Martin Midstream Partners L.P. (MMLP) vs Summit Midstream Partners, LP (SMC)

Martin Midstream Partners L.P. and Summit Midstream Partners, LP are both Oil & Gas Midstream companies. Summit Midstream Partners, LP is the larger, with a market value of $544.1M against $77.1M — 7.1× the size. Summit Midstream Partners, LP grew revenue faster over the last twelve months: 20.9% against 13.2%. Martin Midstream Partners L.P. has the higher net margin (−1.35% vs −2.29%) and the higher return on invested capital (8.21% vs 2.59%). Across the 18 metrics below, Martin Midstream Partners L.P. leads on 10 and Summit Midstream Partners, LP on 8.

Valuation

Metric MMLP SMC Oil & Gas Midstream median
P/E n/m n/m 11.68
P/S 0.10 0.63 2.39
P/B n/m 0.43 1.68
Price to free cash flow n/m 8.26 8.52
EV/EBITDA 5.17 7.74 9.03
EV/Sales 0.69 2.71 3.43
Earnings yield (13.89%) (4.10%) 7.78%
Free cash flow yield (16.15%) 12.11% 7.11%

Profitability

Metric MMLP SMC Oil & Gas Midstream median
Gross margin 50.59% 45.03% 54.87%
Operating margin 6.22% 15.10% 34.73%
Net margin (1.35%) (2.29%) 20.12%
Free cash flow margin (1.55%) 7.69% 14.43%
Return on equity 13.65% (1.57%) 11.73%
Return on assets (2.03%) (0.55%) 4.43%
Return on invested capital 8.21% 2.59% 6.10%

Growth

Metric MMLP SMC Oil & Gas Midstream median
Revenue growth (TTM) 13.17% 20.94% 14.88%
EPS growth (last fiscal year) (184.62%) 87.40% (7.78%)
Revenue growth, 5-year CAGR 1.28% 7.95% 10.05%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MMLP SMC Oil & Gas Midstream median
Debt to equity (5.04) 1.35 0.77
Current ratio 1.35 0.94 1.19
Net debt to EBITDA 4.09 5.27 3.46

Dividend

Metric MMLP SMC Oil & Gas Midstream median
Dividend yield 1.26% — 4.94%
Payout ratio — — 0.73

Size

Metric MMLP SMC Oil & Gas Midstream median
Market cap 77.08m 544.05m 3.56b

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