Dorchester Minerals, L.P. (DMLP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+69.0%

$47.93

vs $28.36 price

Levered DCF

$47.48

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

82.68

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.63×	15.65×	11.17×	8.93×	10.2×	17.89×	13.01×	8.77×
P/B	3.44×	3.83×	6.66×	6.59×	4.9×	4.5×	5.99×	-1.54×
P/S	6.97×	8.63×	7.54×	6.59×	7.43×	8.06×	8.45×	6.45×
EV / EBITDA	8.27×	10×	8.45×	7.25×	8.25×	10.86×	9.85×	7.23×
Gross margin	46.2%	64.6%	76.5%	81.3%	80.7%	62.5%	74.7%	80.3%
Operating margin	37.5%	57.2%	69.7%	76.5%	75.1%	46.6%	67.0%	73.6%
Net margin	37.5%	57.2%	67.4%	76.5%	75.1%	46.6%	67.0%	73.6%
Current ratio	15.54×	15.97×	15.6×	18.31×	16.65×	9.7×	11.97×	61.97×
Debt / equity	0×	0×	0.01×	0.01×	0.01×	0.03×	0.02×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	12.4%	10.5%	10.7%	11.7%	7.8%	12.8%	10.6%	12.3%
Payout ratio	230.2%	158.5%	119.2%	101.0%	76.8%	220.6%	134.4%	107.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.5%	25.4%	59.5%	76.4%	49.6%	26.0%	47.5%	-17.6%
Return on invested capital	18.7%	25.5%	61.1%	75.4%	48.6%	25.2%	46.0%	61.7%
Return on assets	18.5%	25.2%	57.8%	74.1%	47.8%	24.8%	45.1%	61.3%
Free cash flow yield	12.4%	9.5%	11.3%	13.1%	10.1%	10.4%	9.9%	13.2%
Earnings yield	5.4%	6.6%	8.9%	11.6%	10.1%	5.8%	7.9%	11.4%
Enterprise value	$1B	$1.4B	$1.2B	$1.1B	$667.3M	$369.3M	$653M	$454.3M
Net debt / EBITDA	-0.33×	-0.31×	-0.33×	-0.26×	-0.33×	-0.27×	-0.19×	-0.29×
Cash conversion cycle (days)	24	32	11	11	21	22	22	-119