Martin Midstream Partners L.P. (MMLP) intrinsic value & 10-year financials
Martin Midstream Partners L.P. (MMLP) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 1.6% a year to $716.1M.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $2.05
- Revenue (FY2025)
- $716.1M
- Revenue growth (10-yr CAGR)
- -1.6%
- Free cash flow (FY2025)
- $21.4M
MMLP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $716.1M | -$14.7M | — | $21.4M | 6.8% | — |
| FY2024 | $707.6M | -$5.2M | — | $6.3M | 8.1% | — |
| FY2023 | $798.0M | -$4.5M | — | $103.2M | 8.4% | — |
| FY2022 | $1.0B | -$10.3M | — | -$11.1M | 5.0% | — |
| FY2021 | $882.4M | -$211.0K | — | $19.7M | 6.5% | — |
| FY2020 | $672.1M | -$6.8M | — | $36.2M | 6.9% | — |
| FY2019 | $847.1M | -$174.9M | — | $45.2M | 6.9% | — |
| FY2018 | $972.7M | $44.1M | — | $53.6M | 4.6% | — |
| FY2017 | $946.1M | $17.1M | — | $27.8M | 6.3% | — |
| FY2016 | $827.4M | $31.7M | — | $70.4M | 8.8% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MARTIN MIDSTREAM PARTNERS L.P. is facing top-line stagnation, with revenue contracting over the decade.
MARTIN MIDSTREAM PARTNERS L.P. 10-year average ROIC is N/A; capital efficiency cannot be assessed from the available history.
MARTIN MIDSTREAM PARTNERS L.P. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MARTIN MIDSTREAM PARTNERS L.P. is modeled at -1.6% normalized earnings growth with a 5.1% bond-yield adjustment.