Stock fact sheet · data as of
Dorchester Minerals, L.P. (DMLP): fair value, margin of safety and Wheel Score
Ticker symbol DMLP · Energy · Oil & Gas Exploration & Production · United States · Partnership units · Value Quality Income
DMLP trades as units of Dorchester Minerals, L.P., a limited partnership: owners receive a K-1 tax form instead of a 1099, and the payouts are distributions rather than dividends.
Is DMLP undervalued?
DMLP closed at 27.81 on 5 Nov 2026, 17% below the GLS average fair value of 33.65 from 9 models (5 of them above the price). That is a moderate margin of safety: the stock passes the "below fair value" Wheel Trade Filter, with room for a bigger discount on the Value part.
There is a wide gap between GLS Growth (5.33) and 10 Cap (64.94). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, DMLP is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 39, growth score 15, out of 100). It also carries the Quality and Income tags (Quality = moat 7.5+ out of 10 and Piotroski 7+; Income = a dividend yield of 4% or more).
Nine valuation models for DMLP
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 47.64 | +71% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 16.05 | -42% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 29.36 | +6% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 7.28 | -74% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 5.33 | -81% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 64.94 | +134% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 62.23 | +124% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 49.82 | +79% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 20.22 | -27% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 1.11 | -96% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Dorchester Minerals, L.P. scores 7 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the "Piotroski 6 or more" Wheel Trade Filter with room to spare. A GLS Moat score of 7.5/10 puts DMLP among the more durable businesses we track: over up to ten years its returns on capital have stayed high, its margins steady and its balance sheet sound.
Returns on capital are high - ROIC 18.5%, ROE 18.5%, ROA 18.5% - with debt at 0.00 times equity and a free-cash-flow yield of 11.5%.
The dividend yield is high at 12.18% (payout ratio 146%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Royalties 78%, Net Profit Interests 17%, Other Revenue 2% (quarter Q2 FY2026).
Institutional ownership scores 3/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 18.5% |
|---|---|---|---|
| GLS Moat | 7.5 / 10 | ROE | 18.5% |
| Debt / equity | 0.00 | ROA | 18.5% |
| Free-cash-flow yield | 11.5% | Payout ratio | 146% |
| Institutions | 3 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 76: Good
With a Wheel Score of 76 - the Good band - Dorchester Minerals, L.P. passes all 9 Wheel Trade Filters. How it ranks: value fair, premium strong, moat good, health good, red flags good, option trading weak, stability fair. Option trading (weak) is the part keeping it out of the Prime band.
Implied volatility is 36% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 1,432 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 188k shares a day on a market cap of $1.4B, with a beta of 0.52 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Fair | 17% below fair value | |
| Premium | Strong | implied volatility 36% | |
| Moat | Good | moat 7.5/10 | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Good | Red Flags score 85/100 | |
| Option trading | Weak | 498 contracts a day, 1,432 open interest | |
| Stability | Fair | beta 0.52, $1.4B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Dorchester Minerals, L.P. reports earnings on 5 Nov 2026 - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Oil & Gas Exploration & Production
The 12 companies below are the closest to Dorchester Minerals, L.P. by market cap within the Oil & Gas Exploration & Production industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| KOS Kosmos Energy Ltd. | 2.25 | 11.33 | +80% | 43Weak | $1.3B |
| KRP Kimbell Royalty Partners, LP | 15.48 | 22.61 | +32% | 74Good | $1.6B |
| VET Vermilion Energy Inc. | 10.75 | 25.35 | +58% | 46Weak | $1.6B |
| MNR Mach Natural Resources LP | 10.02 | 38.45 | +74% | 75Good | $1.7B |
| NEXT Nextdecade Corp | 6.25 | - | - | 28Weak | $1.7B |
| TBN Tamboran Resources Corp | 28.10 | 3.56 | -689% | 8No options | $982M |
| HPK HighPeak Energy, Inc. | 7.57 | 7.12 | -6% | 21Weak | $957M |
| DEC Diversified Energy Company PLC | 13.33 | 225.79 | +94% | 32No options | $943M |
| REPX Riley Exploration Permian, Inc. | 42.88 | 71.28 | +40% | 51Fair | $930M |
| BKV BKV Corporation | 19.10 | 41.00 | +53% | 74Good | $2.1B |
| NOG Northern Oil and Gas, Inc. | 22.27 | 26.49 | +16% | 45Weak | $2.4B |
| TXO TXO Partners, L.P. | 13.09 | 34.48 | +62% | 42Weak | $726M |
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Start free See the Sunday ScanQuestions about DMLP
Is DMLP undervalued right now?
By the GLS models, moderately: at 27.81 the stock trades 17% below the average fair value of 33.65 (data as of 5 Nov 2026).
What is the Wheel Score of DMLP and what does it mean?
DMLP scores 76 out of 100 (Good). The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for DMLP?
33.65 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Dorchester Minerals, L.P. report earnings next?
The next earnings report is due on 5 Nov 2026, 0 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does DMLP have listed options, and how liquid are they?
Yes. The nightly snapshot found 24 listed contracts with 1,432 open interest across all expiries and implied volatility of 36% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.
Is DMLP a partnership?
Yes. DMLP trades as units of Dorchester Minerals, L.P., a limited partnership: owners receive a K-1 tax form instead of a 1099, and the payouts are distributions rather than dividends.