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.
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Martin Midstream Partners L.P. (MMLP) Beneish M-score
Martin Midstream Partners L.P.'s Beneish M-score for fiscal 2025 is −2.97; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.97 | (0.06) |
| FY2024 | −2.91 | 1.11 |
| FY2023 | −4.02 | (1.32) |
| FY2022 | −2.70 | (0.43) |
| FY2021 | −2.27 | 1.23 |
| FY2020 | −3.50 | (0.02) |
| FY2019 | −3.48 | (1.05) |
| FY2018 | −2.44 | (0.07) |
| FY2017 | −2.36 | 0.40 |
| FY2016 | −2.76 | 1.00 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.99 | — | 0.91 | |
| Gross margin index | 1.05 | — | 0.55 | |
| Asset quality index | 1.04 | — | 0.42 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 0.96 | — | 0.11 | |
| SG&A index | 0.86 | — | −0.15 | |
| Total accruals to total assets | (0.12) | — | −0.55 | |
| Leverage index | 1.03 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.97 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TORO Toro Corp. compare | −5.5× |
| PXS Pyxis Tankers Inc. compare | −3.6× |
| KNOP KNOT Offshore Partners LP compare | −3.4× |
| MMLP Martin Midstream Partners L.P. | −3.0× |
| IMPP Imperial Petroleum Inc. compare | −2.6× |
| DLNG Dynagas LNG Partners LP compare | −2.4× |
| NFE New Fortress Energy LLC compare | −2.4× |
| BROGF Brooge Energy Limited compare | −1.9× |
| TMDE TMD Energy Limited compare | −0.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI