Dorchester Minerals, L.P. (DMLP) Fair Value & Analysis
Energy · US · Market cap $1.2B
Dorchester Minerals, L.P.
DMLP · US
Fair value as of: Jul 16, 2026
From 24 valuation models · updated 25 days ago
Share price −0.9% over the past month.
A solid business, but screening 58% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case ($15.63). The favourable scenario is already priced in.
- Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($8.30 to $15.63) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.
How to read this chart
60‑month range $8.43 – $29.96 · fair‑value band $8.30 – $15.63 · the $26.08 price screens above the $10.83 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.
Analysis
Dorchester Minerals, L.P. (DMLP) currently trades at $26.08, while our model-based Fair Value estimate is $10.83, implying the stock looks roughly 58.5% overvalued today. The Quality Score stands at 54/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Dorchester Minerals, L.P. generated revenue of $163M at a net margin of 40.9%. Revenue grew 36.4% year over year. It earns a return on equity of 21.5%. The balance sheet holds a net cash position of $41.2M. Fundamentals as of Jul 16, 2026
Our scenario range runs from $8.30 (bear case) to $15.63 (bull case); at $26.08, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 10% below its 52-week high and 31% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -26% fair-value upside, at -58%, DMLP screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 24 models by family
Widest divergence: Growth DCF ($43.05) versus Asset-Based ($4.31). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 59
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Dorchester Minerals, L.P. engages in the acquisition, ownership, and administration of royalty properties in the United States.
Full company description
Dorchester Minerals, L.P. engages in the acquisition, ownership, and administration of royalty properties in the United States. Its royalty properties include producing and nonproducing mineral, royalty, overriding royalty, net profits, and leasehold interests in 594 counties and parishes in 28 states; and net profits interests, which represent net profits overriding royalty interests in various properties owned by the operating partnership. The company was founded in 1982 and is based in Dallas, Texas.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Dorchester Minerals, L.P. reported revenue of $153M in FY2025 versus $93.4M in FY2021, a compound +13.1%/yr. Reported net income was $57.4M in FY2025, compounding −4.9%/yr from FY2021.
DMLP screens 58% overvalued. Compare with CNOOC Limited →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Is Dorchester Minerals (DMLP) A Bargain On Its New Q2 2026 Cash Distribution?
- Dorchester Minerals, L.P. Announces Its Second Quarter Distribution
- Dorchester Minerals, L.P. Announces Agreement to Acquire Mineral and Royalty Interests
- Strong Q1 2026 Earnings And Distribution Might Change The Case For Investing In Dorchester Minerals (DMLP)
Peer Group
Oil & Gas E&P · 315 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas E&P median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Oil & Gas E&P stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| CNOOC Limited 600938 | ¥28.97 | ¥32.55 | +12% |
| ConocoPhillips explores for, COP | $109.04 | $91.79 | -16% |
| Canadian Natural Resources Limited CNQ | $42.86 | $31.54 | -26% |
| EOG Resources, Inc EOG | $139.89 | $130.19 | -7% |
| Occidental Petroleum Corporation OXY | $54.86 | $30.68 | -44% |
| Diamondback Energy, Inc FANG | $183.39 | $106.12 | -42% |
| Devon Energy Corporation DVN | $43.83 | $27.06 | -38% |
| Woodside Energy Group WDS | A$30.46 | A$20.71 | -32% |
| EQT Corporation EQT | $48.85 | $42.85 | -12% |
| Texas Pacific Land Corporation TPL | $415.70 | $79.20 | -81% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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