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DORCHESTER MINERALS, L.P.（DMLP）与STEM, INC.（STEM）财务数据对比。点击上方公司名可切换其他公司
STEM, INC.的季度营收约是DORCHESTER MINERALS, L.P.的1.1倍（$47.1M vs $41.9M），DORCHESTER MINERALS, L.P.净利率更高（38.7% vs -33.9%，领先72.6%），DORCHESTER MINERALS, L.P.同比增速更快（5.4% vs -15.6%），过去两年STEM, INC.的营收复合增速更高（36.1% vs 16.2%）
多切斯特矿业有限合伙是一家总部位于美国的上市有限合伙企业，主要收购、持有及管理油气相关的特许权权益、净利润权益、矿产产权等多元化资产组合，资产覆盖美国多个核心陆上油气产区，为合伙份额持有人提供稳定的现金流回报。
该公司是一家公开上市的生物制药企业，总部位于加利福尼亚州纽瓦克，专注研发纯化人类神经干细胞，旨在治疗中枢神经系统疾病与瘫痪，其所研发的神经干细胞可分化为中枢神经系统的神经元、星形胶质细胞与少突胶质细胞这三大主要细胞类型。
DMLP vs STEM — 直观对比
营收规模更大
STEM
是对方的1.1倍
$41.9M
营收增速更快
DMLP
高出21.0%
-15.6%
净利率更高
DMLP
高出72.6%
-33.9%
两年增速更快
STEM
近两年复合增速
16.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $41.9M | $47.1M |
| 净利润 | $16.2M | $-16.0M |
| 毛利率 | — | 48.9% |
| 营业利润率 | — | -17.7% |
| 净利率 | 38.7% | -33.9% |
| 营收同比 | 5.4% | -15.6% |
| 净利润同比 | 13.7% | 68.8% |
| 每股收益（稀释后） | — | $-4.40 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收DMLPSTEM
| Q4 25 | $41.9M | $47.1M | ||
| Q3 25 | $35.4M | $38.2M | ||
| Q2 25 | $32.4M | $38.4M | ||
| Q1 25 | $43.2M | $32.5M | ||
| Q4 24 | $39.7M | $55.8M | ||
| Q3 24 | $53.5M | $29.3M | ||
| Q2 24 | $37.4M | $34.0M | ||
| Q1 24 | $31.0M | $25.5M |
净利润DMLPSTEM
| Q4 25 | $16.2M | $-16.0M | ||
| Q3 25 | $11.2M | $-23.8M | ||
| Q2 25 | $12.3M | $202.5M | ||
| Q1 25 | $17.6M | $-25.0M | ||
| Q4 24 | $14.2M | $-51.1M | ||
| Q3 24 | $36.4M | $-148.3M | ||
| Q2 24 | $23.6M | $-582.3M | ||
| Q1 24 | $18.2M | $-72.3M |
毛利率DMLPSTEM
| Q4 25 | — | 48.9% | ||
| Q3 25 | — | 35.5% | ||
| Q2 25 | — | 33.4% | ||
| Q1 25 | — | 32.4% | ||
| Q4 24 | — | -4.4% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | -95.0% |
营业利润率DMLPSTEM
| Q4 25 | — | -17.7% | ||
| Q3 25 | — | -33.6% | ||
| Q2 25 | — | -34.8% | ||
| Q1 25 | — | -65.0% | ||
| Q4 24 | — | -84.4% | ||
| Q3 24 | — | -493.2% | ||
| Q2 24 | — | -1705.5% | ||
| Q1 24 | — | -267.0% |
净利率DMLPSTEM
| Q4 25 | 38.7% | -33.9% | ||
| Q3 25 | 31.5% | -62.2% | ||
| Q2 25 | 38.1% | 527.8% | ||
| Q1 25 | 40.9% | -76.9% | ||
| Q4 24 | 35.9% | -91.6% | ||
| Q3 24 | 68.1% | -506.3% | ||
| Q2 24 | 63.2% | -1712.6% | ||
| Q1 24 | 58.6% | -283.9% |
每股收益（稀释后）DMLPSTEM
| Q4 25 | — | $-4.40 | ||
| Q3 25 | — | $-2.84 | ||
| Q2 25 | — | $-1.79 | ||
| Q1 25 | — | $-0.15 | ||
| Q4 24 | — | $-15.29 | ||
| Q3 24 | — | $-18.24 | ||
| Q2 24 | — | $-71.81 | ||
| Q1 24 | — | $-0.46 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $41.9M | $48.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $-249.4M |
| 总资产 | $309.6M | $308.9M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资DMLPSTEM
| Q4 25 | $41.9M | $48.9M | ||
| Q3 25 | $41.6M | $43.1M | ||
| Q2 25 | $36.5M | $40.8M | ||
| Q1 25 | $41.5M | $58.6M | ||
| Q4 24 | $42.5M | $56.3M | ||
| Q3 24 | $56.5M | $75.4M | ||
| Q2 24 | $35.2M | $89.6M | ||
| Q1 24 | $37.7M | $112.8M |
股东权益DMLPSTEM
| Q4 25 | — | $-249.4M | ||
| Q3 25 | — | $-235.7M | ||
| Q2 25 | — | $-214.1M | ||
| Q1 25 | — | $-417.5M | ||
| Q4 24 | — | $-398.4M | ||
| Q3 24 | — | $-344.1M | ||
| Q2 24 | — | $-203.2M | ||
| Q1 24 | — | $371.6M |
总资产DMLPSTEM
| Q4 25 | $309.6M | $308.9M | ||
| Q3 25 | $330.4M | $362.6M | ||
| Q2 25 | $325.6M | $379.2M | ||
| Q1 25 | $349.0M | $405.1M | ||
| Q4 24 | $366.8M | $437.4M | ||
| Q3 24 | $403.4M | $537.8M | ||
| Q2 24 | $176.0M | $691.5M | ||
| Q1 24 | $184.8M | $1.3B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $34.3M | $8.2M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 2.12× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流DMLPSTEM
| Q4 25 | $34.3M | $8.2M | ||
| Q3 25 | $34.3M | $11.4M | ||
| Q2 25 | $30.5M | $-21.3M | ||
| Q1 25 | $33.4M | $8.5M | ||
| Q4 24 | $31.5M | $-14.7M | ||
| Q3 24 | $43.7M | $-9.4M | ||
| Q2 24 | $29.4M | $-11.9M | ||
| Q1 24 | $28.0M | $-621.0K |
现金转化率DMLPSTEM
| Q4 25 | 2.12× | — | ||
| Q3 25 | 3.07× | — | ||
| Q2 25 | 2.47× | -0.11× | ||
| Q1 25 | 1.89× | — | ||
| Q4 24 | 2.21× | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 1.25× | — | ||
| Q1 24 | 1.54× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
DMLP
| Royalties | $34.0M | 81% |
| Other | $7.8M | 19% |
STEM
暂无分部数据
