USD Partners (USDP) AI Stock Analysis

• Market Cap: $104.70K
• Dividend Yield: N/A
• Average Volume (3M): 27.25K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.73
• Revenue Growth: -42.99%
• EPS Growth: -394.28%
• Country: US
• Employees: 85
• Sector: Industrials
• Sector Strength: 72
• Industry: Railroads
• EPS (TTM): N/A
• Shares Outstanding: 33,774,426
• 10 Day Avg. Volume: 23,218
• 30 Day Avg. Volume: 27,245
• PEG Ratio: <0.01
• Price to Book (P/B): >-0.01
• Price to Sales (P/S): 0.03
• P/FCF Ratio: 0.56
• Enterprise Value/Market Cap: 1.67K
• Enterprise Value/Revenue: 4.88
• Enterprise Value/Gross Profit: 16.02
• Enterprise Value/Ebitda: -11.70
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: $0.01 ▲(0.00% Upside)

The score is driven primarily by weak financial performance: steep revenue contraction, a swing to large losses, and a highly leveraged balance sheet with deeply negative equity. Valuation is not supportive due to a negative P/E and missing dividend data, while technical analysis cannot be assessed because key indicators were not provided.

Positive Factors

Stable Revenue Streams

Long-term contracts provide predictable cash flows, reducing revenue volatility and enhancing financial stability despite market fluctuations.

Strategic Partnerships

Partnerships with major oil companies can enhance operational capacity and open new revenue streams, strengthening market position.

Industry Focus

Specialization in energy logistics positions USDP to capitalize on infrastructure needs and supply chain efficiencies in the energy market.

Negative Factors

Declining Revenue

Declining revenue growth and profitability indicate challenges in market demand or competitive pressures, impacting long-term viability.

High Leverage

High leverage and negative equity suggest financial instability, limiting flexibility and increasing risk of financial distress.

Weak Cash Flow

Weak cash flow generation limits the company's ability to invest in growth opportunities and meet financial obligations, posing liquidity risks.

USD Partners Business Overview & Revenue Model

Company Description

USD Partners LP (USDP) is a publicly traded limited partnership that operates in the energy sector, primarily focused on the transportation and storage of crude oil and other petroleum products. The company provides a range of services including rail terminal operations, storage facilities, and transportation logistics, catering to the needs of producers, refiners, and marketers in the North American energy markets. With a strategic emphasis on developing and operating logistics infrastructure, USDP aims to enhance the supply chain efficiencies for its clients.

How the Company Makes Money

USD Partners generates revenue primarily through long-term contracts and fee-based arrangements for its terminal and storage services. The key revenue streams include handling fees for the transportation of crude oil via rail and storage fees for the use of its terminal facilities. The company benefits from stable, predictable cash flows due to these long-term contracts, which often include minimum volume commitments. Additionally, USDP may enter into partnerships with major oil companies, which can enhance its operational capacity and provide further revenue opportunities. Factors such as the demand for crude oil transportation and storage, rail infrastructure developments, and shifts in energy market dynamics also significantly influence the company's earnings.

USD Partners Financial Statement Overview

Summary

Financials show severe deterioration: revenue collapsed from $62.9M (2023) to $35.8M (2024) and profitability swung from +$17.8M net income (2023) to a -$52.3M loss (2024). The balance sheet is highly stressed with very high debt (~$182.0M) and deeply negative equity (~-$146.8M), while cash flow only modestly recovered to ~$2.0M operating/free cash flow in 2024—thin relative to leverage.

Income Statement

Results have been highly volatile and have deteriorated materially most recently. Annual revenue declined from $122.1M (2021) to $111.7M (2022), then to $62.9M (2023) and $35.8M (2024), indicating a shrinking top line. Profitability swung sharply: net income moved from a profit in 2023 ($17.8M, ~28.3% margin) to a large loss in 2024 (-$52.3M, ~-146.1% margin), with negative operating profit as well. Gross margin has remained positive (~30.5% in 2024), but operating and net results show severe pressure below gross profit.

Balance Sheet

The balance sheet is stressed by heavy leverage and persistently negative equity. Total debt remains very high (about $182.0M in 2024) while stockholders’ equity is deeply negative (about -$146.8M in 2024), which limits financial flexibility and increases refinancing risk. Total assets have also contracted significantly (from $221.6M in 2021 to $52.0M in 2024), further weakening the asset base relative to obligations. While debt declined versus 2022 levels, the continued negative equity profile is a major structural concern.

Cash Flow

Cash generation has been uneven. Operating cash flow was strong in 2020–2022 (roughly $45–47M in 2020–2021 and $37.2M in 2022), turned negative in 2023 (-$10.1M), and recovered modestly in 2024 ($2.0M). Free cash flow followed a similar pattern, improving to +$2.0M in 2024 but down sharply versus the prior strong years. Importantly, in 2024 cash flow is positive while earnings are deeply negative, suggesting losses are not fully translating to near-term cash burn; however, the low cash flow level relative to the company’s debt load remains a key weakness.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	35.83M	62.86M	111.66M	122.10M	120.04M
Gross Profit	10.92M	23.69M	37.71M	42.00M	44.18M
EBITDA	-14.95M	47.17M	-29.68M	53.92M	10.91M
Net Income	-52.34M	17.77M	-61.29M	22.83M	-19.81M
Balance Sheet
Total Assets	52.00M	88.46M	126.78M	221.59M	237.55M
Cash, Cash Equivalents and Short-Term Investments	8.23M	10.42M	2.53M	3.75M	3.04M
Total Debt	181.99M	167.19M	215.48M	171.47M	205.16M
Total Liabilities	198.85M	181.09M	239.18M	202.50M	231.28M
Stockholders Equity	-146.85M	-92.63M	-112.40M	703.00K	547.00K
Cash Flow
Free Cash Flow	1.98M	-10.72M	36.77M	44.74M	45.33M
Operating Cash Flow	1.98M	-10.07M	37.24M	47.13M	45.81M
Investing Cash Flow	20.31M	63.06M	-73.72M	-2.39M	-484.00K
Financing Cash Flow	-23.76M	-48.40M	28.76M	-44.76M	-44.99M

USD Partners Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GBX	69 Neutral	$1.52B	8.53	12.54%	2.71%	-8.66%	27.14%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
RAIL	62 Neutral	$212.54M	4.69	―	―	-6.18%	―
FSTR	57 Neutral	$304.52M	65.40	2.74%	―	-5.51%	-88.11%
TRN	57 Neutral	$2.20B	23.98	10.04%	4.34%	-33.03%	-44.18%
USDP	43 Neutral	$104.70K	>-0.01	―	―	-42.99%	-394.28%
RVSN	42 Neutral	$17.53M	-0.86	-74.03%	―	―	―