Dorchester Minerals, L.P.

DMLP

Oil & Gas Exploration & Production · Energy

Price

$27.25

+0.14 (+0.52%)

Market Cap

$1.31B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+36.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 35.1M (2021) → 47.7M (2025)

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 producing and nonproducing mineral, royalty, and overriding royalty interests located in 582 counties and parishes in 26 states; and net profits interests represent net profits overriding royalty interests in various properties owned by the operating partners

Winston Score History

Politician Trades

1 trades / 12mo

1 Congressional buy and 0 sells on DMLP in the last 12 months.

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Score breakdown

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Quality

Gross Margin

56.7%

Premium pricing power — 56.7% gross margin

Operating Margin

49.5%

Excellent — 49.5% operating margin

ROCE

9.6%

Below par — 9.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

-3.0%

Shrinking sales (-3.0% YoY)

EPS YoY

-31.1%

Earnings shrinking (-31.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

179%

Turns 179% of profit into real cash

FCF Margin

73.0%

Converts sales into free cash efficiently (73.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

18.9x

Fair value — P/E 18.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

9.59%

Healthy income — 9.59% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-19.7%

Dividend cut (-19.7% YoY) — warning sign

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