Martin Midstream Partners L.P. (MMLP) vs TOP Ships Inc. (TOPS)

Martin Midstream Partners L.P. and TOP Ships Inc. are both Oil & Gas Midstream companies. Martin Midstream Partners L.P. is the larger, with a market value of $77.1M against $2.1M — 36.9× the size. TOP Ships Inc. grew revenue faster over the last twelve months: 25.5% against 13.2%. Martin Midstream Partners L.P. has the higher net margin (−1.35% vs −1.48%) and the higher return on invested capital (8.21% vs 0.00%). Across the 18 metrics below, Martin Midstream Partners L.P. leads on 9 and TOP Ships Inc. on 9.

Valuation

Metric MMLP TOPS Oil & Gas Midstream median
P/E n/m n/m 11.80
P/S 0.10 0.03 2.38
P/B n/m 0.06 1.65
Price to free cash flow n/m n/m 7.76
EV/EBITDA 5.18 3.02 7.88
EV/Sales 0.69 1.66 3.36
Earnings yield (13.75%) (1,113.75%) 7.98%
Free cash flow yield (15.99%) (3,746.35%) 7.23%

Profitability

Metric MMLP TOPS Oil & Gas Midstream median
Gross margin 50.59% 57.93% 55.22%
Operating margin 6.22% 0.00% 35.83%
Net margin (1.35%) (1.48%) 20.12%
Free cash flow margin (1.55%) 0.00% 14.43%
Return on equity 13.65% 0.00% 14.03%
Return on assets (2.03%) 0.00% 4.62%
Return on invested capital 8.21% 0.00% 6.10%

Growth

Metric MMLP TOPS Oil & Gas Midstream median
Revenue growth (TTM) 13.17% 25.46% 15.70%
EPS growth (last fiscal year) (184.62%) (38.53%) (7.78%)
Revenue growth, 5-year CAGR 1.28% 5.95% 10.05%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MMLP TOPS Oil & Gas Midstream median
Debt to equity (5.04) 3.40 0.77
Current ratio 1.35 0.48 1.16
Net debt to EBITDA 4.09 3.72 3.46

Dividend

Metric MMLP TOPS Oil & Gas Midstream median
Dividend yield 1.24% — 5.03%
Payout ratio — — 0.73

Size

Metric MMLP TOPS Oil & Gas Midstream median
Market cap 77.08m 2.09m 3.30b

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