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DORCHESTER MINERALS, L.P.（DMLP）与TELOS CORP（TLS）财务数据对比。点击上方公司名可切换其他公司
TELOS CORP的季度营收约是DORCHESTER MINERALS, L.P.的1.1倍（$46.8M vs $41.9M），DORCHESTER MINERALS, L.P.净利率更高（38.7% vs -34.9%，领先73.5%），TELOS CORP同比增速更快（77.4% vs 5.4%），过去两年TELOS CORP的营收复合增速更高（25.7% 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。
泰洛斯公司（Telos Corporation）是一家信息技术与网络安全企业，总部位于美国弗吉尼亚州阿什本。公司主要服务对象为政府与企业客户，业务合同大部分来自美国国防部，核心客户涵盖美国军方、情报机构、民政部门以及北约盟友机构。
DMLP vs TLS — 直观对比
营收规模更大
TLS
是对方的1.1倍
$41.9M
营收增速更快
TLS
高出72.0%
5.4%
净利率更高
DMLP
高出73.5%
-34.9%
两年增速更快
TLS
近两年复合增速
16.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $41.9M | $46.8M |
| 净利润 | $16.2M | $-16.3M |
| 毛利率 | — | 35.0% |
| 营业利润率 | — | -39.6% |
| 净利率 | 38.7% | -34.9% |
| 营收同比 | 5.4% | 77.4% |
| 净利润同比 | 13.7% | -74.8% |
| 每股收益（稀释后） | — | $-0.22 |
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DMLPTLS
| Q4 25 | $41.9M | $46.8M | ||
| Q3 25 | $35.4M | $51.4M | ||
| Q2 25 | $32.4M | $36.0M | ||
| Q1 25 | $43.2M | $30.6M | ||
| Q4 24 | $39.7M | $26.4M | ||
| Q3 24 | $53.5M | $23.8M | ||
| Q2 24 | $37.4M | $28.5M | ||
| Q1 24 | $31.0M | $29.6M |
净利润DMLPTLS
| Q4 25 | $16.2M | $-16.3M | ||
| Q3 25 | $11.2M | $-2.1M | ||
| Q2 25 | $12.3M | $-9.5M | ||
| Q1 25 | $17.6M | $-8.6M | ||
| Q4 24 | $14.2M | $-9.3M | ||
| Q3 24 | $36.4M | $-28.1M | ||
| Q2 24 | $23.6M | $-7.8M | ||
| Q1 24 | $18.2M | $-7.4M |
毛利率DMLPTLS
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 33.2% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 37.0% |
营业利润率DMLPTLS
| Q4 25 | — | -39.6% | ||
| Q3 25 | — | -4.8% | ||
| Q2 25 | — | -27.5% | ||
| Q1 25 | — | -29.5% | ||
| Q4 24 | — | -37.6% | ||
| Q3 24 | — | -121.4% | ||
| Q2 24 | — | -30.3% | ||
| Q1 24 | — | -28.5% |
净利率DMLPTLS
| Q4 25 | 38.7% | -34.9% | ||
| Q3 25 | 31.5% | -4.1% | ||
| Q2 25 | 38.1% | -26.5% | ||
| Q1 25 | 40.9% | -28.1% | ||
| Q4 24 | 35.9% | -35.4% | ||
| Q3 24 | 68.1% | -118.0% | ||
| Q2 24 | 63.2% | -27.2% | ||
| Q1 24 | 58.6% | -24.9% |
每股收益（稀释后）DMLPTLS
| Q4 25 | — | $-0.22 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $-0.13 | ||
| Q1 25 | — | $-0.12 | ||
| Q4 24 | — | $-0.13 | ||
| Q3 24 | — | $-0.39 | ||
| Q2 24 | — | $-0.11 | ||
| Q1 24 | — | $-0.10 |
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 | $53.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $96.0M |
| 总资产 | $309.6M | $139.9M |
| 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DMLPTLS
| Q4 25 | $41.9M | $53.2M | ||
| Q3 25 | $41.6M | $59.0M | ||
| Q2 25 | $36.5M | $57.0M | ||
| Q1 25 | $41.5M | $57.8M | ||
| Q4 24 | $42.5M | $54.6M | ||
| Q3 24 | $56.5M | $69.8M | ||
| Q2 24 | $35.2M | $80.1M | ||
| Q1 24 | $37.7M | $93.9M |
股东权益DMLPTLS
| Q4 25 | — | $96.0M | ||
| Q3 25 | — | $119.7M | ||
| Q2 25 | — | $118.4M | ||
| Q1 25 | — | $126.1M | ||
| Q4 24 | — | $127.1M | ||
| Q3 24 | — | $129.5M | ||
| Q2 24 | — | $149.1M | ||
| Q1 24 | — | $154.4M |
总资产DMLPTLS
| Q4 25 | $309.6M | $139.9M | ||
| Q3 25 | $330.4M | $164.3M | ||
| Q2 25 | $325.6M | $165.0M | ||
| Q1 25 | $349.0M | $158.1M | ||
| Q4 24 | $366.8M | $158.2M | ||
| Q3 24 | $403.4M | $166.3M | ||
| Q2 24 | $176.0M | $182.4M | ||
| Q1 24 | $184.8M | $195.4M |
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 | $8.0M |
| 自由现金流经营现金流 - 资本支出 | — | $8.0M |
| 自由现金流率自由现金流/营收 | — | 17.0% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 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 | — | $29.4M |
8季度趋势，按日历期对齐
经营现金流DMLPTLS
| Q4 25 | $34.3M | $8.0M | ||
| Q3 25 | $34.3M | $9.1M | ||
| Q2 25 | $30.5M | $7.0M | ||
| Q1 25 | $33.4M | $6.1M | ||
| Q4 24 | $31.5M | $-10.5M | ||
| Q3 24 | $43.7M | $-7.1M | ||
| Q2 24 | $29.4M | $-8.0M | ||
| Q1 24 | $28.0M | $-350.0K |
自由现金流DMLPTLS
| Q4 25 | — | $8.0M | ||
| Q3 25 | — | $8.7M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | — | $6.0M | ||
| Q4 24 | — | $-12.4M | ||
| Q3 24 | — | $-7.1M | ||
| Q2 24 | — | $-8.2M | ||
| Q1 24 | — | $-447.0K |
自由现金流率DMLPTLS
| Q4 25 | — | 17.0% | ||
| Q3 25 | — | 16.9% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | — | 19.5% | ||
| Q4 24 | — | -47.0% | ||
| Q3 24 | — | -30.0% | ||
| Q2 24 | — | -28.9% | ||
| Q1 24 | — | -1.5% |
资本支出强度DMLPTLS
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 7.1% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.3% |
现金转化率DMLPTLS
| Q4 25 | 2.12× | — | ||
| Q3 25 | 3.07× | — | ||
| Q2 25 | 2.47× | — | ||
| 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% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
