MARTIN MIDSTREAM PARTNERS L.P. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MARTIN MIDSTREAM PARTNERS L.P. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	827	973	1,020	847	672	882	1,019	798	708	716
Cost of revenue	478	595	659	493	357	533	623	390	297	319
Gross profit	349	379	361	354	315	349	396	408	411	397
Selling, general and administrative	34.3	39.1	39.1	41.4	40.9	41	41.8	40.8	48.5	42
Operating expenses	152	140	128
Operating income	72.7	45.6	45.1	58.1	46.5	57.3	51.3	66.7	57.3	48.9
Interest expense							53.7	60.3	57.7	57.8
Other non-operating income	-45	-46.6	-52.3	-51.7	-51.5	-54.1	-53.7	-65.4	-58.3	-58.9
Pre-tax income	27.7	-1.03	-7.25	6.42	-5.04	3.17	-2.41	1.37	-1.01	-9.97
Income tax	0.73	0.16	0.58	1.9	1.74	3.38	7.93	5.92	4.2	4.77
Income from continuing operations	27	-1.18	-7.83	4.52	-6.77	-0.21
Net income	31.7	19.9	55.7	-175	-6.77	-0.21	-10.3	-4.55	-5.21	-14.7
EBITDA	165	111	107	118	108	114	108	117	108	99.1

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.02	0.03	0.24	2.86	4.96	0.05	0.05	0.05	0.06	0.05
Inventory	82.6	97.3	84.3	62.5	54.1	62.1	110	43.8	51.7	50.2
Other current assets	3.3	4.87	5.89	5.83	8.99	12.9	13.6	9.22	11.5	12.3
Total current assets	194	243	208	181	136	174	211	114	130	130
Property, plant and equipment	846	832	448	417	380	345	319	306	305	289
Lease right-of-use assets			0	23.9	22.3	21.9	35	60.4	67.1	69.9
Goodwill	17.3	17.3	17.8	17.7	16.8	16.8	16.7	16.7	16.7	16.7
Intangible assets	36.5	25.3	18.2
Other non-current assets	44.9	32.8	4.58	3.57	2.81	2.2	2.41	2.04	1.51	1.45
Total assets	1,246	1,253	1,074	667	580	580	599	509	539	522
Accounts payable	70.2	92.6	64	64.8	51.9	70.3	68.2	51.7	61.6	57.8
Accrued liabilities	1.67	3.39	3.11	3.01	3.24	2.97	3.5	4.14	5.19	7.12
Short-term debt			0	0	28.8	0	0	0	0	0
Total current liabilities	118	134	112	107	119	104	111	101	116	124
Long-term debt	808	813	656	570	485	499	513	421	438	428
Lease liabilities			0	16.7	15.2	15.7	26.3	45.7	47.8	48.4
Other non-current liabilities	8.68	8.22	10	8.91	7.07	9.23	8.23	6.58	7.94	7.67
Total liabilities	934	955	785	703	627	628	658	574	609	608
Total debt	808	813	656	570	513	499	513	421	438	428
Other comprehensive income					0	0.82	0
Total liabilities and equity	1,246	1,253	1,074	667	580	580	599	509	539	522

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	31.7	19.9	55.7	-175	-6.77	-0.21	-10.3	-4.55	-5.21	-14.7
Depreciation and amortization	92.1	65.1	61.5	60.1	61.5	56.8	56.3	49.9	50.8	50.2
Stock-based compensation	0.9	0.65	1.22	1.42	1.42	0.38	0.16	0.16	0.19	0.19
Deferred income tax		-0.16	0.21	1.36	1.17	2.43	5.74	4.19	0.25	0.92
Change in inventory	-6.76	-14.9	13.4	21.5	5.26	-8.33	-47.7	66	-8.08	1.46
Change in payables	3.25	20	-27.5
Cash from operations	111	69.1	105	75.8	64.8	35.7	16.1	137	48.4	46.1
Capital expenditures	-40.5	-41.9	-35.3	-30.6	-28.6	-16.1	-27.2	-34.3	-42	-24.8
Acquisitions	-2.15	-19.5	0	-23.7	0	0
Cash from investing	63.8	-41.6	148	175	2.6	-19.2	-24.6	-33.7	-58.6	-30
Debt issued	332	341	399	638	282	317	405	543	256	221
Debt repaid	-387	-339	-559	-724	-334	-334	-394	-632	-245	-236
Share buybacks	-0.35	-0	-0.27	-0.39	-0.01	-0.02	0	0
Cash from financing	-175	-27.4	-252	-248	-65.3	-21.4	8.49	-104	10.3	-16.1
Net change in cash	-0.02	0.01	0.21	2.56	2.1	-4.91	-0.01	0.01	0	-0.01
Free cash flow	70.4	27.2	69.8	45.2	36.2	19.7	-11.1	103	6.34	21.4
Interest paid	46	45.7	50.5	48	37.7	51.7	50.5	51.6	53.4	52.3
Income taxes paid	0.84	0.8	0.43	0.52	0.42	1.23	2.25	1.4	3.36	3.52

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.16 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	53.3%	Gross profit / revenue.
Operating margin	6.3%	Operating income / revenue.
EBITDA margin	13.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.5%	Pre-tax income / revenue.
Net margin	-2.1%	Net income / revenue.
FCF margin	-1.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.6%	Cash from operations / revenue.
Return on assets (ROA)	-2.8%	Net income / average total assets.
SG&A / revenue	5.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.1%	Capital expenditures / revenue.
D&A / revenue	6.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-14.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-1.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	1.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-8.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-2.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-1.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-4.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	41.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-6.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	236.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-10.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.21x	Current assets / current liabilities.
Quick ratio	0.00x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.00x	(Cash + short-term investments) / current liabilities.
Debt / assets	82.9%	Total debt / total assets.
Liabilities / assets	116.5%	Total liabilities / total assets.
Net debt	$453.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.65x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.82x	Operating income / interest expense.
Working capital	$28.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.0%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.36x	Revenue / average total assets.
Fixed asset turnover	2.59x	Revenue / average property, plant and equipment.
Inventory turnover	5.76x	Cost of revenue / average inventory.
Days inventory	63 days	365 x average inventory / cost of revenue.
Days payables	74 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	155.5%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$84.5M	Share price x shares outstanding.
Enterprise value	$538.2M	Market cap + total debt - cash - short-term investments.
P/S	0.11x	Market cap / revenue.
P/OCF	4.30x	Market cap / cash from operations, when positive.
EV/Sales	0.72x	Enterprise value / revenue.
EV/EBIT	11.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.52x	Enterprise value / EBITDA, when both are positive.
FCF yield	-12.9%	Free cash flow / market cap.
Earnings yield	-18.2%	Net income / market cap (the inverse of P/E).

What was MARTIN MIDSTREAM PARTNERS L.P.'s revenue in fiscal 2025?

MARTIN MIDSTREAM PARTNERS L.P. reported revenue of $716.1M for fiscal 2025, 1.2% higher than the year before.

Was MARTIN MIDSTREAM PARTNERS L.P. profitable in fiscal 2025?

No. It reported a net loss of $14.7M.

How much free cash flow did MARTIN MIDSTREAM PARTNERS L.P. generate in fiscal 2025?

Cash from operations of $46.1M minus capital expenditures of $24.8M left free cash flow of $21.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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