Dorchester Minerals LP (Dorchester Minerals LP) Beneish M-Score : 0.00 (As of May. 11, 2024)

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What is Dorchester Minerals LP Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Dorchester Minerals LP's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Dorchester Minerals LP was -2.49. The lowest was -4.54. And the median was -3.04.

Dorchester Minerals LP Beneish M-Score Historical Data

The historical data trend for Dorchester Minerals LP's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Dorchester Minerals LP Beneish M-Score Chart

Dorchester Minerals LP Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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Dorchester Minerals LP Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Dorchester Minerals LP's Beneish M-Score

For the Oil & Gas E&P subindustry, Dorchester Minerals LP's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Dorchester Minerals LP's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Dorchester Minerals LP's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dorchester Minerals LP's Beneish M-Score falls into.

Dorchester Minerals LP Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Dorchester Minerals LP for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was $20.9 Mil.
Revenue was 30.979 + 50.419 + 42.594 + 30.619 = $154.6 Mil.
Gross Profit was 21.436 + 39.684 + 32.261 + 22.528 = $115.9 Mil.
Total Current Assets was $58.6 Mil.
Total Assets was $184.8 Mil.
Property, Plant and Equipment(Net PPE) was $126.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $11.7 Mil.
Total Current Liabilities was $4.5 Mil.
Long-Term Debt & Capital Lease Obligation was $1.0 Mil.
Net Income was 18.167 + 36.78 + 29.463 + 19.804 = $104.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 27.967 + 37.916 + 33.845 + 29.336 = $129.1 Mil.

Total Receivables was $17.2 Mil.
Revenue was 40.167 + 38.883 + 44.057 + 47.459 = $170.6 Mil.
Gross Profit was 30.808 + 30.656 + 36.626 + 38.879 = $137.0 Mil.
Total Current Assets was $62.2 Mil.
Total Assets was $169.3 Mil.
Property, Plant and Equipment(Net PPE) was $107.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $8.9 Mil.
Total Current Liabilities was $3.5 Mil.
Long-Term Debt & Capital Lease Obligation was $1.2 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(20.865 / 154.611)	/	(17.173 / 170.566)
	=	0.134952	/	0.100682
	=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(136.969 / 170.566)	/	(115.909 / 154.611)
	=	0.803026	/	0.749681
	=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (58.602 + 126.21) / 184.812)	/	(1 - (62.172 + 107.123) / 169.295)
	=	0	/	-0
	=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	154.611	/	170.566
	=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0 / (0 + 107.123))	/	(0 / (0 + 126.21))
	=	0	/	0
	=

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(11.695 / 154.611)	/	(8.916 / 170.566)
	=	0.075641	/	0.052273
	=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0.975 + 4.484) / 184.812)	/	((1.244 + 3.513) / 169.295)
	=	0.029538	/	0.028099
	=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(104.214 - 0	-	129.064)	/	184.812
	=	-0.134461

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Dorchester Minerals LP Beneish M-Score Related Terms

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Dorchester Minerals LP (Dorchester Minerals LP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Dorchester Minerals LP (NAS:DMLP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

3838 Oak Lawn Avenue, Suite 300, Dallas, TX, USA, 75219

Website

https://www.dmlp.net

Dorchester Minerals LP operates as the owner of producing and non-producing crude oil and natural gas mineral, royalty, overriding royalty, net profits, and leasehold interests. The company generates revenues from royalties, net profits interests, lease bonus, and others. It has leasehold interests in approximately 592 counties and parishes in around 28 states.

Executives

Dorchester Minerals Operating Lp	other: Entity Under Common Control	3838 OAK LAWN AVE, STE 300, DALLAS TX 75219
Bradley J Ehrman	officer: Chief Operating Officer	3838 OAK LAWN AVE, STE 300, DALLAS TX 75219
Leslie A Moriyama	officer: Chief Financial Officer	3838 OAK LAWN AVE, STE 300, DALLAS TX 75219
William Casey Mcmanemin	director, 10 percent owner, officer: Chief Executive Officer	C/O DORCHESTER MINERALS, L.P., 3838 OAK LAWN, SUITE 300, DALLAS TX 75219
Martha Rochelle	director	3838 OAK LAWN AVENUE, SUITE 300, DALLAS TX 75219
Allen H C Jr	director, officer: Chief Financial Officer	3838 OAK LAWN, SUITE 300, DALLAS TX 75219
Robert C Vaughn	director	3838 OAK LAWN AVENUE, SUITE 710, DALLAS TX 75219
Allen D Lassiter	director	25 HIGHLAND PARK VILLAGE, STE 100-780, DALLAS TX 75205
James E Raley	director, officer: CHIEF OPERATING OFFICER	9666 ATHERTON DRIVE, DALLAS TX 75243
Buford P Berry	director	1700 PACIFIC, SUITE 3300, DALLAS TX 75201
Charles William Russell	director	4695 N FM 2869, WINNSBORO TX 75494
Preston A Peak	director	3838 OAK LAWN AVENUE, SUITE 300, DALLAS TX 75219
Ronald Paul Trout	director	1241 MOHAWK TRAIL, RICHARDSON, RICHARDSON TX 75080
Lucent Technologies Inc. Master Pension Trust	10 percent owner	600 MOUNTAIN AVENUE, ROOM 7D-523, MURRAY HILL NJ 07974
Wolf Partners Red	10 percent owner	3738 OAK LAWN AVE STE 300, DALLAS TX 75201