Latest Ratios: P/E Ratio 21.5x · EV/EBITDA 9.7x · ROE 17.2%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $1.1B | $1.4B | $1.2B | $1.1B | $694M | $378M | $666M | $473M | $479M | $538M |
| Enterprise Value | $1.2B | $1.0B | $1.4B | $1.2B | $1.1B | $667M | $369M | $653M | $454M | $465M | $530M |
| P/E Ratio → | 21.52 | 18.63 | 15.65 | 11.17 | 8.93 | 10.20 | 17.89 | 13.01 | 8.77 | 12.88 | 26.59 |
| P/S Ratio | 8.16 | 6.97 | 8.63 | 7.54 | 6.59 | 7.43 | 8.06 | 8.45 | 6.45 | 8.35 | 14.33 |
| P/B Ratio | 4.03 | 3.49 | 3.85 | 6.65 | 6.57 | 4.87 | 4.47 | 5.93 | — | 5.17 | 7.83 |
| P/FCF | 9.41 | 8.04 | 10.51 | 8.83 | 7.66 | 9.87 | 9.60 | 10.07 | 7.57 | 11.14 | 19.04 |
| P/OCF | 9.41 | 8.04 | 10.51 | 8.83 | 7.66 | 9.87 | 9.60 | 10.07 | 7.56 | 10.87 | 19.04 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.70 | 8.37 | 7.26 | 6.36 | 7.14 | 7.87 | 8.29 | 6.20 | 8.11 | 14.12 |
| EV / EBITDA | 9.75 | 8.28 | 10.00 | 8.45 | 7.25 | 8.25 | 10.86 | 9.88 | 7.23 | 9.74 | 17.99 |
| EV / EBIT | 21.02 | 17.86 | 14.63 | 10.42 | 8.32 | 9.51 | 16.89 | 12.37 | 8.43 | 12.10 | 25.28 |
| EV / FCF | — | 7.73 | 10.19 | 8.50 | 7.39 | 9.49 | 9.37 | 9.88 | 7.27 | 10.82 | 18.75 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.2% | 46.2% | 64.6% | 76.5% | 81.3% | 80.7% | 62.5% | 74.7% | 80.3% | 75.7% | 69.1% |
| Operating Margin | 37.5% | 37.5% | 57.2% | 69.7% | 76.5% | 75.1% | 46.6% | 67.0% | 73.6% | 67.1% | 55.8% |
| Net Profit Margin | 37.5% | 37.5% | 57.2% | 67.4% | 76.5% | 75.1% | 46.6% | 67.0% | 73.6% | 67.1% | 55.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.2% | 17.2% | 33.8% | 61.8% | 83.2% | 61.8% | 22.2% | 47.0% | — | 47.7% | 29.1% |
| ROA | 17.0% | 17.0% | 33.1% | 60.1% | 80.9% | 59.7% | 21.3% | 51.5% | 59.9% | 48.3% | 29.8% |
| ROIC | 14.7% | 14.7% | 30.1% | 62.9% | 78.9% | 55.0% | 18.7% | — | — | 41.4% | 24.5% |
| ROCE | 17.2% | 17.2% | 33.7% | 63.5% | 82.4% | 60.9% | 21.8% | 52.3% | 60.3% | 48.5% | 29.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | — | — | — |
| Debt / EBITDA | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.06 | 0.04 | — | — | — |
| Net Debt / Equity | — | -0.13 | -0.11 | -0.25 | -0.23 | -0.19 | -0.11 | -0.11 | — | -0.15 | -0.12 |
| Net Debt / EBITDA | -0.33 | -0.33 | -0.31 | -0.33 | -0.26 | -0.33 | -0.27 | -0.19 | -0.29 | -0.29 | -0.28 |
| Debt / FCF | — | -0.31 | -0.31 | -0.33 | -0.27 | -0.38 | -0.23 | -0.19 | -0.29 | -0.32 | -0.29 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($42M) exceeds total debt ($777000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.54 | 15.54 | 15.97 | 15.60 | 18.31 | 16.65 | 9.70 | 11.97 | 61.97 | 39.80 | 53.71 |
| Quick Ratio | 15.54 | 15.54 | 15.97 | 15.60 | 18.31 | 16.65 | 9.70 | 11.97 | 75.62 | 39.80 | 69.46 |
| Cash Ratio | 11.05 | 11.05 | 10.01 | 10.53 | 11.94 | 10.10 | 5.98 | 6.49 | 37.62 | 21.71 | 29.86 |
| Asset Turnover | — | 0.49 | 0.44 | 0.86 | 0.97 | 0.64 | 0.53 | 0.67 | 0.83 | 0.62 | 0.56 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 39.36 | 57.23 | 50.54 | 46.40 | 71.71 | 54.36 | 59.95 | 58.94 | 73.44 | 63.91 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 10.7% | 12.4% | 10.5% | 10.7% | 11.7% | 7.8% | 12.8% | 10.6% | 12.3% | 7.9% | 5.1% |
| Payout Ratio | 230.2% | 230.2% | 158.5% | 119.2% | 101.0% | 76.8% | 220.6% | 134.4% | 107.6% | 98.4% | 129.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 5.4% | 6.4% | 9.0% | 11.2% | 9.8% | 5.6% | 7.7% | 11.4% | 7.8% | 3.8% |
| FCF Yield | 10.6% | 12.4% | 9.5% | 11.3% | 13.1% | 10.1% | 10.4% | 9.9% | 13.2% | 9.0% | 5.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 10.7% | 12.4% | 10.5% | 10.7% | 11.7% | 7.8% | 12.8% | 10.6% | 12.3% | 7.9% | 5.1% |
| Shares Outstanding | — | $48M | $42M | $39M | $38M | $35M | $35M | $34M | $32M | $31M | $31M |
Unhedged Commodity Price Exposure
According to recent market data, DMLP trades at a P/E of 21.36 and a 10.8% dividend yield, suggesting that investors are pricing in the inherent volatility of its unhedged royalty model compared to more diversified or growth-oriented energy peers within the broader exploration and production sector.
The current valuation appears to reflect a market preference for the partnership's debt-free status, yet the P/E multiple remains elevated relative to the cyclical nature of its cash flows. Investors should monitor whether this premium is justified by the long-term optionality of its non-producing acreage or if it represents an overvaluation of current production levels.
As reported in financial statements, DMLP's ROIC has fluctuated significantly, peaking at 19.6% in 2023Q4 before moderating to 8.2% in 2026Q1, which highlights the partnership's sensitivity to commodity price cycles rather than internal capital allocation decisions or operational efficiency improvements within its vast mineral interest portfolio.
The variability in returns suggests that the partnership's profitability is largely exogenous, dictated by third-party drilling activity and regional price differentials. Because DMLP does not control the underlying capital expenditures, its ROIC serves more as a barometer of industry health than a measure of management's ability to compound capital internally.
Based on DMLP's reported figures, the partnership maintains a lean operational profile with asset turnover ratios consistently below 0.30, confirming that its primary function is the passive collection of royalty payments rather than the active management of capital-intensive production assets or complex inventory supply chains.
The low asset turnover is a structural feature of the royalty model and should not be interpreted as operational inefficiency. Instead, the focus should remain on the DSO trends, which indicate the speed at which third-party operators remit payments, as any significant lengthening could signal potential liquidity stress among the partnership's primary revenue sources.
Data from the last ten quarters indicates that the P/E ratio is a fundamentally flawed metric for DMLP, as it fails to account for the massive non-cash depletion charges that artificially depress GAAP earnings while ignoring the partnership's actual cash-generating capacity available for distribution to unitholders.
Analysts should prioritize Distributable Cash Flow (DCF) over net income to better assess the partnership's true earning power. Relying on P/E obscures the reality that DMLP is a cash-flow-pass-through vehicle, and using earnings-based multiples may lead to an incorrect assessment of the partnership's valuation relative to its peers.
Includes 30+ ratios · 25 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DMLP stock.
Dorchester Minerals, L.P.'s current P/E ratio is 21.5x. The historical average is 15.9x. This places it at the 79th percentile of its historical range.
Dorchester Minerals, L.P.'s current EV/EBITDA is 9.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.5x.
Dorchester Minerals, L.P.'s return on equity (ROE) is 17.2%. The historical average is 33.9%.
Based on historical data, Dorchester Minerals, L.P. is trading at a P/E of 21.5x. This is at the 79th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dorchester Minerals, L.P.'s current dividend yield is 10.73% with a payout ratio of 230.2%.
Dorchester Minerals, L.P. has 46.2% gross margin and 37.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Dorchester Minerals, L.P.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.