Estados financieros detallados de Martin Midstream Partners L.P. (MMLP): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Martin Midstream Partners L.P. registró ingresos de $716.1M en el último ejercicio fiscal, con un CAGR de 5 años del 1.3%.
Márgenes de los últimos 12 meses: margen bruto 24.9%, margen operativo 4.1%, margen neto -1.5%. El flujo de caja libre creció a un CAGR del -10.0% en 5 años.
Al precio actual de $2.27, MMLP presenta beneficios negativos (P/E no significativo) y un ROE del 12.49%. La capitalización bursátil es de $89M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $827.4M | $946.1M | $972.7M | $847.1M | $672.1M | $882.4M | $1.02B | $798.0M | $707.6M | $716.1M |
| Coste de Ventas | $563.8M | $698.8M | $761.5M | $552.9M | $418.4M | $589.8M | $679.6M | $691.8M | $347.8M | $627.3M |
| Beneficio Bruto | $263.6M | $247.3M | $211.2M | $294.3M | $253.8M | $292.6M | $339.3M | $106.2M | $359.8M | $88.9M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $34.4M | $39.0M | $37.7M | $41.4M | $40.9M | $41.0M | $41.8M | $40.8M | $48.5M | $42.0M |
| Gastos Operativos | $184.3M | $106.8M | $254.3M | $236.2M | $207.3M | $235.5M | $288.0M | $40.8M | $302.5M | $42.0M |
| Beneficio Operativo | $72.7M | $59.8M | $44.8M | $58.1M | $46.5M | $57.3M | $51.3M | $65.4M | $57.3M | $46.9M |
| EBITDA | $171.9M | $113.4M | $106.6M | $118.2M | $102.6M | $114.0M | $107.5M | $111.6M | $106.5M | $98.0M |
| Gastos por Intereses | $47.4M | $48.7M | $52.4M | $51.7M | $46.2M | $54.1M | $53.7M | $60.3M | $57.7M | $57.8M |
| Beneficio Antes de Impuestos | $32.4M | $17.5M | -$7.2M | $6.4M | -$5.0M | $3.2M | -$2.4M | $1.4M | -$1.0M | -$10.0M |
| Impuestos | $726000 | $352000 | $369000 | $1.9M | $1.7M | $3.4M | $7.9M | $5.9M | $4.2M | $4.8M |
| Beneficio Neto | $31.7M | $19.9M | $55.7M | -$174.9M | -$6.8M | -$211000 | -$10.3M | -$4.4M | -$5.1M | -$14.4M |
| BPA | $0.65 | $0.44 | $1.11 | $-4.44 | $-0.17 | $-0.01 | $-0.26 | $-0.11 | $-0.13 | $-0.37 |
| BPA Diluido | $0.65 | $0.44 | $1.11 | $-4.44 | $-0.17 | $-0.01 | $-0.26 | $-0.11 | $-0.13 | $-0.37 |
| Acciones en Circulación (Diluidas) | $35.4M | $38.2M | $38.9M | $38.7M | $38.7M | $38.7M | $38.7M | $38.8M | $38.8M | $38.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $168.7M | $174.2M | $187.7M | $213.6M |
| Beneficio Bruto | $15.8M | $22.3M | $18.5M | $128.8M |
| Beneficio Operativo | $6.5M | $12.2M | $7.7M | $3.8M |
| EBITDA | $19.3M | $24.8M | $20.6M | $16.9M |
| Beneficio Neto | -$8.2M | -$2.8M | -$6.8M | $6.8M |
| BPA | $-0.21 | $-0.07 | $-0.17 | $0.17 |
| BPA Diluido | $-0.21 | $-0.07 | $-0.17 | $0.17 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $15000 | $27000 | $237000 | $2.9M | $5.0M | $52000 | $45000 | $54000 | $55000 | $49000 |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $92.3M | $130.9M | $83.7M | $105.1M | $67.6M | $98.6M | $87.7M | $61.2M | $67.3M | $58.4M |
| Inventario | $82.6M | $97.3M | $85.1M | $62.5M | $54.1M | $62.1M | $109.8M | $43.8M | $51.7M | $50.2M |
| Activos Corrientes | $194.0M | $242.7M | $194.0M | $181.4M | $135.6M | $173.7M | $211.1M | $114.3M | $130.5M | $129.9M |
| Inmovilizado Material | $845.7M | $831.9M | $798.3M | $441.1M | $402.1M | $367.3M | $354.3M | $366.2M | $372.6M | $359.2M |
| Fondo de Comercio | $17.3M | $17.3M | $17.3M | $17.7M | $16.8M | $16.8M | $16.7M | $16.7M | $16.7M | $16.7M |
| Activos Intangibles | $38.8M | $32.8M | $23.7M | $3.6M | $2.8M | $2.2M | $2.4M | $55000 | $26000 | 0 |
| Activos Totales | $1.25B | $1.25B | $1.03B | $667.2M | $579.6M | $579.9M | $598.9M | $509.4M | $538.5M | $522.4M |
| Cuentas por Pagar | $76.0M | $91.1M | $63.6M | $62.0M | $51.3M | $68.6M | $74.5M | $51.7M | $67.3M | $58.0M |
| Deuda a Corto | 0 | 0 | 0 | $6.8M | $31.5M | $280000 | 0 | 0 | $19.7M | $15000 |
| Pasivos Corrientes | $117.6M | $134.4M | $101.5M | $107.3M | $119.4M | $104.1M | $110.9M | $100.6M | $115.5M | $124.1M |
| Deuda a Largo | $808.1M | $812.6M | $656.5M | $569.8M | $484.6M | $498.9M | $512.9M | $421.2M | $437.6M | $476.4M |
| Pasivos Totales | $934.4M | $955.3M | $768.7M | $703.4M | $626.5M | $627.9M | $658.3M | $574.0M | $608.9M | $608.2M |
| Reservas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Patrimonio Neto | $304.6M | $290.9M | $281.8M | -$36.2M | -$48.8M | -$49.9M | -$61.1M | -$66.2M | -$71.9M | -$85.8M |
| Deuda Total | $808.1M | $812.6M | $668.1M | $601.6M | $539.1M | $521.7M | $548.2M | $481.8M | $505.2M | $524.8M |
| Deuda Neta | $808.1M | $812.6M | $667.9M | $598.8M | $534.1M | $521.7M | $548.2M | $481.7M | $505.2M | $524.7M |
| Capital Circulante | $76.4M | $108.3M | $92.5M | $74.1M | $16.3M | $69.6M | $100.2M | $13.7M | $15.0M | $5.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $49000 | $49000 | $49000 | $50000 |
| Activos Totales | $510.1M | $522.4M | $537.1M | $547.4M |
| Pasivos Totales | $592.9M | $608.2M | $629.8M | $637.6M |
| Patrimonio Neto | -$83.9M | -$85.8M | -$93.7M | -$90.2M |
| Deuda Total | $508.9M | $524.8M | $526.3M | $494.4M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $31.7M | $17.1M | -$7.6M | $4.5M | -$6.8M | -$211000 | -$10.3M | -$4.4M | -$5.1M | -$14.7M |
| Amortizaciones | $92.1M | $85.2M | $76.9M | $60.1M | $61.5M | $56.8M | $56.3M | $49.9M | $50.8M | $50.2M |
| Compensación en Acciones | $904000 | $650000 | $1.2M | $1.4M | $1.4M | $384000 | $161000 | $163000 | $3.3M | $186000 |
| Cambio en Capital Circulante | -$22.1M | -$37.0M | $13.5M | $9.6M | $23.7M | -$27.9M | -$32.4M | $77.8M | -$2.2M | $4.8M |
| Flujo de Caja Operativo | $110.8M | $67.5M | $90.7M | $75.8M | $64.8M | $35.7M | $16.1M | $137.5M | $48.4M | $46.1M |
| Inversiones (CapEx) | -$40.5M | -$39.7M | -$37.1M | -$30.6M | -$28.6M | -$16.1M | -$27.2M | -$34.3M | -$42.0M | -$24.8M |
| Adquisiciones | -$2.1M | -$19.9M | $11.5M | -$23.7M | $32.7M | $927000 | $7.8M | 0 | -$6.9M | 0 |
| Recompra de Acciones | -$347000 | -$4000 | -$273000 | -$392000 | -$9000 | -$17000 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$104.1M | -$76.9M | -$76.9M | -$49.1M | -$5.3M | -$791000 | -$793000 | -$793000 | -$795000 | -$797000 |
| Flujo de Caja Libre | $70.4M | $27.8M | $53.6M | $45.2M | $36.2M | $19.7M | -$11.1M | $103.2M | $6.3M | $21.4M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$1.2M | $22.4M | -$13.8M | $39.8M |
| Inversiones (CapEx) | -$10.9M | -$8.2M | $1.6M | -$14.3M |
| Flujo de Caja Libre | -$12.1M | $14.2M | -$12.2M | $25.5M |
| Dividendos Pagados | -$200000 | -$199000 | -$199000 | $198000 |
| Compensación en Acciones | $66000 | $30000 | $45000 | -$90000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +14.3% | +2.8% | -12.9% | -20.7% | +31.3% | +15.5% | -21.7% | -11.3% | +1.2% |
| Crecimiento Beneficio Neto (anual) | | -37.1% | +179.4% | -414.3% | +96.1% | +96.9% | -4797.6% | +57.0% | -14.3% | -184.6% |
| Crecimiento BPA (anual) | | -32.3% | +152.3% | -500.0% | +96.2% | +96.8% | -4714.8% | +57.7% | -18.2% | -184.6% |
| Cambio en Acciones (anual) | | +7.9% | +2.0% | -0.7% | -0.0% | +0.1% | +0.1% | +0.1% | +0.2% | +0.2% |
| Crecimiento FCF (anual) | | -60.6% | +93.2% | -15.7% | -20.0% | -45.6% | -156.4% | +1030.2% | -93.9% | +236.7% |
| Margen Bruto | 31.9% | 26.1% | 21.7% | 34.7% | 37.8% | 33.2% | 33.3% | 13.3% | 50.8% | 12.4% |
| Margen Operativo | 8.8% | 6.3% | 4.6% | 6.9% | 6.9% | 6.5% | 5.0% | 8.2% | 8.1% | 6.5% |
| Margen EBITDA | 20.8% | 12.0% | 11.0% | 13.9% | 15.3% | 12.9% | 10.6% | 14.0% | 15.1% | 13.7% |
| Margen Neto | 3.8% | 2.1% | 5.7% | -20.7% | -1.0% | -0.0% | -1.0% | -0.6% | -0.7% | -2.0% |
| Margen FCF | 8.5% | 2.9% | 5.5% | 5.3% | 5.4% | 2.2% | -1.1% | 12.9% | 0.9% | 3.0% |
| Tasa Impositiva Efectiva | 2.2% | 2.0% | -5.1% | 29.6% | -34.5% | 106.7% | -329.3% | 432.3% | -415.5% | -47.8% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $1.99 | $0.73 | $1.38 | $1.17 | $0.94 | $0.51 | $-0.29 | $2.66 | $0.16 | $0.55 |
| Dividendo por Acción | $2.94 | $2.02 | $1.97 | $1.27 | $0.14 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 |
| Acciones en Circulación (Básicas) | $35.3M | $38.1M | $38.9M | $38.7M | $38.7M | $38.7M | $38.7M | $38.8M | $38.8M | $38.9M |
Qué mirar en empresas de Energy
- FCF yield (>8%) — Caja generada / capitalización. En energía el FCF importa más que el EPS.
- ROIC medio 5a (≥10%) — Incluir años buenos y malos para filtrar las realmente disciplinadas.
- FCF positivo en 8 de los últimos 10 años (≥8/10) — Nombres disciplinados (XOM, CVX, EOG) sobreviven los crashes de 2014-16 y 2020.
- Cobertura del dividendo (FCF / div) (≥1,2x) — Dividendo cubierto por FCF, no por deuda. <1x = recorte probable.
- Deuda Neta / EBITDA (<2x en pico) — Mirarlo con EBITDA en valle, no en pico.
- Capex / Ingresos (10-20% saludable) — Energía necesita reinversión agresiva para mantener reservas.
Rentabilidad
| Rentabilidad sobre capital | 12.49% |
| Rentabilidad sobre capital invertido | 7.22% |
| Rentabilidad sobre activos | -2.02% |
| Margen bruto | 24.90% |
| Margen operativo | 4.06% |
| Margen neto | -1.48% |
Salud financiera
| Deuda / Patrimonio | -5.48 |
| Ratio corriente | 1.21 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 28.23 | 31.82 | 9.26 | -0.91 | -8.41 | -492.59 | -11.54 | -21.82 | -27.62 | -7.05 |
| P/VC | 2.13 | 1.83 | 1.42 | -4.30 | -1.13 | -2.06 | -1.90 | -1.41 | -1.94 | -1.18 |
| P/V | 0.78 | 0.56 | 0.41 | 0.18 | 0.08 | 0.12 | 0.11 | 0.12 | 0.20 | 0.14 |
| Margen Bruto | 31.9% | 26.1% | 21.7% | 34.7% | 37.8% | 33.2% | 33.3% | 13.3% | 50.8% | 12.4% |
| Margen Operativo | 8.8% | 6.3% | 4.6% | 6.9% | 6.9% | 6.5% | 5.0% | 8.2% | 8.1% | 6.5% |
| Margen Neto | 3.8% | 2.1% | 5.7% | -20.7% | -1.0% | -0.0% | -1.0% | -0.6% | -0.7% | -2.0% |