DMLP
Dorchester Minerals, L.P.Energy·Oil & Gas Exploration & Production
$27.08
$1.3B market cap
Revenue
$100.7M
Free Cash Flow
$58.2M
Rev Growth
+0.0%
FCF Margin
57.8%
P/FCF
22.4x
EV/FCF
22.0x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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. Its royalty properties consist of producing and nonproducing mineral, royalty, and overriding royalty interests located in 582 counties and parishes in 26 states; and net profits interests represent net profits overriding royalty interests in various properties owned by the operating partners
2-Year Price History
$27.47+1.7%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 58.9 | 50.1 | 29.1 | 29.1 | 23.9 | 23.9 | -0.0 | 28.2 | 0.7 | 48.3 | 127.1% | -- | -- |
| Act | 2025-Q4 | 41.9 | 34.0 | 16.2 | 17.0 | 34.3 | 34.3 | -0.0 | 41.9 | 0.8 | 47.7 | 63.8% | -- | -- |
Valuation & Metrics
Market Stats
Price$27.08
Market Cap$1.3B
Enterprise Value$1.3B
P/S Ratio13.0x
P/FCF22.4x
EV/FCF22.0x
FCF Margin (TTM)57.8%
FCF Yield4.5%
Dividend Yield (TTM)12.1%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$100.7M
Net Income$46.2M
Free Cash Flow$58.2M
Revenue Growth (YoY)+0.0%
EBITDA Margin83.5%
Net Margin45.8%
FCF Margin57.8%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC95.4%
WC Change % Rev-28.5%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.6M
Days to Cover3.3
Change (vs Prior)+1.9%
Need at least 2 settlement dates for chart
Employees
Headcount27
Revenue / Employee$3,730,815
Gross Profit / Employee$1,957,444
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
21.3%(+2.9% YoY)
143 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.1%(-0.1% YoY)
2 filers
Vanguard, iShares, SPDR
Market makers
0.1%(-0.0% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| MORGAN STANLEY | $48.2M | $24.27 | +$5.8M | +$20.6M | -0.3% | $1.65T |
| Adams Asset Advisors, LLC | $24.1M | $24.12 | +$2.0M | +$8.9M | +0.7% | $891M |
| HORIZON KINETICS ASSET MANAGEMENT LLC | $23.3M | $26.95 | −$411K | −$1.4M | +1.5% | $9.23B |
| Hollow Brook Wealth Management LLC | $21.8M | $24.01 | +$0 | +$21.8M | +0.2% | $392M |
| Botty Investors LLC | $13.5M | $22.30 | −$1.6M | −$1.1M | -0.2% | $420M |
| MidFirst Bank | $13.4M | $21.32 | +$0 | +$13.4M | +2.1% | $1.21B |
| Meixler Investment Management, Ltd. | $10.8M | $22.75 | −$793K | −$806K | -0.0% | $186M |
| ROYCE & ASSOCIATES LP | $9.2M | $20.25 | +$0 | −$2.5M | -0.9% | $10.09B |
| Delta Investment Management, LLC | $7.7M | $16.98 | −$168K | −$408K | +1.0% | $559M |
| NATIXIS | $6.4M | $21.08 | +$0 | −$238K | +0.1% | $24.76B |
| Texas Yale Capital Corp. | $5.6M | $24.77 | +$160K | +$2.3M | +1.2% | $3.52B |
| WILEY BROS.-AINTREE CAPITAL, LLC | $5.1M | $26.59 | +$419K | +$1.9M | -0.4% | $20.05B |
| Freestone Capital Holdings, LLC | $5.1M | $24.87 | +$2.7M | +$4.2M | +0.0% | $3.19B |
| FIRST TRUST ADVISORS LP | $4.7M | $23.14 | +$911K | +$63K | +0.1% | $139.72B |
| Kingsview Wealth Management, LLC | $4.6M | $15.40 | −$178K | −$1.8M | -0.2% | $7.30B |
| BANK OF AMERICA CORP /DE/ | $4.0M | $23.43 | −$143K | −$95K | -0.1% | $1.36T |
| ING GROEP NV | $3.6M | $22.73 | +$0 | +$3.6M | -0.2% | $16.35B |
| STIFEL FINANCIAL CORP | $3.4M | $24.05 | +$50K | +$969K | -0.3% | $108.17B |
| ROYAL BANK OF CANADA | $3.3M | $24.53 | +$424K | +$1.3M | -0.2% | $526.36B |
| GraniteShares Advisors LLC | $3.0M | $22.94 | −$335K | +$864K | -1.0% | $139M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
+0.27%
avg per quarter
Holders (ex-self)
+0.24%
excl. this stock
Buyers (this Q)
+0.05%
60 buyers · $0.04B in
Sellers (this Q)
+0.94%
26 sellers · $-0.01B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-5.3%
how holders react when this stock falls
On quiet Qs
-0.7%
−10% to +10% baseline
On rallies (+10%+)
+4.5%
how they react when this stock rises
Holders' portfolio flow this Q
+0.4%
inflows — adds are organic
Sellers' portfolio flow this Q
-9.9%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-0.6%
Holder mid (any stock)
-1.5%
Holder rally (any stock)
-2.1%
Biggest decreases this quarter
Botty Investors LLC−$1.6Mα-0.2Meixler Investment Management, Ltd.−$793Kα-0.0GLOBAL STRATEGIC MANAGEMENT INCexited−$644KSUSQUEHANNA INTERNATIONAL GROUP, LLPexited−$539KHORIZON KINETICS ASSET MANAGEMENT LLC−$411Kα+1.5GraniteShares Advisors LLC−$335Kα-1.0UBS Group AG−$259Kα-0.3Compound Planning, Inc.exited−$221KKingsview Wealth Management, LLC−$178Kα-0.2Delta Investment Management, LLC−$168Kα+1.0
Top-5 holders · 45.7%
MORGAN STANLEY--
Adams Asset Advisors, LLC--
HORIZON KINETICS ASSET MANAGEMENT LLC--
Hollow Brook Wealth Management LLC--
Botty Investors LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
MORGAN STANLEY1.8MHORIZON KINETICS ASSET MANAGEMENT LLC860KAdams Asset Advisors, LLC888KHollow Brook Wealth Management LLC803KGreenwich Investment Management, Inc.—ROYCE & ASSOCIATES LP339KBotty Investors LLC500KMeixler Investment Management, Ltd.385KMirae Asset Global Investments Co., Ltd.—MidFirst Bank494K
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Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$563K
8 txns · 4 insiders · 24,338 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-20 | BUY | DORCHESTER MINERALS OPERATING LP | other: Entity Under Common Control | 7,500 | $28.30 | $212K | $1.77M |
| 2026-05-12 | BUY | EHRMAN BRADLEY J | officer: Chief Executive Officer | 4,000 | $26.78 | $107K | $3.82M |
| 2026-02-13 | BUY | DORCHESTER MINERALS OPERATING LP | other: Entity Under Common Control | 5,000 | $25.29 | $126K | $1.39M |
| 2026-02-12 | BUY | DORCHESTER MINERALS OPERATING LP | other: Entity Under Common Control | 5,000 | $25.08 | $125K | $1.25M |
| 2026-02-11 | BUY | DORCHESTER MINERALS OPERATING LP | other: Entity Under Common Control | 10,000 | $25.29 | $253K | $1.14M |
| 2025-12-22 | BUY | DORCHESTER MINERALS OPERATING LP | other: Entity Under Common Control | 10,000 | $22.30 | $223K | $781K |
| 2025-12-19 | BUY | DORCHESTER MINERALS OPERATING LP | other: Entity Under Common Control | 5,000 | $22.23 | $111K | $556K |
| 2025-12-18 | BUY | DORCHESTER MINERALS OPERATING LP | other: Entity Under Common Control | 15,729 | $22.28 | $350K | $446K |
| 2025-12-17 | BUY | DORCHESTER MINERALS OPERATING LP | other: Entity Under Common Control | 4,271 | $22.19 | $95K | $95K |
| 2025-12-03 | BUY | Box Frank Damon | director | 5,000 | $21.96 | $110K | $198K |
| 2025-11-28 | BUY | VAUGHN ROBERT C | director | 195 | $21.36 | $4K | $439K |
| 2025-11-26 | BUY | EHRMAN BRADLEY J | officer: Chief Executive Officer | 2,487 | $21.60 | $54K | $2.62M |
| 2025-11-25 | BUY | EHRMAN BRADLEY J | officer: Chief Executive Officer | 1,000 | $21.26 | $21K | $2.52M |
| 2025-11-25 | BUY | MORIYAMA LESLIE A | officer: Chief Financial Officer | 3,041 | $21.50 | $65K | $1.80M |
| 2025-11-25 | BUY | VAUGHN ROBERT C | director | 4,615 | $21.41 | $99K | $436K |
| 2025-09-05 | BUY | Box Frank Damon | director | 4,000 | $25.57 | $102K | $102K |
Order Flow (FINRA, ~3w lag)
49.0%retail+3.9pp
8.1%dark-0.1pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Dorchester Minerals, L.P.: Depleting Assets and Dilutive Acquisitions Amidst Revenue Contraction
Overall Risk
3/10
Fraud
2/10
Dilution
4/10
Insolvency
1/10
Earnings Overstated
3/10
Hidden Liabilities
2/10
Legal
2/10
Audit Warnings
1/10
Hidden Upside
4/10
Contextually Acceptable
8/10