Martin Midstream Prtnrs L P Financials

MMLP

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 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).

Financial Health Signals

Financial Profile 30/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

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 37/100, indicating healthy but not exceptional operating efficiency. This is down from 8.1% the prior year.

Growth

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 35/100.

Liquidity

Martin Midstream Prtnrs L P's current ratio of 1.05 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 16/100, which could limit financial flexibility.

Cash Flow

Martin Midstream Prtnrs L P has a free cash flow margin of 3.0%, earning a moderate score of 32/100. 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	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$716.1M+1.2%	$707.6M-11.3%	$798.0M-21.7%	$1.0B+15.5%	$882.4M+31.3%	$672.1M
Cost of Revenue	$318.6M+7.3%	$297.0M-23.8%	$389.7M-37.5%	$623.3M+16.9%	$533.1M+49.4%	$356.9M
Gross Profit	$397.5M-3.2%	$410.6M+0.6%	$408.3M+3.2%	$395.6M+13.2%	$349.3M+10.8%	$315.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$42.0M-13.4%	$48.5M+18.8%	$40.8M-2.4%	$41.8M+2.0%	$41.0M+0.3%	$40.9M
Operating Income	$48.9M-14.7%	$57.3M-14.1%	$66.7M+30.2%	$51.3M-10.5%	$57.3M+23.2%	$46.5M
Interest Expense	$57.8M+0.1%	$57.7M-4.3%	$60.3M+12.3%	$53.7M+199.2%	-$54.1M-17.1%	-$46.2M
Income Tax	$4.8M+13.7%	$4.2M-29.1%	$5.9M-25.3%	$7.9M+134.5%	$3.4M+94.7%	$1.7M
Net Income	-$14.7M-183.2%	-$5.2M-14.5%	-$4.5M+56.0%	-$10.3M-4797.6%	-$211K+96.9%	-$6.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$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+2.0%	$180.8M
Cost of Revenue	$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-1.1%	$77.6M
Gross Profit	$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+4.4%	$103.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$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+20.1%	$8.9M
Operating Income	$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+11.4%	$17.9M
Interest Expense	$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+3.9%	$13.8M
Income Tax	$856K+19.7%	$715K-65.7%	$2.1M+86.6%	$1.1M+98.4%	$563K-47.2%	$1.1M-39.8%	$1.8M+122.6%	$796K
Net Income	-$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+15.5%	$3.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MMLP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$522.4M-3.0%	$538.5M+5.7%	$509.4M-14.9%	$598.9M+3.3%	$579.9M0.0%	$579.6M
Current Assets	$129.9M-0.4%	$130.5M+14.1%	$114.3M-45.9%	$211.1M+21.6%	$173.7M+28.1%	$135.6M
Cash & Equivalents	$49K-10.9%	$55K+1.9%	$54K+20.0%	$45K-13.5%	$52K-99.0%	$5.0M
Inventory	$50.2M-2.8%	$51.7M+18.0%	$43.8M-60.1%	$109.8M+76.8%	$62.1M+14.8%	$54.1M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$16.7M0.0%	$16.7M0.0%	$16.7M0.0%	$16.7M-0.9%	$16.8M0.0%	$16.8M
Total Liabilities	$608.2M-0.1%	$608.9M+6.1%	$574.0M-12.8%	$658.3M+4.8%	$627.9M+0.2%	$626.5M
Current Liabilities	$124.1M+7.5%	$115.5M+14.9%	$100.6M-9.3%	$110.9M+6.6%	$104.1M-12.8%	$119.4M
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
Total Equity	-$85.8M-21.8%	-$70.4M-9.0%	-$64.6M-8.7%	-$59.4M-23.7%	-$48.0M-2.5%	-$46.9M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$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+4.5%	$512.1M
Current Assets	$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+7.8%	$116.0M
Cash & Equivalents	$49K0.0%	$49K+4.3%	$47K-9.6%	$52K-5.5%	$55K-1.8%	$56K+1.8%	$55K+1.9%	$54K
Inventory	$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+0.5%	$41.4M
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	$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+3.4%	$573.6M
Current Liabilities	$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+6.1%	$93.0M
Long-Term Debt	$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+2.2%	$430.0M
Total Equity	-$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+5.9%	-$61.5M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MMLP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$46.1M-4.6%	$48.4M-64.8%	$137.5M+751.3%	$16.1M-54.8%	$35.7M-44.8%	$64.8M
Capital Expenditures	$24.8M-41.0%	$42.0M+22.4%	$34.3M+26.0%	$27.2M+69.6%	$16.1M-43.9%	$28.6M
Free Cash Flow	$21.4M+236.7%	$6.3M-93.9%	$103.2M+1030.2%	-$11.1M-156.4%	$19.7M-45.6%	$36.2M
Investing Cash Flow	-$30.0M+48.8%	-$58.6M-74.1%	-$33.7M-36.6%	-$24.6M-28.1%	-$19.2M-838.9%	$2.6M
Financing Cash Flow	-$16.1M-257.2%	$10.3M+109.9%	-$103.8M-1322.7%	$8.5M+139.7%	-$21.4M+67.2%	-$65.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$0	$0-100.0%	$17K+88.9%	$9K

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$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+17.0%	$10.1M
Capital Expenditures	$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+13.1%	$11.7M
Free Cash Flow	$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+11.9%	-$1.6M
Investing Cash Flow	-$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-13.3%	-$17.4M
Financing Cash Flow	-$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+8.1%	$7.3M
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	55.5%-2.5pp	58.0%+6.9pp	51.2%+12.4pp	38.8%-0.8pp	39.6%-7.3pp	46.9%
Operating Margin	6.8%-1.3pp	8.1%-0.3pp	8.4%+3.3pp	5.0%-1.5pp	6.5%-0.4pp	6.9%
Net Margin	-2.1%-1.3pp	-0.7%-0.2pp	-0.6%+0.4pp	-1.0%-1.0pp	-0.0%+1.0pp	-1.0%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
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%
Current Ratio	1.05-0.1	1.130.0	1.14-0.8	1.90+0.2	1.67+0.5	1.14
Debt-to-Equity	-4.99+1.2	-6.21+0.3	-6.52+2.1	-8.63+1.8	-10.39-0.0	-10.34
FCF Margin	3.0%+2.1pp	0.9%-12.0pp	12.9%+14.0pp	-1.1%-3.3pp	2.2%-3.1pp	5.4%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	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%+1.3pp	57.1%
Operating Margin	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%+0.9pp	9.9%
Net Margin	-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%+0.2pp	1.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-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%+0.1pp	0.6%
Current Ratio	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+0.0	1.25
Debt-to-Equity	-4.99+0.3	-5.33+0.4	-5.77+0.5	-6.30-0.1	-6.21+1.4	-7.65-0.1	-7.59-0.6	-6.99
FCF Margin	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%+0.1pp	-0.9%

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

What is Martin Midstream Prtnrs L P's annual revenue?

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.

How fast is Martin Midstream Prtnrs L P's revenue growing?

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

Is Martin Midstream Prtnrs L P profitable?

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%.

What is Martin Midstream Prtnrs L P's EBITDA?

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

How much debt does Martin Midstream Prtnrs L P have?

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

What is Martin Midstream Prtnrs L P's gross margin?

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.

What is Martin Midstream Prtnrs L P's operating margin?

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.

What is Martin Midstream Prtnrs L P's net profit margin?

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.

What is Martin Midstream Prtnrs L P's free cash flow?

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.

What is Martin Midstream Prtnrs L P's operating cash flow?

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

What are Martin Midstream Prtnrs L P's total assets?

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

What are Martin Midstream Prtnrs L P's capital expenditures?

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

What is Martin Midstream Prtnrs L P's current ratio?

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

What is Martin Midstream Prtnrs L P's debt-to-equity ratio?

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.

What is Martin Midstream Prtnrs L P's return on assets (ROA)?

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.

Why is Martin Midstream Prtnrs L P's debt-to-equity ratio negative or unusual?

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.

What is Martin Midstream Prtnrs L P's Piotroski F-Score?

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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Martin Midstream Prtnrs L P's earnings high quality?

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.

Can Martin Midstream Prtnrs L P cover its interest payments?

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.

How financially healthy is Martin Midstream Prtnrs L P?

Martin Midstream Prtnrs L P (MMLP) scores 30 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.