A Business at a Glance
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MARTIN MIDSTREAM PARTNERS L.P.
MMLP
$96M
Mkt Cap
$2.45
+0.41%
MARTIN MIDSTREAM PARTNERS L.P. (MMLP) has a 5-year average return on invested capital (ROIC) of 10.9%. This indicates solid capital allocation.
MARTIN MIDSTREAM PARTNERS L.P. (MMLP) has a market capitalization of $96M. It is classified as a small-cap stock.
MARTIN MIDSTREAM PARTNERS L.P. (MMLP) does not currently pay a regular dividend.
MARTIN MIDSTREAM PARTNERS L.P. (MMLP) operates in the Wholesale-Petroleum Bulk Stations & Terminals industry, within the Consumer Defensive sector.
MARTIN MIDSTREAM PARTNERS L.P. (MMLP) reported annual revenue of $716 million in its most recent fiscal year, based on SEC EDGAR filings.
MARTIN MIDSTREAM PARTNERS L.P. (MMLP) has a net profit margin of -2.1%. The company is currently unprofitable.
MARTIN MIDSTREAM PARTNERS L.P. (MMLP) generated $21 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
References in this Annual Report on Form 10-K for the year ended December 31, 2025 (this "Annual Report") to "we," "ours," "us" or like terms when used in a historical context refer to the assets and operations of Martin Resource Management Corporation's business contributed to us in connection with our initial public offering on November 6, 2002. References in this Annual Report to "Martin Resource Management Corporation" refer to Martin Resource Management Corporation and its subsidiaries, unless the context otherwise requires. References in this Annual Report to the "Partnership" refer to Martin Midstream Partners L.P. and its subsidiaries, unless the content otherwise requires. You should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this Annual Report.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 711M | 716M | 708M | 798M | 1.0B | 882M |
| Net Income | -20M | -15M | -5.2M | -4.5M | -10M | -211K |
| EPS | $0.00 | $-0.38 | $-0.13 | $-0.12 | $-0.26 | $-0.01 |
| Free Cash Flow | 12M | 21M | 6.3M | 103M | -11M | 20M |
| ROIC | 9.2% | 12.5% | 14.5% | 9.2% | 10.9% | 7.4% |
| Gross Margin | - | 55.5% | 58.0% | 51.2% | 38.8% | 39.6% |
| Debt/Equity | 0.00 | -5.81 | -7.17 | -7.45 | -9.22 | -10.85 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 43M | 49M | 57M | 67M | 51M | 57M |
| Operating Margin | 6.0% | 6.8% | 8.1% | 8.4% | 5.0% | 6.5% |
| ROE | 0.0% | 18.9% | 7.7% | 7.3% | 19.2% | 0.4% |
| Shares Outstanding | 39M | 39M | 39M | 39M | 39M | 39M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.7B | 1.0B | 827M | 946M | 1.0B | 847M | 672M | 882M | 1.0B | 798M | 708M | 716M | 711M |
| Gross Margin | 22.5% | 38.1% | 42.2% | 37.1% | 35.4% | 41.8% | 46.9% | 39.6% | 38.8% | 51.2% | 58.0% | 55.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 36M | 37M | 34M | 39M | 39M | 41M | 41M | 41M | 42M | 41M | 49M | 42M | 41M |
| EBIT | 68M | 70M | 73M | 46M | 45M | 58M | 47M | 57M | 51M | 67M | 57M | 49M | 43M |
| Op. Margin | 4.1% | 6.8% | 8.8% | 4.8% | 4.4% | 6.9% | 6.9% | 6.5% | 5.0% | 8.4% | 8.1% | 6.8% | 6.0% |
| Net Income | -12M | 38M | 32M | 20M | 56M | -175M | -6.8M | -211K | -10M | -4.5M | -5.2M | -15M | -20M |
| Net Margin | -0.7% | 3.7% | 3.8% | 2.1% | 5.5% | -20.7% | -1.0% | -0.0% | -1.0% | -0.6% | -0.7% | -2.1% | -2.9% |
| Non-Recurring | -1.4M | -2.1M | 38M | 2.1M | 1.0M | 13M | 9.8M | -534K | 5.7M | 1.4M | 1.6M | 2.0M | 2.0M |
| Returns on Capital | |||||||||||||
| ROIC | 6.0% | 5.2% | 5.9% | 4.0% | 4.3% | 5.4% | 9.2% | 7.4% | 10.9% | 9.2% | 14.5% | 12.5% | 9.2% |
| ROE | -3.1% | 8.7% | 8.7% | 6.1% | 18.2% | -138.7% | 16.3% | 0.4% | 19.2% | 7.3% | 7.7% | 18.9% | 0.0% |
| ROA | -0.9% | 2.6% | 2.4% | 1.6% | 4.8% | -20.1% | -1.1% | -0.0% | -1.8% | -0.8% | -1.0% | -2.8% | -3.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 116M | 183M | 111M | 69M | 105M | 76M | 65M | 36M | 16M | 137M | 48M | 46M | 38M |
| Free Cash Flow | 31M | 117M | 70M | 27M | 70M | 45M | 36M | 20M | -11M | 103M | 6.3M | 21M | 12M |
| Owner Earnings | 46M | 89M | 18M | 3.3M | 42M | 14M | 1.9M | -21M | -40M | 87M | -2.6M | -4.3M | -12M |
| CapEx | 84M | 66M | 40M | 42M | 35M | 31M | 29M | 16M | 27M | 34M | 42M | 25M | 26M |
| Maint. CapEx | 69M | 92M | 92M | 65M | 61M | 60M | 61M | 57M | 56M | 50M | 51M | 50M | 50M |
| Growth CapEx | 15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 69M | 92M | 92M | 65M | 61M | 60M | 61M | 57M | 56M | 50M | 51M | 50M | 50M |
| CapEx/OCF | 72.9% | 36.0% | 36.5% | 58.9% | 33.6% | 40.4% | 44.2% | 44.9% | 168.7% | 25.0% | 86.9% | 53.7% | 68.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 277K | 0 | 347K | 4K | 273K | 392K | 9K | 17K | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 0.0% | 0.1% | 0.3% | 0.0% | 0.0% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 817K | 1.4M | 904K | 650K | 1.2M | 1.4M | 1.4M | 384K | 161K | 163K | 187K | 186K | 188K |
| Debt Repayment | 1.5B | 309M | 387M | 339M | 559M | 724M | 334M | 334M | 394M | 632M | 245M | 236M | 236M |
| Balance Sheet | |||||||||||||
| Net Debt | 889M | 865M | 808M | 813M | 662M | 591M | 531M | 521M | 548M | 482M | 505M | 498M | 458M |
| Cash & Equiv. | 42K | 31K | 15K | 27K | 237K | 2.9M | 5.0M | 52K | 45K | 54K | 55K | 49K | 49K |
| Long-Term Debt | 889M | 865M | 808M | 813M | 656M | 570M | 485M | 499M | 513M | 421M | 438M | 428M | 458M |
| Debt/Equity | 1.83 | 2.20 | 2.44 | 2.52 | 2.29 | -16.42 | -11.44 | -10.85 | -9.22 | -7.45 | -7.17 | -5.81 | 0.00 |
| Interest Coverage | 1.6 | 1.6 | 1.6 | 1.0 | 0.9 | 1.1 | 1.0 | 1.1 | 1.0 | 1.1 | 1.0 | 0.8 | 10628.5 |
| Equity | 486M | 394M | 331M | 322M | 288M | -36M | -47M | -48M | -59M | -65M | -70M | -86M | -93M |
| Total Assets | 1.5B | 1.4B | 1.2B | 1.3B | 1.1B | 667M | 580M | 580M | 599M | 509M | 539M | 522M | 537M |
| Total Liabilities | 1.1B | 987M | 934M | 955M | 785M | 703M | 627M | 628M | 658M | 574M | 609M | 608M | 630M |
| Intangibles | 72M | 50M | 37M | 25M | 18M | 936K | 586K | 358K | 154K | 55K | 26K | 1K | 1K |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | 124M | 49M | 76M | 108M | 96M | 74M | 16M | 70M | 100M | 14M | 15M | 5.8M | 31M |
| Current Assets | 288M | 168M | 194M | 243M | 208M | 181M | 136M | 174M | 211M | 114M | 130M | 130M | 149M |
| Current Liabilities | 164M | 119M | 118M | 134M | 112M | 107M | 119M | 104M | 111M | 101M | 116M | 124M | 118M |
| Per Share Data | |||||||||||||
| EPS | N/A | N/A | N/A | 0.44 | 1.43 | -4.50 | -0.17 | -0.01 | -0.26 | -0.12 | -0.13 | -0.38 | 0.00 |
| Owner EPS | N/A | N/A | N/A | 0.09 | 1.09 | 0.37 | 0.05 | -0.55 | -1.03 | 2.24 | -0.07 | -0.11 | -0.31 |
| Book Value | N/A | N/A | N/A | 7.64 | 7.41 | -0.93 | -1.21 | -1.23 | -1.52 | -1.65 | -1.80 | -2.20 | -2.37 |
| Cash Flow/Share | N/A | N/A | N/A | 1.73 | 2.70 | 1.95 | 1.67 | 0.92 | 0.41 | 3.52 | 1.24 | 1.18 | 0.76 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | N/A | 39.0M | 38.9M | 38.9M | 38.8M | 38.9M | 39.0M | 39.1M | 39.1M | 39.1M | 39.1M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | 21.2 | 5.5 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| P/FCF | N/A | N/A | N/A | 13.4 | 4.4 | 3.2 | 1.6 | 5.1 | N/A | 0.9 | 22.9 | 4.8 | 8.0 |
| EV/EBIT | N/A | N/A | N/A | 19.6 | 21.6 | 12.4 | 12.8 | 10.5 | 12.2 | 7.7 | 10.2 | 10.8 | 13.0 |
| Price/Book | N/A | N/A | N/A | 1.2 | 1.1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | N/A | N/A | N/A | 0.5 | 0.4 | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 |
| FCF Yield | N/A | N/A | N/A | 7.5% | 22.7% | 31.7% | 62.7% | 19.5% | -10.0% | 111.3% | 4.4% | 20.9% | 12.5% |
| Market Cap | N/A | N/A | N/A | 363M | 308M | 142M | 58M | 101M | 111M | 93M | 145M | 102M | 96M |
| Avg. Price | 17.66 | 14.74 | 11.26 | 11.18 | 9.59 | 6.24 | 1.93 | 2.64 | 3.66 | 2.53 | 3.20 | 3.09 | 2.45 |
| Year-End Price | 12.92 | 10.92 | 10.29 | 9.28 | 7.90 | 3.66 | 1.48 | 2.59 | 2.83 | 2.37 | 3.72 | 2.62 | 2.45 |
MARTIN MIDSTREAM PARTNERS L.P. passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 4.5x vs a median of 4.6x. The company's 5-year average ROIC is 10.9% with a gross margin of 48.6%. At current prices, the estimated annualized return to fair value is -12.5%.
MARTIN MIDSTREAM PARTNERS L.P. (MMLP) reported earnings per share (EPS) of $-0.38 in its most recent fiscal year.
MARTIN MIDSTREAM PARTNERS L.P. (MMLP) has a return on equity (ROE) of 18.9%. This indicates the company generates strong returns for shareholders.
MARTIN MIDSTREAM PARTNERS L.P. (MMLP) has a 5-year average gross margin of 48.6%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for MARTIN MIDSTREAM PARTNERS L.P. (MMLP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MARTIN MIDSTREAM PARTNERS L.P. (MMLP) has a book value per share of $-2.20, based on its most recent annual SEC filing.