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 $87.3M against $5.1M — 17.2× the size. TOP Ships Inc. grew revenue faster over the last twelve months: 25.5% against 4.01%. TOP Ships Inc. has the higher net margin (−1.48% vs −2.02%) and the lower return on invested capital (0.00% vs 8.06%). Across the 17 metrics below, TOP Ships Inc. leads on 10 and Martin Midstream Partners L.P. on 7.

Valuation

Metric MMLP TOPS Oil & Gas Midstream median
P/E n/m n/m 13.19
P/S 0.11 0.01 2.60
P/B n/m 0.01 2.08
Price to free cash flow n/m n/m 10.14
EV/EBITDA 5.20 2.98 8.11
EV/Sales 0.72 1.64 3.89
Earnings yield (17.59%) (17,677.94%) 6.83%
Free cash flow yield (5.19%) (16,032.17%) 6.94%

Profitability

Metric MMLP TOPS Oil & Gas Midstream median
Gross margin 53.29% 57.93% 58.81%
Operating margin 6.30% 0.00% 32.14%
Net margin (2.02%) (1.48%) 21.16%
Free cash flow margin (0.59%) 0.00% 10.15%
Return on equity 0.00% 0.00% 11.30%
Return on assets (2.83%) 0.00% 5.00%
Return on invested capital 8.06% 0.00% 6.13%

Growth

Metric MMLP TOPS Oil & Gas Midstream median
Revenue growth (TTM) 4.01% 25.46% 15.44%
EPS growth (last fiscal year) (184.62%) (38.53%) —
Revenue growth, 5-year CAGR 1.28% 5.95% 8.96%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MMLP TOPS Oil & Gas Midstream median
Debt to equity (5.03) 3.40 0.78
Current ratio 1.21 0.48 1.19
Net debt to EBITDA 4.09 3.72 3.42

Dividend

Metric MMLP TOPS Oil & Gas Midstream median
Dividend yield 0.91% — 7.29%
Payout ratio — 0.00 0.64

Size

Metric MMLP TOPS Oil & Gas Midstream median
Market cap 87.25m 5.06m 3.61b

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