Martin Midstream Partners L.P. Limited Partnership (MMLP)

FairStock Score: 29/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses that earn consistent profits and produce cash. Martin Midstream fails that first test. In fiscal 2025, the year ended 2025-12-31, revenue was $716.1 million, yet net loss was $14.7 million. The prior two years also lost money: fiscal 2024, ended 2024-12-31, net loss $5.2 million; fiscal 2023, ended 2023-12-31, net loss $4.5 million. FairStock's Lynch category is therefore none because of losses in each of the last four years. There is a flicker in fiscal Q2 2026, the quarter ended 2026-06-30: revenue was $213.6 million and net income was $2.6 million, a 1.24% margin. But fiscal Q1 2026, ended 2026-03-31, lost $6.8 million, so one small profit is not a trend. The balance-sheet and cash signals are mixed. FairStock shows Piotroski 7/9, which is constructive, but Altman Z-Score 0.62 points to financial distress risk. Trailing free cash flow is negative $10.9 million, and the FCF yield is -13.7%. ROCE is only 4.82%, not the hallmark of a wide moat. At the 2026-10-13 close of $2.04 and a $79.8 million market cap, FairStock's P/E is -5.23, EV/EBITDA is 6.40, and the FairStock Score is 29/100. The sales multiple looks modest, but without sustained profit and cash flow, cheapness is an illusion. I would need to see positive free cash flow and a stronger Z-Score before calling this a Graham-style bargain.

In plain English: Martin Midstream stores, handles, and processes petroleum products and by-products through terminals and related services. The business looks weak because it lost money in fiscal 2025 and in each of the last four years, though the latest quarter showed a small profit. At $2.04 on 2026-10-13, the price does not look clearly cheap because profits and cash flow are still weak; it looks more like a turnaround bet than a steady bargain.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer