Martin Midstream Partners L.P. (MMLP) vs Toro Corp. (TORO)

Martin Midstream Partners L.P. and Toro Corp. are both Oil & Gas Midstream companies. Toro Corp. is the larger, with a market value of $184.6M against $87.3M — 2.1× the size. Martin Midstream Partners L.P. has negative trailing earnings, so its P/E is not meaningful; Toro Corp. trades at 131×. Martin Midstream Partners L.P. grew revenue faster over the last twelve months: 4.01% against −0.04%. Toro Corp. has the higher net margin (1.55% vs −2.02%) and the lower return on invested capital (−2.54% vs 8.06%). Across the 17 metrics below, Martin Midstream Partners L.P. leads on 10 and Toro Corp. on 7.

Valuation

Metric MMLP TORO Oil & Gas Midstream median
P/E n/m 130.75 13.19
P/S 0.11 5.93 2.60
P/B n/m 0.66 2.08
Price to free cash flow n/m n/m 10.14
EV/EBITDA 5.20 80.28 8.11
EV/Sales 0.72 2.38 3.89
Earnings yield (17.59%) 0.76% 6.83%
Free cash flow yield (5.19%) (29.16%) 6.94%

Profitability

Metric MMLP TORO Oil & Gas Midstream median
Gross margin 53.29% 53.03% 58.81%
Operating margin 6.30% (21.05%) 32.14%
Net margin (2.02%) 1.55% 21.16%
Free cash flow margin (0.59%) (172.97%) 10.15%
Return on equity 0.00% 0.17% 11.30%
Return on assets (2.83%) 0.10% 5.00%
Return on invested capital 8.06% (2.54%) 6.13%

Growth

Metric MMLP TORO Oil & Gas Midstream median
Revenue growth (TTM) 4.01% (0.04%) 15.44%
EPS growth (last fiscal year) (184.62%) (92.66%) —
Revenue growth, 5-year CAGR 1.28% — 8.96%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric MMLP TORO Oil & Gas Midstream median
Debt to equity (5.03) 0.00 0.78
Current ratio 1.21 22.23 1.19
Net debt to EBITDA 4.09 (305.33) 3.42

Dividend

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

Size

Metric MMLP TORO Oil & Gas Midstream median
Market cap 87.25m 184.55m 3.61b

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