Reading the tape
NASDAQ: DMLP
Dorchester Minerals, L.P.
Energy · Oil & Gas Exploration & Production
Market Cap
$1.31B
52w High
$28.95
52w Low
$20.85
P/E
22.53
Volume
5.68K
Outstanding Shares
48.26M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: -4.09%Revenue (TTM): -5.38%FCF (TTM): -0.12%P/FCF: 49th pct
What changed
The stock fell 4.09% over the last year. Revenue declined 5.38% over the trailing twelve months. Operating margin moved from 57.24% to 48.64%. Free cash flow declined 0.12% over the trailing twelve months.
What the market seems to be pricing
The stock has moved lower against modestly weakening underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 48.64%. A decisive move in revenue — currently down 5.38% — would be the clearest signal to resolve the ambiguity.
Company profile
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.
CEOBradley J. Ehrman
SectorEnergy
IndustryOil & Gas Exploration & Production
Employees27
IPO dateFeb 3, 2003
Valuation
Forward P/E—
EV/EBITDA8.28
Enterprise value$1.02B
Stock splits
Aug 7, 1989↑ Forward
Every 1 shares became 2
Nov 2, 1987↑ Forward
Every 1 shares became 3
Profitability & growth
Revenue growth5.4%
Gross margin57.36%▼28.44%vs FY2024
Operating margin48.64%▼34.44%vs FY2024
ROE18.5%▼27.22%vs FY2024
Analyst consensus
Rating—
Target price—
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 7, 2026
Q2 FY26 · EPS est — · Revenue est —
View
Dividends
$2.55/shareQuarterlyAdequateDMLP pays a dividend with a 9.39% dividend yield, growing at 18.32% annually, covered 1.0× by free cash flow.
Dividend Yield
9.39%
Annual Div / Share
$2.55
5yr CAGR
+18.32%
Doubles every ~4.1yr
Payout Ratio
238.89%
Adequate
Dividend Growth Rate
3yr CAGR
-13.82%
5yr CAGR
+18.32%
10yr CAGR
+13.65%
Dividend Safety
3/10Adequate
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$2.55-19.5%
2025$3.16-4.5%
2024$3.31-16.8%
2023$3.98+67.0%
2022$2.38+117.0%
2021$1.10-40.8%
2020$1.85-4.0%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$94/yr
$8/mo
In 5 yrs
$165/yr+76%
$14/mo
In 10 yrs
$292/yr+211%
$24/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$94/yr $8/mo | $165/yr+76% $14/mo | $292/yr+211% $24/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 9.39% → 29.16% over 10yr
Analysis
Dividend Strengths
Strong dividend growth rate
The 5-year CAGR of 18.32% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
High payout ratio
With 238.89% of earnings paid as dividends, there is limited retained earnings for reinvestment — and a dividend cut becomes more likely if earnings decline.
Congressional Activity
Congress Trades in DMLP
STOCK Act disclosures from senators and representatives.
August Lee Pfluger
TXhouseRepublicanPurchase2026-03-13$15,001 - $50,000+34d to disclose