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Friday 6 November 2026
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Martin Midstream Partners L.P.
MMLP Energy Oil & Gas Midstream
Martin Midstream Partners L.P.’s revenue for fiscal 2025 (year ended December 2025) was $716.1 million, up 1.20% from fiscal 2024.
- Revenue
- +37.4%
- EPS
- +49.3%
- Free cash flow
- −108.8%
- Total debt
- +7.99%
Quarter to September 2026, against a year earlier
1.97
0.00
0.00%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 827 | 973 | 1,020 | 847 | 672 | 882 | 1,019 | 798 | 708 | 716 | 807 | (1.6%) | 717 | — | — | +0.1% | |
| Gross margin, % | 42.20 | 38.91 | 35.37 | 41.83 | 46.90 | 39.59 | 38.82 | 51.17 | 58.02 | 55.51 | 50.59 | +13.3 pt | ||||||
| EBT | 28 | (1) | (7) | 6 | (5) | 3 | (2) | 1 | (1) | (10) | (8) | n/m | ||||||
| EBT margin, % | 3.35 | (0.11) | (0.71) | 0.76 | (0.75) | 0.36 | (0.24) | 0.17 | (0.14) | (1.39) | (1.05) | (4.7) pt | ||||||
| Net income | 32 | 20 | 56 | (175) | (7) | 0 | (10) | (5) | (5) | (15) | (11) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 23.41 | 25.55 | 26.22 | 21.91 | 17.39 | 22.81 | 26.31 | 20.58 | 18.22 | 18.41 | 20.72 | (2.6%) | |||||
| Earnings | 0.65 | 0.44 | 1.11 | (4.44) | (0.17) | (0.01) | (0.26) | (0.11) | (0.13) | (0.37) | (0.28) | n/m | ||||||
| Cash flow | 3.14 | 1.81 | 2.70 | 1.96 | 1.68 | 0.92 | 0.42 | 3.55 | 1.25 | 1.19 | 0.41 | (10.2%) | ||||||
| Capex | 1.93 | (0.74) | (0.61) | (0.13) | 0.11 | (0.39) | (0.50) | (0.74) | (1.05) | (0.58) | (0.73) | n/m | ||||||
| Free cash flow | 5.06 | 1.07 | 2.09 | 1.83 | 1.78 | 0.53 | (0.09) | 2.80 | 0.20 | 0.60 | (0.32) | (21.0%) | ||||||
| Book value | 8.83 | 7.83 | 7.41 | (0.94) | (1.21) | (1.24) | (1.53) | (1.67) | (1.81) | (2.21) | (2.43) | n/m | ||||||
| Shares, m | 35 | 38 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | +1.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 28.46 | 32.22 | 8.51 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.9 | |||||
| P/S | 0.79 | 0.57 | 0.39 | 0.18 | 0.08 | 0.12 | 0.11 | 0.12 | 0.20 | 0.14 | 0.10 | 0.3 | ||||||
| P/B | 2.10 | 1.85 | 1.39 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.5 | ||||||
| EV/Sales | 1.77 | 1.40 | 1.04 | 1.33 | 0.84 | 0.68 | 0.62 | 0.65 | 0.82 | 0.74 | 0.69 | 1.0 | ||||||
| EV/FCF | 8.17 | 33.44 | 13.07 | 15.94 | 8.23 | 29.23 | (189.69) | 4.75 | 76.08 | 22.55 | (44.26) | 2.2 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 111 | 69 | 105 | 76 | 65 | 36 | 16 | 137 | 48 | 46 | 16 | (9.3%) | |||||
| Capex | 68 | (28) | (24) | (5) | 4 | (15) | (19) | (29) | (41) | (23) | (29) | n/m | ||||||
| Free cash flow | 179 | 41 | 81 | 71 | 69 | 21 | (3) | 109 | 8 | 23 | (13) | (20.2%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 76 | 108 | 96 | 74 | 16 | 70 | 100 | 14 | 15 | 6 | 48 | (25.0%) | |||||
| Net debt | 808 | 813 | 662 | 568 | 511 | 499 | 513 | 421 | 438 | 428 | 477 | (6.8%) | ||||||
| Shareholders’ equity | 312 | 298 | 288 | (36) | (47) | (48) | (59) | (65) | (70) | (86) | (95) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 1.76 | 1.34 | 3.71 | (19.70) | (1.06) | (0.04) | (1.71) | (0.80) | (0.97) | (2.71) | (2.03) | (4.5) pt | |||||
| ROIC | 4.06 | 2.57 | 2.96 | 6.83 | 6.26 | 7.94 | 7.07 | 11.70 | 9.75 | 8.93 | 8.21 | +4.9 pt | ||||||
| ROE | 5.80 | 5.49 | 14.73 | (135.97) | 15.93 | 0.44 | 18.77 | 7.16 | 0.00 | 0.00 | 13.65 | (5.8) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 784 | 748 | 735 | 1,292 | 1,500 | 1,450 | 1,570 | 1,619 | 1,679 | 1,723 | — | +9.1% | |||||
| Revenue/emp, $m | 1.06 | 1.30 | 1.39 | 0.66 | 0.45 | 0.61 | 0.65 | 0.49 | 0.42 | 0.42 | — | (9.8%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Martin Midstream Partners L.P. vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SMC Summit Midstream Partners, LP | $544.1M | — (loss-making) | 886× | +10.55% (above 0%: growing) | n/m | +74.99% (above 0%: growing) | 42.65% | 16.09% | Compare |
| KNOP KNOT Offshore Partners LP | $292.7M | 21.2× | 12.8× | +11.16% (above 0%: growing) | −50.00% (below 0%: shrinking) | +3.37% (above 0%: growing) | 61.32% | 16.08% | Compare |
| IMPP Imperial Petroleum Inc. | $197.1M | 2.1× | 1.7× | +139.55% (above 0%: growing) | +108.33% (above 0%: growing) | +96.17% (above 0%: growing) | 49.50% | 38.36% | Compare |
| TORO Toro Corp. | $135.1M | — (loss-making) | — | +71.27% (above 0%: growing) | n/m | +127.85% (above 0%: growing) | 55.48% | (15.53%) | Compare |
| DLNG Dynagas LNG Partners LP | $110.6M | 1.8× | — | +2.12% (above 0%: growing) | +53.57% (above 0%: growing) | −13.57% (below 0%: shrinking) | 66.78% | 41.34% | Compare |
| MMLP Martin Midstream Partners L.P. | $77.1M | — (loss-making) | 27.1× | +37.35% (above 0%: growing) | n/m | −108.78% (below 0%: shrinking) | 45.22% | 4.40% | |
| NFE New Fortress Energy LLC | $62.8M | — (loss-making) | 1.2× | +2.76% (above 0%: growing) | n/m | +65.32% (above 0%: growing) | 30.77% | (47.59%) | Compare |
| PXS Pyxis Tankers Inc. | $57.2M | 6.9× | 6.8× | +32.60% (above 0%: growing) | n/m | +84.21% (above 0%: growing) | 63.33% | 36.25% | Compare |
| MARPS Marine Petroleum Trust | $8.5M | 12.5× | 12.4× | +9.93% (above 0%: growing) | +25.00% (above 0%: growing) | +18.78% (above 0%: growing) | 100.00% | 77.69% | Compare |
| Median of peers | $122.9M | 6.9× | 9.6× | +10.86% | +39.29% | +70.16% | 58.40% | 26.17% |