Martin Midstream Partners L.P.
- Open
- 2.39
- Day high
- 2.39
- Day low
- 2.30
- Prev close
- 2.43
- Volume
- 7K
- Mkt cap
- $92M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -1.0
- P/S
- 0.1
- Yield
- 0.85%
- Per share
- $0.02
Martin Midstream Partners L.P. (MMLP) is a Energy company listed on NASDAQ. The stock is down 20% over the past year.
Martin Midstream Partners L.P. (MMLP) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MMLP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | — | $-0.17 | — | $188M | — |
| Feb 18, 2026 | $0.06 | $-0.07 | -216.7% | $174M | -10.4% |
| Oct 15, 2025 | $-0.02 | $-0.21 | -950.0% | $169M | -12.4% |
| Jul 16, 2025 | $0.08 | $-0.06 | -175.0% | $181M | -9.4% |
| Apr 16, 2025 | $0.02 | $-0.01 | -150.0% | $193M | +2.9% |
| Feb 12, 2025 | $0.03 | $-0.22 | -833.3% | $171M | -5.2% |
| Oct 16, 2024 | $-0.03 | $-0.08 | -166.7% | $171M | -5.4% |
| Jul 17, 2024 | $0.08 | $0.09 | +12.5% | $185M | -4.8% |
| Apr 17, 2024 | $0.07 | $0.08 | +14.3% | $181M | -8.2% |
| Feb 14, 2024 | $-0.04 | $0.01 | +125.0% | $181M | -32.2% |
| Oct 18, 2023 | — | $-0.03 | — | $177M | -33.8% |
| Jul 19, 2023 | — | $0.03 | — | $196M | -26.7% |
MMLP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Feb 19, 2026 | KELLEY BYRON Rdirector | Grant | 23,200 | $2.80 |
| Feb 19, 2026 | COLLINGSWORTH JAMES Mdirector | Grant | 23,200 | $2.80 |
| Feb 19, 2026 | MASSEY C SCOTTdirector | Grant | 23,200 | $2.80 |
| Dec 12, 2025 | Martin Product Sales LLC10 percent owner | Buy | 5,573 | $2.55 |
| Dec 12, 2025 | Martin Product Sales LLC10 percent owner | Buy | 7,012 | $2.59 |
| Dec 8, 2025 | Martin Product Sales LLC10 percent owner | Buy | 2,190 | $2.60 |
| Dec 8, 2025 | Martin Product Sales LLC10 percent owner | Buy | 12,228 | $2.59 |
| Dec 3, 2025 | Martin Product Sales LLC10 percent owner | Buy | 2,239 | $2.59 |
| Nov 25, 2025 | Martin Product Sales LLC10 percent owner | Buy | 15,040 | $2.59 |
| Nov 19, 2025 | Martin Product Sales LLC10 percent owner | Buy | 1,945 | $2.60 |
| Nov 10, 2025 | Martin Product Sales LLC10 percent owner | Buy | 12,237 | $2.59 |
| Nov 10, 2025 | Martin Product Sales LLC10 percent owner | Buy | 12,272 | $2.58 |
| Nov 10, 2025 | Martin Product Sales LLC10 percent owner | Buy | 3,605 | $2.59 |
| Oct 21, 2025 | Martin Product Sales LLC10 percent owner | Buy | 20,500 | $2.55 |
| Oct 21, 2025 | Martin Product Sales LLC10 percent owner | Buy | 11,500 | $2.57 |
Source: MMLP SEC Form 4 filings, latest Feb 19, 2026. For informational purposes only — not investment advice.
See the full MMLP insider & 13F page →Martin Midstream Partners L.P. company profile
Overview
Martin Midstream Partners L.P. (NASDAQ:MMLP) is a master limited partnership founded in 2002 and headquartered in Kilgore, Texas. The company operates as a midstream energy infrastructure provider, primarily serving the United States Gulf Coast region. As a publicly traded partnership, MMLP provides essential logistics services for petroleum products, natural gas liquids, and specialty chemicals. The company has evolved from its initial public offering in November 2002 to become a diversified midstream operator with operations spanning marine and land transportation, terminal storage facilities, and specialized processing services.
Business
Martin Midstream Partners operates in the oil and gas midstream sector, which serves as the critical link between upstream production (oil and gas extraction) and downstream refining and marketing. The midstream industry focuses on the transportation, storage, and processing of crude oil, refined petroleum products, and natural gas liquids after they are extracted but before they reach end consumers. The company operates through four primary business segments: **Transportation Services** generates approximately 35-40% of total EBITDA and operates the largest revenue-generating segment. This division includes land transportation through a fleet of 570 tank trucks and 1,200 trailers that move petroleum products, chemicals, and specialty products across the Gulf Coast region. The marine transportation component operates 29 inland tank barges, 14 push boats, and one articulated offshore tug-barge unit, providing waterway transport services primarily along inland waterways and coastal areas. **Terminalling and Storage Services** contributes roughly 25-30% of EBITDA through ownership and operation of 28 specialized facilities including 15 marine shore-based terminals and 13 specialty terminals. These facilities provide critical infrastructure for storing, blending, packaging, and handling petroleum products and by-products. The terminals serve as distribution hubs where products can be transferred between different transportation modes and where value-added services like blending and packaging occur. **Sulfur Services** represents approximately 20-25% of EBITDA and processes molten sulfur from oil refineries into prilled (small pellet) or pelletized forms used in fertilizer production and industrial chemical manufacturing. This segment includes both a pure sulfur processing business and a fertilizer-focused operation that serves agricultural markets. **Specialty Products/Natural Gas Liquids** accounts for the remaining 10-15% of EBITDA, focusing on storage, distribution, and transportation of natural gas liquids including propane, butane, and other hydrocarbon derivatives. The company maintains approximately 2.1 million barrels of underground storage capacity for NGLs and serves refineries, industrial users, and propane retailers.
Revenue model
Martin Midstream Partners generates revenue primarily through fee-based services rather than commodity trading, providing relatively stable cash flows. The company's business model centers on charging fees for transportation, storage, and processing services, with approximately 71% of revenues derived from fixed-fee contracts as of 2024. **Transportation Revenue** comes from charging daily rates for marine vessel charters and per-mile or per-load fees for land transportation services. Marine transportation rates fluctuate based on market conditions, with recent rates ranging from $11,000-$11,500 per day for heated barges. Land transportation generates steady income through contracted services with oil companies, refineries, and chemical producers. **Terminal and Storage Revenue** is generated through monthly storage fees, throughput charges for product handling, and value-added service fees for blending, packaging, and product transfers. Many terminal contracts include escalation clauses tied to inflation, providing some protection against rising costs. **Processing Revenue** from sulfur services includes processing fees for converting molten sulfur into solid forms, with margins dependent on the spread between input costs and selling prices. The fertilizer business operates on seasonal demand patterns tied to agricultural cycles. **Factors affecting profitability** include fuel costs which directly impact transportation margins, refinery utilization rates that drive demand for services, seasonal agricultural demand affecting sulfur and fertilizer businesses, and infrastructure maintenance costs. Weather events like hurricanes can temporarily disrupt operations but typically have limited long-term financial impact. Competition from other midstream operators and pipeline capacity additions can pressure transportation rates, while regulatory changes affecting environmental standards may require additional capital investments.
Competitive moat
Martin Midstream Partners operates with a moderate competitive moat primarily derived from its specialized infrastructure assets and established customer relationships, though this moat faces several vulnerabilities. The company's marine terminal facilities and inland barge operations benefit from geographic positioning along key Gulf Coast waterways, creating some barriers to entry due to the high capital requirements and regulatory approvals needed for new terminal development. The company's specialized sulfur processing capabilities represent a niche market position, as the conversion of molten sulfur to prilled/pelletized forms requires specific technical expertise and equipment that creates switching costs for customers. Long-term contracts with refineries and chemical producers provide some revenue stability and customer stickiness. However, the moat is relatively narrow due to several competitive pressures. The transportation segment faces competition from pipeline operators, other trucking companies, and barge operators, with limited differentiation beyond service quality and geographic coverage. The terminal business, while requiring significant capital investment, can be replicated by larger competitors with deeper resources. Additionally, the company's small scale compared to major midstream operators like Enterprise Products Partners or Kinder Morgan limits its ability to achieve economies of scale or offer comprehensive integrated services. The most significant competitive threat comes from pipeline development, which can permanently divert volumes from truck and barge transportation. Environmental regulations increasingly favor pipeline transport over trucking, potentially eroding demand for land transportation services. The company's high leverage ratio also limits its ability to invest in growth projects or acquire complementary assets that could strengthen its competitive position.
Risks & safety
Martin Midstream Partners presents significant financial risk with limited margin of safety based on current metrics. **Solvency Concerns:** - Extremely low cash position of only $52,000-$56,000 across recent quarters - Negative free cash flow in recent quarters (-$4.4M in Q1 2025, -$25.6M in Q3 2024) - Total debt of approximately $486.5 million with leverage ratio of 4.14x EBITDA - Negative shareholder equity of approximately -$71.6 million as of Q1 2025, indicating liabilities exceed assets **Valuation Metrics:** - Trading at 6.1x EV/EBITDA based on recent quarters - Negative book value resulting in meaningless price-to-book ratios - Debt-to-equity ratios are distorted due to negative equity **Other Risk Factors:** - Current ratio of 1.35x provides minimal liquidity cushion - High fixed costs and capital-intensive operations limit operational flexibility - Exposure to commodity price volatility and refinery utilization rates - Pending merger with Martin Resource Management Corporation may provide exit opportunity but terms remain uncertain
Recent development
Over the past several years, Martin Midstream Partners has undergone significant strategic repositioning focused on reducing volatility and improving financial stability. The most notable change was the 2022 exit from the butane optimization business, which had generated substantial losses and created earnings volatility. This decision transformed the company toward a more stable, fee-based business model. **Infrastructure Investments:** The company has invested heavily in specialized processing capabilities, including the construction of an oleum tower at its Plainview, Texas sulfuric acid plant. The ELSA (Electronic Level Sulfuric Acid) joint venture with DSM Semichem represents a strategic move into higher-value, technology-grade sulfuric acid production for semiconductor manufacturing, though initial production has faced delays with sales expected to ramp up in the second half of 2025. **Financial Restructuring:** Management completed a significant debt refinancing in 2023, extending maturities to February 2028 and reducing the revolving credit facility. The company has focused on achieving a target leverage ratio of 3.75x EBITDA, though current levels remain above this target at approximately 4.14x. **Operational Improvements:** The marine transportation business has benefited from improved day rates, with approximately 50% of the fleet locked into term contracts extending through 2025. The company has also implemented operational expense reduction initiatives across its terminal and storage operations. **Pending Transaction:** A significant development is the proposed merger with Martin Resource Management Corporation, with improved terms from the initial May 2024 proposal. This transaction requires a simple majority vote and could provide liquidity for unitholders while potentially resolving the company's financial constraints.
MMLP company profile · for informational purposes only — not investment advice.
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