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olivLaw · US equity research

Martin Midstream Partners L.P. MMLP

Wholesale-Petroleum Bulk Stations & Terminals · SIC 5171 · Vertical: Wholesale — nondurable goods (SIC 517x)

1.97USD+2.60% · 1 dayClose 04 Nov 2026

Martin Midstream Partners is a publicly traded limited partnership operating mainly on the U.S. Gulf Coast through terminalling, transportation, sulfur processing and NGL and lubricants distribution. Its third-quarter 2026 results reported Adjusted EBITDA of 72.3 million USD over nine months, and guidance for full-year 2026 was raised to 94 million USD, showing dependence on refinery-linked activity and the fertilizer market.

At the close of 04 Nov 2026, Martin Midstream Partners L.P. (MMLP) stock was 1.97 USD (+2.60% on the day), with market capitalisation 77.1 m USD, beta 0.44, 52-week range 1.86–3.05 USD. Latest reported quarter (Q3 2026): revenue of 231.7 m USD (+37.3% YoY), net income of -4.1 m USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
77.1 m USD
shares as of 26 Oct 2026
P/E (TTM)
unavailable
E/P (TTM)
unavailable
Dividend yield
unavailable
Beta (2y)
0.44
Volatility (1y) 59%
52-week range
1.863.05

Price history

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Technical reading

RSI (14)
44.1
weak (30–45)
Bollinger (20, 2)
1.88 – 2.14
in the lower half of the band · %B 0.35 · band width 12.8%
SMA 50 / 200
2.13 / 2.48
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.05 / -0.05
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−6.2%−1.1%−5.1 pp—
3 months−16.5%−0.5%−16.1 pp—
6 months−18.3%+4.4%−22.6 pp—
Year to date−24.5%+12.3%−36.8 pp—
1 year−23.3%+13.5%−36.9 pp−0.9%
3 years−26.5%+76.4%−102.9 pp+2.4%
5 years−37.3%+63.7%−100.9 pp—
Max drawdown (1y)
−39.0%
08 Jan 2026 → 07 Oct 2026
Max drawdown (5y)
−67.6%
21 Apr 2022 → 07 Oct 2026
Compound annual growth (5y)
−8.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
231.7 m USD
+37.3% YoY
Net income
-4.1 m USD
unavailable YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
-1.8% / 4.4%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue171.3 m192.5 m180.7 m168.7 m174.2 m187.7 m213.6 m231.7 m
Cost of revenue71.6 m89.6 m78.5 m75.7 m74.8 m89.5 m107.6 m126.9 m
SG&A16.4 m11.8 m10.9 m9.3 m10.1 m10.8 m9.4 m10.0 m
Operating income6.8 m14.4 m14.9 m6.9 m12.7 m8.0 m19.3 m10.2 m
Depreciation & amortisation12.8 m12.8 m12.6 m12.3 m12.4 m12.9 m13.1 m13.1 m
Interest expense14.9 m14.1 m14.6 m14.6 m14.5 m14.0 m14.5 m14.7 m
Pre-tax income-8.4 m84.0 k-323.0 k-7.7 m-2.0 m-6.2 m4.5 m-4.7 m
Income tax563.0 k1.1 m2.1 m715.0 k856.0 k518.0 k1.9 m-573.0 k
Net income-8.9 m-1.0 m-2.4 m-8.4 m-2.9 m-6.8 m2.6 m-4.1 m
Operating cash flow42.2 m-6.0 m30.9 m ≈-1.2 m ≈22.4 m-13.8 m12.2 m ≈-4.9 m ≈
Capex8.0 m5.9 m6.0 m6.7 m ≈6.9 m7.5 m9.5 m ≈10.8 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue1.0 bn847.1 m672.1 m882.4 m1.0 bn798.0 m707.6 m716.1 m
Revenue YoY+4.8%−17.0%−20.7%+31.3%+15.5%−21.7%−11.3%+1.2%
Net income55.7 m-174.9 m-6.8 m-211.0 k-10.3 m-4.5 m-5.2 m-14.7 m
Net income YoY+179.4%−414.3%unavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %5.5%-20.7%-1.0%-0.0%-1.0%-0.6%-0.7%-2.1%
Free cash flow69.8 m45.2 m36.2 m19.7 m-11.1 m103.2 m6.3 m21.4 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
49.0 k USD
Financial debt
428.0 m USD
Net debt
428.0 m USD
Equity
unavailable USD
Total assets
522.4 m USD
Debt / equity
unavailable
Current ratio
1.05x
ROE
unavailable
ROA
-2.8%
FCF margin
3.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
798.0 m
2024
707.6 m
2025
716.1 m

SEC (XBRL)· 23 Feb 2026verified

Cost of revenue
2023
389.7 m
2024
297.0 m
2025
318.6 m

SEC (XBRL)· 23 Feb 2026verified

Gross profit
2023
408.3 m ≈
2024
410.6 m ≈
2025
397.5 m ≈

SEC (XBRL)· 23 Feb 2026derived

SG&A
2023
40.8 m
2024
48.5 m
2025
42.0 m

SEC (XBRL)· 23 Feb 2026verified

Operating income
2023
66.7 m
2024
57.3 m
2025
48.9 m

SEC (XBRL)· 23 Feb 2026verified

Depreciation & amortisation
2023
49.9 m
2024
50.8 m
2025
50.2 m

SEC (XBRL)· 23 Feb 2026verified

EBITDA
2023
116.6 m ≈
2024
108.1 m ≈
2025
99.1 m ≈

SEC (XBRL)· 23 Feb 2026derived

Interest expense
2023
60.3 m
2024
57.7 m
2025
57.8 m

SEC (XBRL)· 23 Feb 2026verified

Pre-tax income
2023
1.4 m
2024
-1.0 m
2025
-10.0 m

SEC (XBRL)· 23 Feb 2026verified

Income tax
2023
5.9 m
2024
4.2 m
2025
4.8 m

SEC (XBRL)· 23 Feb 2026verified

Net income
2023
-4.5 m
2024
-5.2 m
2025
-14.7 m

SEC (XBRL)· 23 Feb 2026verified

Balance sheet · USD

Cash
2023
54.0 k
2024
55.0 k
2025
49.0 k

SEC (XBRL)· 23 Feb 2026verified

Inventories
2023
43.8 m
2024
51.7 m
2025
50.2 m

SEC (XBRL)· 23 Feb 2026verified

Current assets
2023
114.3 m
2024
130.5 m
2025
129.9 m

SEC (XBRL)· 23 Feb 2026verified

Goodwill
2023
16.7 m
2024
16.7 m
2025
16.7 m

SEC (XBRL)· 23 Feb 2026verified

Total assets
2023
509.4 m
2024
538.5 m
2025
522.4 m

SEC (XBRL)· 23 Feb 2026verified

Accounts payable
2023
51.7 m
2024
61.6 m
2025
57.8 m

SEC (XBRL)· 23 Feb 2026verified

Short-term debt
2023
0
2024
0
2025
0

SEC (XBRL)· 23 Feb 2026verified

Long-term debt
2023
421.2 m
2024
437.6 m
2025
428.0 m

SEC (XBRL)· 23 Feb 2026verified

Current liabilities
2023
100.6 m
2024
115.5 m
2025
124.1 m

SEC (XBRL)· 23 Feb 2026verified

Total liabilities
2023
574.0 m
2024
608.9 m
2025
608.2 m

SEC (XBRL)· 23 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
137.5 m
2024
48.4 m
2025
46.1 m

SEC (XBRL)· 23 Feb 2026verified

Capex
2023
34.3 m
2024
42.0 m
2025
24.8 m

SEC (XBRL)· 23 Feb 2026verified

Free cash flow
2023
103.2 m ≈
2024
6.3 m ≈
2025
21.4 m ≈

SEC (XBRL)· 23 Feb 2026derived

Investing cash flow
2023
-33.7 m
2024
-58.6 m
2025
-30.0 m

SEC (XBRL)· 23 Feb 2026verified

Financing cash flow
2023
-103.8 m
2024
10.3 m
2025
-16.1 m

SEC (XBRL)· 23 Feb 2026verified

Share repurchases
2023
0
2024
—
2025
—

SEC (XBRL)· 21 Feb 2024verified

Computed indicators

Growth

Revenue growth (YoY)
1.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
-11.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
1.3%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-14.7%
computed by olivLawFY 2025
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
236.7%
computed by olivLawFY 2025

Profitability

Gross margin
50.6%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
12.6%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
6.2%
computed by olivLawTTM to 30 Sept 2026
Net margin
-1.4%
computed by olivLawTTM to 30 Sept 2026
FCF margin
-2.3%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
unavailable
input data missing
ROA
-2.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
11.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
476.5 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
4.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Debt / equity
unavailable
input data missing
Interest coverage
0.9x
computed by olivLawTTM to 30 Sept 2026

Liquidity

Current ratio
1.4x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
0.9x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.0x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
16.0 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
34.6 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
-18.7 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
unavailable
insufficient data
Cash conversion
15.7%
computed by olivLawTTM to 30 Sept 2026

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
51 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
57 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
77.1 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
553.6 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-14.5%
computed by olivLawTTM to 30 Sept 2026
P/B
unavailable
input data missing
P/S
0.1x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
5.4x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBIT
11.0x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/Sales
0.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-24.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 54.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.97 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 77.1 m USD

Key indicators

Market capitalisation
77.1 m USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
input data missing
EV/EBITDA
5.4x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROE
unavailable
input data missing
Net margin
-1.4%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
1.2%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 26 Oct 2026
Source: SEC (XBRL)published 26 Oct 2026
verified 2012derived 198

Score by group

54% · Insufficient data

Estimated value range

Low
2.10
USD per share
Mid
8.52
USD per share
High
26.70
USD per share
Price: 1.97 USD
The price is below the range
Potential to the central value: 332.6% (value / price − 1)
Margin of safety: 76.9% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.10 – 26.70 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)2.10 – 26.70 (Mid 8.52)
    WACC 5.6% · starting FCFF 29.7 m USD · terminal value share of EV 86%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -19.4%
  • Peers: EV/EBITDAunavailable · not enough peers
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Wholesale — nondurable goods (SIC 517x)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 54.2% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-1.4%38 (vs peers)12%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-11.1%0 (on a fixed band)15%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet4.7x0 (on a fixed band)19%
Interest coverage · Balance sheet0.9x0 (on a fixed band)12%
Current ratio · Balance sheet1.4x46 (on a fixed band)8%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuation5.4x87 (on a fixed band)19%
FCF yield · Valuation-24.2%0 (on a fixed band)15%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet9/100 · 3/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial38/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation48/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

MARTIN MIDSTREAM PARTNERS L.P. (MMLP). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 716.1 m USD in 2025; YoY growth 1.2%; net margin -1.4%; net debt/EBITDA 4.7x.

The estimated value range is 2.10–26.70 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 8.52 USD, the price of 1.97 USD leaves a potential of 332.6% (value / price − 1) and a margin of safety of 76.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • EV/EBITDA: 5.4x
  • The price is below the estimated value range

What contradicts it

  • Revenue CAGR 3Y: -11.1%
  • Net debt / EBITDA: 4.7x
  • Interest coverage: 0.9x
  • FCF yield: -24.2%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Wholesale — nondurable goods (SIC 517x) · same industry group (3-digit SIC) · compared with 8 companies

Multiples and returns vs the median

P/E
—
vertical median —
EV/EBITDA
5.4x
vertical median —
P/S
0.1x
vertical median 0.1x
above median (+30.9%)
P/B
—
vertical median 4.3x
ROE
—
vertical median -24.0%
Net margin
-1.4%
vertical median -0.6%
below median
EBIT margin
6.2%
vertical median -0.5%
above median
Revenue YoY
1.2%
vertical median -9.1%
above median
Net debt/EBITDA
4.7x
vertical median —
Dividend yield
—
vertical median 10.4%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
WKCWorld Kinect Corporation1.9 bn—-11.5%-0.4%−12.5%+64% / +81%
GLPGlobal Partners LP1.5 bn7.6—0.9%+8.1%−1% / +19%
CAPLCrossamerica Partners LP773.8 m16.1—1.2%−10.6%−1% / −15%
PTLEPTL Limited121.4 m—-24.8%-1.6%−27.0%−30% / unavailable
BANLCbl International Limited80.0 m—-14.0%-0.6%−9.1%−48% / −86%
MMLPMartin Midstream Partners L.P.77.1 m——-1.4%+1.2%−23% / −26%
DLXYDelixy Holdings Limited23.7 m—-612.2%-1.5%−2.3%+49% / unavailable
UFGUni-Fuels Holdings Ltd13.6 m—-23.3%-0.7%+70.0%+279% / unavailable
TMDETmd Energy Limited11.8 m—-154.1%-3.4%unavailable−33% / unavailable

1- and 3-year price returns: for MMLP from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Martin Midstream Partners is a publicly traded limited partnership operating mainly on the U.S. Gulf Coast through terminalling, transportation, sulfur processing and NGL and lubricants distribution. Its third-quarter 2026 results reported Adjusted EBITDA of 72.3 million USD over nine months, and guidance for full-year 2026 was raised to 94 million USD, showing dependence on refinery-linked activity and the fertilizer market.

    SWOT

    Strengths

    • Assets strategically located near Gulf Coast refineries and fee-based contracts that stabilize cash flow 1.
    • Long-standing relationships with large customers and sponsor support that assumes part of the working capital demands 1.
    • Specialized equipment for products with unique handling needs, such as molten sulfur and asphalt 1.

    Weaknesses

    • High indebtedness with a rising leverage ratio that limits financial flexibility 23.
    • Dependence on the fertilizer market, which was under pressure in the latest quarter 3.
    • Limited liquidity under the revolving credit facility, which may constrain investment and distributions 3.

    Opportunities

    • If the DSM Semichem joint venture reaches its anticipated ramp, it could add revenue 3.
    • Demand for pure sulfur and lubricants could support growth if recent trends continue 3.
    • Organic expansion of terminals and services for existing customers could increase revenues 1.

    Threats

    • Tariffs and trade policy uncertainty may raise raw material costs 1.
    • Severe Gulf Coast weather and climate risks could affect operations and distributions 1.
    • A decline in offshore exploration activity could reduce demand for some services 1.

    Risks

    • High indebtedness and leveragehigh

      Total debt rose compared with the end of 2025, and the leverage ratio is close to the level set by credit agreements 23. If operating results weaken, the ability to pay distributions could be affected.

    • Revolving credit liquidityhigh

      Availability under the revolving facility fell in the third quarter of 2026, and the plant turnaround season can increase borrowing needs 3. Limited liquidity could restrict investment.

    • Petroleum product price volatilitymedium

      Prices of petroleum products and by-products can affect volumes and margins, and distributions depend on cash flow generated 1.

    • Weather and climate eventsmedium

      Hurricanes, tropical storms and other extreme events can damage coastal assets and interrupt operations 1.

    • Dependence on the sponsorlow

      A significant part of the business is tied to Martin Resource Management Corporation, and changes in that relationship could affect results 12.

    Investment thesis

    What would need to be true (bull case)

    • The raised Adjusted EBITDA guidance and strong pure sulfur results could indicate improving cash flow if the trend continues 3.
    • Fee-based contracts and a strategic Gulf Coast footprint provide a stable base for predictable revenues 1.
    • If the DSM Semichem joint venture and lubricant divisions reach expected volumes, the partnership could gain further growth 3.

    What would break the thesis

    • High indebtedness and a nearly drawn credit line may limit the ability to finance investment or sustain distributions 23.
    • The fertilizer market remains under pressure, and management does not expect relief before year-end 3.
    • Tariff uncertainty and climate risks could raise costs or reduce volumes over the medium term 1.

    What to watch

    • Fertilizer margin trends and the effects of scheduled plant turnaroundsQ4 2026
    • Debt level and leverage ratio calculated under the credit facilitynext 10-K
    • Timing of the DSM Semichem ramp-up and volumes in lubricants and grease2027
    • Evolution of trade tariffs and their effect on raw material costsQ1 2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Martin Midstream Partners L.P. (Nasdaq: MMLP) is a publicly traded limited partnership with diverse operations focused mainly on the Gulf Coast region of the United States. Its four primary business lines are terminalling, processing and storage of petroleum products and by-products, land and marine transportation services, sulfur and sulfur-based products processing and distribution, and marketing and distribution of NGLs with blending and packaging of specialty lubricants and grease. The partnership was formed in 2002 by Martin Resource Management Corporation, which owned 20.1% of the common limited partner units as of September 30, 2026 2. The partnership has no employees of its own; Martin Resource Management Corporation employees conduct its business under the Omnibus Agreement 2.

    Its customers include major and independent oil and gas companies, independent refiners, large chemical companies and other wholesale purchasers. A significant part of cash flow comes from fee-based contracts, including reservation charges and minimum fee arrangements that reduce volatility from volume changes. Operations are tied to the Gulf Coast refinery complex, a major hub for petroleum refining, natural gas processing and exploration and production support services 1.

    The strategy combines strategic commercial alliances with large customers, organic growth by attracting new customers and expanding services to existing ones, and organic expansion projects in current operating areas 1. In the third quarter of 2026 revenues reached 231.7 million USD, reported alongside a difficult fertilizer market 3.

    Segments

    Terminalling and Storage

    The partnership owns or operates 12 marine shore-based terminal facilities and 8 specialty terminal facilities with aggregate storage capacity of 2.6 million barrels, plus a naphthenic lubricants refinery in Smackover, Arkansas with a capacity of 7,700 barrels per day 1. It also holds underground NGL storage. In the latest quarter the segment came in just short of plan, though most of its cash flow is underpinned by fixed-fee agreements 3.

    Transportation

    The fleet includes trucks and tank trailers for land transportation and inland tank barges, push boats and an offshore tug and barge unit operating along the Gulf of America, the Intracoastal Waterway and the Mississippi River system 1. The marine division was a bright spot in the latest quarter, while land transportation was weighed down by lower fertilizer-related freight 3.

    Sulfur Services and Specialty Products

    Sulfur services process and distribute sulfur from Gulf Coast refineries and operate five sulfur-based fertilizer plants 1. Sulfur Services was the standout segment in the third quarter of 2026, driven by pure sulfur, while fertilizer remained under pressure 3. Specialty Products, covering lubricants and grease, also beat plan on lubricant margins 3.

    Market context

    The core market is the refining and petrochemical industry along the U.S. Gulf Coast, where a major share of U.S. refining capacity is located 1. Demand for transportation, storage and processing services depends on exploration and production activity, refinery throughput and conditions in the fertilizer and sulfur markets 13.

    The market environment is also shaped by trade policy: tariffs announced in 2025 and their later invalidation by federal courts leave uncertainty about raw material costs and inflation 1. For the partnership, margins are sensitive to petroleum product prices and industrial volumes 1.

    Trends

    • Pure sulfur recoverytailwind

      Pure sulfur prices and margins rose in the third quarter of 2026, supporting Sulfur Services results 3. If this market stays firm, it could offset weakness elsewhere.

    • Fertilizer market under pressureheadwind

      Management said fertilizer margins compressed and it sees no meaningful relief before year-end 2026 3. This affects both the fertilizer plants and land transportation.

    • Stronger lubricants demandmixed

      Lubricant divisions posted higher volumes and margins in the third quarter of 2026, while grease improved but stayed below forecast volumes 3. The direction is favorable, with mixed results across lines.

    • Trade and tariff uncertaintyheadwind

      Tariffs and uncertainty about trading relationships may affect the cost and availability of raw materials and contribute to inflation in the markets where the partnership operates 1. The final effect remains unclear.

    Competitive position

    The sources do not name competitors, but they describe the industry as highly competitive, with pressure on pricing and market share 1. The partnership positions itself through assets located near refineries, specialized equipment and long-standing customer relationships 1.

    Competitive risk also comes from the sponsor, which may engage in limited competition with the partnership, making the relationship with Martin Resource Management Corporation an important factor to analyze 12.

    • Petroleum product transportation and storage operators

      The sources do not name competitors; the industry is described as highly competitive.

    • Gulf Coast terminal operators

      The sources mention general competition but do not identify specific firms.

    • Sulfur-based fertilizer producers

      The partnership operates in this market, but the sources do not name individual competitors.

    • Lubricant and grease distributors

      Specialty divisions compete with regional distributors, not named in the sources.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Martin Midstream Partners L.P. · 23 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Martin Midstream Partners L.P. · 26 Oct 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Martin Midstream Partners L.P. · 21 Oct 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.