Dorchester Minerals, L.p. key statistics and ratios

In fiscal 2025, Dorchester Minerals, L.p. had a net margin of 37.5% and a current ratio of 15.54. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Dorchester Minerals, L.p.: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Operating margin	55.8%	—	—	—	—	—	—	—	—	—	—
Net margin	55.8%	67.1%	73.6%	67.0%	46.6%	75.1%	76.5%	69.7%	57.2%	37.5%	45.5%
Free-cash-flow margin	—	75.0%	85.3%	83.9%	84.0%	75.3%	86.1%	85.4%	82.1%	86.7%	81.5%
Return on assets	31.2%	48.3%	59.9%	51.5%	21.3%	59.7%	80.9%	62.1%	33.1%	17.0%	28.0%
Asset turnover	0.56	0.72	0.81	0.77	0.46	0.79	1.06	0.89	0.58	0.45	0.62
Current ratio	53.77	39.80	61.97	11.97	9.70	16.65	18.31	15.60	15.97	15.54	13.85
Capital spending as % of revenue	—	1.8%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	—	111.8%	115.9%	125.3%	180.2%	100.2%	112.6%	122.5%	143.5%	231.0%	179.3%

US$ thousands unless shown otherwise. Fiscal quarters.

Dorchester Minerals, L.p.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Net margin	68.1%	35.9%	40.9%	38.1%	31.5%	38.7%	49.5%	55.1%
Free-cash-flow margin	81.8%	79.4%	77.4%	94.2%	96.7%	82.0%	40.6%	114.5%
Current ratio	14.21	15.97	13.19	11.61	10.05	15.54	16.61	13.85

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 2 checks passed · June 30, 2026

What it owns · $314m

Short-term assets $100mLonger-term assets $214m

What it owes, and who funded it · $10m

Short-term liabilities $7mLonger-term liabilities $3m

Short-term assets cover short-term liabilities $100m of assets due within a year against $7m of liabilities due within a year.
Short-term assets cover long-term liabilities $100m short-term assets against $3m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Dorchester Minerals, L.p.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

81 /100

Strong moat

How hard Dorchester Minerals's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Net income has been a median 39.5% of total assets over 10 years.
Durability 20 / 20

Net margin has been a median 67.0%; its worst year was 45.5%.
Cash conversion 20 / 20

Free cash flow was positive in 9 of 9 years, at a median 81.5% of revenue.
Discipline 5 / 20

The diluted share count rose 38.7% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Dorchester Minerals, L.p.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Dorchester Minerals, L.p.