K	$405.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$33M	$0	$33M
Q2 22	$43M	$0	$43M
Q3 22	$52M	$0	$52M
Q4 22	$41M	$0	$41M
Q1 23	$45M	$0	$45M
Q2 23	$35M	$0	$35M
Q3 23	$43M	$0	$43M
Q4 23	$47M	$0	$47M
Q1 24	$38M	$0	$38M
Q2 24	$35M	$0	$35M
Q3 24	$56M	$0	$56M
Q4 24	$43M	$0	$43M
Q1 25	$42M	$0	$42M
Q2 25	$37M	$0	$37M
Q3 25	$42M	$0	$42M
Q4 25	$42M	$0	$42M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	35M	—	—
Q1 20	35M	+0.2%	—
Q2 20	35M	0.0%	—
Q3 20	35M	0.0%	—
Q4 20	35M	0.0%	+0.2%
Q1 21	35M	0.0%	0.0%
Q2 21	35M	+0.0%	+0.0%
Q3 21	35M	+2.1%	+2.1%
Q4 21	35M	0.0%	+2.1%
Q1 22	37M	+4.5%	+6.7%
Q2 22	38M	+1.5%	+8.3%
Q3 22	38M	+0.0%	+6.1%
Q1 23	38M	+2.2%	+8.4%
Q3 24	40M	+4.7%	+8.6%
Q2 25	47M	+17.9%	+26.1%
Q3 25	48M	+0.7%	+26.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	$700.0K	28
Q1 20	$552.7K	28
Q2 20	$242.7K	28
Q3 20	$448.0K	28
Q4 20	$504.7K	24
Q1 21	$741.2K	24
Q2 21	$890.0K	24
Q3 21	$998.7K	24
Q4 21	$1M	24
Q1 22	$2M	24
Q2 22	$2M	24
Q3 22	$2M	24
Q1 23	$2M	26
Q3 24	$2M	27
Q2 25	$1M	27
Q3 25	$1M	27

Revenue / Employee