| Dorchester Minerals (Nasdaq: DMLP) is a small cap oil and gas play that often flies under the radar, yet it's been quietly minting money for its unitholders for decades. The company owns a diverse portfolio of mineral and royalty interests across the United States, including the prolific Permian and Bakken basins. Dorchester maintains a lean operational structure by not directly engaging in drilling or operating wells. This helps to keep costs low and margins high. Much of the company's success stems from the expertise and capital expenditures of its operating partners, as well its active pursuit of accretive acquisitions. For example, in the past year alone, Dorchester made four mineral and royalty acquisitions, adding approximately 3,700 net royalty acres across 14 counties in four states. Over the past few years, the stock price has been on a tear. It's up more than 400% from its 2020 low. But might this microcap be overheated? Let's run it through our Value Meter to find out. First, let's examine Dorchester's enterprise value-to-net asset value (EV/NAV) ratio. This metric sits at 6.53, just a hair below the industry average of 6.56 for companies with positive net assets. On the surface, this might suggest Dorchester is fairly valued. However, there's more to the story when we look at its cash generation... | 
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