Dorchester Minerals, L.P. (DMLP) Cash Flow Statement
Where DMLP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $132.5M −0.1% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $132.5M 86.7% margin
- Returned to shareholders
- $132.0M 100% of free cash flow
- Change in cash
- −$571,000 cash at year-end $41.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
DMLP operating cash flow, capex and free cash flow
DMLP cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $28.3M2016 | $132.5M2025 | +18.7%/yr | |
| Capital expenditures | $1.1M2016 | $02025 | −100.0% | |
| Free cash flow | $28.3M2016 | $132.5M2025 | +18.7%/yr | |
| Free cash flow margin | 75.3%2016 | 86.7%2025 | +11.4 pts | |
| Operating cash flow / net income | 1.352016 | 2.402025 | +1.05 | |
| Dividends paid | $27.2M2016 | $132.0M2025 | +19.2%/yr | |
| Share buybacks (net) | $02016 | $02017 | — | |
| Capex / revenue | 2.8%2016 | 0.0%2025 | −2.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DMLP cash flow by activity
DMLP net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DMLP cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $55.3M | $92.4M | $110.4M | $130.6M | $70.2M | $21.9M | $52.8M | $53.9M | $38.4M | $21.0M |
| Depreciation & amortization | $66.5M | $42.8M | $26.5M | $19.3M | $10.7M | $12.1M | $13.6M | $8.9M | $9.3M | $8.5M |
| Change in working capital | $8.6M | −$2.6M | −$776,000 | −$2.8M | −$10.6M | $5.4M | −$213,000 | −$292,000 | −$3.7M | −$1.1M |
| Other non-cash items | $2.1M | $0 | $3.7M | $0 | $0 | $0 | $0 | −$38,000 | −$23,000 | −$54,000 |
| Cash from operating activities | $132.5M | $132.6M | $139.8M | $147.1M | $70.3M | $39.4M | $66.1M | $62.5M | $44.0M | $28.3M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$60,000 | −$1.1M | −$1.1M |
| Investments (net) | — | $14.7M | $2.3M | $2.1M | $2.6M | $6.1M | $1.8M | −$60,000 | −$616,000 | $0 |
| Acquisitions & other investing | $3.9M | $0 | $0 | $0 | $0 | $0 | $0 | $60,000 | $1.1M | $440,000 |
| Cash from investing activities | $3.9M | $14.7M | $2.3M | $2.1M | $2.6M | $6.1M | $1.8M | −$60,000 | −$616,000 | −$616,000 |
| Financing activities | ||||||||||
| Dividends paid | −$132.0M | −$146.5M | −$131.6M | −$136.7M | −$55.8M | −$49.6M | −$70.9M | −$58.0M | −$37.8M | −$27.2M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | $0 | $0 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$4.9M | −$5.4M | −$4.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from financing activities | −$136.9M | −$151.9M | −$135.9M | −$136.7M | −$55.8M | −$49.6M | −$70.9M | −$58.0M | −$37.8M | −$27.2M |
| Summary | ||||||||||
| Net change in cash | −$571,000 | −$4.5M | $6.3M | $12.4M | $17.1M | −$4.1M | −$2.9M | $4.5M | $5.6M | $1.1M |
| Cash at end of period | $41.9M | $42.5M | $47.0M | $40.8M | $28.3M | $11.2M | $15.3M | $18.3M | $13.8M | $8.2M |
| Free cash flow | $132.5M | $132.6M | $139.8M | $147.1M | $70.3M | $39.4M | $66.1M | $62.5M | $43.0M | $28.3M |
| Free cash flow margin | 86.7% | 82.1% | 85.4% | 86.1% | 75.3% | 84.0% | 83.9% | 85.2% | 75.0% | 75.3% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 1.8% | 2.8% |
| Operating cash flow / net income | 2.40 | 1.43 | 1.27 | 1.13 | 1.00 | 1.80 | 1.25 | 1.16 | 1.15 | 1.35 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $31.7M | $28.3M | $15.6M | $10.8M | $11.9M | $17.0M | $16.9M | $35.1M | $22.8M | $17.6M | $35.5M | $29.5M |
| Depreciation & amortization | $15.9M | $20.9M | $17.8M | $17.0M | $14.7M | $16.8M | $18.0M | $10.0M | $7.7M | $6.9M | $7.7M | $6.6M |
| Change in working capital | $17.5M | −$26.2M | — | — | $3.4M | −$1.0M | −$2.1M | — | — | — | −$1.8M | — |
| Other non-cash items | −$877,000 | $916,000 | $903,000 | $6.5M | $483,000 | $674,000 | −$1.3M | −$1.5M | −$1.0M | $3.5M | −$3.5M | −$2.2M |
| Cash from operating activities | $64.2M | $23.9M | $34.3M | $34.3M | $30.5M | $33.4M | $31.5M | $43.7M | $29.4M | $28.0M | $37.9M | $33.8M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | — | — | — | $1.3M | $90,000 | $1.9M | $3.4M | $6.7M | $438,000 | $4.2M | $278,000 | $1.5M |
| Acquisitions & other investing | $4.0M | — | $535,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from investing activities | $4.0M | — | $535,000 | $1.3M | $90,000 | $1.9M | $3.4M | $6.7M | $438,000 | $4.2M | $278,000 | $1.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$25.1M | −$36.5M | −$33.3M | −$33.1M | −$34.4M | −$35.0M | −$52.5M | −$28.1M | −$31.3M | −$39.9M | −$33.5M | −$27.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.2M | −$1.2M | −$1.2M | $2.6M | −$1.3M | −$1.3M | $3.6M | −$974,000 | −$1.1M | −$1.5M | −$1.2M | $0 |
| Cash from financing activities | −$23.9M | −$37.7M | −$34.5M | −$30.5M | −$35.6M | −$36.3M | −$48.9M | −$29.1M | −$32.4M | −$41.4M | −$34.7M | −$27.1M |
| Summary | ||||||||||||
| Net change in cash | $44.3M | −$13.8M | $331,000 | $5.1M | −$5.0M | −$963,000 | −$14.0M | $21.3M | −$2.6M | −$9.3M | $3.5M | $8.2M |
| Cash at end of period | $72.5M | $28.2M | $41.9M | $41.6M | $36.5M | $41.5M | $42.5M | $56.5M | $35.2M | $37.7M | $47.0M | $43.5M |
| Free cash flow | $64.2M | $23.9M | $34.3M | $34.3M | $30.5M | $33.4M | $31.5M | $43.7M | $29.4M | $28.0M | $37.9M | $33.8M |
| Free cash flow margin | 114.5% | 40.6% | 82.0% | 96.7% | 94.2% | 77.4% | 79.4% | 81.8% | 78.8% | 90.3% | 75.2% | 79.5% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 2.02 | 0.85 | 2.20 | 3.18 | 2.56 | 1.96 | 1.86 | 1.24 | 1.29 | 1.59 | 1.07 | 1.15 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DMLP cash generation
In fiscal 2025 (ended December 31, 2025), Dorchester Minerals generated $132.5 million of cash from operations (down 0.1%) and spent $0 on capital expenditures, leaving free cash flow of $132.5 million, 86.7% of revenue. It returned $132.0 million to shareholders through dividends ($132.0 million) and net share buybacks ($0). Cash and equivalents fell by $0.6 million over the year.
Related: DMLP income statement, DMLP balance sheet, DMLP dividend history. See the DMLP stock overview for the latest quote and news.
DMLP cash flow FAQ
What is Dorchester Minerals's free cash flow?
Dorchester Minerals's free cash flow was $132.5 million in fiscal 2025: $132.5 million of operating cash flow minus $0 of capital expenditures It was $132.6 million a year earlier..
How much cash does Dorchester Minerals generate from operations?
Dorchester Minerals generated $132.5 million of cash from operating activities in fiscal 2025, 2.40 times its net income of $55.3 million.
How much does Dorchester Minerals pay in dividends?
Dorchester Minerals paid $132.0 million in dividends in fiscal 2025, 99.6% of free cash flow.