Stock fact sheet · data as of
Martin Midstream Partners L.P. (MMLP): fair value, margin of safety and Wheel Score
Ticker symbol MMLP · Energy · Oil & Gas Midstream · United States · Partnership units · Speculative
MMLP trades as units of Martin Midstream Partners L.P., a limited partnership: owners receive a K-1 tax form instead of a 1099, and the payouts are distributions rather than dividends.
Is MMLP undervalued?
At 1.97 (close of 5 Nov 2026), MMLP trades 59% below the GLS average fair value of 4.82. That average comes from 3 models run on the latest filings, and 2 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Martin Midstream Partners L.P. the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
Only 3 of the nine models produced a value (DCF, 10 Cap, DDM); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.
The nightly engine files MMLP under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for MMLP
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 3.92 | +99% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | 10.23 | +419% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 0.2943 | -85% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -12.23 | -721% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is weak: MMLP passes 4 of the nine Piotroski tests. Our scans drop the stock at the health filter; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is low at 3.6 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.
Returns on capital are thin or negative - ROIC -3.3%, ROE 16.8%, ROA -2.8% - with debt at -6.12 times equity and a free-cash-flow yield of 15.4%.
The dividend yield is 1.02% with a payout ratio of -6% - a small yield that leaves most of the earnings in the business. Revenue comes mainly from Product 39%, Specialty Products 24%, Sulfur Service, Product Sales 15% (quarter Q3 FY2026).
Institutional ownership scores 6/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 4 / 9 | ROIC | -3.3% |
|---|---|---|---|
| GLS Moat | 3.6 / 10 | ROE | 16.8% |
| Debt / equity | -6.12 | ROA | -2.8% |
| Free-cash-flow yield | 15.4% | Payout ratio | -6% |
| Institutions | 6 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 29: Weak
MMLP scores 29 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 1, options that actually trade - options too quiet (161 open interest, 55 a day); and filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 4, financially healthy - Piotroski 4/9 (under 6); and filter 5, can repay its debt - 10.3 years to repay its debt (over 3); and filter 7, a premium worth selling - implied volatility 149% (over 80%); and filter 8, big enough - market cap $77M (under $1.0B); and filter 9, not a penny stock - price 1.97 (under $5), and the parts are thin too - value strong, premium weak, moat fair, health fair, red flags fair, option trading weak, stability fair. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 149%, above the 80% ceiling of the Wheel Trade Filter on premium. The premium looks generous, but moves of that size can blow through any strike. Chain open interest is thin - 161 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 46k shares a day on a market cap of $77M, with a beta of 0.52 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (161 open interest, 55 a day) |
| 2 | A real business, not a gamble | Fails | speculative (a loss, or a weak Piotroski score) |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 4/9 (under 6) |
| 5 | Can repay its debt | Fails | 10.3 years to repay its debt (over 3) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | implied volatility 149% (over 80%) |
| 8 | Big enough | Fails | market cap $77M (under $1.0B) |
| 9 | Not a penny stock | Fails | price 1.97 (under $5) |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 59% below fair value | |
| Premium | Weak | implied volatility 149% | |
| Moat | Fair | moat 3.6/10 | |
| Health | Fair | Piotroski 4/9 | |
| Red Flags | Fair | Red Flags score 77/100 | |
| Option trading | Weak | 55 contracts a day, 161 open interest | |
| Stability | Fair | beta 0.52, $77M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for MMLP in the nightly calendar. The shares go ex-dividend on 6 Nov 2026 (0.0050 per share), so a covered call sold before then carries a small early-assignment risk around that date.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Oil & Gas Midstream
The 12 companies below are the closest to Martin Midstream Partners L.P. by market cap within the Oil & Gas Midstream industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| IMPP Imperial Petroleum Inc. | 4.62 | 25.75 | +82% | 54Fair | $174M |
| IMPPP Imperial Petroleum Inc. | 25.96 | 64.34 | +60% | 34No options | $184M |
| NFE New Fortress Energy Inc. | 4.08 | 8.94 | +54% | 23Weak | $23M |
| SMC Summit Midstream Corp. | 28.92 | 149.89 | +81% | 45Weak | $399M |
| TMDE TMD Energy Limited | 0.5010 | 0.0625 | -702% | 15No options | $12M |
| NFEGP New Fortress Energy Inc. Series A Mandatorily Convertible Preferred Stock | 227.87 | 20.81 | -995% | 12No options | $559M |
| WHK WhiteHawk Minerals Corp | 24.37 | 2.92 | -735% | 15No options | $560M |
| MARPS Marine Petroleum Trust | 4.44 | 3.36 | -32% | 18No options | $9M |
| BANL CBL International Limited | 2.91 | 10.30 | +72% | 32No options | $6M |
| SBR Sabine Royalty Trust | 67.62 | 45.19 | -50% | 21No options | $986M |
| TK Teekay Corporation | 13.44 | 67.03 | +80% | 85Prime | $1.2B |
| PBT Permian Basin Royalty Trust | 28.49 | 8.25 | -246% | 35Weak | $1.3B |
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about MMLP
Is MMLP undervalued right now?
By the GLS models, yes: at 1.97 the stock is 59% below the average fair value of 4.82 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of MMLP and what does it mean?
MMLP scores 29 out of 100 (Weak) - it fails Wheel Trade Filters 1, 2, 4, 5, 7, 8, 9. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for MMLP?
4.82 per share as of 5 Nov 2026 - the simple average of the 3 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Martin Midstream Partners L.P. report earnings next?
No upcoming earnings date is recorded for MMLP in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does MMLP have listed options, and how liquid are they?
Yes. The nightly snapshot found 6 listed contracts with 161 open interest across all expiries and implied volatility of 149% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.
Is MMLP a partnership?
Yes. MMLP trades as units of Martin Midstream Partners L.P., a limited partnership: owners receive a K-1 tax form instead of a 1099, and the payouts are distributions rather than dividends.