Martin Midstream (MMLP)
NASDAQ:MMLP
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Martin Midstream
(NASDAQ:MMLP)
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Rating:58Neutral
Price Target:
$2.50
▼(-3.10% Downside)
Action:ReiteratedDate:02/20/26
The score is driven primarily by mixed financial performance: solid cash generation and a sharply improved 2025 balance sheet are positives, but ongoing net losses and a historically weak equity position remain key risks. Technicals are moderately supportive with improving trend and momentum, while valuation is helped by an extremely high yield but offset by a negative P/E from continued losses.
Positive Factors
Balance-sheet improvement
The 2025 balance-sheet reset—materially positive equity and sharply lower reported debt—meaningfully reduces financial leverage and refinancing risk. That stronger capital structure increases flexibility to fund maintenance capex, support operations through cycles, and pursue strategic initiatives without reliance on emergency financing.
Negative Factors
Persistent net losses
The partnership has recorded net losses each year through 2025, which erodes retained earnings and equity over time and may constrain the ability to fund growth from internal resources. Persistent accounting losses can also limit strategic options and increase borrowing costs despite positive operating cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet improvement
The 2025 balance-sheet reset—materially positive equity and sharply lower reported debt—meaningfully reduces financial leverage and refinancing risk. That stronger capital structure increases flexibility to fund maintenance capex, support operations through cycles, and pursue strategic initiatives without reliance on emergency financing.
Read all positive factors
Martin Midstream (MMLP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$98.03M
Dividend Yield0.77%
Average Volume (3M)19.33K
Price to Earnings (P/E)―
Beta (1Y)0.37
Revenue Growth-0.58%
EPS Growth-587.83%
CountryUS
Employees1,292
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)-0.07
Shares Outstanding39,055,084
10 Day Avg. Volume33,754
30 Day Avg. Volume19,328
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)-1.18
Price to Sales (P/S)0.14
P/FCF Ratio7.26
Enterprise Value/Market Cap6.38
Enterprise Value/Revenue0.87
Enterprise Value/Gross Profit2.72
Enterprise Value/Ebitda6.40
Forecast
1Y Price Target
$3.00Price Target Upside16.28% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Martin Midstream Business Overview & Revenue Model
Company Description
Martin Midstream Partners L.P., together with its subsidiaries, engages in terminalling, processing, storage, and packaging of petroleum products and by-products primarily in the United States Gulf Coast region. The company's Terminalling and Stor...
How the Company Makes Money
MMLP generates revenue primarily by charging fees for midstream logistics services and, to a lesser extent, from product-related and service activities tied to specialty petroleum products. Key revenue streams include: (1) Terminalling, storage, a...
Martin Midstream Earnings Call Summary
Earnings Call Date:Oct 16, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Apr 22, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture. While there was notable outperformance in segments like Transportation and Sulfur Services, overall financial performance fell short of guidance due to increased expenses. The Specialty Products segment notably underperformed, reflecting economic challenges. However, the pending transaction with Martin Resource Management and strategic plans for debt reduction provide some positive outlook.Positive Updates
Transportation Segment Outperformance
The transportation segment had an adjusted EBITDA of $11.6 million, exceeding guidance of $10.8 million. The Marine Transportation business also exceeded expectations with an adjusted EBITDA of $5.1 million compared to guidance of $4.4 million.
Negative Updates
Guidance Shortfall
Overall third quarter performance fell short of guidance by $1.3 million due to increased expenses related to long-term incentive plans, impacting multiple segments.
Read all updates
Q3-2024 Updates
Positive
Negative
Transportation Segment Outperformance
The transportation segment had an adjusted EBITDA of $11.6 million, exceeding guidance of $10.8 million. The Marine Transportation business also exceeded expectations with an adjusted EBITDA of $5.1 million compared to guidance of $4.4 million.
Read all positive updates
Company Guidance
During the MMLP Q3 2024 earnings call, the company provided detailed guidance on various metrics. Adjusted EBITDA for Q3 was reported at $25.1 million, falling short of the $26.4 million guidance due to a $1.4 million increase in long-term incentive plan expenses. Segment-wise, the Transportation segment outperformed with an adjusted EBITDA of $11.6 million against a $10.8 million forecast. Meanwhile, the Terminalling and Storage segment recorded $8.4 million, slightly missing the $9 million guidance due to a $0.6 million incentive charge. The Specialty Products segment underperformed, generating $4.6 million versus a $6.5 million guidance, primarily due to weak demand attributed to the slowing U.S. economy. Conversely, the Sulfur Services segment exceeded expectations with an adjusted EBITDA of $4.2 million, bolstered by a 12% higher daily sulfur production volume than forecast. Total long-term debt stood at $486.5 million, with a leverage ratio of 4.14x, and capital expenditures for the year are projected to be $57.4 million. Looking ahead, the company maintains its full-year 2024 adjusted EBITDA guidance at $116.1 million, with stable outlooks for the Marine and Sulfur Services divisions.Martin Midstream Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
58
Neutral
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 716.11M | 707.62M | 797.96M | 1.02B | 882.43M |
| Gross Profit | 88.86M | 359.80M | 106.18M | 339.29M | 292.58M |
| EBITDA | 98.01M | 106.50M | 111.55M | 107.54M | 114.03M |
| Net Income | -14.45M | -5.08M | -4.44M | -10.33M | -211.00K |
Balance Sheet | |||||
| Total Assets | 522.42M | 538.51M | 509.38M | 598.85M | 579.86M |
| Cash, Cash Equivalents and Short-Term Investments | 49.00K | 55.00K | 54.00K | 45.00K | 52.00K |
| Total Debt | 524.77M | 505.23M | 481.76M | 548.23M | 521.74M |
| Total Liabilities | 608.21M | 608.95M | 574.00M | 658.30M | 627.90M |
| Stockholders Equity | -85.80M | -71.88M | -66.18M | -61.11M | -49.92M |
Cash Flow | |||||
| Free Cash Flow | 13.99M | 6.34M | 103.15M | -11.09M | 19.67M |
| Operating Cash Flow | 46.13M | 48.35M | 137.47M | 16.15M | 35.73M |
| Investing Cash Flow | -30.01M | -58.60M | -33.66M | -24.64M | -19.24M |
| Financing Cash Flow | -16.12M | 10.25M | -103.80M | 8.49M | -21.39M |
Martin Midstream Technical Analysis
Negative
2.58
Price Trends
2.80
Negative
2.71
Negative
2.89
Negative
Market Momentum
-0.08
Positive
44.02
Neutral
27.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MMLP, the sentiment is Negative. The current price of 2.58 is below the 20-day moving average (MA) of 2.76, below the 50-day MA of 2.80, and below the 200-day MA of 2.89, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 44.02 is Neutral, neither overbought nor oversold. The STOCH value of 27.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MMLP.
Martin Midstream Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $2.90B | 13.53 | 461.30% | 9.78% | -1.78% | 9.32% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $1.68B | 6.63 | 24.41% | ― | -38.82% | 92.56% | |
64 Neutral | $600.42M | -169.84 | 1.44% | ― | 17.09% | 72.64% | |
60 Neutral | $1.58B | 17.89 | 12.24% | 6.93% | 4.10% | -36.72% | |
58 Neutral | $98.03M | -7.02 | 18.35% | 0.77% | -0.58% | -587.83% | |
58 Neutral | $2.17B | 24.04 | -162.28% | 4.14% | -36.47% | -75.37% |
* Energy Sector Average
MMLP
Martin Midstream
2.58
-1.10
-29.97%
GEL
Genesis Energy
17.93
2.57
16.72%
GLP
Global Partners
46.17
-4.00
-7.97%
NGL
NGL Energy Partners
13.59
8.91
190.38%
SMC
Summit Midstream
31.66
-4.04
-11.32%
DKL
Delek Logistics
54.23
14.65
37.02%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.