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Martin Midstream
(NASDAQ:MMLP)
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Rating:42Neutral
Price Target:
$2.00
▼(-9.91% Downside)
Action:Reiterated
Date:10/23/26
The score is primarily held down by weak financial performance, especially persistent negative equity and high debt relative to the asset base, alongside continued net losses. Technicals are mixed (short-term stabilization but longer-term downtrend signals), and valuation is hard to support due to negative earnings and an exceptionally high dividend yield that may indicate elevated risk.
Positive Factors
Revenue Growth
TTM revenue growth of 8.5% indicates the partnership is maintaining customer demand across its infrastructure and logistics activities. Continued top-line expansion can support asset utilization and provide a foundation for improving earnings over the next several quarters.
Negative Factors
Weak Balance Sheet
Negative equity in every period and roughly $513M of debt against about $564M of assets leave little balance-sheet cushion. This weak capitalization can restrict financial flexibility and heighten refinancing exposure when earnings or cash flow soften.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
TTM revenue growth of 8.5% indicates the partnership is maintaining customer demand across its infrastructure and logistics activities. Continued top-line expansion can support asset utilization and provide a foundation for improving earnings over the next several quarters.
Read all positive factors
Martin Midstream (MMLP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$79.81M
Dividend Yield0.98%
Average Volume (3M)22.69K
Price to Earnings (P/E)―
Beta (1Y)0.48
Revenue Growth13.17%
EPS Growth46.39%
CountryUS
Employees1,723
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)-0.17
Shares Outstanding39,124,687
10 Day Avg. Volume21,966
30 Day Avg. Volume22,686
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)-1.18
Price to Sales (P/S)0.14
P/FCF Ratio4.75
Enterprise Value/Market Cap7.52
Enterprise Value/Revenue0.74
Enterprise Value/Gross Profit3.34
Enterprise Value/Ebitda7.06
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Martin Midstream Business Overview & Revenue Model
Company Description
Martin Midstream Partners L.P., established in 2002 and headquartered in Kilgore, Texas, is a diversified energy logistics company operating primarily along the U.S. Gulf Coast. Through its subsidiaries, the company specializes in the handling, pr...
How the Company Makes Money
MMLP primarily makes money by charging fees under contracts for midstream services and logistics. Key revenue streams typically include: (1) Terminalling, storage, and throughput fees: customers pay to store products in tanks/terminals and to move...
Martin Midstream Earnings Call Summary
Earnings Call Date:Oct 16, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Feb 17, 2027
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
18
Very Negative
Cash Flow
50
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 807.18M | 716.11M | 707.62M | 797.96M | 1.02B | 882.43M |
| Gross Profit | 179.77M | 88.86M | 359.80M | 106.18M | 339.29M | 292.58M |
| EBITDA | 85.01M | 98.01M | 106.50M | 111.55M | 107.54M | 114.03M |
| Net Income | -6.98M | -14.45M | -5.08M | -4.44M | -10.33M | -211.00K |
Balance Sheet | ||||||
| Total Assets | 564.30M | 522.42M | 538.51M | 509.38M | 598.85M | 579.86M |
| Cash, Cash Equivalents and Short-Term Investments | 48.00K | 49.00K | 55.00K | 54.00K | 45.00K | 52.00K |
| Total Debt | 513.41M | 524.77M | 505.23M | 481.76M | 548.23M | 521.74M |
| Total Liabilities | 658.81M | 608.21M | 608.95M | 574.00M | 658.30M | 627.90M |
| Stockholders Equity | -94.51M | -85.80M | -71.88M | -66.18M | -61.11M | -49.92M |
Cash Flow | ||||||
| Free Cash Flow | 11.85M | 21.36M | 6.34M | 103.15M | -11.09M | 19.67M |
| Operating Cash Flow | 43.54M | 46.13M | 48.35M | 137.47M | 16.15M | 35.73M |
| Investing Cash Flow | -15.05M | -30.01M | -58.60M | -33.66M | -24.64M | -19.24M |
| Financing Cash Flow | -28.49M | -16.12M | 10.25M | -103.80M | 8.49M | -21.39M |
Martin Midstream Technical Analysis
Negative
2.22
Price Trends
2.18
Negative
2.30
Negative
2.50
Negative
Market Momentum
-0.03
Negative
46.28
Neutral
62.14
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 2.22 is above the 20-day moving average (MA) of 2.06, above the 50-day MA of 2.18, and below the 200-day MA of 2.50, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 46.28 is Neutral, neither overbought nor oversold. The STOCH value of 62.14 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $3.31B | 19.97 | -935.80% | 7.87% | 30.33% | -2.37% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $633.82M | -28.37 | -0.48% | 40.11% | 20.94% | 95.10% | |
63 Neutral | $1.65B | 9.83 | 24.61% | 6.32% | 20.35% | 87.03% | |
57 Neutral | $1.72B | 70.65 | 141.17% | 5.40% | -17.25% | ― | |
55 Neutral | $1.94B | -5.10 | -51.37% | 35.04% | -21.60% | -588.91% | |
42 Neutral | $79.81M | -11.84 | 7.67% | 0.99% | 13.17% | 46.39% |
* Energy Sector Average
MMLP
Martin Midstream
2.04
-0.57
-21.84%
GEL
Genesis Energy
14.08
-0.86
-5.75%
GLP
Global Partners
48.44
5.74
13.44%
NGL
NGL Energy Partners
15.54
9.19
144.72%
SMC
Summit Midstream
31.21
9.56
44.16%
DKL
Delek Logistics
57.32
15.69
37.68%
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.