MeritValue

MARTIN MIDSTREAM PARTNERS L.P.

MMLPdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'stockholdersEquity'; no data for concept 'epsDiluted'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$882.4M1$1.02B2$798M3$707.6M3$716.1M3
Net income−$211,0004−$10.3M5−$4.55M6−$5.21M6−$14.7M6
Operating cash flow$35.7M7$16.1M8$137.5M9$48.4M9$46.1M9
Capital expenditure$16.1M10$27.2M11$34.3M12$42M12$24.8M12
Free cash flow (derived)$19.7M7−$11.1M8$103.2M9$6.34M9$21.4M9
Total debt$997.7M13$1.03B14$842.3M15$875.3M16$856M16
Cash & equivalents$52,00017$45,00018$54,00018$55,00018$49,00018
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has fallen 14% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001176334-24-000040 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001176334-25-000040 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001176334-26-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001176334-24-000040 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001176334-25-000040 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001176334-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001176334-24-000040 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001176334-25-000040 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001176334-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001176334-24-000040 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001176334-25-000040 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001176334-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001176334-23-000053 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001176334-24-000040 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001176334-25-000040 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001176334-26-000012 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001176334-25-000040 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001176334-26-000012 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)