Martin Midstream Partners LP (MMLP) Financials

MMLP

Trailing 12 months to June 30, 2026

Revenue $744.2M +4.0% YoY

Net Income -$15.4M +1.8% YoY

Free Cash Flow -$10.9M -157.6% YoY

Operating Cash Flow $19.7M -61.7% YoY

Market Cap $78.2M as of Oct 14, 2026

Price / Sales 0.1x on $744.2M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 27, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 27, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MMLP SEC filings page.

Martin Midstream Partners LP (MMLP) reported $744.2M in revenue over the twelve months to Jun 30, 2026, up 4.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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 2026-10-03

Operating cash generation persists on a shrinking revenue base, but debt and negative equity remain central to how this business is financed.

The business’s margin profile improved despite lower revenue: gross margin rose from 38.8% in FY2022 to 55.5% in FY2025. Yet operating margin ended at 6.8%, showing that stronger gross profitability did not fully reach the bottom line.

FY2025 operating cash flow was $46.1M against a net loss of $14.7M, so accounting losses did not translate into an equivalent cash outflow. After capital spending of $24.8M, free cash flow was $21.4M; reinvestment materially reduced what remained.

By FY2025, liabilities exceeded assets, leaving equity at -$85.8M; the current ratio had fallen to 1.0x, leaving little excess short-term coverage. Debt remained $428M while assets were $522M, so operating cash generation sits within a balance sheet financed heavily by obligations.

Financial Health Signals

Financial Health Score 43/100

Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Martin Midstream Partners LP'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

Martin Midstream Partners LP 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 54/100, indicating healthy but not exceptional operating efficiency. This is down from 8.1% the prior year.

Growth

Martin Midstream Partners LP's revenue grew a modest 1.2% year-over-year to $716.1M. This slow but positive growth earns a score of 28/100.

Leverage

Liquidity

Martin Midstream Partners LP's current ratio of 1.05 indicates adequate short-term liquidity, earning a score of 36/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Martin Midstream Partners LP has a free cash flow margin of 3.0%, earning a moderate score of 45/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Piotroski F-Score Neutral

4/9

Martin Midstream Partners LP passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

N/A

Martin Midstream Partners LP reported a net loss of $14.7M while generating $46.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

0.85x

Martin Midstream Partners LP earns $0.85 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

$213.6M

YoY+18.2%

QoQ+13.8%

5Y CAGR+3.0%

10Y CAGR+1.2%

Martin Midstream Partners LP generated $213.6M in revenue in Q2 2026. This represents an increase of 18.2% from the same quarter a year earlier. Against the prior quarter it is up 13.8%.

EBITDA

$32.3M

YoY+17.4%

QoQ+54.7%

5Y CAGR+7.9%

10Y CAGR0.0%

Martin Midstream Partners LP's EBITDA was $32.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 17.4% from the same quarter a year earlier. Against the prior quarter it is up 54.7%.

Net Income

$2.6M

YoY+210.0%

QoQ+139.2%

Martin Midstream Partners LP reported $2.6M in net income in Q2 2026. This represents an increase of 210.0% from the same quarter a year earlier. Against the prior quarter it is up 139.2%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$2.7M

YoY-89.2%

QoQ+112.6%

10Y CAGR-18.6%

Martin Midstream Partners LP generated $2.7M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 89.2% from the same quarter a year earlier. Against the prior quarter it is up 112.6%.

Cash & Debt

$50K

YoY+6.4%

QoQ+2.0%

5Y CAGR-40.7%

10Y CAGR+6.0%

Martin Midstream Partners LP held $50K in cash against $453.7M in long-term debt as of Q2 2026.

Shares Outstanding

39M

YoY+0.2%

QoQ0.0%

5Y CAGR+0.2%

10Y CAGR+1.0%

Martin Midstream Partners LP had 39M shares outstanding in Q2 2026. This represents an increase of 0.2% from the same quarter a year earlier. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

49.6%

YoY-6.9pp

QoQ-2.7pp

5Y change+7.1pp

Martin Midstream Partners LP's gross margin was 49.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 6.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.7 percentage points.

Operating Margin

9.0%

YoY+0.8pp

QoQ+4.8pp

5Y change+4.9pp

10Y change+3.6pp

Martin Midstream Partners LP's operating margin was 9.0% in Q2 2026, reflecting core business profitability. This is up 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.8 percentage points.

Net Margin

1.2%

YoY+2.6pp

QoQ+4.8pp

5Y change+4.8pp

10Y change+1.9pp

Martin Midstream Partners LP's net profit margin was 1.2% in Q2 2026, showing the share of revenue converted to profit. This is up 2.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.8 percentage points.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$9.5M

YoY+58.3%

QoQ+27.1%

5Y CAGR+21.9%

10Y CAGR+1.2%

Martin Midstream Partners LP invested $9.5M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 58.3% from the same quarter a year earlier. Against the prior quarter it is up 27.1%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

MMLP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MMLP quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$744.2M	$716.1M+1.2%	$707.6M-11.3%	$798.0M-21.7%	$1.0B+15.5%	$882.4M+31.3%	$672.1M-20.7%	$847.1M-17.0%	$1.0B+4.8%	$973.4M+17.6%	$827.4M-20.2%	$1.0B-37.3%	$1.7B+1.9%	$1.6B+8.2%	$1.5B+19.5%	$1.3B
Cost of Revenue	$347.6M	$318.6M+7.3%	$297.0M-23.8%	$389.7M-37.5%	$623.3M+16.9%	$533.1M+49.4%	$356.9M-27.6%	$492.8M-25.3%	$659.3M+10.9%	$594.7M+24.4%	$478.2M-25.4%	$641.4M-49.9%	$1.3B-0.1%	$1.3B+6.6%	$1.2B+20.1%	$1.0B
Gross Profit	$396.5M	$397.5M-3.2%	$410.6M+0.6%	$408.3M+3.2%	$395.6M+13.2%	$349.3M+10.8%	$315.2M-11.0%	$354.3M-1.8%	$360.8M-4.7%	$378.7M+8.5%	$349.2M-11.7%	$395.4M+6.2%	$372.4M+9.7%	$339.4M+14.7%	$295.8M+16.9%	$253.0M
SG&A Expenses	$39.6M	$42.0M-13.4%	$48.5M+18.8%	$40.8M-2.4%	$41.8M+2.0%	$41.0M+0.3%	$40.9M-1.3%	$41.4M+5.9%	$39.1M+0.1%	$39.1M+13.9%	$34.3M-6.7%	$36.8M+1.3%	$36.3M+24.2%	$29.2M+14.7%	$25.5M+24.2%	$20.5M
Operating Income	$46.9M	$48.9M-14.7%	$57.3M-14.1%	$66.7M+30.2%	$51.3M-10.5%	$57.3M+23.2%	$46.5M-20.0%	$58.1M+29.0%	$45.1M-1.2%	$45.6M-37.3%	$72.7M+3.7%	$70.2M+3.4%	$67.9M-16.7%	$81.5M+10.3%	$73.8M+55.9%	$47.4M
EBITDA	N/A	$99.1M-8.3%	$108.1M-7.3%	$116.6M+8.4%	$107.5M-5.7%	$114.0M+5.6%	$108.0M-8.6%	$118.2M+10.9%	$106.5M-3.8%	$110.7M-32.8%	$164.9M+1.5%	$162.4M+18.8%	$136.7M+3.2%	$132.4M+14.3%	$115.9M+32.3%	$87.6M
Interest Expense	$57.5M	$57.8M+0.1%	$57.7M-4.3%	$60.3M+12.3%	$53.7M+199.2%	-$54.1M-17.1%	-$46.2M+10.6%	-$51.7M+1.3%	-$52.3M-9.6%	-$47.8M-3.6%	-$46.1M-6.5%	-$43.3M-202.6%	$42.2M-0.7%	$42.5M+38.6%	$30.7M+14.5%	$26.8M
Income Tax	$4.0M	$4.8M+13.7%	$4.2M-29.1%	$5.9M-25.3%	$7.9M+134.5%	$3.4M+94.7%	$1.7M-8.6%	$1.9M+229.3%	$577K+265.2%	$158K-78.2%	$726K-30.7%	$1.0M-7.8%	$1.1M+51.0%	$753K-78.8%	$3.6M+23.9%	$2.9M
Net Income	-$15.4M	-$14.7M-183.2%	-$5.2M-14.5%	-$4.5M+56.0%	-$10.3M-4797.6%	-$211K+96.9%	-$6.8M+96.1%	-$174.9M-414.3%	$55.7M+179.4%	$19.9M-37.1%	$31.7M-17.5%	$38.4M+427.9%	-$11.7M+12.3%	-$13.4M-113.1%	$102.0M+348.1%	$22.8M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$213.6M+18.2%	$187.7M-2.5%	$174.2M+1.7%	$168.7M-1.3%	$180.7M-2.1%	$192.5M+6.5%	$171.3M-5.4%	$170.9M-3.3%
Cost of Revenue	$107.6M+37.0%	$89.5M-0.1%	$74.8M+4.5%	$75.7M+6.7%	$78.5M+2.2%	$89.6M+15.4%	$71.6M-6.8%	$71.0M-6.3%
Gross Profit	$106.0M+3.8%	$98.2M-4.7%	$99.4M-0.3%	$93.0M-7.0%	$102.2M-5.2%	$103.0M-0.2%	$99.7M-4.4%	$100.0M-0.9%
SG&A Expenses	$9.4M-13.6%	$10.8M-8.2%	$10.1M-38.4%	$9.3M-25.9%	$10.9M+1.7%	$11.8M+32.1%	$16.4M+52.0%	$12.5M+19.9%
Operating Income	$19.3M+29.4%	$8.0M-44.3%	$12.7M+86.4%	$6.9M-45.5%	$14.9M-25.3%	$14.4M-19.5%	$6.8M-60.3%	$12.7M-14.0%
EBITDA	$32.3M+17.4%	$20.9M-23.2%	$25.1M+27.8%	$19.2M-23.9%	$27.5M-15.6%	$27.2M-10.9%	$19.7M-33.1%	$25.3M-6.2%
Interest Expense	$14.5M-0.8%	$14.0M-1.0%	$14.5M-2.9%	$14.6M+0.2%	$14.6M+1.6%	$14.1M+1.9%	$14.9M-67.4%	$14.6M-2.7%
Income Tax	$1.9M-10.0%	$518K-53.6%	$856K+52.0%	$715K-32.9%	$2.1M+17.6%	$1.1M+40.3%	$563K-75.5%	$1.1M+35.3%
Net Income	$2.6M+210.0%	-$6.8M-554.4%	-$2.9M+67.6%	-$8.4M-153.4%	-$2.4M-163.7%	-$1.0M-131.6%	-$8.9M-1829.4%	-$3.3M-212.8%

Not reported in any period shown, so not listed: R&D Expenses, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

MMLP Balance Sheet

MMLP quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$522.4M-3.0%	$538.5M+5.7%	$509.4M-14.9%	$598.9M+3.3%	$579.9M0.0%	$579.6M-13.1%	$667.2M-37.9%	$1.1B-14.3%	$1.3B+0.6%	$1.2B-9.7%	$1.4B-10.4%	$1.5B+40.3%	$1.1B+8.4%	$1.0B-5.2%	$1.1B
Current Assets	$129.9M-0.4%	$130.5M+14.1%	$114.3M-45.9%	$211.1M+21.6%	$173.7M+28.1%	$135.6M-25.2%	$181.4M-12.8%	$208.0M-14.3%	$242.7M+25.1%	$194.0M+15.6%	$167.8M-41.7%	$287.8M-3.3%	$297.5M-5.5%	$314.9M-34.1%	$477.9M
Cash & Equivalents	$49K-10.9%	$55K+1.9%	$54K+20.0%	$45K-13.5%	$52K-99.0%	$5.0M+73.6%	$2.9M+1105.1%	$237K+777.8%	$27K+80.0%	$15K-51.6%	$31K-26.2%	$42K-99.7%	$16.5M+220.5%	$5.2M+1840.6%	$266K
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$50.2M-2.8%	$51.7M+18.0%	$43.8M-60.1%	$109.8M+76.8%	$62.1M+14.8%	$54.1M-13.5%	$62.5M-25.8%	$84.3M-13.4%	$97.3M+17.7%	$82.6M+8.9%	$75.9M-14.5%	$88.7M-6.5%	$94.9M-1.1%	$96.0M+2.9%	$93.3M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$16.7M0.0%	$16.7M0.0%	$16.7M0.0%	$16.7M-0.9%	$16.8M0.0%	$16.8M-5.0%	$17.7M-0.4%	$17.8M+2.8%	$17.3M0.0%	$17.3M-27.3%	$23.8M0.0%	$23.8M0.0%	$23.8M+21.3%	$19.6M+135.3%	$8.3M
Total Liabilities	$608.2M-0.1%	$608.9M+6.1%	$574.0M-12.8%	$658.3M+4.8%	$627.9M+0.2%	$626.5M-10.9%	$703.4M-10.4%	$785.2M-17.8%	$955.3M+2.2%	$934.4M-5.3%	$986.6M-6.5%	$1.1B+26.0%	$837.5M+27.9%	$655.0M-10.5%	$731.9M
Current Liabilities	$124.1M+7.5%	$115.5M+14.9%	$100.6M-9.3%	$110.9M+6.6%	$104.1M-12.8%	$119.4M+11.3%	$107.3M-4.0%	$111.8M-16.9%	$134.4M+14.3%	$117.6M-1.3%	$119.2M-27.1%	$163.6M-7.4%	$176.6M-1.1%	$178.5M-31.9%	$262.2M
Non-Current Liabilities	$484.1M-1.9%	$493.4M+4.2%	$473.4M-13.5%	$547.4M+4.5%	$523.8M+3.3%	$507.1M-14.9%	$596.1M-11.5%	$673.4M-18.0%	$820.8M+0.5%	$816.8M-5.8%	$867.4M-2.7%	$891.6M+34.9%	$660.9M+38.7%	$476.6M+1.5%	$469.7M
Long-Term Debt	$428.0M-2.2%	$437.6M+3.9%	$421.2M-17.9%	$512.9M+2.8%	$498.9M+2.9%	$484.6M-15.0%	$569.8M-13.2%	$656.5M-19.2%	$812.6M+0.6%	$808.1M-6.6%	$865.0M-2.7%	$888.9M+34.9%	$658.7M+38.7%	$475.0M+3.5%	$458.9M
Total Equity	-$85.8M-21.8%	-$70.4M-9.0%	-$64.6M-8.7%	-$59.4M-23.7%	-$48.0M-2.5%	-$46.9M-29.5%	-$36.2M-112.5%	$288.4M-3.3%	$298.2M-4.4%	$312.0M-20.8%	$393.9M-18.9%	$485.7M+86.5%	$260.4M-27.3%	$358.0M+6.2%	$337.2M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$547.4M+6.2%	$537.1M+0.7%	$522.4M-3.0%	$510.1M-8.0%	$515.6M-3.6%	$533.4M+4.2%	$538.5M+5.7%	$554.8M+9.2%
Current Assets	$162.7M+33.8%	$148.8M+14.8%	$129.9M-0.4%	$117.3M-21.2%	$121.6M-2.7%	$129.6M+11.8%	$130.5M+14.1%	$148.8M+32.9%
Cash & Equivalents	$50K+6.4%	$49K-5.8%	$49K-10.9%	$49K-12.5%	$47K-14.5%	$52K-3.7%	$55K+1.9%	$56K+3.7%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$60.4M+30.9%	$49.7M+11.8%	$50.2M-2.8%	$46.9M+8.9%	$46.1M+10.9%	$44.4M+7.3%	$51.7M+18.0%	$43.0M+3.2%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$16.7M0.0%	$16.7M0.0%	$16.7M0.0%	$16.7M0.0%	$16.7M0.0%	$16.7M0.0%	$16.7M0.0%	$16.7M0.0%
Total Liabilities	$637.6M+8.1%	$629.8M+4.1%	$608.2M-0.1%	$592.9M-3.8%	$589.8M-0.5%	$605.0M+5.5%	$608.9M+6.1%	$616.1M+7.5%
Current Liabilities	$134.3M+24.7%	$118.2M+22.9%	$124.1M+7.5%	$97.6M+2.9%	$107.7M+9.1%	$96.2M+3.5%	$115.5M+14.9%	$94.9M+17.2%
Non-Current Liabilities	$503.3M+4.4%	$511.6M+0.6%	$484.1M-1.9%	$495.2M-5.0%	$482.1M-2.4%	$508.8M+5.9%	$493.4M+4.2%	$521.2M+6.0%
Long-Term Debt	$453.7M+6.1%	$458.4M+1.6%	$428.0M-2.2%	$441.3M-6.0%	$427.8M-2.6%	$451.4M+5.0%	$437.6M+3.9%	$469.3M+6.7%
Total Equity	-$90.2M-21.6%	-$92.7M-29.4%	-$85.8M-21.8%	-$82.7M-34.9%	-$74.2M-28.2%	-$71.6M-16.5%	-$70.4M-9.0%	-$61.3M+5.6%

Not reported in any period shown, so not listed: Accounts Receivable, Retained Earnings.

MMLP Cash Flow Statement

MMLP quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$19.7M	$46.1M-4.6%	$48.4M-64.8%	$137.5M+751.3%	$16.1M-54.8%	$35.7M-44.8%	$64.8M-14.5%	$75.8M-27.8%	$105.0M+52.0%	$69.1M-37.7%	$110.8M-39.3%	$182.6M+58.0%	$115.6M+3.0%	$112.2M+243.3%	$32.7M-64.2%	$91.4M
Depreciation & Amortization	N/A	$50.2M-1.2%	$50.8M+1.8%	$49.9M-11.3%	$56.3M-0.8%	$56.8M-7.7%	$61.5M+2.3%	$60.1M-2.3%	$61.5M-5.6%	$65.1M-29.3%	$92.1M-0.1%	$92.3M+34.0%	$68.8M+35.1%	$51.0M+21.2%	$42.1M+4.4%	$40.3M
Stock-Based Compensation	N/A	$186K-0.5%	$187K+14.7%	$163K+1.2%	$161K-58.1%	$384K-73.0%	$1.4M-0.1%	$1.4M+16.3%	$1.2M+88.3%	$650K-28.1%	$904K-36.7%	$1.4M+74.9%	$817K-10.3%	$911K+136.6%	$385K+102.6%	$190K
Capital Expenditures	$30.6M	$24.8M-41.0%	$42.0M+22.4%	$34.3M+26.0%	$27.2M+69.6%	$16.1M-43.9%	$28.6M-6.5%	$30.6M-13.1%	$35.3M-15.9%	$41.9M+3.7%	$40.5M-38.5%	$65.8M-22.0%	$84.3M-8.6%	$92.2M-1.5%	$93.6M+21.3%	$77.2M
Free Cash Flow	-$10.9M	$21.4M+236.7%	$6.3M-93.9%	$103.2M+1030.2%	-$11.1M-156.4%	$19.7M-45.6%	$36.2M-20.0%	$45.2M-35.2%	$69.8M+157.0%	$27.2M-61.4%	$70.4M-39.7%	$116.8M+273.4%	$31.3M+56.8%	$19.9M+132.7%	-$61.0M-530.5%	$14.2M
Investing Cash Flow	-$39.0M	-$30.0M+48.8%	-$58.6M-74.1%	-$33.7M-36.6%	-$24.6M-28.1%	-$19.2M-838.9%	$2.6M-98.5%	$174.8M+18.4%	$147.6M+454.6%	-$41.6M-165.2%	$63.8M+368.2%	-$23.8M+92.7%	-$324.7M-73.8%	-$186.8M-1142.2%	-$15.0M+92.6%	-$202.7M
Financing Cash Flow	$19.3M	-$16.1M-257.2%	$10.3M+109.9%	-$103.8M-1322.7%	$8.5M+139.7%	-$21.4M+67.2%	-$65.3M+73.7%	-$248.1M+1.7%	-$252.4M-820.1%	-$27.4M+84.3%	-$174.7M-10.0%	-$158.8M-182.4%	$192.6M+124.0%	$86.0M+774.5%	-$12.7M-112.7%	$100.2M
Share Buybacks	N/A	N/A	N/A	$0	$0-100.0%	$17K+88.9%	$9K-97.7%	$392K+43.6%	$273K+6725.0%	$4K-98.8%	$347K	$0-100.0%	$277K+10.8%	$250K+12.6%	$222K-61.9%	$582K

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$12.2M-60.5%	-$13.8M-128.9%	$22.4M-46.8%	-$1.2M+92.3%	$30.9M+161.4%	-$6.0M-159.5%	$42.2M+34.3%	-$15.8M-316.1%
Depreciation & Amortization	$13.1M+3.3%	$12.9M+0.4%	$12.4M-3.4%	$12.3M-2.2%	$12.6M-0.4%	$12.8M+1.3%	$12.8M+5.1%	$12.6M+3.1%
Stock-Based Compensation	-$311K-186.4%	$45K+4.7%	N/A	$820K-50.6%	$360K-75.1%	$43K-20.4%	N/A	$1.7M+218.8%
Capital Expenditures	$9.5M+58.3%	$7.5M+27.5%	$6.9M-13.7%	$6.7M-46.7%	$6.0M-54.4%	$5.9M-49.7%	$8.0M-11.9%	$12.5M+17.5%
Free Cash Flow	$2.7M-89.2%	-$21.3M-78.8%	$15.6M-54.5%	-$7.9M+72.1%	$24.9M+1909.6%	-$11.9M-661.9%	$34.2M+52.9%	-$28.3M-738.2%
Investing Cash Flow	-$6.0M-4.3%	-$14.9M-140.1%	-$7.6M+15.1%	-$10.5M+16.5%	-$5.7M+71.0%	-$6.2M+64.3%	-$9.0M+19.9%	-$12.5M-38.3%
Financing Cash Flow	-$6.2M+75.2%	$28.7M+134.7%	-$14.8M+55.3%	$11.7M-58.7%	-$25.2M-420.0%	$12.2M+67.9%	-$33.2M-64.2%	$28.3M+1495.1%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

MMLP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MMLP quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	55.5%-2.5pp	58.0%+6.9pp	51.2%+12.4pp	38.8%-0.8pp	39.6%-7.3pp	46.9%+5.1pp	41.8%+6.5pp	35.4%-3.5pp	38.9%-3.3pp	42.2%+4.1pp	38.1%+15.6pp	22.5%+1.6pp	20.9%+1.2pp	19.8%-0.4pp	20.2%
Operating Margin	6.8%-1.3pp	8.1%-0.3pp	8.4%+3.3pp	5.0%-1.5pp	6.5%-0.4pp	6.9%+0.1pp	6.9%+2.4pp	4.4%-0.3pp	4.7%-4.1pp	8.8%+2.0pp	6.8%+2.7pp	4.1%-0.9pp	5.0%+0.1pp	4.9%+1.1pp	3.8%
Net Margin	-2.1%-1.3pp	-0.7%-0.2pp	-0.6%+0.4pp	-1.0%-1.0pp	0.0%+1.0pp	-1.0%+19.6pp	-20.6%-26.1pp	5.5%+3.4pp	2.1%-1.8pp	3.8%+0.1pp	3.7%+4.4pp	-0.7%+0.1pp	-0.8%-7.6pp	6.8%+5.0pp	1.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	19.3%+12.6pp	6.7%-3.5pp	10.1%+0.4pp	9.7%+12.2pp	-2.4%+2.7pp	-5.1%-33.6pp	28.5%+21.7pp	6.8%
Return on Assets	-2.8%-1.8pp	-1.0%-0.1pp	-0.9%+0.8pp	-1.7%-1.7pp	0.0%+1.1pp	-1.2%+25.1pp	-26.2%-31.4pp	5.2%+3.6pp	1.6%-0.9pp	2.5%-0.2pp	2.8%+3.5pp	-0.8%+0.5pp	-1.2%-11.3pp	10.1%+7.9pp	2.1%
Current Ratio	1.05-0.1x	1.130.0x	1.14-0.8x	1.90+0.2x	1.67+0.5x	1.14-0.6x	1.69-0.2x	1.86+0.1x	1.81+0.2x	1.65+0.2x	1.41-0.4x	1.76+0.1x	1.68-0.1x	1.76-0.1x	1.82
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	2.28-0.4x	2.72+0.1x	2.59+0.4x	2.20+0.4x	1.83-0.7x	2.53+1.2x	1.330.0x	1.36
Asset Turnover	1.37+0.1x	1.31-0.3x	1.57-0.1x	1.70+0.2x	1.52+0.4x	1.16-0.1x	1.27+0.3x	0.95+0.2x	0.78+0.1x	0.66-0.1x	0.75-0.3x	1.07-0.4x	1.480.0x	1.48+0.3x	1.17
FCF Margin	3.0%+2.1pp	0.9%-12.0pp	12.9%+14.0pp	-1.1%-3.3pp	2.2%-3.1pp	5.4%0.0pp	5.3%-1.5pp	6.8%+4.0pp	2.8%-5.7pp	8.5%-2.8pp	11.3%+9.4pp	1.9%+0.7pp	1.2%+5.3pp	-4.1%-5.2pp	1.1%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	49.6%-6.9pp	52.3%-1.2pp	57.1%-1.1pp	55.1%-3.4pp	56.5%-1.8pp	53.5%-3.6pp	58.2%+0.6pp	58.5%+1.4pp
Operating Margin	9.0%+0.8pp	4.3%-3.2pp	7.3%+3.3pp	4.1%-3.3pp	8.2%-2.6pp	7.5%-2.4pp	4.0%-5.5pp	7.4%-0.9pp
Net Margin	1.2%+2.6pp	-3.6%-3.1pp	-1.7%+3.6pp	-5.0%-3.0pp	-1.3%-3.4pp	-0.5%-2.4pp	-5.2%-5.5pp	-1.9%-1.3pp
Return on Assets	0.5%+0.9pp	-1.3%-1.1pp	-0.5%+1.1pp	-1.7%-1.1pp	-0.5%-1.2pp	-0.2%-0.8pp	-1.7%-1.8pp	-0.6%-0.4pp
Current Ratio	1.21+0.1x	1.26-0.1x	1.05-0.1x	1.20-0.4x	1.13-0.1x	1.35+0.1x	1.130.0x	1.57+0.2x
Asset Turnover	0.390.0x	0.350.0x	0.330.0x	0.330.0x	0.350.0x	0.360.0x	0.320.0x	0.310.0x
FCF Margin	1.3%-12.5pp	-11.3%-5.1pp	8.9%-11.0pp	-4.7%+11.9pp	13.8%+14.5pp	-6.2%-5.3pp	20.0%+7.6pp	-16.6%-14.6pp

Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.

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.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Martin Midstream Partners LP MMLP	FY2025	$716.1M	-$14.7M	-2.1%	$78.2M	43/100
Imperial Petroleum Inc. IMPP	FY2025	$161.0M	$50.0M	31.0%	$252.7M	57/100
DYNAGAS LNG PARNERS LP DLNG	FY2025	N/A	$61.6M	N/A	$129.9M	—
Summit Midstream Corporation SMC	FY2025	$562.1M	$3.0M	0.5%	$445.1M	28/100
KNOT OFFSHORE PARTNERS LP KNOP	FY2025	$364.4M	$23.3M	6.4%	$347.6M	36/100
New Fortress Energy Inc. NFE	FY2025	$1.5B	-$1.8B	N/A	$24.6M	4/100

Where Martin Midstream Partners LP Ranks

Frequently Asked Questions

What is Martin Midstream Partners LP's annual revenue?

Martin Midstream Partners LP (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.

How fast is Martin Midstream Partners LP's revenue growing?

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

Is Martin Midstream Partners LP profitable?

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

What is Martin Midstream Partners LP's EBITDA?

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

How much debt does Martin Midstream Partners LP have?

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

What is Martin Midstream Partners LP's gross margin?

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

What is Martin Midstream Partners LP's operating margin?

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

What is Martin Midstream Partners LP's net profit margin?

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

What is Martin Midstream Partners LP's free cash flow?

Martin Midstream Partners LP (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.

What is Martin Midstream Partners LP's operating cash flow?

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

What are Martin Midstream Partners LP's total assets?

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

What are Martin Midstream Partners LP's capital expenditures?

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

How many shares does Martin Midstream Partners LP have outstanding?

Martin Midstream Partners LP (MMLP) had 39M shares outstanding as of fiscal year 2025.

What is Martin Midstream Partners LP's current ratio?

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

What is Martin Midstream Partners LP's return on assets (ROA)?

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

What is Martin Midstream Partners LP's P/E ratio?

Martin Midstream Partners LP (MMLP) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $78.2M as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Martin Midstream Partners LP's price-to-sales ratio?

Martin Midstream Partners LP (MMLP) trades at 0.1x sales, its market capitalization divided by revenue of $744.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $78.2M as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Why is Martin Midstream Partners LP's debt-to-equity ratio negative or not reported?

Martin Midstream Partners LP (MMLP) has negative shareholder equity of -$85.8M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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.

What is Martin Midstream Partners LP's Piotroski F-Score?

Martin Midstream Partners LP (MMLP) has a Piotroski F-Score of 4 out of 9, indicating neutral 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.

Are Martin Midstream Partners LP's earnings high quality?

Martin Midstream Partners LP (MMLP) reported a net loss of $14.7M while generating $46.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.

Can Martin Midstream Partners LP cover its interest payments?

Martin Midstream Partners LP (MMLP) has an interest coverage ratio of 0.85x, 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.

How financially healthy is Martin Midstream Partners LP?

Martin Midstream Partners LP (MMLP) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.