olivLaw · US equity research
Martin Midstream Partners L.P. MMLP
Wholesale-Petroleum Bulk Stations & Terminals · SIC 5171 · Vertical: Wholesale — nondurable goods (SIC 517x)
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.
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
| Company | S&P 500 | vs S&P 500 | Vertical 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 | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 171.3 m | 192.5 m | 180.7 m | 168.7 m | 174.2 m | 187.7 m | 213.6 m | 231.7 m |
| Cost of revenue | 71.6 m | 89.6 m | 78.5 m | 75.7 m | 74.8 m | 89.5 m | 107.6 m | 126.9 m |
| SG&A | 16.4 m | 11.8 m | 10.9 m | 9.3 m | 10.1 m | 10.8 m | 9.4 m | 10.0 m |
| Operating income | 6.8 m | 14.4 m | 14.9 m | 6.9 m | 12.7 m | 8.0 m | 19.3 m | 10.2 m |
| Depreciation & amortisation | 12.8 m | 12.8 m | 12.6 m | 12.3 m | 12.4 m | 12.9 m | 13.1 m | 13.1 m |
| Interest expense | 14.9 m | 14.1 m | 14.6 m | 14.6 m | 14.5 m | 14.0 m | 14.5 m | 14.7 m |
| Pre-tax income | -8.4 m | 84.0 k | -323.0 k | -7.7 m | -2.0 m | -6.2 m | 4.5 m | -4.7 m |
| Income tax | 563.0 k | 1.1 m | 2.1 m | 715.0 k | 856.0 k | 518.0 k | 1.9 m | -573.0 k |
| Net income | -8.9 m | -1.0 m | -2.4 m | -8.4 m | -2.9 m | -6.8 m | 2.6 m | -4.1 m |
| Operating cash flow | 42.2 m | -6.0 m | 30.9 m ≈ | -1.2 m ≈ | 22.4 m | -13.8 m | 12.2 m ≈ | -4.9 m ≈ |
| Capex | 8.0 m | 5.9 m | 6.0 m | 6.7 m ≈ | 6.9 m | 7.5 m | 9.5 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 year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 847.1 m | 672.1 m | 882.4 m | 1.0 bn | 798.0 m | 707.6 m | 716.1 m |
| Revenue YoY | +4.8% | −17.0% | −20.7% | +31.3% | +15.5% | −21.7% | −11.3% | +1.2% |
| Net income | 55.7 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% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 5.5% | -20.7% | -1.0% | -0.0% | -1.0% | -0.6% | -0.7% | -2.1% |
| Free cash flow | 69.8 m | 45.2 m | 36.2 m | 19.7 m | -11.1 m | 103.2 m | 6.3 m | 21.4 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
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 672.1 m | 882.4 m | 1.0 bn | 798.0 m | 707.6 m | 716.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Cost of revenue | 356.9 m | 533.1 m | 623.3 m | 389.7 m | 297.0 m | 318.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Gross profit | 315.2 m ≈ | 349.3 m ≈ | 395.6 m ≈ | 408.3 m ≈ | 410.6 m ≈ | 397.5 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| SG&A | 40.9 m | 41.0 m | 41.8 m | 40.8 m | 48.5 m | 42.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Operating income | 46.5 m | 57.3 m | 51.3 m | 66.7 m | 57.3 m | 48.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Depreciation & amortisation | 61.5 m | 56.8 m | 56.3 m | 49.9 m | 50.8 m | 50.2 m | SEC (XBRL)· 23 Feb 2026verified |
| EBITDA | 108.0 m ≈ | 114.0 m ≈ | 107.5 m ≈ | 116.6 m ≈ | 108.1 m ≈ | 99.1 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Interest expense | — | — | 53.7 m | 60.3 m | 57.7 m | 57.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Pre-tax income | -5.0 m | 3.2 m | -2.4 m | 1.4 m | -1.0 m | -10.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Income tax | 1.7 m | 3.4 m | 7.9 m | 5.9 m | 4.2 m | 4.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Net income | -6.8 m | -211.0 k | -10.3 m | -4.5 m | -5.2 m | -14.7 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.0 m | 52.0 k | 45.0 k | 54.0 k | 55.0 k | 49.0 k | SEC (XBRL)· 23 Feb 2026verified |
| Inventories | 54.1 m | 62.1 m | 109.8 m | 43.8 m | 51.7 m | 50.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Current assets | 135.6 m | 173.7 m | 211.1 m | 114.3 m | 130.5 m | 129.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Goodwill | 16.8 m | 16.8 m | 16.7 m | 16.7 m | 16.7 m | 16.7 m | SEC (XBRL)· 23 Feb 2026verified |
| Total assets | 579.6 m | 579.9 m | 598.9 m | 509.4 m | 538.5 m | 522.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Accounts payable | 51.9 m | 70.3 m | 68.2 m | 51.7 m | 61.6 m | 57.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Short-term debt | 28.8 m | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 23 Feb 2026verified |
| Long-term debt | 484.6 m | 498.9 m | 512.9 m | 421.2 m | 437.6 m | 428.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Current liabilities | 119.4 m | 104.1 m | 110.9 m | 100.6 m | 115.5 m | 124.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Total liabilities | 626.5 m | 627.9 m | 658.3 m | 574.0 m | 608.9 m | 608.2 m | SEC (XBRL)· 23 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 64.8 m | 35.7 m | 16.1 m | 137.5 m | 48.4 m | 46.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Capex | 28.6 m | 16.1 m | 27.2 m | 34.3 m | 42.0 m | 24.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Free cash flow | 36.2 m ≈ | 19.7 m ≈ | -11.1 m ≈ | 103.2 m ≈ | 6.3 m ≈ | 21.4 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Investing cash flow | 2.6 m | -19.2 m | -24.6 m | -33.7 m | -58.6 m | -30.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Financing cash flow | -65.3 m | -21.4 m | 8.5 m | -103.8 m | 10.3 m | -16.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Share repurchases | 9.0 k | 17.0 k | 0 | 0 | — | — | SEC (XBRL)· 21 Feb 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 77.1 m USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
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
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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1.4% | 38 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -11.1% | 0 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 4.7x | 0 (on a fixed band) | 19% |
| Interest coverage · Balance sheet | 0.9x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.4x | 46 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 5.4x | 87 (on a fixed band) | 19% |
| FCF yield · Valuation | -24.2% | 0 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WKCWorld Kinect Corporation | 1.9 bn | — | -11.5% | -0.4% | −12.5% | +64% / +81% |
| GLPGlobal Partners LP | 1.5 bn | 7.6 | — | 0.9% | +8.1% | −1% / +19% |
| CAPLCrossamerica Partners LP | 773.8 m | 16.1 | — | 1.2% | −10.6% | −1% / −15% |
| PTLEPTL Limited | 121.4 m | — | -24.8% | -1.6% | −27.0% | −30% / unavailable |
| BANLCbl International Limited | 80.0 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 Limited | 23.7 m | — | -612.2% | -1.5% | −2.3% | +49% / unavailable |
| UFGUni-Fuels Holdings Ltd | 13.6 m | — | -23.3% | -0.7% | +70.0% | +279% / unavailable |
| TMDETmd Energy Limited | 11.8 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 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 |
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
Opportunities
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.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report26 Oct 2026
- Current report21 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report27 Jul 2026
- Current report22 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report27 Apr 2026
- Current report22 Apr 2026Results of operations · Financial statements and exhibits
- Current report06 Apr 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Annual report23 Feb 2026
- Current report18 Feb 2026Results of operations · Financial statements and exhibits
- Quarterly report20 Oct 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Martin Midstream Partners L.P. · 23 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Martin Midstream Partners L.P. · 26 Oct 2026
- [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.