Martin Midstream Partners LP (MMLP) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Martin Midstream Partners LP $6.16, price $2.22, upside +178.1%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? No
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Martin Midstream Partners LP
MMLP · USCheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $2.00 – $5.58 · fair‑value band $2.54 – $11.05 · the $2.22 price screens below the $6.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Company profile
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.
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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.
Stock analysis
Martin Midstream Partners LP (MMLP) currently trades at $2.22, while our model-based Fair Value estimate is $6.16, implying the stock looks roughly 64.0% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $5.58 per share, and 10 of the 13 models we run sit above the $2.22 price.
Bear case: the Multiples group reads lowest at $3.95, and 3 of the 13 models stay below the price. Evidence for this calculation is medium.
Scenario range: $2.54 (bear) to $11.05 (bull), the price of $2.22 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Energy sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
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.
Key figures
Market cap $93.5M · P/S ratio 0.13 · EPS (TTM) $−0.5100 · Dividend yield 0.9% · Net margin −2.0% · Return on assets (EBIT) 10.2% · Operating margin 4.1% · Revenue (TTM) $711M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (medium confidence).
What moves the price
The share trades about 33% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −11% fair-value upside, at 178%, MMLP screens cheaper than that median.
Fair Value models
All 13 models by family
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Set up alert →Quality Score breakdown
Of which business quality 41 · Market factors (momentum, volatility) 27
Revenue & earnings trend
Growth Forecast
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Compare Martin Midstream Partners LP with another stock
Price, fair value, quality and upside side by side.
Peer Groupⓘ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.Oil & Gas Midstream · 85 stocks
Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper
Strength profile in five axes (Snowflake)
PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.
Context: sector, industry, market
- Is the Energy sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Energy
- Undervalued stocks: US Stocks
- Valuation of the USA market
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.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $47.85 | $36.91 | −23% |
| The Williams Companies, Inc WMB | $71.11 | $11.73 | −84% |
| Enterprise Products Partners L.P. EPD | $37.57 | $24.61 | −34% |
| Kinder Morgan, Inc KMI | $31.37 | $28.24 | −10% |
| TC Energy Corporation TRP | $59.78 | $24.51 | −59% |
| Energy Transfer LP, ET | $20.49 | $19.43 | −5% |
| MPLX LP owns and MPLX | $58.81 | $70.84 | +20% |
| ONEOK, Inc OKE | $90.54 | $80.35 | −11% |
| Targa Resources Corp TRGP | $282.15 | $79.61 | −72% |
| Cheniere Energy, Inc LNG | $273.61 | $349.73 | +28% |
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