Saturday 10 October 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. In the quarter to June 2026, revenue grew 18.2%, EPS grew 216.7%, free cash flow fell 70.1% and total debt rose 6.06%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
2.04
0.17
+9.09%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 13.27 | 12.70 | 9.13 | 3.39 | 0.91 | 1.43 | 2.57 | 1.95 | 2.04 | 2.21 |
Analyst estimates 2026–2028 Powerpack |
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| High | 25.38 | 20.90 | 16.95 | 14.32 | 4.85 | 3.67 | 5.98 | 3.35 | 4.13 | 3.90 | |||||
| People | |||||||||||||||
| People | Employees | 784 | 748 | 735 | 1,292 | 1,500 | 1,450 | 1,570 | 1,619 | 1,679 | 1,723 | ||||
| Revenue/emp, $m | 1.06 | 1.30 | 1.39 | 0.66 | 0.45 | 0.61 | 0.65 | 0.49 | 0.42 | 0.42 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | 827 | 973 | 1,020 | 847 | 672 | 882 | 1,019 | 798 | 708 | 716 | ||||
| Gross margin, % | 42.20 | 38.91 | 35.37 | 41.83 | 46.90 | 39.59 | 38.82 | 51.17 | 58.02 | 55.51 | |||||
| EBT | 28 | (1) | (7) | 6 | (5) | 3 | (2) | 1 | (1) | (10) | |||||
| EBT margin, % | 3.35 | (0.11) | (0.71) | 0.76 | (0.75) | 0.36 | (0.24) | 0.17 | (0.14) | (1.39) | |||||
| Net income | 32 | 20 | 56 | (175) | (7) | 0 | (10) | (5) | (5) | (15) | |||||
| Depreciation | 100 | 68 | 65 | 64 | 65 | 60 | 59 | 56 | 56 | 56 | |||||
| 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 | ||||
| Earnings | 0.65 | 0.44 | 1.11 | (4.44) | (0.17) | (0.01) | (0.26) | (0.11) | (0.13) | (0.37) | |||||
| Cash flow | 3.14 | 1.81 | 2.70 | 1.96 | 1.68 | 0.92 | 0.42 | 3.55 | 1.25 | 1.19 | |||||
| Capex | 1.93 | (0.74) | (0.61) | (0.13) | 0.11 | (0.39) | (0.50) | (0.74) | (1.05) | (0.58) | |||||
| Free cash flow | 5.06 | 1.07 | 2.09 | 1.83 | 1.78 | 0.53 | (0.09) | 2.80 | 0.20 | 0.60 | |||||
| Book value | 8.83 | 7.83 | 7.41 | (0.94) | (1.21) | (1.24) | (1.53) | (1.67) | (1.81) | (2.21) | |||||
| Shares, m | 35 | 38 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 28.46 | 32.22 | 8.51 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| P/S | 0.79 | 0.57 | 0.39 | 0.18 | 0.08 | 0.12 | 0.11 | 0.12 | 0.20 | 0.14 | |||||
| P/B | 2.10 | 1.85 | 1.39 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| EV/Sales | 1.77 | 1.40 | 1.04 | 1.33 | 0.84 | 0.68 | 0.62 | 0.65 | 0.82 | 0.74 | |||||
| EV/FCF | 8.17 | 33.44 | 13.07 | 15.94 | 8.23 | 29.23 | (189.69) | 4.75 | 76.08 | 22.55 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | 111 | 69 | 105 | 76 | 65 | 36 | 16 | 137 | 48 | 46 | ||||
| Capex | 68 | (28) | (24) | (5) | 4 | (15) | (19) | (29) | (41) | (23) | |||||
| Free cash flow | 179 | 41 | 81 | 71 | 69 | 21 | (3) | 109 | 8 | 23 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | 76 | 108 | 96 | 74 | 16 | 70 | 100 | 14 | 15 | 6 | ||||
| Total debt | 808 | 813 | 663 | 571 | 516 | 499 | 513 | 421 | 438 | 428 | |||||
| Net debt | 808 | 813 | 662 | 568 | 511 | 499 | 513 | 421 | 438 | 428 | |||||
| Shareholders’ equity | 312 | 298 | 288 | (36) | (47) | (48) | (59) | (65) | (70) | (86) | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | 1.76 | 1.34 | 3.71 | (19.70) | (1.06) | (0.04) | (1.71) | (0.80) | (0.97) | (2.71) | ||||
| ROIC | 4.06 | 2.57 | 2.96 | 6.83 | 6.26 | 7.94 | 7.07 | 11.70 | 9.75 | 8.93 | |||||
| ROE | 5.80 | 5.49 | 14.73 | (135.97) | 15.93 | 0.44 | 18.77 | 7.16 | 0.00 | 0.00 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| KNOP KNOT Offshore Partners LP | $358.7M | 23.4× | 27.9× | +11.16% (above 0%: growing) | −50.00% (below 0%: shrinking) | +3.37% (above 0%: growing) | 61.32% | 16.08% | Compare |
| BROGF Brooge Energy Limited | $284.9M | — (loss-making) | 1.8× | +174.80% (above 0%: growing) | +133.33% (above 0%: growing) | +12,860.09% (above 0%: growing) | 81.50% | 0.00% | Compare |
| IMPP Imperial Petroleum Inc. | $248.2M | 2.7× | 2.0× | +139.55% (above 0%: growing) | +108.33% (above 0%: growing) | +96.17% (above 0%: growing) | 49.50% | 38.36% | Compare |
| TORO Toro Corp. | $189.4M | 110× | — | +7.66% (above 0%: growing) | n/m | −35.36% (below 0%: shrinking) | 54.65% | (24.80%) | Compare |
| DLNG Dynagas LNG Partners LP | $134.6M | 2.2× | — | +2.12% (above 0%: growing) | +53.57% (above 0%: growing) | −13.57% (below 0%: shrinking) | 66.78% | 41.34% | Compare |
| PXS Pyxis Tankers Inc. | $82.9M | 9.6× | 4.8× | +32.60% (above 0%: growing) | n/m | +84.21% (above 0%: growing) | 63.33% | 36.25% | Compare |
| MMLP Martin Midstream Partners L.P. | $73.2M | — (loss-making) | 27.1× | +18.22% (above 0%: growing) | n/m | −70.08% (below 0%: shrinking) | 49.63% | 9.02% | |
| NFE New Fortress Energy LLC | $24.7M | — (loss-making) | 1.2× | +2.76% (above 0%: growing) | n/m | +65.32% (above 0%: growing) | 30.77% | (47.59%) | Compare |
| TMDE TMD Energy Limited | $15.2M | — | — | — | — | — | — | — | Compare |
| Median of peers | $162.0M | 9.6× | 2.0× | +11.16% | +80.95% | +65.32% | 61.32% | 16.08% |
Martin Midstream Partners L.P. (MMLP) key facts
- Strength: Martin Midstream Partners L.P.’s revenue for fiscal 2025 (year ended December 2025) was $716.1 million, up 1.20% from fiscal 2024.
- Martin Midstream Partners L.P. (MMLP) is an Oil & Gas Midstream company in the Energy sector, listed on Nasdaq.
- As of October 9, 2026, MMLP traded at $2.04, a market capitalization of $73.2 million.
- Martin Midstream Partners L.P. pays an annual dividend of $0.02 per share, a yield of 0.98%.
- Return on equity was 0.00% and debt-to-equity -5.03.
- Its Piotroski F-score is 3 out of 9 for fiscal 2025.