Dorchester Minerals, L.P. (DMLP) Key Metrics
DMLP valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $1.49B
- Enterprise value
- $1.36B
- P/E (TTM)
- 17.4 10-yr median 12.5
- Forward P/E
- 20.8
- PEG ratio
- 0.83
- Price / sales
- 8.0 10-yr median 7.8
- Price / book
- 4.7 10-yr median 5.3
- EV / EBITDA
- 8.5 10-yr median 9.1
- Dividend yield
- 10.48% $3.19 a year
- Beta
- 0.61
DMLP key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsDMLP valuation Price multiples at each fiscal year-end price.
DMLP returns How much profit the business earns on the capital it uses.
DMLP per-share figures Results divided by the shares outstanding at year-end.
DMLP financial health Debt, liquidity and how easily interest is covered.
DMLP efficiency & capital use Working capital cycle and where the cash goes.
DMLP valuation history
DMLP returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DMLP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DMLP cash returned to shareholders
DMLP price vs earnings per share
DMLP key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.07B | $1.39B | $1.23B | $1.13B | $693.7M | $378.4M | $665.8M | $472.6M | $478.6M | $538.3M |
| Enterprise value | $1.02B | $1.35B | $1.19B | $1.09B | $667.3M | $369.3M | $653.0M | $454.3M | $464.8M | $530.1M |
| P/E ratio | 18.6 | 15.1 | 11.2 | 8.6 | 9.9 | 17.3 | 12.6 | 8.8 | 12.5 | 25.7 |
| Price / sales | 7.0 | 8.6 | 7.5 | 6.6 | 7.4 | 8.1 | 8.4 | 6.4 | 8.4 | 14.3 |
| Price / book | 3.4 | 3.8 | 6.7 | 6.6 | 4.9 | 4.5 | 6.0 | — | 5.3 | 8.0 |
| Price / free cash flow | 8.0 | 10.5 | 8.8 | 7.7 | 9.9 | 9.6 | 10.1 | 7.6 | 11.1 | 19.0 |
| Price / operating cash flow | 8.0 | 10.5 | 8.8 | 7.7 | 9.9 | 9.6 | 10.1 | 7.6 | 10.9 | 19.0 |
| EV / sales | 6.7 | 8.4 | 7.3 | 6.4 | 7.1 | 7.9 | 8.3 | 6.2 | 8.1 | 14.1 |
| EV / EBITDA | 8.3 | 10.0 | 8.5 | 7.3 | 8.3 | 10.9 | 9.8 | 7.2 | 9.7 | 18.0 |
| EV / free cash flow | 7.7 | 10.2 | 8.5 | 7.4 | 9.5 | 9.4 | 9.9 | 7.3 | 10.8 | 18.7 |
| Earnings yield | 5.4% | 6.6% | 8.9% | 11.6% | 10.1% | 5.8% | 7.9% | 11.4% | 8.0% | 3.9% |
| Free cash flow yield | 12.4% | 9.5% | 11.3% | 13.1% | 10.1% | 10.4% | 9.9% | 13.2% | 9.0% | 5.3% |
| Dividend yield | 12.4% | 10.5% | 10.7% | 12.1% | 8.0% | 13.1% | 10.6% | 12.3% | 7.9% | 5.1% |
| Shareholder yield (dividends + buybacks) | 12.4% | 10.5% | 10.7% | 12.1% | 8.0% | 13.1% | 10.6% | 12.3% | 7.9% | 5.1% |
| Share price at fiscal year-end | $22.36 | $33.33 | $31.83 | $29.93 | $19.79 | $10.91 | $19.51 | $14.64 | $15.20 | $17.55 |
| Per share | ||||||||||
| Revenue per share | $3.21 | $3.86 | $4.22 | $4.54 | $2.67 | $1.35 | $2.31 | $2.27 | $1.82 | $1.22 |
| Earnings per share | $1.20 | $2.21 | $2.85 | $3.47 | $2.00 | $0.63 | $1.55 | $1.67 | $1.22 | $0.68 |
| Operating cash flow per share | $2.78 | $3.17 | $3.61 | $3.91 | $2.01 | $1.14 | $1.94 | $1.94 | $1.40 | $0.92 |
| Free cash flow per share | $2.78 | $3.17 | $3.61 | $3.91 | $2.01 | $1.14 | $1.94 | $1.94 | $1.36 | $0.92 |
| Cash per share | $0.88 | $1.02 | $1.21 | $1.08 | $0.81 | $0.32 | $0.45 | $0.57 | $0.44 | $0.27 |
| Book value per share | $6.51 | $8.70 | $4.78 | $4.54 | $4.03 | $2.42 | $3.26 | −$9.51 | $2.88 | $2.18 |
| Tangible book value per share | $6.51 | $8.70 | $4.78 | $4.54 | $4.03 | $2.42 | $3.26 | −$9.51 | $2.88 | $2.18 |
| Dividends per share | $2.77 | $3.50 | $3.39 | $3.63 | $1.59 | $1.43 | $2.08 | $1.80 | $1.20 | $0.89 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.03 | $0.03 |
| Debt per share | $0.02 | $0.02 | $0.03 | $0.04 | $0.05 | $0.06 | $0.07 | — | $0.00 | $0.00 |
| Shares outstanding | 47.7M | 41.8M | 38.8M | 37.6M | 35.1M | 34.7M | 34.1M | 32.3M | 31.5M | 30.7M |
| Change in shares outstanding | +14.0% | +7.8% | +3.1% | +7.3% | +1.1% | +1.6% | +5.7% | +2.5% | +2.7% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 17.0% | 33.7% | 62.0% | 83.7% | 62.3% | 22.4% | — | — | 48.7% | 29.9% |
| Return on invested capital (ROIC) | 15.3% | 31.6% | 42.0% | 102.3% | 71.4% | 24.4% | — | — | 56.7% | 33.6% |
| Return on assets (ROA) | 17.0% | 33.1% | 60.1% | 80.9% | 59.7% | 21.3% | 51.5% | 59.9% | 48.3% | 29.8% |
| Return on tangible assets | 18.5% | 25.2% | 57.8% | 74.1% | 47.8% | 24.8% | 45.1% | 61.3% | 41.7% | 31.2% |
| Free cash flow margin | 86.7% | 82.1% | 85.4% | 86.1% | 75.3% | 84.0% | 83.9% | 85.2% | 75.0% | 75.3% |
| Income quality (OCF / net income) | 2.31 | 1.43 | 1.27 | 1.13 | 1.00 | 1.80 | 1.25 | 1.16 | 1.15 | 1.35 |
| Financial health | ||||||||||
| Total debt | $777,000 | $1.0M | $1.3M | $1.6M | $1.9M | $2.2M | $2.5M | — | $0 | $0 |
| Cash & short-term investments | $41.9M | $42.5M | $47.0M | $40.8M | $28.3M | $11.2M | $15.3M | $18.3M | $13.8M | $8.2M |
| Net debt | −$41.2M | −$41.5M | −$45.7M | −$39.2M | −$26.4M | −$9.0M | −$12.8M | −$18.3M | −$13.8M | −$8.2M |
| Debt / equity | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | — | 0.00 | 0.00 |
| Debt / assets | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | — | 0.00 | 0.00 |
| Net debt / EBITDA | −0.33 | −0.31 | −0.33 | −0.26 | −0.33 | −0.27 | −0.19 | −0.29 | −0.29 | −0.28 |
| Current ratio | 15.54 | 15.97 | 15.60 | 18.31 | 16.65 | 9.70 | 11.97 | 61.97 | 39.80 | 53.71 |
| Quick ratio | 15.54 | 15.97 | 15.60 | 22.57 | 16.65 | 9.70 | 14.96 | 75.62 | 39.80 | 69.46 |
| Interest coverage | — | — | — | — | — | — | — | — | 4.8 | 4.3 |
| Working capital | $55.1M | $63.6M | $65.2M | $59.1M | $43.9M | $16.3M | $25.9M | $29.6M | $24.7M | $14.5M |
| Invested capital | $268.9M | $322.3M | $139.7M | $131.7M | $115.0M | $75.0M | $98.3M | −$325.3M | $76.9M | $58.7M |
| Tangible asset value | $305.2M | $361.8M | $185.6M | $171.5M | $142.4M | $84.6M | $112.3M | $86.6M | $90.7M | $66.9M |
| Net current asset value | $54.6M | $62.8M | $64.2M | $57.7M | $42.3M | $14.5M | $23.7M | $28.8M | $24.1M | $14.5M |
| Graham number | $13.27 | $20.81 | $17.50 | $18.83 | $13.48 | $5.86 | $10.64 | — | $8.90 | $5.79 |
| Graham net-net per share | $1.05 | $1.35 | $1.51 | $1.20 | $1.07 | $0.37 | $0.50 | $0.70 | $0.67 | $0.35 |
| Capital allocation | ||||||||||
| Dividends paid | $132.0M | $146.5M | $131.6M | $136.7M | $55.8M | $49.6M | $70.9M | $58.0M | $37.8M | $27.2M |
| Share buybacks (net) | — | — | — | — | — | — | — | — | $0 | $0 |
| Dividend payout ratio | 230.2% | 158.5% | 119.2% | 104.7% | 79.5% | 227.0% | 134.4% | 107.6% | 98.4% | 129.7% |
| Dividends + buybacks / free cash flow | 99.6% | 110.5% | 94.1% | 93.0% | 79.4% | 126.0% | 107.2% | 92.9% | 88.0% | 96.2% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 1.8% | 2.8% |
| Capex / operating cash flow | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 2.4% | 3.7% |
| Capex / depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.11 | 0.12 |
| SG&A / revenue | 8.7% | 7.4% | 6.8% | 4.8% | 5.6% | 15.9% | 7.7% | 6.7% | 8.6% | 13.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 49.9 | 54.2 | 49.5 | 42.8 | 49.5 | 77.5 | 57.4 | 58.2 | 57.7 | 59.4 |
| Days of inventory on hand | — | — | — | -166.0 | — | — | -125.3 | -83.8 | — | -109.7 |
| Days payables outstanding | 16.7 | 26.1 | 34.7 | 32.2 | 41.3 | 37.6 | 22.6 | 12.9 | 11.1 | 11.5 |
| Cash conversion cycle (days) | 33.2 | 28.1 | 14.8 | -155.4 | 8.2 | 39.9 | -90.5 | -38.4 | -10.2 | -61.8 |
| Receivables turnover | 7.31 | 6.73 | 7.38 | 8.53 | 7.37 | 4.71 | 6.36 | 6.27 | 6.33 | 6.15 |
| Payables turnover | 21.84 | 13.97 | 10.52 | 11.33 | 8.83 | 9.70 | 16.13 | 28.35 | 32.75 | 31.65 |
| Asset turnover | 0.45 | 0.58 | 0.89 | 1.06 | 0.79 | 0.46 | 0.77 | 0.81 | 0.72 | 0.53 |
| Average receivables | $20.9M | $24.0M | $22.2M | $20.0M | $12.7M | $10.0M | $12.4M | $11.7M | $9.1M | $6.1M |
| Average payables | $3.8M | $4.1M | $3.7M | $2.8M | $2.0M | $1.8M | $1.2M | $510,000 | $425,500 | $366,500 |
| Average inventory | — | — | — | −$14.5M | — | — | −$6.8M | −$3.3M | −$2.2M | −$3.5M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from DMLP's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DMLP valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Dorchester Minerals traded at 18.6 times earnings, against a 10-year median of 12.5. Based on the latest twelve months, the trailing P/E is 17.4 and the forward P/E is 20.8. Dorchester Minerals earned a return on equity of 17.0% and a return on invested capital of 15.3% in fiscal 2025. It ended the year with $0.8 million of debt and $41.9 million in cash and short-term investments, a net cash position of $41.2 million. It returned $132.0 million to shareholders: $132.0 million in dividends and $0 in share buybacks, 100% of free cash flow. The share count rose 55.4% from 30.7M to 47.7M over 9 years.
See the DMLP income statement, the DMLP chart for price history, or the DMLP stock overview for the latest quote and news.
DMLP key metrics FAQ
What is Dorchester Minerals's P/E ratio?
Dorchester Minerals's trailing P/E ratio is 17.4 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 20.8. At the end of fiscal 2025 it was 18.6, compared with a 10-year median of 12.5.
What is Dorchester Minerals's EV/EBITDA?
Dorchester Minerals's enterprise value was 8.3 times EBITDA at the end of fiscal 2025 (enterprise value $1.0 billion, EBITDA $123.8 million); the current EV/EBITDA is 8.5.
What is Dorchester Minerals's return on equity?
Dorchester Minerals's return on equity (ROE) was 17.0% in fiscal 2025: net income of $57.4 million on average shareholders' equity of $336.9 million.
What is Dorchester Minerals's ROIC?
Dorchester Minerals's return on invested capital was 15.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Dorchester Minerals have?
Dorchester Minerals had total debt of $0.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.00 and more cash than debt.
What is Dorchester Minerals's dividend yield?
Dorchester Minerals's forward dividend yield is 10.48%. Dorchester Minerals paid $132.0 million in dividends in fiscal 2025 ($2.77 per share), a payout ratio of 230.2%.
What is Dorchester Minerals's free cash flow yield?
Dorchester Minerals generated $132.5 million of free cash flow in fiscal 2025, a free cash flow yield of 12.4% on its market value at year-end ($1.1 billion).
What is Dorchester Minerals's current ratio?
Dorchester Minerals's current ratio was 15.54 at the end of fiscal 2025: current assets were 15.54 times current liabilities.