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Martin Midstream Prtnrs L P Financials

MMLP
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Martin Midstream Prtnrs L P (MMLP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MMLP FY2025

Stable gross profit on a shrinking top line shows this partnership operates on margin dollars, not revenue volume.

Over the last few years, revenue lost meaning as a health signal: sales fell by 29.7% while gross profit stayed near $400M. That stability did not reach equity holders because interest expense roughly matched operating income in the latest year, leaving a net loss and deeper negative equity even as debt was reduced.

In FY2025, operating cash flow of $46.1M comfortably exceeded capital spending of $24.8M, which is why free cash flow stayed positive despite weak net income. Cash on hand was only $49K and the current ratio was 1.0x, so liquidity appears to rely on steady operating inflows rather than a stored cash cushion.

Balance-sheet repair is happening, but slowly: long-term debt was reduced by $84.9M over the last three years, yet liabilities still exceeded assets by $85.8M at year-end. With interest expense above operating income in the latest year, the business can generate gross profit and cash without rebuilding equity.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 28 / 100
Financial Profile 28/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Martin Midstream Prtnrs L P's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
39

Martin Midstream Prtnrs L P has an operating margin of 6.8%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 39/100, indicating healthy but not exceptional operating efficiency. This is down from 8.1% the prior year.

Growth
25

Martin Midstream Prtnrs L P's revenue grew a modest 1.2% year-over-year to $716.1M. This slow but positive growth earns a score of 25/100.

Leverage
56

Martin Midstream Prtnrs L P has a moderate D/E ratio of -4.99. This balance of debt and equity financing earns a leverage score of 56/100.

Liquidity
16

Martin Midstream Prtnrs L P's current ratio of 1.05 is below the typical benchmark, resulting in a score of 16/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
36

Martin Midstream Prtnrs L P has a free cash flow margin of 3.0%, earning a moderate score of 36/100. The company generates positive cash flow after capital investments, but with room for improvement.

Piotroski F-Score Weak
3/9

Martin Midstream Prtnrs L P passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Mixed
-3.13x

For every $1 of reported earnings, Martin Midstream Prtnrs L P generates $-3.13 in operating cash flow ($46.1M OCF vs -$14.7M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk
0.8x

Martin Midstream Prtnrs L P earns $0.8 in operating income for every $1 of interest expense ($48.9M vs $57.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$716.1M
YoY+1.2%
5Y CAGR+1.3%
10Y CAGR-3.6%

Martin Midstream Prtnrs L P generated $716.1M in revenue in fiscal year 2025. This represents an increase of 1.2% from the prior year.

EBITDA
$99.1M
YoY-8.3%
5Y CAGR-1.7%
10Y CAGR-4.8%

Martin Midstream Prtnrs L P's EBITDA was $99.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 8.3% from the prior year.

Net Income
-$14.7M
YoY-183.2%

Martin Midstream Prtnrs L P reported -$14.7M in net income in fiscal year 2025. This represents a decrease of 183.2% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
$21.4M
YoY+236.7%
5Y CAGR-10.0%
10Y CAGR-15.6%

Martin Midstream Prtnrs L P generated $21.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 236.7% from the prior year.

Cash & Debt
$49K
YoY-10.9%
5Y CAGR-60.3%
10Y CAGR+4.7%

Martin Midstream Prtnrs L P held $49K in cash against $428.0M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
N/A

Margins & Returns

Gross Margin
55.5%
YoY-2.5pp
5Y CAGR+8.6pp
10Y CAGR+17.4pp

Martin Midstream Prtnrs L P's gross margin was 55.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.5 percentage points from the prior year.

Operating Margin
6.8%
YoY-1.3pp
5Y CAGR-0.1pp
10Y CAGR+0.1pp

Martin Midstream Prtnrs L P's operating margin was 6.8% in fiscal year 2025, reflecting core business profitability. This is down 1.3 percentage points from the prior year.

Net Margin
-2.1%
YoY-1.3pp
5Y CAGR-1.1pp
10Y CAGR-5.8pp

Martin Midstream Prtnrs L P's net profit margin was -2.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.3 percentage points from the prior year.

Return on Equity
N/A

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$24.8M
YoY-41.0%
5Y CAGR-2.9%
10Y CAGR-9.3%

Martin Midstream Prtnrs L P invested $24.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 41.0% from the prior year.

MMLP Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $187.7M+7.7% $174.2M+3.2% $168.7M-6.6% $180.7M-6.2% $192.5M+12.4% $171.3M+0.2% $170.9M-7.4% $184.5M
Cost of Revenue $89.5M+19.7% $74.8M-1.2% $75.7M-3.5% $78.5M-12.4% $89.6M+25.1% $71.6M+0.9% $71.0M-7.6% $76.8M
Gross Profit $98.2M-1.2% $99.4M+6.9% $93.0M-9.0% $102.2M-0.8% $103.0M+3.2% $99.7M-0.2% $100.0M-7.2% $107.7M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $10.8M+7.1% $10.1M+9.0% $9.3M-14.9% $10.9M-7.6% $11.8M-28.2% $16.4M+31.2% $12.5M+16.8% $10.7M
Operating Income $8.0M-36.9% $12.7M+84.5% $6.9M-53.7% $14.9M+3.3% $14.4M+111.1% $6.8M-46.1% $12.7M-36.5% $19.9M
Interest Expense $14.0M-3.4% $14.5M-1.1% $14.6M0.0% $14.6M+3.6% $14.1M-5.3% $14.9M+2.1% $14.6M+1.5% $14.4M
Income Tax $518K-39.5% $856K+19.7% $715K-65.7% $2.1M+86.6% $1.1M+98.4% $563K-47.2% $1.1M-39.8% $1.8M
Net Income -$6.8M-133.7% -$2.9M+65.6% -$8.4M-249.5% -$2.4M-133.0% -$1.0M+88.4% -$8.9M-169.4% -$3.3M-187.8% $3.8M
EPS (Diluted) N/A N/A N/A N/A N/A N/A N/A N/A

MMLP Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $537.1M+2.8% $522.4M+2.4% $510.1M-1.1% $515.6M-3.3% $533.4M-0.9% $538.5M-2.9% $554.8M+3.7% $535.1M
Current Assets $148.8M+14.5% $129.9M+10.7% $117.3M-3.5% $121.6M-6.2% $129.6M-0.6% $130.5M-12.3% $148.8M+19.1% $125.0M
Cash & Equivalents $49K0.0% $49K0.0% $49K+4.3% $47K-9.6% $52K-5.5% $55K-1.8% $56K+1.8% $55K
Inventory $49.7M-1.2% $50.2M+7.2% $46.9M+1.6% $46.1M+3.8% $44.4M-14.1% $51.7M+20.1% $43.0M+3.5% $41.6M
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill $16.7M0.0% $16.7M0.0% $16.7M0.0% $16.7M0.0% $16.7M0.0% $16.7M0.0% $16.7M0.0% $16.7M
Total Liabilities $629.8M+3.6% $608.2M+2.6% $592.9M+0.5% $589.8M-2.5% $605.0M-0.6% $608.9M-1.2% $616.1M+3.9% $592.9M
Current Liabilities $118.2M-4.8% $124.1M+27.2% $97.6M-9.4% $107.7M+11.9% $96.2M-16.7% $115.5M+21.7% $94.9M-3.9% $98.7M
Long-Term Debt $458.4M+7.1% $428.0M-3.0% $441.3M+3.1% $427.8M-5.2% $451.4M+3.2% $437.6M-6.7% $469.3M+6.8% $439.4M
Total Equity -$92.7M-8.1% -$85.8M-3.7% -$82.7M-11.5% -$74.2M-3.6% -$71.6M-1.7% -$70.4M-14.8% -$61.3M-6.0% -$57.9M
Retained Earnings N/A N/A N/A N/A N/A N/A N/A N/A

MMLP Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$13.8M-161.4% $22.4M+1950.2% -$1.2M-103.9% $30.9M+613.6% -$6.0M-114.3% $42.2M+367.7% -$15.8M-233.2% $11.8M
Capital Expenditures $7.5M+9.1% $6.9M+2.7% $6.7M+11.1% $6.0M+2.4% $5.9M-26.1% $8.0M-36.6% $12.5M-5.1% $13.2M
Free Cash Flow -$21.3M-236.5% $15.6M+297.3% -$7.9M-131.7% $24.9M+309.3% -$11.9M-134.8% $34.2M+221.0% -$28.3M-1955.8% -$1.4M
Investing Cash Flow -$14.9M-96.3% -$7.6M+27.4% -$10.5M-83.4% -$5.7M+8.2% -$6.2M+30.6% -$9.0M+28.6% -$12.5M+36.3% -$19.7M
Financing Cash Flow $28.7M+293.5% -$14.8M-226.9% $11.7M+146.4% -$25.2M-306.1% $12.2M+136.8% -$33.2M-217.4% $28.3M+259.2% $7.9M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

MMLP Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 52.3%-4.7pp 57.1%+1.9pp 55.1%-1.4pp 56.5%+3.1pp 53.5%-4.7pp 58.2%-0.3pp 58.5%+0.1pp 58.4%
Operating Margin 4.3%-3.0pp 7.3%+3.2pp 4.1%-4.2pp 8.2%+0.8pp 7.5%+3.5pp 4.0%-3.4pp 7.4%-3.4pp 10.8%
Net Margin -3.6%-1.9pp -1.7%+3.3pp -5.0%-3.7pp -1.3%-0.8pp -0.5%+4.7pp -5.2%-3.3pp -1.9%-4.0pp 2.1%
Return on Equity N/A N/A N/A N/A N/A N/A N/A N/A
Return on Assets -1.3%-0.7pp -0.5%+1.1pp -1.7%-1.2pp -0.5%-0.3pp -0.2%+1.5pp -1.7%-1.1pp -0.6%-1.3pp 0.7%
Current Ratio 1.26+0.2 1.05-0.2 1.20+0.1 1.13-0.2 1.35+0.2 1.13-0.4 1.57+0.3 1.27
Debt-to-Equity -4.95+0.0 -4.99+0.3 -5.33+0.4 -5.77+0.5 -6.30-0.1 -6.21+1.4 -7.65-0.1 -7.59
FCF Margin -11.3%-20.3pp 8.9%+13.6pp -4.7%-18.5pp 13.8%+20.0pp -6.2%-26.2pp 20.0%+36.5pp -16.6%-15.8pp -0.8%

Note: Shareholder equity is negative (-$85.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

Martin Midstream Prtnrs L P (MMLP) reported $716.1M in total revenue for fiscal year 2025. This represents a 1.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Martin Midstream Prtnrs L P (MMLP) revenue grew by 1.2% year-over-year, from $707.6M to $716.1M in fiscal year 2025.

No, Martin Midstream Prtnrs L P (MMLP) reported a net income of -$14.7M in fiscal year 2025, with a net profit margin of -2.1%.

Martin Midstream Prtnrs L P (MMLP) had EBITDA of $99.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Martin Midstream Prtnrs L P (MMLP) had $49K in cash and equivalents against $428.0M in long-term debt.

Martin Midstream Prtnrs L P (MMLP) had a gross margin of 55.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Martin Midstream Prtnrs L P (MMLP) had an operating margin of 6.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Martin Midstream Prtnrs L P (MMLP) had a net profit margin of -2.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Martin Midstream Prtnrs L P (MMLP) generated $21.4M in free cash flow during fiscal year 2025. This represents a 236.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Martin Midstream Prtnrs L P (MMLP) generated $46.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Martin Midstream Prtnrs L P (MMLP) had $522.4M in total assets as of fiscal year 2025, including both current and long-term assets.

Martin Midstream Prtnrs L P (MMLP) invested $24.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Martin Midstream Prtnrs L P (MMLP) had a current ratio of 1.05 as of fiscal year 2025, which is considered adequate.

Martin Midstream Prtnrs L P (MMLP) had a debt-to-equity ratio of -4.99 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Martin Midstream Prtnrs L P (MMLP) had a return on assets of -2.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Martin Midstream Prtnrs L P (MMLP) has negative shareholder equity of -$85.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

Martin Midstream Prtnrs L P (MMLP) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Martin Midstream Prtnrs L P (MMLP) has an earnings quality ratio of -3.13x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Martin Midstream Prtnrs L P (MMLP) has an interest coverage ratio of 0.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Martin Midstream Prtnrs L P (MMLP) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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