Martin Midstream Partners L.p.
MMLP Nasdaq Wholesale-Petroleum Bulk Stations & Terminals Financials FY2016–FY2025
Last close · Oct 23, 2026
$2.04
6.0%
Revenue
Total sales reported in the income statement.
$716M
1.2%
vs prior year
Operating margin
Operating income as a share of revenue.
6.8%
1.3 pts
Net income
Profit after all expenses, interest and tax.
−$14.7M
Free cash flow
Cash from operations minus capital spending.
$21.4M
236.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$79.5M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.38 EPS (TTM)
What Martin Midstream Partners L.p. does
No business description yet.
- Legal name
- MARTIN MIDSTREAM PARTNERS L.P.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 23, 2026
- Accession · CIK
- 0001176334-26-000012
0001176334
Revenue and margins
Martin Midstream Partners L.p. had $716M of revenue in fiscal 2025, up 1.2% on the year before.
FY16
Revenue $827M
FY17
Revenue $973M
FY18
Revenue $1.0B
FY19
Revenue $847M
FY20
Revenue $672M
FY21
Revenue $882M
FY22
Revenue $1.0B
FY23
Revenue $798M
FY24
Revenue $708M
FY25
Revenue $716M
Q3 '23
Revenue $177M
Q4 '23
Revenue $181M
Q1 '24
Revenue $181M
Q2 '24
Revenue $185M
Q3 '24
Revenue $171M
Q4 '24
Revenue $171M
Q1 '25
Revenue $193M
Q2 '25
Revenue $181M
Q3 '25
Revenue $169M
Q4 '25
Revenue $174M
Q1 '26
Revenue $188M
Q2 '26
Revenue $214M
FY16
Gross 42.2%
Operating 8.8%
Net 3.8%
FCF 8.5%
FY17
Gross 38.9%
Operating 4.7%
Net 2.0%
FCF 2.8%
FY18
Gross 35.4%
Operating 4.4%
Net 5.5%
FCF 6.8%
FY19
Gross 41.8%
Operating 6.9%
Net −20.7%
FCF 5.3%
FY20
Gross 46.9%
Operating 6.9%
Net −1.0%
FCF 5.4%
FY21
Gross 39.6%
Operating 6.5%
Net −0.0%
FCF 2.2%
FY22
Gross 38.8%
Operating 5.0%
Net −1.0%
FCF −1.1%
FY23
Gross 51.2%
Operating 8.4%
Net −0.6%
FCF 12.9%
FY24
Gross 58.0%
Operating 8.1%
Net −0.7%
FCF 0.9%
FY25
Gross 55.5%
Operating 6.8%
Net −2.1%
FCF 3.0%
Gross
Operating
Net
FCF
Q3 '23
Gross 57.1%
Operating 8.3%
Net −0.6%
FCF −1.9%
Q4 '23
Gross 57.6%
Operating 9.5%
Net 0.3%
FCF 12.4%
Q1 '24
Gross 57.1%
Operating 9.9%
Net 1.8%
FCF −0.9%
Q2 '24
Gross 58.4%
Operating 10.8%
Net 2.0%
FCF −0.7%
Q3 '24
Gross 58.5%
Operating 7.4%
Net −1.9%
FCF −16.5%
Q4 '24
Gross 58.2%
Operating 4.0%
Net −5.2%
FCF 20.0%
Q1 '25
Gross 53.5%
Operating 7.5%
Net −0.5%
FCF −6.2%
Q2 '25
Gross 56.5%
Operating 8.2%
Net −1.3%
FCF 13.8%
Q3 '25
Gross 55.1%
Operating 4.1%
Net −5.0%
FCF −4.7%
Q4 '25
Gross 57.1%
Operating 7.3%
Net −1.7%
FCF 8.9%
Q1 '26
Gross 52.3%
Operating 4.3%
Net −3.6%
FCF −11.3%
Q2 '26
Gross 49.6%
Operating 9.0%
Net 1.2%
FCF 1.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $31.7M
FY17
Net income $19.9M
FY18
Net income $55.7M
FY19
Net income −$175M
FY20
Net income −$6.8M
FY21
Net income −$0.2M
FY22
Net income −$10.3M
FY23
Net income −$4.5M
FY24
Net income −$5.2M
FY25
Net income −$14.7M
Q3 '23
Net income −$1.1M
Q4 '23
Net income $0.5M
Q1 '24
Net income $3.3M
Q2 '24
Net income $3.8M
Q3 '24
Net income −$3.3M
Q4 '24
Net income −$8.9M
Q1 '25
Net income −$1.0M
Q2 '25
Net income −$2.4M
Q3 '25
Net income −$8.4M
Q4 '25
Net income −$2.9M
Q1 '26
Net income −$6.8M
Q2 '26
Net income $2.6M
FY16
Diluted EPS $0.65
FY17
Diluted EPS $0.44
FY18
Diluted EPS $1.11
FY19
Diluted EPS −$4.44
FY20
Diluted EPS −$0.17
FY21
Diluted EPS −$0.01
FY22
Diluted EPS −$0.26
FY23
Diluted EPS −$0.11
FY24
Diluted EPS −$0.13
FY25
Diluted EPS −$0.37
Q3 '23
Diluted EPS −$0.03
Q4 '23
Diluted EPS $0.02
Q1 '24
Diluted EPS $0.08
Q2 '24
Diluted EPS $0.09
Q3 '24
Diluted EPS −$0.08
Q4 '24
Diluted EPS −$0.22
Q1 '25
Diluted EPS −$0.03
Q2 '25
Diluted EPS −$0.06
Q3 '25
Diluted EPS −$0.21
Q4 '25
Diluted EPS −$0.07
Q1 '26
Diluted EPS −$0.17
Q2 '26
Diluted EPS $0.07
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets 2.5%
FY17
Return on capital —
Return on equity —
Return on assets 1.6%
FY18
Return on capital —
Return on equity —
Return on assets 4.8%
FY19
Return on capital —
Return on equity —
Return on assets −20.1%
FY20
Return on capital —
Return on equity —
Return on assets −1.1%
FY21
Return on capital —
Return on equity —
Return on assets −0.0%
FY22
Return on capital —
Return on equity —
Return on assets −1.8%
FY23
Return on capital —
Return on equity —
Return on assets −0.8%
FY24
Return on capital —
Return on equity —
Return on assets −1.0%
FY25
Return on capital —
Return on equity —
Return on assets −2.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $21.4M in fiscal 2025, 3.0% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $70.4M
FY17
Free cash flow $27.2M
FY18
Free cash flow $69.8M
FY19
Free cash flow $45.2M
FY20
Free cash flow $36.2M
FY21
Free cash flow $19.7M
FY22
Free cash flow −$11.1M
FY23
Free cash flow $103M
FY24
Free cash flow $6.3M
FY25
Free cash flow $21.4M
Q3 '23
Free cash flow −$3.4M
Q4 '23
Free cash flow $22.4M
Q1 '24
Free cash flow −$1.6M
Q2 '24
Free cash flow −$1.4M
Q3 '24
Free cash flow −$28.3M
Q4 '24
Free cash flow $34.2M
Q1 '25
Free cash flow −$11.9M
Q2 '25
Free cash flow $24.9M
Q3 '25
Free cash flow −$7.9M
Q4 '25
Free cash flow $15.6M
Q1 '26
Free cash flow −$21.3M
Q2 '26
Free cash flow $2.7M
FY16
Cash from operations $111M
Capital spending $40.5M
FY17
Cash from operations $69.1M
Capital spending $41.9M
FY18
Cash from operations $105M
Capital spending $35.3M
FY19
Cash from operations $75.8M
Capital spending $30.6M
FY20
Cash from operations $64.8M
Capital spending $28.6M
FY21
Cash from operations $35.7M
Capital spending $16.1M
FY22
Cash from operations $16.1M
Capital spending $27.2M
FY23
Cash from operations $137M
Capital spending $34.3M
FY24
Cash from operations $48.4M
Capital spending $42.0M
FY25
Cash from operations $46.1M
Capital spending $24.8M
Cash from operations
Capital spending
Q3 '23
Cash from operations $7.3M
Capital spending $10.7M
Q4 '23
Cash from operations $31.4M
Capital spending $9.0M
Q1 '24
Cash from operations $10.1M
Capital spending $11.7M
Q2 '24
Cash from operations $11.8M
Capital spending $13.2M
Q3 '24
Cash from operations −$15.8M
Capital spending $12.5M
Q4 '24
Cash from operations $42.2M
Capital spending $8.0M
Q1 '25
Cash from operations −$6.0M
Capital spending $5.9M
Q2 '25
Cash from operations $30.9M
Capital spending $6.0M
Q3 '25
Cash from operations −$1.2M
Capital spending $6.7M
Q4 '25
Cash from operations $22.4M
Capital spending $6.9M
Q1 '26
Cash from operations −$13.8M
Capital spending $7.5M
Q2 '26
Cash from operations $12.2M
Capital spending $9.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Martin Midstream Partners L.p. returned — to shareholders in fiscal 2025. The diluted share count rose 0.2%.
FY16
Dividends —
Buybacks $0.3M
FY17
Dividends —
Buybacks $0.0M
FY18
Dividends —
Buybacks $0.3M
FY19
Dividends —
Buybacks $0.4M
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $0.0M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.04B
FY17
Diluted shares 0.04B
FY18
Diluted shares 0.04B
FY19
Diluted shares 0.04B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.04B
FY22
Diluted shares 0.04B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably Martin Midstream Partners L.p. can carry it.
FY16
Cash $0.0M
Debt $808M
FY17
Cash $0.0M
Debt $813M
FY18
Cash $0.2M
Debt $656M
FY19
Cash $2.9M
Debt $577M
FY20
Cash $5.0M
Debt $516M
FY21
Cash $0.1M
Debt $499M
FY22
Cash $0.0M
Debt $513M
FY23
Cash $0.1M
Debt $421M
FY24
Cash $0.1M
Debt $438M
FY25
Cash $0.0M
Debt $428M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $0.1M | $0.0M | $0.1M | $0.1M | $0.0M |
| Debt incl. finance leases | $499M | $513M | $421M | $438M | $428M |
| Net debt / EBITDA | 4.4x | 4.8x | 3.6x | 4.0x | 4.3x |
| Interest coverage | — | 1.0x | 1.1x | 1.0x | 0.8x |
| Current ratio | 1.7x | 1.9x | 1.1x | 1.1x | 1.0x |
| Quick ratio | 1.1x | 0.9x | 0.7x | 0.7x | 0.6x |
| Total assets | $580M | $599M | $509M | $539M | $522M |
| Total liabilities | $628M | $658M | $574M | $609M | $608M |
| Net debt (− = net cash) | $499M | $513M | $421M | $438M | $428M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Current ratio rose | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| F-score | — / 3 | 6 / 9 | 7 / 9 | 5 / 9 | 5 / 9 | 6 / 9 | 5 / 9 | 5 / 9 | 4 / 9 | 3 / 9 |
| Accruals ratio | −6.4% | −3.9% | −4.2% | −28.8% | −11.5% | −6.2% | −4.5% | −25.6% | −10.2% | −11.5% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $827M | $973M | $1.0B | $847M | $672M | $882M | $1.0B | $798M | $708M | $716M |
| Net interest income | −$46.1M | −$47.8M | −$52.3M | −$51.7M | −$46.2M | −$54.1M | −$53.7M | −$60.3M | — | — |
| Gross profit | $349M | $379M | $361M | $354M | $315M | $349M | $396M | $408M | $411M | $397M |
| Operating income | $72.7M | $45.6M | $45.1M | $58.1M | $46.5M | $57.3M | $51.3M | $66.7M | $57.3M | $48.9M |
| Interest expense | — | — | — | — | — | — | $53.7M | $60.3M | $57.7M | $57.8M |
| Pretax income | $27.7M | −$1.0M | −$7.3M | $6.4M | −$5.0M | $3.2M | −$2.4M | $1.4M | −$1.0M | −$10.0M |
| Income tax | $0.7M | $0.2M | $0.6M | $1.9M | $1.7M | $3.4M | $7.9M | $5.9M | $4.2M | $4.8M |
| Net income | $31.7M | $19.9M | $55.7M | −$175M | −$6.8M | −$0.2M | −$10.3M | −$4.5M | −$5.2M | −$14.7M |
| Diluted EPS | $0.65 | $0.44 | $1.11 | −$4.44 | −$0.17 | −$0.01 | −$0.26 | −$0.11 | −$0.13 | −$0.37 |
| Diluted shares | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B |
| Cash flow | ||||||||||
| Cash from operations | $111M | $69.1M | $105M | $75.8M | $64.8M | $35.7M | $16.1M | $137M | $48.4M | $46.1M |
| Capital expenditure | $40.5M | $41.9M | $35.3M | $30.6M | $28.6M | $16.1M | $27.2M | $34.3M | $42.0M | $24.8M |
| Free cash flow | $70.4M | $27.2M | $69.8M | $45.2M | $36.2M | $19.7M | −$11.1M | $103M | $6.3M | $21.4M |
| Depreciation and amortization | $92.1M | $65.1M | $61.5M | $60.1M | $61.5M | $56.8M | $56.3M | $49.9M | $50.8M | $50.2M |
| Stock-based compensation | $0.9M | $0.7M | $1.2M | $1.4M | $1.4M | $0.4M | $0.2M | $0.2M | $0.2M | $0.2M |
| Acquisitions | $2.2M | $19.5M | $0.0M | $23.7M | $0.0M | $0.0M | — | — | — | — |
| Share buybacks | $0.3M | $0.0M | $0.3M | $0.4M | $0.0M | $0.0M | $0.0M | $0.0M | — | — |
| Dividends and buybacks | $0.3M | $0.0M | $0.3M | $0.4M | $0.0M | $0.0M | $0.0M | $0.0M | — | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $0.0M | $0.0M | $0.2M | $2.9M | $5.0M | $0.1M | $0.0M | $0.1M | $0.1M | $0.0M |
| Total debt | $808M | $813M | $656M | $570M | $513M | $499M | $513M | $421M | $438M | $428M |
| Finance lease liabilities | — | — | — | $7.5M | $3.0M | $0.3M | $0.0M | $0.0M | $0.1M | $0.1M |
| Current assets | $194M | $243M | $208M | $181M | $136M | $174M | $211M | $114M | $130M | $130M |
| Current liabilities | $118M | $134M | $112M | $107M | $119M | $104M | $111M | $101M | $116M | $124M |
| Inventory | $82.6M | $97.3M | $84.3M | $62.5M | $54.1M | $62.1M | $110M | $43.8M | $51.7M | $50.2M |
| Property and equipment, net | $846M | $832M | $448M | $417M | — | — | — | — | — | — |
| Goodwill | $17.3M | $17.3M | $17.8M | $17.7M | $16.8M | $16.8M | $16.7M | $16.7M | $16.7M | $16.7M |
| Intangible assets | $36.5M | $25.3M | $18.2M | — | — | — | — | — | — | — |
| Total assets | $1.2B | $1.3B | $1.1B | $667M | $580M | $580M | $599M | $509M | $539M | $522M |
| Total liabilities | $934M | $955M | $785M | $703M | $627M | $628M | $658M | $574M | $609M | $608M |
| Margins | ||||||||||
| Gross margin | 42.2% | 38.9% | 35.4% | 41.8% | 46.9% | 39.6% | 38.8% | 51.2% | 58.0% | 55.5% |
| Operating margin | 8.8% | 4.7% | 4.4% | 6.9% | 6.9% | 6.5% | 5.0% | 8.4% | 8.1% | 6.8% |
| EBITDA margin | 19.9% | 11.4% | 10.4% | 13.9% | 16.1% | 12.9% | 10.6% | 14.6% | 15.3% | 13.8% |
| Net margin | 3.8% | 2.0% | 5.5% | −20.7% | −1.0% | −0.0% | −1.0% | −0.6% | −0.7% | −2.1% |
| FCF margin | 8.5% | 2.8% | 6.8% | 5.3% | 5.4% | 2.2% | −1.1% | 12.9% | 0.9% | 3.0% |
| Net interest share of revenue | −5.6% | −4.9% | −5.1% | −6.1% | −6.9% | −6.1% | −5.3% | −7.6% | — | — |
| Returns | ||||||||||
| Return on capital employed | 6.4% | 4.1% | 4.7% | 10.4% | 10.1% | 12.0% | 10.5% | 16.3% | 13.5% | 12.3% |
| Return on assets | 2.5% | 1.6% | 4.8% | −20.1% | −1.1% | −0.0% | −1.8% | −0.8% | −1.0% | −2.8% |
| Growth | ||||||||||
| Revenue growth | — | 17.6% | 4.8% | −17.0% | −20.7% | 31.3% | 15.5% | −21.7% | −11.3% | 1.2% |
| Net income growth | — | −37.1% | 179.4% | −414.3% | — | — | — | — | — | — |
| EPS growth | — | −32.3% | 152.3% | −500.0% | — | — | — | — | — | — |
| FCF growth | — | −61.4% | 157.0% | −35.2% | −20.0% | −45.6% | −156.4% | — | −93.9% | 236.7% |
| Share count change | — | 7.9% | 2.0% | −0.7% | −0.0% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 4.9x | 7.3x | 6.2x | 4.9x | 4.7x | 4.4x | 4.8x | 3.6x | 4.0x | 4.3x |
| Interest coverage | — | — | — | — | — | — | 1.0x | 1.1x | 1.0x | 0.8x |
| Current ratio | 1.7x | 1.8x | 1.9x | 1.7x | 1.1x | 1.7x | 1.9x | 1.1x | 1.1x | 1.0x |
| Quick ratio | 0.9x | 1.1x | 1.1x | 1.1x | 0.7x | 1.1x | 0.9x | 0.7x | 0.7x | 0.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.9% | 4.3% | 3.5% | 3.6% | 4.3% | 1.8% | 2.7% | 4.3% | 5.9% | 3.5% |
| Stock comp / revenue | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Payouts / FCF | 0.5% | 0.0% | 0.4% | 0.9% | 0.0% | 0.1% | — | 0.0% | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 7.0 | 5.0 | 5.0 | 6.0 | 5.0 | 5.0 | 4.0 | 3.0 |
| Accruals ratio | −6.4% | −3.9% | −4.2% | −28.8% | −11.5% | −6.2% | −4.5% | −25.6% | −10.2% | −11.5% |
Source: SEC EDGAR XBRL filings (CIK 0001176334). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.