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Martin Midstream Partners (MMLP)
:MMLP
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Martin Midstream
(NASDAQ:MMLP)
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Rating:42Neutral
Price Target:
$2.50
▼(-8.42% Downside)
Martin Midstream's overall stock score is primarily impacted by its weak financial performance and bearish technical indicators. The company's high leverage and negative equity pose significant risks, while the negative P/E ratio highlights ongoing profitability challenges. Despite a high dividend yield, the sustainability of this payout is questionable given the financial instability.
Martin Midstream (MMLP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$104.28M
Dividend Yield0.73%
Average Volume (3M)30.43K
Price to Earnings (P/E)―
Beta (1Y)0.20
Revenue Growth-0.58%
EPS Growth-587.83%
CountryUS
Employees1,292
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)-0.21
Shares Outstanding39,055,084
10 Day Avg. Volume54,905
30 Day Avg. Volume30,433
Financial Highlights & Ratios
PEG Ratio-1.51
Price to Book (P/B)-1.94
Price to Sales (P/S)0.20
P/FCF Ratio21.98
Enterprise Value/Market Cap6.03
Enterprise Value/Revenue0.88
Enterprise Value/Gross Profit2.13
Enterprise Value/Ebitda6.87
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
Martin Midstream Business Overview & Revenue Model
Company DescriptionMartin Midstream Partners L.P. (MMLP) is a publicly traded limited partnership that operates in the midstream sector of the energy industry. The company provides a range of services including the transportation, storage, and processing of petroleum and natural gas products. MMLP operates through several segments, including terminalling and storage, transportation, and marine services. Its core products and services are focused on liquids and gases, serving various customers in the refining and petrochemical industries.
How the Company Makes MoneyMartin Midstream generates revenue through multiple key streams. Primarily, it earns income from storage and terminalling services, where it charges fees for storing and handling hydrocarbon products. Additionally, MMLP generates revenue from its transportation services, which involve the movement of petroleum products via pipelines and other transport methods. The company also has marine services that include the handling of liquid bulk products. Significant partnerships with major oil and gas companies, along with long-term contracts for storage and transportation, contribute to stable revenue streams. Furthermore, the demand for midstream services, driven by fluctuations in oil and gas production, impacts MMLP's earnings positively.
Martin Midstream Earnings Call Summary
Earnings Call Date:Oct 15, 2025
(Q3-2024)
| % Change Since: |
Next Earnings Date:Feb 18, 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.Q3-2024 Updates
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.
Sulfur Services Segment Success
Sulfur Services segment had an adjusted EBITDA of $4.2 million, surpassing guidance of $3.7 million. This was driven by strong sulfur production volumes, which were 12% greater than forecasted.
Pending Transaction with Martin Resource Management
A proposed transaction with Martin Resource Management Corporation is expected to deliver nearly $1 more per unit than the initial proposal, indicating a positive negotiation outcome for shareholders.
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.
Specialty Products Segment Underperformance
Specialty Products segment had an adjusted EBITDA of $4.6 million, missing guidance by $1.9 million. This was attributed to weaker demand for packaged lubricants and grease, driven by the slowing U.S. economy.
Capital Expenditure and Debt Increase
Total long-term debt increased to $486.5 million, with a higher adjusted leverage ratio of 4.14x due to working capital needs and interest payments, though plans are in place to reduce leverage below 4x by year-end.
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
Martin Midstream faces significant financial challenges, with declining revenues, high leverage, and negative equity. Despite some improvement in cash flow, the financial position remains precarious due to ongoing losses and substantial debt levels.Income Statement
The income statement shows a declining revenue trend with a significant drop in the TTM period. Gross profit margin has decreased from previous years, indicating cost pressures. The company has consistently reported negative net income, reflecting challenges in achieving profitability. EBIT and EBITDA margins have also declined, suggesting operational inefficiencies.45
Neutral
Balance Sheet
The balance sheet reveals a concerning negative stockholders' equity, indicating financial instability. The debt-to-equity ratio is extremely high, reflecting significant leverage and potential risk. Return on equity is negative, further highlighting profitability challenges. The equity ratio is also negative, underscoring the company's reliance on debt financing.30
Negative
Cash Flow
Cash flow analysis shows some positive trends, with a notable increase in free cash flow in the TTM period. However, the operating cash flow to net income ratio indicates that cash generation is not sufficient to cover losses. The free cash flow to net income ratio is relatively healthy, suggesting some ability to generate cash despite net losses.55
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 713.26M | 707.62M | 797.96M | 1.02B | 882.43M | 672.14M |
| Gross Profit | 294.96M | 359.80M | 106.18M | 339.29M | 292.58M | 253.75M |
| EBITDA | 91.50M | 106.50M | 111.55M | 107.54M | 114.03M | 102.64M |
| Net Income | -20.59M | -5.08M | -4.44M | -10.33M | -211.00K | -6.77M |
Balance Sheet | ||||||
| Total Assets | 510.12M | 538.51M | 509.38M | 598.85M | 579.86M | 579.64M |
| Cash, Cash Equivalents and Short-Term Investments | 49.00K | 55.00K | 54.00K | 45.00K | 52.00K | 4.96M |
| Total Debt | 487.81M | 505.23M | 481.76M | 548.23M | 521.74M | 539.09M |
| Total Liabilities | 592.86M | 608.95M | 574.00M | 658.30M | 627.90M | 626.51M |
| Stockholders Equity | -82.73M | -71.88M | -66.18M | -61.11M | -49.92M | -48.78M |
Cash Flow | ||||||
| Free Cash Flow | 43.24M | 6.34M | 103.15M | -11.09M | 19.67M | 36.16M |
| Operating Cash Flow | 65.85M | 48.35M | 137.47M | 16.15M | 35.73M | 64.78M |
| Investing Cash Flow | -31.36M | -58.60M | -33.66M | -24.64M | -19.24M | 2.60M |
| Financing Cash Flow | -34.49M | 10.25M | -103.80M | 8.49M | -21.39M | -65.29M |
Martin Midstream Technical Analysis
Negative
2.73
Price Trends
3.07
Negative
3.07
Negative
3.19
Negative
Market Momentum
-0.12
Positive
40.77
Neutral
59.99
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 2.73 is below the 20-day moving average (MA) of 2.86, below the 50-day MA of 3.07, and below the 200-day MA of 3.19, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 40.77 is Neutral, neither overbought nor oversold. The STOCH value of 59.99 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 |
|---|---|---|---|---|---|---|---|
| ― | $2.38B | 15.24 | ― | 9.84% | -12.08% | 1.44% | |
| ― | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
| ― | $824.62M | -15.65 | 8.32% | ― | -33.19% | 81.02% | |
| ― | $1.54B | 17.55 | 13.89% | 6.50% | 3.74% | -4.49% | |
| ― | $1.96B | -10.26 | -14.68% | 4.13% | -28.72% | -1173.53% | |
| ― | $415.30M | -0.99 | -25.85% | ― | 2.91% | -432.03% | |
| ― | $104.28M | ― | ― | 0.73% | -0.58% | -587.83% |
* Energy Sector Average
MMLP
Martin Midstream
2.67
-1.28
-32.41%
GEL
Genesis Energy
16.00
5.10
46.79%
GLP
Global Partners
45.36
1.22
2.76%
NGL
NGL Energy Partners
6.45
2.45
61.25%
SMC
Summit Midstream
22.13
-12.79
-36.63%
DKL
Delek Logistics
44.45
9.81
28.32%
Martin Midstream Corporate Events
Martin Midstream Partners Reports Q3 2025 Financial Results
Oct 16, 2025
Martin Midstream Partners L.P., headquartered in Kilgore, Texas, operates in the midstream energy sector, providing terminalling, processing, storage, and transportation services for petroleum products and by-products, as well as sulfur services and specialty products. The company has a diverse set of operations primarily in the Gulf Coast region of the United States.
Business Operations and StrategyPrivate Placements and Financing
Martin Midstream Extends Credit Facility to 2027
Neutral
Sep 25, 2025
On September 24, 2025, Martin Midstream Partners L.P. announced an amendment and extension of its revolving credit facility, extending the maturity date to November 2027 and reducing the borrowing capacity from $150 million to $130 million. The amendment also revises financial covenants and includes an accordion feature for an additional $50 million. This adjustment in the credit facility reflects the company’s strategic financial management and may impact its operational flexibility and financial health, potentially influencing stakeholder confidence.
The most recent analyst rating on (MMLP) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Martin Midstream stock, see the MMLP Stock Forecast page.
Martin Midstream Partners: Navigating Market Volatility and Regulatory Challenges in the Energy Sector
Jul 31, 2025
Martin Midstream Partners faces a significant business risk due to its heavy reliance on the fluctuating energy market, which can impact its revenue stability. The company’s operations are closely tied to the demand and supply dynamics of the oil and gas sector, making it vulnerable to market volatility. Additionally, regulatory changes and environmental policies could further complicate its operational landscape, potentially increasing costs and affecting profitability. Investors should consider these factors as they could have substantial implications for the company’s financial health.
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.