Martin Midstream (MMLP)
NASDAQ:MMLP
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Martin Midstream
(NASDAQ:MMLP)
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Rating:51Neutral
Price Target:
$3.00
▲(6.76% Upside)
Action:ReiteratedDate:04/23/26
The score is held back primarily by weak financial performance—sharp revenue decline, persistent net losses, and a highly stressed balance sheet with negative equity—despite positive operating margins and free cash flow. Technicals are neutral with modest momentum, and valuation is supported by a very high dividend yield, though the negative P/E reflects ongoing losses.
Positive Factors
Fee-based midstream business model
A predominantly fee-based terminaling, storage and transportation model reduces direct commodity price exposure and supports predictable revenue tied to volumes and contracts. Durable physical assets (terminals, tanks, transport) underpin recurring fees and long-lived cash flow potential even amid market cycles.
Negative Factors
Negative equity and high leverage
A materially negative equity position signals a weak capital cushion and elevated solvency risk. High leverage limits financial flexibility, increases refinancing sensitivity, and can force conservative capital allocation; sustained losses could prompt creditor pressure or restrict strategic options over months ahead.
Read all positive and negative factors
Positive Factors
Negative Factors
Fee-based midstream business model
A predominantly fee-based terminaling, storage and transportation model reduces direct commodity price exposure and supports predictable revenue tied to volumes and contracts. Durable physical assets (terminals, tanks, transport) underpin recurring fees and long-lived cash flow potential even amid market cycles.
Read all positive factors
Martin Midstream (MMLP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$94.29M
Dividend Yield0.77%
Average Volume (3M)19.33K
Price to Earnings (P/E)―
Beta (1Y)0.44
Revenue Growth-1.12%
EPS Growth-115.63%
CountryUS
Employees1,292
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)-0.51
Shares Outstanding39,124,687
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 Cap6.33
Enterprise Value/Revenue0.84
Enterprise Value/Gross Profit3.76
Enterprise Value/Ebitda6.52
Forecast
1Y Price Target
$3.00Price Target Upside6.76% 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:Jul 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
38
Negative
Balance Sheet
22
Negative
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 711.24M | 716.11M | 707.62M | 797.96M | 1.02B | 882.43M |
| Gross Profit | 158.68M | 88.86M | 359.80M | 106.18M | 339.29M | 292.58M |
| EBITDA | 91.56M | 98.01M | 106.50M | 111.55M | 107.54M | 114.03M |
| Net Income | -20.21M | -14.45M | -5.08M | -4.44M | -10.33M | -211.00K |
Balance Sheet | ||||||
| Total Assets | 537.13M | 522.42M | 538.51M | 509.38M | 598.85M | 579.86M |
| Cash, Cash Equivalents and Short-Term Investments | 49.00K | 49.00K | 55.00K | 54.00K | 45.00K | 52.00K |
| Total Debt | 503.06M | 524.77M | 505.23M | 481.76M | 548.23M | 521.74M |
| Total Liabilities | 629.84M | 608.21M | 608.95M | 574.00M | 658.30M | 627.90M |
| Stockholders Equity | -92.71M | -85.80M | -71.88M | -66.18M | -61.11M | -49.92M |
Cash Flow | ||||||
| Free Cash Flow | 15.48M | 13.99M | 6.34M | 103.15M | -11.09M | 19.67M |
| Operating Cash Flow | 38.37M | 46.13M | 48.35M | 137.47M | 16.15M | 35.73M |
| Investing Cash Flow | -38.73M | -30.01M | -58.60M | -33.66M | -24.64M | -19.24M |
| Financing Cash Flow | 355.00K | -16.12M | 10.25M | -103.80M | 8.49M | -21.39M |
Martin Midstream Technical Analysis
Positive
2.81
Price Trends
2.76
Positive
2.72
Positive
2.86
Negative
Market Momentum
<0.01
Negative
54.11
Neutral
57.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MMLP, the sentiment is Positive. The current price of 2.81 is above the 20-day moving average (MA) of 2.67, above the 50-day MA of 2.76, and below the 200-day MA of 2.86, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 54.11 is Neutral, neither overbought nor oversold. The STOCH value of 57.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $1.97B | 6.63 | 24.41% | ― | -46.31% | ― | |
64 Neutral | $635.13M | -80.44 | 1.36% | ― | 30.83% | 87.17% | |
62 Neutral | $2.72B | 20.58 | 1917.10% | 9.78% | 13.04% | 6.21% | |
58 Neutral | $2.01B | 24.04 | -162.28% | 4.14% | -45.03% | 46.40% | |
57 Neutral | $1.63B | 17.57 | 12.24% | 6.93% | 8.14% | -13.09% | |
51 Neutral | $94.29M | -3.99 | 24.10% | 0.77% | -1.12% | -115.63% |
* Energy Sector Average
MMLP
Martin Midstream
2.41
-0.60
-19.88%
GEL
Genesis Energy
16.42
2.64
19.18%
GLP
Global Partners
47.84
0.82
1.75%
NGL
NGL Energy Partners
15.91
12.79
409.94%
SMC
Summit Midstream
31.22
3.61
13.07%
DKL
Delek Logistics
51.24
16.69
48.30%
Martin Midstream Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Martin Midstream Tightens Credit Facility Covenants and Capacity
Neutral
Apr 6, 2026
On March 31, 2026, Martin Operating Partnership L.P. and its parent Martin Midstream Partners L.P. amended their existing credit agreement with a lending syndicate led by Royal Bank of Canada, reducing the revolving credit capacity from $130 milli...
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.