# Dorchester Minerals, L.P. (DMLP)

> Source: Nexqual · https://nexqual.com/DMLP · data as of 2026-10-23 13:30 UTC · cite as "Nexqual, Dorchester Minerals, L.P. (DMLP), nexqual.com/DMLP" · informational, not investment advice.

**Price:** USD 30.13 (+0.50% today) · US market open, as of October 23, 2026 at 13:30 UTC; quotes may be delayed. Prev close 29.98 · day 30.13–30.13 · 52w 20.85–30.54 · market cap $1.48B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $192M, net income $87.4M (45.5% margin) (SEC filings).
- Valuation: P/E 16.9x.
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $673K; 1 by opportunistic insiders, 3 by routine insiders.
- Total return with dividends: 1Y +36.5% vs S&P 500 +14.9%; 5Y +170.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $93.4M | $171M | $164M | $162M | $153M | $192M |
| Net income | $70.2M | $131M | $114M | $92.4M | $57.4M | $87.4M |
| EPS (diluted) | $1.94 | — | — | — | — | — |
| Net margin | 75.1% | 76.5% | 69.7% | 57.2% | 37.5% | 45.5% |
| Revenue growth | +99.1% | +82.8% | -4.1% | -1.4% | -5.4% | — |
| Cash + short-term investments | $28.3M | $40.8M | $47.0M | $42.5M | $41.9M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.9x · P/S 7.7x · Earnings yield 5.91%

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $673K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-19 | Moriyama Leslie A | Chief Financial Officer | 5,197 | $147K | 28.3 | Routine (bought in Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-01 | Dorchester Minerals Operating Lp |  | 7,500 | $207K | 27.56 | Routine (bought in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-20 | Dorchester Minerals Operating Lp |  | 7,500 | $212K | 28.3 | Routine (bought in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-12 | Ehrman Bradley J | Chief Executive Officer | 4,000 | $107K | 26.78 | Opportunistic (traded every year 2023–2025, no repeating month) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +36.5% | +170.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +36.5% | +22.0% |
| Volatility (annualized) | 23.2% | 28.2% |
| Max drawdown | -13.6% (Oct 2025→Nov 2025) | -29.4% (Nov 2024→Nov 2025) |

## Peers (Oil & Gas E&P)
BSM (Black Stone Minerals, L.P.) USD 14.71 +0.82% · BTE (Baytex Energy Corp) USD 5.37 +0.94% · CRK (Comstock Resources, Inc.) USD 14.12 +1.05% · CRC (California Resources Corporatio) USD 52.96 -1.08% · CRGY (Crescent Energy Company) USD 13.38 +0.38% · CNX (CNX Resources Corporation) USD 35.73 +1.62%

## More
Full page: https://nexqual.com/DMLP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DMLP's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1172358/000143774926005376/dmlp20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Dorchester Minerals Management GP | "Our general partner is Dorchester Minerals Management LP, which is managed by its general partner, Dorchester Minerals Management GP LLC." |

Other companies that name DMLP in their own reports (relationship from DMLP's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ALLIANCE RESOURCE PARTNERS LP (ARLP) | 10-K 2026-02-26 | "For 2025, the peer group consisted of the following companies: Alpha Metallurgical Resources, Inc., Black Stone Minerals, L.P., CORE Natural Resources, Inc., Dorchester Minerals, L.P., Kimbell Royalty…" |
| partner | Energy Transfer LP (ET) | 10-K 2026-02-19 | "In 2026, Mr. Sturrock was elected to the board of directors of Dorchester Minerals, L.P. (Nasdaq: DMLP), a publicly traded partnership that owns crude oil and natural gas interests in 28 states." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Royalties | $43.9M | 78.3% | +79.7% |
| — Royalties Oil (part of Royalties) | $43.6M | 77.8% | +93.3% |
| — Royalties Natural Gas (part of Royalties) | $278,000 | 0.5% | -85.1% |
| Net Profit Interests | $9.6M | 17.1% | +152.6% |
| Other Revenue | $1.4M | 2.4% | +186.9% |
| Lease Bonus | $1.2M | 2.2% | -66.6% |
| Total revenue | $56.1M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year (ends 2011-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±8.7%; last 8 reports averaged ±1.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 34.1% | ±8.7% |
| 2027-02-19 | 119 | 26.6% | ±12.4% |
| 2027-05-21 | 210 | 23.8% | ±13.4% |