DORCHESTER MINERALS, L.P. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DORCHESTER MINERALS, L.P. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	37.6	57.3	73.3	78.8	46.9	93.4	171	164	162	153
General and administrative	4.99	4.93	4.91	6.09	7.46	5.19	8.22	11.2	11.9
Operating expenses	1.73	2.46	2.76
Operating income	21
Net income	21	38.4	53.9	52.8	21.9	70.2	131	114	92.4	57.4
EBITDA	29.5
EPS, basic	0.66	1.18	1.61	1.50	0.61	1.94	3.35	2.85	2.13	1.16
EPS, diluted	0.66	1.18	1.61	1.50	0.61	1.94	3.35	2.85	2.13	1.16
Shares, basic (weighted)	30.7	31.5	0.03	34.1	34.7	35.1	37.6	38.8	41.8	47.7
Shares, diluted (weighted)	30.7	31.5	0.03	34.1	34.7	35.1	37.6	38.8	41.8	47.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8.21	13.8	18.3	15.3	11.2	28.3	40.8	47	42.5	41.9
Receivables								22	24.8	16.5
Other current assets									0.54	0.53
Total current assets	14.8	25.4	30.1	28.3	18.2	46.7	62.5	69.7	67.8	58.9
Lease right-of-use assets				1.63	1.39	1.17	0.96	0.77	0.59	0.42
Other non-current assets	0.02
Total assets	67.2	92	87.9	117	88.3	147	176	191	367	310
Accounts payable	0.25	0.6	0.42	2.05	1.58	2.51	3.13	4.2	3.98	3.54
Total current liabilities	0.28	0.64	0.49	2.36	1.88	2.8	3.41	4.47	4.25	3.79
Lease liabilities				2.19	1.89	1.59	1.31	1.04	0.78	0.52
Total liabilities	0.28	1.3	1.28	4.55	3.76	4.4	4.73	5.51	5.02	4.32
Total liabilities and equity	67.2	92	87.9	117	88.3	147	176	191	367	310

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	21	38.4	53.9	52.8	21.9	70.2	131	114	92.4	57.4
Depreciation and amortization	8.51	9.3	8.95	13.3	11.9	10.5	19.1	26.3	42.6	66.3
Change in receivables								-0.47	-4.65	6.02
Change in payables	-0.25	0.46	-0.18	0.32	-0.47	0.62	0.93	1.05	-0.52	-0.14
Cash from operations	28.3	44	62.5	66.1	39.4	70.3	147	140	133	132
Cash from investing		-0.62	-0.06	1.85	6.13	2.58	2.09	2.28
Net change in cash	1.08	5.62	4.46	-2.95	-4.11	17.1	12.4	6.27	-4.52	-0.57

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $29.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	45.5%	Net income / revenue.
Operating cash flow margin	81.5%	Cash from operations / revenue.
Return on assets (ROA)	27.8%	Net income / average total assets.
D&A / revenue	37.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	26.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-38.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-24.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	21.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-45.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-29.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	13.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-0.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	27.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-15.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	20.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	28.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	14.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	13.9x	Current assets / current liabilities.
Quick ratio	13.8x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	10.1x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	3.3%	Total liabilities / total assets.
Working capital	$92.6M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.61x	Revenue / average total assets.
Receivables turnover	7.12x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.81	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.98	Revenue / diluted weighted shares.
Operating cash flow per share	$3.25	Cash from operations / diluted weighted shares.
Cash per share	$1.50	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.43B	Share price x shares outstanding.
Enterprise value	$1.35B	Market cap + total debt - cash - short-term investments.
P/E	16.3x	Market cap / net income. Only when net income is positive.
P/S	7.42x	Market cap / revenue.
P/OCF	9.10x	Market cap / cash from operations, when positive.
EV/Sales	7.04x	Enterprise value / revenue.
Earnings yield	6.1%	Net income / market cap (the inverse of P/E).

What was DORCHESTER MINERALS, L.P.'s revenue in fiscal 2025?

DORCHESTER MINERALS, L.P. reported revenue of $152.8M for fiscal 2025, 5.4% lower than the year before.

Was DORCHESTER MINERALS, L.P. profitable in fiscal 2025?

Yes. Net income was $57.4M, a net margin of 37.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to DORCHESTER MINERALS, L.P.