DORCHESTER MINERALS, L.P.(DMLP)Stock Analysis
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Rank #238 of 2,879 stocksTOP 10%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
DMLP Stock Analysis & AI Quality Score
AI stock analysis and institutional research for DORCHESTER MINERALS, L.P. (DMLP), a Energy sector company. 13F Pro's AI-powered ranking engine scores DMLP at 72.1/100 on a 32-signal composite quality model, placing it at rank #238 of 2,879 stocks — the top 10% of the AI-ranked universe. DMLP scores in the top quartile across balance sheet strength (97.6), free cash flow (95.8), profitability (92.5). Areas of concern include revenue scale (22.7) and earnings quality (23.4), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), DORCHESTER MINERALS, L.P. reports quarterly revenue of $58.9M, net income of $29.1M, free cash flow of $23.9M. Top institutional holders of DMLP by reported 13-F value include MORGAN STANLEY, Adams Asset Advisors,, HORIZON KINETICS ASSET MANAGEMENT, based on the most recent SEC filings. DMLP trades on the Nasdaq exchange and files with the SEC under CIK 1172358. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate DMLP daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for DORCHESTER MINERALS, L.P. directly from SEC EDGAR. DORCHESTER MINERALS, L.P.'s 13F Pro composite quality score has ranged between 72 and 74 since 2026, currently 72.1 — a stable long-term trajectory across 8 quarterly and live scoring snapshots.
What's Driving DMLP's Business? Latest 10-Q Breakdown
AI-extracted from DORCHESTER MINERALS, L.P.'s 10-Q filed 2026-05-06 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Biggest Revenue Drivers
Total revenue: $58.9M+36% YoY
Oil sales increased 21% from higher suspense releases and Rockies well production, natural gas volumes up 12%.
Miscellaneous operating revenues.
Largest Expense Items
Depletion rate adjusted for recent acquisitions and suspense releases on new wells.
Higher oil production taxes offset by lower natural gas taxes and lower ad valorem taxes.
Increased professional service fees and higher compensation from expanded Operating Partnership equity program.
Lower regulatory fees from prior-year S-4 filing.
Watch Items from the Filing
- NPI in deficit position for Q1 2026; $11.7M outstanding capital commitments primarily in Bakken region create forward cash flow risk if commodity prices decline.
- One-time $15.5M settlement proceeds recognized in NPI drove majority of Q1 revenue growth; underlying run-rate NPI revenue is lower without this non-recurring item.
- Cash balances declined 33% to $28.2M from $41.9M at year-end, with $13.8M net cash decrease in Q1 due to lower Royalty Properties receipts and distributions of $37.7M.
- Geopolitical risks remain material: military conflict in Iran, Yemen Red Sea threats, Ukraine war, and OPEC+ dynamics create oil price volatility exposure impacting distributions.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$58.9M
Net Income
Q1 2026
$29.1M
Free Cash Flow
Q1 2026
$23.9M
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
-1.4% YoYNet Income
-19.0% YoYTotal Assets
+92.0% YoYOp. Cash Flow
-5.2% YoY| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 |
|---|---|---|---|---|---|---|
| Revenue | $161.5M -1.4% | $163.8M -4.1% | $170.8M +82.8% | $93.4M +99.1% | $46.9M -36.0% | $73.3M |
| Net Income | $92.4M -19.0% | $114.1M -12.6% | $130.6M +86.1% | $70.2M +220.9% | $21.9M -59.4% | $53.9M |
| Total Assets | $366.8M +92.0% | $191.1M +8.4% | $176.2M +20.1% | $146.8M +66.2% | $88.3M +0.5% | $87.9M |
| Operating Cash Flow | $132.6M -5.2% | $139.8M -4.9% | $147.1M +109.2% | $70.3M +78.4% | $39.4M -37.0% | $62.5M |
AI Insight: DMLP Financial Trends
Q1 2026 revenue surged to $59M — the highest in the dataset — yet operating cash flow fell to a 4-quarter low of $24M, signaling a widening gap between earnings and cash conversion.
• Revenue rebounded sharply to $59M in Q1 2026, up 41% from $42M in Q4 2025 and the highest level across all eight quarters.
• Net income of $29M in Q1 2026 is the strongest since Q3 2024's $36M, recovering from a trough of $11M in Q3 2025.
• Operating cash flow dropped to $24M in Q1 2026 despite record revenue, the lowest reading since Q2 2024's $29M.
⚠ The gap between $29M net income and $24M operating CF in Q1 2026 is the widest in the dataset — working capital or timing effects warrant scrutiny.
⚠ Revenue and earnings remain volatile quarter-to-quarter, swinging from $32M to $59M over two quarters, reflecting commodity price sensitivity.
AI Insight: DMLP Ratio Trends
DMLP's net profit margin rebounded sharply to 49.5% in Q1 2026 after troughing at 31.6% in Q3 2025, but ROA remains well below mid-2024 peaks.
• Net profit margin recovered from a trough of 31.6% in Q3 2025 to 49.5% in Q1 2026, the highest quarterly reading since Q3 2024.
• ROA surged to 38.6% in Q1 2026 from a low of 13.5% in Q3 2025, signaling sharply improved asset-level profitability.
• NPM and ROA peaked at 68.1% and 36.1% respectively in Q3 2024, then deteriorated through mid-2025 before recovering — indicating cyclical commodity sensitivity.
⚠ TTM NPM of 40.8% trails the Q1 2026 quarterly rate of 49.5%, suggesting recent strength may not yet be fully reflected in trailing averages.
⚠ OpMargin, ROE, ROIC, and D/E are entirely absent — limiting visibility into operating efficiency, leverage, and capital returns.
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Available Research
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Top Institutional Holders of DMLP
MORGAN STANLEY
$48.2M1,778,712 shAdams Asset Advisors, LLC
$24.1M888,264 shHORIZON KINETICS ASSET MANAGEMENT LLC
$23.3M860,226 shHollow Brook Wealth Management LLC
$21.8M803,023 shArchPoint Investors
$13.5M499,898 shMidFirst Bank
$13.4M494,153 shMeixler Investment Management, Ltd.
$10.8M384,769 shROYCE & ASSOCIATES LP
$9.2M338,629 shDelta Investment Management, LLC
$7.7M285,042 shNATIXIS
$6.4M234,400 sh
| Fund | Value | Shares |
|---|---|---|
| MORGAN STANLEY | $48.2M | 1,778,712 |
| Adams Asset Advisors, LLC | $24.1M | 888,264 |
| HORIZON KINETICS ASSET MANAGEMENT LLC | $23.3M | 860,226 |
| Hollow Brook Wealth Management LLC | $21.8M | 803,023 |
| ArchPoint Investors | $13.5M | 499,898 |
| MidFirst Bank | $13.4M | 494,153 |
| Meixler Investment Management, Ltd. | $10.8M | 384,769 |
| ROYCE & ASSOCIATES LP | $9.2M | 338,629 |
| Delta Investment Management, LLC | $7.7M | 285,042 |
| NATIXIS | $6.4M | 234,400 |
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Is DMLP a good stock to buy?
13F Pro's AI-powered analysis of DORCHESTER MINERALS, L.P. (DMLP) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Energy sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for DMLP are available on the DMLP stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own DMLP?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling DMLP. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of DORCHESTER MINERALS, L.P.'s investment landscape.