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Dorchester Minerals, L.P. is a publicly traded Delaware limited partnership that commenced operations on January 31, 2003, upon the combination of Dorchester Hugoton, Ltd., Republic Royalty Company, L.P. and Spinnaker Royalty Company, L.P. Dorchester Hugoton was a publicly traded Texas limited partnership, and Republic and Spinnaker were private Texas limited partnerships.
$27.25
+$0.14 (+0.52%)
EOD Jul 17, 2026
37.53% operating margin is above average.
Revenue declined 5.4% YoY. Margins deteriorated 19.7pp alongside, both lines moving the wrong way.
Operating margin contracted 19.7pp YoY, cost discipline may be slipping.
13.9x earnings, 7.8x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$169M
▼ -5.4% YoY
Net Income (TTM)
$69M
▼ -38.0% YoY
Op. Margin
40.85%
▼ -19.7pp YoY
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
$123M
▼ -0.1% YoY
Op. Cash Flow (TTM)
$123M
▼ -0.1% YoY
Net Debt
-$27M
Net Cash Position
Cash & Equiv.
$28M
5Y CAGR: +26.6%
5Y CAGR: +27.4%
Continue Research
At a P/E of 13.9 and a price-to-free-cash-flow of 7.8, Dorchester Minerals, L.P. (DMLP) trades below a two-stage DCF intrinsic value of about $110.41 per share, so at $27.25 the stock looks undervalued (305.2% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Dorchester Minerals, L.P. scores 34/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 14.5%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $110.41 per share for DMLP, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $82.81. At today's $27.25, that puts the stock about 305.2% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Dorchester Minerals, L.P. scores 34 out of 100 on Intrinsiqq's quality score, a weighted blend of 6 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a 40.8% operating margin. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Dorchester Minerals, L.P. pays a regular dividend of about $3.95 per share per year (typically in quarterly installments), a yield of roughly 14.5% at the current price. That is a payout ratio of about 200.9% of earnings, so the dividend is stretched at this level. Dorchester Minerals, L.P. has grown the dividend at roughly 25.2% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For DMLP's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. DMLP currently trades below its estimated intrinsic value and scores 34/100 on quality (lower-quality). It also yields about 14.5%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.