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Side-by-side financial comparison of DORCHESTER MINERALS, L.P. (DMLP) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $41.9M, roughly 1.4× DORCHESTER MINERALS, L.P.). DORCHESTER MINERALS, L.P. runs the higher net margin — 38.7% vs 28.6%, a 10.0% gap on every dollar of revenue. Over the past eight quarters, DORCHESTER MINERALS, L.P.'s revenue compounded faster (16.2% CAGR vs 2.1%).
Dorchester Minerals, L.P. is a publicly traded master limited partnership based in the United States. It acquires, owns, and manages a diversified portfolio of royalty interests, net profit interests, and mineral properties associated with oil, natural gas, and natural gas liquids production across key onshore U.S. energy basins, delivering stable cash flow returns to its unitholders.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
DMLP vs IBCP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $41.9M | $58.9M |
| Net Profit | $16.2M | $16.9M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 38.7% | 28.6% |
| Revenue YoY | 5.4% | — |
| Net Profit YoY | 13.7% | 8.2% |
| EPS (diluted) | — | $0.81 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $58.9M | ||
| Q4 25 | $41.9M | $58.3M | ||
| Q3 25 | $35.4M | $57.3M | ||
| Q2 25 | $32.4M | $55.9M | ||
| Q1 25 | $43.2M | $54.1M | ||
| Q4 24 | $39.7M | $62.0M | ||
| Q3 24 | $53.5M | $51.4M | ||
| Q2 24 | $37.4M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | $16.2M | $18.6M | ||
| Q3 25 | $11.2M | $17.5M | ||
| Q2 25 | $12.3M | $16.9M | ||
| Q1 25 | $17.6M | $15.6M | ||
| Q4 24 | $14.2M | $18.5M | ||
| Q3 24 | $36.4M | $13.8M | ||
| Q2 24 | $23.6M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 34.8% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.0% | ||
| Q1 25 | — | 35.3% | ||
| Q4 24 | — | 36.7% | ||
| Q3 24 | — | 33.7% | ||
| Q2 24 | — | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | 38.7% | 31.8% | ||
| Q3 25 | 31.5% | 30.5% | ||
| Q2 25 | 38.1% | 30.2% | ||
| Q1 25 | 40.9% | 28.8% | ||
| Q4 24 | 35.9% | 29.8% | ||
| Q3 24 | 68.1% | 26.9% | ||
| Q2 24 | 63.2% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | — | $0.88 | ||
| Q3 25 | — | $0.84 | ||
| Q2 25 | — | $0.81 | ||
| Q1 25 | — | $0.74 | ||
| Q4 24 | — | $0.87 | ||
| Q3 24 | — | $0.65 | ||
| Q2 24 | — | $0.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $41.9M | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $510.6M |
| Total Assets | $309.6M | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $41.9M | $138.4M | ||
| Q3 25 | $41.6M | $208.7M | ||
| Q2 25 | $36.5M | $146.2M | ||
| Q1 25 | $41.5M | $128.1M | ||
| Q4 24 | $42.5M | $119.9M | ||
| Q3 24 | $56.5M | $121.6M | ||
| Q2 24 | $35.2M | $214.3M |
| Q1 26 | — | $510.6M | ||
| Q4 25 | — | $503.0M | ||
| Q3 25 | — | $490.7M | ||
| Q2 25 | — | $469.3M | ||
| Q1 25 | — | $467.3M | ||
| Q4 24 | — | $454.7M | ||
| Q3 24 | — | $452.4M | ||
| Q2 24 | — | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $309.6M | $5.5B | ||
| Q3 25 | $330.4M | $5.5B | ||
| Q2 25 | $325.6M | $5.4B | ||
| Q1 25 | $349.0M | $5.3B | ||
| Q4 24 | $366.8M | $5.3B | ||
| Q3 24 | $403.4M | $5.3B | ||
| Q2 24 | $176.0M | $5.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $34.3M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 2.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $34.3M | $76.7M | ||
| Q3 25 | $34.3M | $18.2M | ||
| Q2 25 | $30.5M | $19.0M | ||
| Q1 25 | $33.4M | $31.7M | ||
| Q4 24 | $31.5M | $63.2M | ||
| Q3 24 | $43.7M | $17.2M | ||
| Q2 24 | $29.4M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $70.2M | ||
| Q3 25 | — | $16.5M | ||
| Q2 25 | — | $16.7M | ||
| Q1 25 | — | $30.6M | ||
| Q4 24 | — | $55.2M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 120.3% | ||
| Q3 25 | — | 28.9% | ||
| Q2 25 | — | 29.8% | ||
| Q1 25 | — | 56.5% | ||
| Q4 24 | — | 89.1% | ||
| Q3 24 | — | 30.6% | ||
| Q2 24 | — | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 11.1% | ||
| Q3 25 | — | 2.9% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 12.8% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.12× | 4.13× | ||
| Q3 25 | 3.07× | 1.04× | ||
| Q2 25 | 2.47× | 1.12× | ||
| Q1 25 | 1.89× | 2.03× | ||
| Q4 24 | 2.21× | 3.42× | ||
| Q3 24 | 1.20× | 1.25× | ||
| Q2 24 | 1.25× | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DMLP
| Royalties | $34.0M | 81% |
| Other | $7.8M | 19% |
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
