Martin Midstream Partners L.P. (MMLP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+100.0%

$3.96

vs $1.98 price

Levered DCF

-$4.73

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.8

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-7.05×	-27.62×	-21.82×	-11.54×	-492.59×	-8.41×	-0.91×	9.26×
P/B	-1.18×	-1.94×	-1.41×	-1.9×	-2.06×	-1.13×	-4.3×	1.42×
P/S	0.14×	0.2×	0.12×	0.11×	0.12×	0.08×	0.18×	0.41×
EV / EBITDA	6.39×	6.05×	5.15×	6.18×	5.48×	5.74×	6.39×	10.02×
Gross margin	12.4%	50.8%	13.3%	33.3%	33.2%	37.8%	34.7%	21.7%
Operating margin	6.5%	8.1%	8.2%	5.0%	6.5%	6.9%	6.9%	4.6%
Net margin	-2.0%	-0.7%	-0.6%	-1.0%	-0.0%	-1.0%	-20.7%	5.7%
Current ratio	1.05×	1.13×	1.14×	1.9×	1.67×	1.14×	1.69×	1.91×
Debt / equity	-6.12×	-7.03×	-7.28×	-8.97×	-10.45×	-11.05×	-16.62×	2.37×
Interest coverage	0.81×	0.99×	1.08×	0.96×	1.06×	1.01×	1.12×	0.86×
Dividend yield	0.8%	0.6%	0.9%	0.7%	0.8%	9.6%	31.5%	19.2%
Payout ratio	-5.5%	-15.7%	-17.8%	-7.7%	-374.9%	-78.5%	-28.1%	138.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.8%	7.1%	6.7%	16.9%	0.4%	13.9%	483.3%	19.7%
Return on invested capital	11.8%	12.9%	-51.3%	10.3%	-0.8%	9.3%	7.1%	4.8%
Return on assets	-2.8%	-0.9%	-0.9%	-1.7%	-0.0%	-1.2%	-26.2%	5.4%
Free cash flow yield	21.0%	4.6%	110.9%	-9.5%	19.1%	65.4%	29.0%	13.4%
Earnings yield	-14.2%	-3.6%	-4.8%	-8.9%	-0.2%	-12.2%	-112.3%	13.9%
Enterprise value	$626.2M	$644.6M	$574.8M	$664.4M	$624.6M	$589.4M	$754.6M	$1.1B
Net debt / EBITDA	5.35×	4.74×	4.32×	5.1×	4.58×	5.2×	5.07×	6.27×
Cash conversion cycle (days)	25	18	24	50	37	39	46	42