Operating cash flow remains erratic, evidenced by a $13.8 million outflow in 2026Q1, which highlights the partnership's inability to consistently fund its operations through internal cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | 38.37M | 46.13M | 48.35M | 137.47M | 16.15M | 35.73M | 64.78M | 75.81M | 90.73M | 67.51M | 110.85M | 182.57M | 115.58M | 112.18M | 32.68M | 86.87M | 37.52M | 47.59M | 79.9M | 58.02M | 39.32M | 32.1M | 12.81M | 10.27M | 5.14M | 11.14M | 1.62M | 6.54M |
| Operating CF Margin % | - | 6.44% | 6.83% | 17.23% | 1.58% | 4.05% | 9.64% | 8.95% | 9.33% | 7.14% | 13.4% | 17.61% | 7.04% | 6.87% | 2.19% | 7.02% | 4.11% | 7.18% | 6.58% | 7.58% | 6.82% | 7.32% | 4.36% | 5.33% | 3.43% | 6.83% | 0.81% | 3.78% |
| Operating CF Growth % | 78% | -4.6% | -64.83% | 751.3% | -54.8% | -44.85% | -14.55% | -16.44% | 34.4% | -39.1% | -39.29% | 57.96% | 3.03% | 243.3% | -62.38% | 131.54% | -21.17% | -40.44% | 37.72% | 47.56% | 22.47% | 150.57% | 24.72% | 99.86% | -53.88% | 587.48% | -75.2% | - |
| Net Income | -20.21M | -14.74M | -5.08M | -4.44M | -10.33M | -211K | -6.77M | 4.52M | -7.59M | 17.14M | 31.65M | 37.16M | -6.37M | -13.35M | 37.12M | 24.34M | 16.02M | 22.2M | 42.81M | 24.94M | 22.24M | 13.88M | 12.33M | 11.98M | 6.2M | 4.68M | 930K | -1.62M |
| Depreciation & Amortization | 26.86M | 50.2M | 50.79M | 49.9M | 56.28M | 56.75M | 61.46M | 60.06M | 76.87M | 85.19M | 92.13M | 92.25M | 68.83M | 52.24M | 42.06M | 44.96M | 40.66M | 39.51M | 31.22M | 23.44M | 17.6M | 12.63M | 8.75M | 4.76M | 4.49M | 4.12M | 0 | 0 |
| Stock-Based Compensation | 45K | 186K | 3.26M | 163K | 161K | 384K | 1.42M | 1.42M | 1.22M | 650K | 904K | 1.43M | 817K | 911K | 385K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 1.28M | 920K | 254K | 4.19M | 5.74M | 2.43M | 1.17M | 1.36M | -10.39M | -1.31M | -2.88M | -1.91M | 28.32M | 45.14M | 402K | -157K | -415K | 294K | -277K | -149K | 0 | 0 | 0 | 0 | 1.83M | 2.66M | 0 | 0 |
| Other Non-Cash Items | 14.98M | 4.76M | 1.33M | 9.82M | -3.33M | 4.31M | -16.16M | -1.16M | 17.09M | 2.85M | 11.12M | 18.37M | 9.92M | 4.01M | 4.26M | 397K | -3.85M | 243K | -2.29M | 13.09M | -2.75M | 157K | 35K | -2.91M | -3.15M | -1.34M | 691K | 8.16M |
| Working Capital Changes | 1.97M | 4.81M | -2.19M | 77.85M | -32.37M | -27.94M | 23.66M | 9.61M | 13.54M | -37.02M | -22.07M | 35.26M | 14.06M | 23.23M | -52.73M | 9.16M | -20.6M | -9.76M | 10.53M | 5.54M | 2.22M | 5.44M | -8.3M | -3.57M | -4.23M | 1.03M | 0 | 0 |
| Change in Receivables | -9.81M | -50K | -6.05M | 26.43M | 4.58M | -31.45M | 30.74M | 62K | 28.44M | -26.74M | -6.15M | 59.48M | 29.02M | 23.85M | -56.7M | -28.78M | -17.86M | -10.47M | 19.75M | -30.9M | 8.97M | -12.12M | -16.5M | -7.54M | 5.2M | 0 | 0 | 0 |
| Change in Inventory | -5.24M | 1.46M | -8.08M | 65.98M | -47.68M | -8.33M | 5.26M | 21.49M | 11.84M | -14.66M | -6.76M | 12.8M | 5.68M | 3.76M | -2.73M | -25.55M | -17.11M | 7.13M | 9.34M | -18.3M | 890K | -4.47M | -3.5M | -4.15M | -1.91M | 3.93M | 0 | 0 |
| Change in Payables | 15.71M | -3.9M | 10.23M | -17.54M | 486K | 14.33M | -7.32M | -898K | -27.48M | 20.04M | 3.25M | -44.15M | -26.35M | -6.02M | 16.19M | 43.6M | 10.92M | -15.87M | -17.22M | 57.35M | -1.84M | 27.67M | 9.17M | 3.36M | 5.53M | 0 | 0 | 0 |
| Cash from Investing | -38.73M | -30.01M | -58.6M | -33.66M | -24.64M | -19.24M | 2.6M | 174.83M | 147.65M | -37.88M | 63.84M | -23.8M | -324.66M | -186.78M | -15.04M | -167.34M | -81.32M | -14.68M | -100.18M | -127.1M | -95.1M | -138.51M | -34.32M | -27.62M | -4.08M | -6.81M | -3.08M | -14.95M |
| Capital Expenditures | -23.86M | 0 | 0 | -34.32M | -27.24M | -16.06M | -28.62M | -30.62M | -37.09M | -39.75M | -40.45M | -65.79M | -84.31M | -92.24M | -93.64M | -76.1M | -19M | -35.85M | -94.97M | -82.16M | -66.35M | -24.81M | -5.18M | -2.9M | -5.31M | -6.23M | 0 | 0 |
| CapEx % of Revenue | 3.36% | 4.49% | 5.94% | 4.3% | 2.67% | 1.82% | 4.26% | 3.61% | 3.81% | 4.2% | 4.89% | 6.35% | 5.13% | 5.65% | 6.28% | 6.15% | 2.08% | 5.41% | 7.82% | 10.73% | 11.51% | 5.66% | 1.76% | 1.51% | 3.54% | 3.82% | - | - |
| Acquisitions | 1.64M | 0 | 1.24M | 0 | 7.77M | 927K | 32.7M | -23.72M | 11.48M | -19.92M | -2.15M | -102.7M | -240.11M | -104.05M | -255.13M | -13.92M | -43.88M | 550K | -4.76M | -41.27M | -24.31M | -114.17M | -31.23M | -29.03M | -103K | -102K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -16.51M | -30.01M | -59.84M | 657K | -5.18M | -4.11M | -1.48M | 229.17M | 184.74M | 21.79M | 106.44M | -1.91M | -30.57M | 2.2M | 53.89M | -19.02M | -748K | 20.62M | -457K | 3.24M | 7.07M | 697K | 2.09M | 4.31M | 1.33M | -478K | -3.08M | -14.95M |
| Cash from Financing | 355K | -16.12M | 10.25M | -103.8M | 8.49M | -21.39M | -65.29M | -248.09M | -252.44M | -29.62M | -174.7M | -158.78M | 192.58M | 85.97M | -12.75M | 69.35M | 49.22M | -34.94M | 24.15M | 69.9M | 52.99M | 109.69M | 22.42M | 17.88M | 610K | -4.4M | 1.42M | 7.95M |
| Debt Issued (Net) | 1.15M | -15.32M | 11.07M | -88.72M | 10.63M | -20M | -56.18M | -91.51M | -160.2M | 1.78M | -60.27M | -26.84M | -39.84M | 180.19M | 14.44M | 85.87M | 54.41M | 1.72M | 69.98M | 50.93M | -27.21M | 113.15M | 5.11M | 31.08M | -49.96M | -4.4M | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | -17K | -9K | -392K | -391K | -4K | -347K | -535K | 338.46M | -213K | 198.09M | 71.25M | 51.51M | 19.92M | -93K | 55.93M | 110.27M | 15M | 0 | 0 | 50.57M | 0 | 0 | 0 |
| Dividends Paid | -797K | -797K | -795K | -793K | -793K | -791K | -5.32M | -49.09M | -76.87M | -76.94M | -104.14M | -133.32M | -95.2M | -84.59M | -76.53M | -64.5M | -56.7M | -47.46M | -45.72M | -37.9M | -32.06M | -18.97M | -17.45M | -13.2M | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -17K | -9K | -392K | -273K | -4K | -347K | -590K | -277K | -250K | -222K | -582K | -28.18M | -78K | -93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -23K | -14.29M | -1.35M | -589K | -3.78M | -107.09M | -14.98M | 45.55M | -9.95M | -16.18M | -10.84M | -9.42M | -148.75M | -23.27M | 0 | -9.12M | -18K | 940K | 1.99M | 502K | 34.77M | 0 | 0 | 0 | 1.42M | 7.95M |
| Net Change in Cash | -3K | -6K | 1K | 9K | -7K | -4.91M | 2.1M | 2.56M | 210K | 12K | -16K | -11K | -16.5M | 11.38M | 4.9M | -11.11M | 5.42M | -2.03M | 3.87M | 810K | -2.79M | 3.28M | 914K | 536K | 1.67M | -65K | 1.42M | 7.95M |
| Free Cash Flow | 15.48M | 13.99M | 6.34M | 103.15M | -11.09M | 19.67M | 36.16M | 45.19M | 53.64M | 27.76M | 70.39M | 116.78M | 31.27M | 19.94M | -60.96M | 10.77M | 18.52M | 11.75M | -15.07M | -24.15M | -27.04M | 7.29M | 7.63M | 7.37M | -170K | 4.92M | 1.62M | 6.54M |
| FCF Margin % | 2.18% | 1.95% | 0.9% | 12.93% | -1.09% | 2.23% | 5.38% | 5.33% | 5.51% | 2.93% | 8.51% | 11.26% | 1.9% | 1.22% | -4.09% | 0.87% | 2.03% | 1.77% | -1.24% | -3.15% | -4.69% | 1.66% | 2.59% | 3.82% | -0.11% | 3.01% | 0.81% | 3.78% |
| FCF Growth % | 470.83% | 120.56% | -93.85% | 1030.21% | -156.38% | -45.61% | -19.98% | -15.74% | 93.23% | -60.57% | -39.72% | 273.42% | 56.84% | 132.71% | -665.88% | -41.83% | 57.68% | 177.96% | 37.61% | 10.68% | -470.9% | -4.47% | 3.54% | 4434.71% | -103.46% | 203.21% | -75.2% | - |
| FCF per Share | 0.40 | 0.36 | 0.16 | 2.66 | -0.29 | 0.51 | 0.94 | 1.17 | 1.38 | 0.73 | 1.99 | 3.30 | 1.02 | 0.75 | -2.61 | 0.55 | 1.06 | 0.80 | -1.04 | -1.72 | -2.14 | 0.85 | 0.91 | 1.03 | -0.02 | 1.69 | 0.56 | 2.25 |
| FCF Conversion (FCF/Net Income) | -0.77x | -3.19x | -9.52x | -30.93x | -1.56x | -169.33x | -9.57x | -0.43x | 1.63x | 3.39x | 3.50x | 4.76x | -9.87x | -8.40x | 0.32x | 3.57x | 2.34x | 2.14x | 1.87x | 2.33x | 1.77x | 2.31x | 1.04x | 0.86x | 0.83x | 2.38x | 1.74x | -4.04x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency constraints
According to the provided financial data, MMLP exhibits a persistent disconnect between net income and operating cash flow, evidenced by the 2026Q1 period where the partnership reported a $6.8 million net loss alongside a significantly larger $13.8 million outflow from core operating activities.
The extreme volatility in the OCF/NI ratio suggests that accruals and working capital swings are masking the underlying cash-generating capability of the business. Investors should monitor whether this divergence is a structural feature of the partnership's high-depreciation asset base or a sign of deteriorating operational efficiency.
As reported in financial statements, MMLP's free cash flow trajectory remains highly erratic, swinging from a $34.2 million inflow in 2024Q4 to a $12.2 million outflow in 2026Q1, reflecting the partnership's inability to consistently fund its capital requirements through internal cash generation alone.
The negative FCF margins observed in recent quarters indicate that the partnership is currently consuming rather than generating cash, which may necessitate continued reliance on external financing. This trend warrants further investigation into whether the current capital expenditure levels are sustainable given the partnership's limited liquidity.
Based on MMLP's reported figures, capital expenditure as a percentage of revenue has fluctuated significantly, reaching as high as 9.7% in 2024Q1, which underscores the heavy maintenance burden required to keep the aging marine and trucking fleets operational within the competitive Gulf Coast logistics market.
The persistent need for capital investment to maintain existing assets appears to be a primary driver of the partnership's cash burn. Analysts should consider whether these expenditures are purely maintenance-related or if they represent necessary upgrades to remain compliant with evolving environmental and safety standards.
Data from recent filings indicates that working capital changes are a dominant source of cash flow volatility, with a $21.6 million outflow in 2026Q1 contrasting sharply with the $36.7 million inflow recorded in 2024Q4, highlighting the partnership's sensitivity to inventory and receivable timing.
The significant swings in working capital suggest that the partnership's cash position is highly susceptible to the timing of NGL wholesale transactions and seasonal demand cycles. This reliance on working capital management to bridge liquidity gaps appears to be a recurring risk factor for the partnership's short-term solvency.
Quick answers to the most common questions about buying MMLP stock.
Martin Midstream Partners L.P. (MMLP) generated $46.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Martin Midstream Partners L.P. (MMLP) generated $14.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Martin Midstream Partners L.P. (MMLP) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Martin Midstream Partners L.P. (MMLP) returned $0.8M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.