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MMLP

Martin Midstream Partners L.P.

MMLP

Martin Midstream Partners L.P. • NASDAQ
$2.61 ▼ -0.36% (-0.01)
Market Cap $101.93 M
52w High $4.02
52w Low $2.49
Dividend Yield 0.02%
P/E -5.02
Volume 3.91K
Outstanding Shares 39.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $168.717M ▼ $9.257M ▼ $-8.209M ▼ -4.866% ▼ $-0.21 ▼ $19.253M ▼
Q2-2025 $180.676M ▼ $87.289M ▲ $-2.407M ▼ -1.332% ▼ $-0.06 ▼ $26.923M ▲
Q1-2025 $192.543M ▲ $75.749M ▼ $-1.033M ▲ -0.537% ▲ $-0.026 ▲ $26.739M ▲
Q4-2024 $171.327M ▲ $80.061M ▲ $-8.941M ▼ -5.219% ▼ $-0.22 ▼ $18.59M ▼
Q3-2024 $170.934M $74.698M $-3.239M -1.895% $-0.083 $24.175M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $49K ▲ $510.122M ▼ $592.855M ▲ $-82.733M ▼
Q2-2025 $47K ▼ $515.632M ▼ $589.819M ▼ $-74.187M ▼
Q1-2025 $52K ▼ $533.41M ▼ $605.038M ▼ $-73.041M ▼
Q4-2024 $55K ▼ $538.509M ▼ $608.948M ▼ $-71.877M ▼
Q3-2024 $56K $554.757M $616.099M $-62.963M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $0 $-1.213M ▼ $-10.476M ▼ $11.691M ▲ $2K ▲ $-12.093M ▼
Q2-2025 $0 ▲ $30.915M ▲ $-5.711M ▲ $-25.209M ▼ $-5K ▼ $25.568M ▲
Q1-2025 $-1.033M ▲ $-6.019M ▼ $-6.218M ▲ $12.234M ▲ $-3K ▼ $-4.447M ▼
Q4-2024 $-8.941M ▼ $42.167M ▲ $-8.959M ▲ $-33.209M ▼ $-1K ▼ $34.217M ▲
Q3-2024 $-3.239M $-15.753M $-12.543M $28.297M $1K $-25.617M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $90.00M ▲$110.00M ▲$100.00M ▼$90.00M ▼
Specialty Products
Specialty Products
 $60.00M ▲$70.00M ▲$60.00M ▼$60.00M ▲
Sulfur Service Product Sales
Sulfur Service Product Sales
 $30.00M ▲$40.00M ▲$40.00M ▲$30.00M ▼
Terminalling And Storage
Terminalling And Storage
 $0 ▲$20.00M ▲$20.00M ▲$20.00M ▲
Transportation
Transportation
 $50.00M ▲$50.00M ▲$50.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue over the past few years has been fairly steady, with some ups and downs but no dramatic shift in the overall scale of the business. The more interesting change is in profitability: recent results show a much stronger gap between sales and direct costs than in the prior year, meaning the company is keeping more of each dollar it earns before overhead. That said, profits at the bottom line remain very thin. Operating earnings are consistently positive but modest, and after interest and other costs, net income hovers around break‑even with small losses in several years. This points to a business that is operationally viable but does not have much cushion if conditions worsen or if costs rise. Overall, the income statement tells a story of a niche, stable operator that has recently improved margins, but still lives very close to the line in terms of true profitability.

Balance Sheet

Balance Sheet The balance sheet is the main area of concern. Total assets have stayed relatively stable over the last few years, which is typical for a midstream operator with established infrastructure. However, the partnership carries a heavy debt load relative to its size, and partner equity remains negative. This means the business is highly leveraged and financially thin, relying on its assets and cash flows rather than a strong capital base as a buffer. In short, the company has valuable specialized assets but is tightly financed. That structure amplifies both the benefits of steady operations and the risks if cash flows weaken or credit conditions tighten.

Cash Flow

Cash Flow Cash flow from day‑to‑day operations has been consistently positive, though not large, which supports the view of a stable but low‑margin business. Importantly, the company has generally generated enough cash to cover its investment spending, with free cash flow usually in positive territory. Capital spending has been relatively disciplined and not overly aggressive. This helps limit the need for additional borrowing, which is important given the already high leverage. The flip side is that growth is likely to be measured rather than rapid. Overall, the cash flow profile is a key strength: it is steady and sufficient to fund maintenance and modest growth, but it does not leave a wide margin for big missteps or major new commitments without careful planning.

Competitive Edge

Competitive Edge Martin Midstream operates in a specialized corner of the midstream sector, focusing on difficult‑to‑handle products like molten sulfur, certain chemicals, and specialty liquids. This specialization, combined with decades of experience, creates meaningful know‑how and operational barriers for would‑be competitors. Its network of terminals and services is concentrated along the U.S. Gulf Coast, right next to many refineries and chemical plants. That location advantage, plus the ability to offer integrated logistics and processing solutions, helps build sticky customer relationships and a “one‑stop” service proposition. The main competitive risks are its smaller scale versus large midstream peers, dependence on a concentrated industrial region, and exposure to the health of refineries and related industries. Regulatory and environmental changes affecting sulfur and other products could also reshape demand or costs over time.

Innovation and R&D

Innovation and R&D This is not a classic high‑tech R&D story, but the partnership does innovate in how it handles materials and runs its operations. Its sulfur services, including converting molten sulfur into usable fertilizer products, reflect specialized processes and infrastructure that not every competitor can easily copy. Vertical integration in lubricants and packaging is another form of practical innovation, allowing more control over quality and costs. Digital tools and modern IT systems are being used to coordinate a complex, asset‑heavy operation more efficiently. The standout initiative is the electronic‑grade sulfuric acid joint venture serving the semiconductor industry. This moves the company up the value chain into a higher‑purity, more technologically demanding product. If executed well, it could diversify earnings away from traditional energy markets, but it also brings new execution and market risks in an unfamiliar, more technology‑sensitive sector.

Summary

Martin Midstream is a specialized midstream partnership with steady revenue, improving operating margins, and consistently positive, if modest, cash generation. It has carved out a niche handling hard‑to‑manage products and serving Gulf Coast refineries and chemical plants, supported by an integrated network of terminals, transportation, and processing facilities. The major financial weakness is its highly leveraged balance sheet and negative equity, which leave little room for prolonged downturns or operational surprises. The business model depends on keeping assets fully utilized and maintaining access to credit. Strategically, the company’s strength lies in its niche expertise and integrated logistics, while its venture into electronic‑grade sulfuric acid offers an opportunity to tap into semiconductor‑driven growth. Future outcomes will hinge on two things: how effectively it reduces leverage and strengthens its balance sheet, and how smoothly it executes on new, higher‑value projects without overstretching its financial position.

NEWS

October 15, 2025 · 4:30 PM UTC

Martin Midstream Partners Reports Third Quarter 2025 Financial Results, Declares Quarterly Cash Distribution and Withdraws Guidance

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October 6, 2025 · 2:17 PM UTC

Martin Midstream Partners L.P. Sets Date for Release of Third Quarter 2025 Financial Results

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September 24, 2025 · 4:01 PM UTC

Martin Midstream Partners L.P. Announces Amendment and Extension of Revolving Credit Facility

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