Martin Midstream Partners LP (MMLP) Fair Value & Analysis
Energy · US · Market cap $93.5M · ISIN US5733311055
What is Martin Midstream Partners LP really worth?
Martin Midstream Partners LP
MMLP · US
Below-average quality, and trading another 130% above our fair value of $1.02.
Strengths
Risks
For context
Fair value as of: Sep 3, 2026
From 10 valuation models · updated yesterday
Share price −3.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The model range is unusually wide ($0.2040 to $4.08). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.
How to read this chart
60‑month range $2.00 – $5.58 · fair‑value band $0.2040 – $4.08 · the $2.35 price screens above the $1.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.
Analysis
Martin Midstream Partners LP (MMLP) currently trades at $2.35, while our model-based Fair Value estimate is $1.02, implying the stock looks roughly 130.4% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Energy sector. Bull case: the Multiples group reads highest at a median of $3.95 per share, and 2 of the 7 models we run sit above the $2.35 price. Bear case: the Dividend Discount group reads lowest at $0.1700, and 5 of the 7 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Martin Midstream Partners LP generated revenue of $711M at a net margin of −2.8%. Revenue declined 2.5% year over year. Net debt stands at $525M. Fundamentals as of Sep 3, 2026
Our scenario range runs from $0.2040 (bear case) to $4.08 (bull case); at $2.35, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 33% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at −46% fair-value upside, at −57%, MMLP screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 10 models by family
Widest divergence: Multiples ($3.95) versus Dividend Discount ($0.1700). Highest evidence: 5Y EBITDA Exit (72).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 41 · Market factors (momentum, volatility) 25
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Martin Midstream Partners L.P., together with its subsidiaries, provides terminalling, processing, and storage services for petroleum products and by-products in the United States. It operates through four segments: Terminalling and Storage, Transportation, Sulfur Services, and Specialty Products.
Full company description
Martin Midstream Partners L.P., together with its subsidiaries, provides terminalling, processing, and storage services for petroleum products and by-products in the United States. It operates through four segments: Terminalling and Storage, Transportation, Sulfur Services, and Specialty Products. The company owns or operates various marine shore-based terminal facilities and specialty terminal facilities, as well as naphthenic lubricants refinery; and offers storage, refining, and handling services for producers and suppliers of petroleum products, handling services for molten sulfur and asphalt, land rental services to oil and gas companies, and storage and handling services for lubricants and fuels. It also engages in the operation of land and marine transportation assets that transport petroleum products and by-products, petrochemicals, and chemicals; and provides refinery and petrochemical services, including transportation of heavy tank bottoms by-products and other petroleum products, hauling natural gas liquids, molten sulfur, sulfuric acid, paper mill liquids, chemicals, and other bulk liquid commodities. In addition, the company processes and distributes molten sulfur into prilled or pelletized sulfur; owns and operates sulfur-based fertilizer production plants and an emulsified sulfur blending plant; and manufactures and markets sulfur-based fertilizer and related sulfur products, such as ammonium sulfate, liquid sulfur, plant nutrient sulfur, Industrial sulfur, and sulfuric acid. Further, it is involved in owning and operating facilities for the blending, processing, packaging, marketing and distribution of private label agricultural, automotive, and industrial lubricants, as well as commercial and industrial greases; selling and distributing natural gas liquids; and storing and transporting of natural gas liquids for wholesale deliveries. The company was founded in 1951 and is headquartered in Kilgore, Texas.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Martin Midstream Partners LP reported revenue of $716M in FY2025 versus $882M in FY2021, a compound −5.1%/yr. Reported net income was −$14.5M in FY2025.
MMLP screens 130% overvalued. Compare with Enbridge Inc →
Peer Group
Oil & Gas Midstream · 89 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Midstream median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.
Insider activity: 30/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $50.72 | $35.83 | −29% |
| The Williams Companies, Inc WMB | $74.05 | $11.73 | −84% |
| Enterprise Products Partners L.P. EPD | $39.02 | $20.94 | −46% |
| TC Energy Corporation TRP | C$88.72 | C$24.53 | −72% |
| Kinder Morgan, Inc KMI | $31.60 | $10.92 | −65% |
| Energy Transfer LP, ET | $21.31 | $11.45 | −46% |
| MPLX LP owns and MPLX | $59.25 | $36.42 | −39% |
| ONEOK, Inc OKE | $95.69 | $58.62 | −39% |
| Targa Resources Corp TRGP | $286.91 | $79.61 | −72% |
| Cheniere Energy, Inc LNG | $280.80 | $199.99 | −29% |
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