Quality Investor

Martin Midstream Partners L.P.

Rank #29Decline

MMLP · Nasdaq · Energy

Martin Midstream Partners L.P. (MMLP) — Rank #29 by gross profitability (GP/assets 0.73) · ROE — · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001176334 · all metrics point-in-time as of the filing date.

About

Martin Midstream Partners L.P., together with its subsidiaries, provides terminalling, processing, and storage services for petroleum products and by-products in the United States.

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It operates through four segments: Terminalling and Storage, Transportation, Sulfur Services, and Specialty Products. The company owns or operates various marine shore-based terminal facilities and specialty terminal facilities, as well as naphthenic lubricants refinery; and offers storage, refining, and handling services for producers and suppliers of petroleum products, handling services for molten sulfur and asphalt, land rental services to oil and gas companies, and storage and handling services for lubricants and fuels. It also engages in the operation of land and marine transportation assets that transport petroleum products and by-products, petrochemicals, and chemicals; and provides refinery and petrochemical services, including transportation of heavy tank bottoms by-products and other petroleum products, hauling natural gas liquids, molten sulfur, sulfuric acid, paper mill liquids, chemicals, and other bulk liquid commodities. In addition, the company processes and distributes molten sulfur into prilled or pelletized sulfur; owns and operates sulfur-based fertilizer production plants and an emulsified sulfur blending plant; and manufactures and markets sulfur-based fertilizer and related sulfur products, such as ammonium sulfate, liquid sulfur, plant nutrient sulfur, Industrial sulfur, and sulfuric acid. Further, it is involved in owning and operating facilities for the blending, processing, packaging, marketing and distribution of private label agricultural, automotive, and industrial lubricants, as well as commercial and industrial greases; selling and distributing natural gas liquids; and storing and transporting of natural gas liquids for wholesale deliveries.

The company was founded in 1951 and is headquartered in Kilgore, Texas.

Industry
Oil & Gas Midstream
Sector
Energy
State
DE
Filer Category
Accelerated filer
Fiscal Year End
December 31
Website
mmlp.com

Price History

MMLP-29.3% · -6.7% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E, P/B, and dividend yield matter most — book value provides a floor.

Market Cap

$88.03M

P/E (annual)

P/S (annual)

0.1

P/B

P/OCF (annual)

1.9

Shareholder Yield

Employees

Industry

Oil & Gas Midstream

Exchange

Nasdaq

Signal Flags

1 green1 yellow1 red
Operating leverage expandingOperating income growing faster than revenue
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why
Revenue declining YoYRevenue contracted year over year

Quality Profile

Profitability

1/1 pass
GP / assets
0.73
Return on equity
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
Current ratio
1.21×
Net cash
-$453.70M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.0%

Growth

0/1 pass
Revenue growth
-55.8%
Piotroski F-Score
N/A
Share dilution

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

Asset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.73

Primary signal (Novy-Marx).

2nd of 5 SIC 51 peers

Return on equity

Gross margin

55.5%

1st of 5 SIC 51 peers

Revenue growth (YoY)

-55.8%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2012201320142020
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

Revenue CAGR (5Y)

1.3%

Earnings CAGR (3Y)

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

Current ratio

1.21×

5th of 5 SIC 51 peers

Quick ratio

Net cash

-$453.70M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$14.51M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

1.98

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.0%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20102020
Op. Leverage
Startup
Value
Decline