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References in this Annual Report to "Martin Resource Management Corporation" refer to Martin Resource Management Corporation and its subsidiaries, unless the context otherwise requires. References in this Annual Report to the "Partnership" refer to Martin Midstream Partners L.P. and its subsidiaries, unless the content otherwise requires.
Operating margin is thin at 6.83%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 1.2%, essentially flat. Margins also contracted 1.3pp. This is a business that needs a catalyst.
Net debt of $498M represents 23.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$711M
▲ +1.2% YoY
Net Income (TTM)
-$20M
▼ -183.2% YoY
Op. Margin
6.04%
▼ -1.3pp YoY
ROIC
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Cash Flow & Balance Sheet
FCF (TTM)
$12M
▲ +236.7% YoY
Op. Cash Flow (TTM)
$38M
▼ -4.6% YoY
Net Debt
$526M
Cash & Equiv.
$49K
5Y CAGR: +1.3%
5Y CAGR: -10.0%
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