Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Martin Midstream Partners L.P.MMLP · shops | |
|---|---|
| Grade |  D/Eon the D/E boundary of 258 graded peers; percentile 79.8, sampling error 2.9 points; lower is stronger |
| Rank | 206 of 258 |
| Profitability | Cpercentile 43.1 |
| Solvency | Dpercentile 70.7 |
| Growth and financing | Dpercentile 73.3 |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $522.4M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: short runway, distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Feb 23, 2026228 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $1.872026-10-07; market equity $73.2M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 23, 2026; the document on sec.gov.
We believe we have satisfactory title to our assets. Some of the easements, rights-of-way, permits, licenses or similar documents relating to the use of the properties that have been transferred to us in connection with our initial public offering and the assets we acquired in our acquisitions, required the consent of third parties, which in some cases is a governmental entity. We believe we have obtained sufficient third-party consents, permits and authorizations for the transfer of assets necessary for us to operate our business in all material respects.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 43.1 | |||||||
| Gross profitability | 76.1% | [1-3] | 42.6% | 13.7 | 242 | 2025-12-31 | |
| Return on invested capital | not computable | 10.9% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | (11.5%) | [1,4-6] | (4.9%) | 21.0 | 287 | 2025-12-31 | |
| Gross margin stability, five years | 8.0 pts | [2-3,7-14] | 1.2 pts | 94.5 | 219 | 2025-12-31 | |
| Solvency, sleeve percentile 70.7 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | not computable | 1.92 | |||||
| one or more required annual facts are missing | |||||||
| Net debt to EBITDA | not computable | 1.84x | |||||
| latest aligned inputs end 2018-12-31; latest annual assets end 2025-12-31 | |||||||
| Interest coverage | not computable | 2.26x | |||||
| latest aligned inputs end 2014-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 1.05x | [15-16] | 1.37x | 70.7 | 295 | 2025-12-31 | |
| Growth and financing, sleeve percentile 73.3 | |||||||
| Revenue growth, three-year compound | (11.1%) | [2,7,9,11] | 1.5% | 89.6 | 269 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 5.6% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 7.3% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (4.4%) | [1,6,17-18] | 3.4% | 76.8 | 272 | 2025-12-31 | |
| Net share issuance, one year | 0.0% | [19-20] | (0.6%) | 53.6 | 211 | 2026-02-23 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.287; sampling error 2.9 percentile points on 258 peers.
Among 258 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 201 | Ashland Inc. (ASH) Ashland Inc. (ASH) D/Eon the D/E boundary; percentile 77.8 NYSE · Wholesale-Chemicals & Allied Products market equity $3.2B; last close $70.67 No active warnings; 9 of 14 inputs | 77.8 | D/E | |
| 202 | Global Partners L.P. (GLP) Global Partners L.P. (GLP) D/Eon the D/E boundary; percentile 78.2 NYSE · Wholesale-Petroleum Bulk Stations & Terminals market equity $1.6B; last close $47.97 No active warnings; 8 of 14 inputs | 78.2 | D/E | |
| 203 | Restaurant Brands International Limited Partnership (QSP) Restaurant Brands International Limited Partnership (QSP) D/Eon the D/E boundary; percentile 78.6 None · Retail-Eating Places No active warnings; 7 of 14 inputs | 78.6 | D/E | |
| 204 | Ryerson Holding Corp. (RYZ) Ryerson Holding Corp. (RYZ) D/Eon the D/E boundary; percentile 79.0 NYSE · Wholesale-Metals Service Centers & of fices market equity $1.3B; last close $25.93 Warnings: dilution; 10 of 14 inputs | 79.0 | D/E | dilution |
| 205 | CVS Health Corp. (CVS) CVS Health Corp. (CVS) D/Eon the D/E boundary; percentile 79.4 NYSE · Retail-Drug Stores and Proprietary Stores market equity $112.3B; last close $87.82 No active warnings; 13 of 14 inputs | 79.4 | D/E | |
| 206 | Martin Midstream Partners L.P. (MMLP) Martin Midstream Partners L.P. (MMLP) D/Eon the D/E boundary; percentile 79.8 Nasdaq · Wholesale-Petroleum Bulk Stations & Terminals market equity $73.2M; last close $1.87 No active warnings; 7 of 14 inputs | 79.8 | D/E | |
| 207 | RCI Hospitality Holdings, Inc. (RICK) RCI Hospitality Holdings, Inc. (RICK) D/Eon the D/E boundary; percentile 80.2 Nasdaq · Retail-Eating Places market equity $204.0M; last close $26.59 Warnings: late filer; 9 of 14 inputs | 80.2 | D/E | late filer |
| 208 | Designer Brands Inc. (DBI) Designer Brands Inc. (DBI) D/Eon the D/E boundary; percentile 80.5 NYSE · Retail-Shoe Stores last close $5.78 No active warnings; 9 of 14 inputs | 80.5 | D/E | |
| 209 | Leslie's, Inc. (LESL) Leslie's, Inc. (LESL) D/Eon the D/E boundary; percentile 80.9 Nasdaq · Retail-Retail Stores, NEC last close $0.10 No active warnings; 8 of 14 inputs | 80.9 | D/E | |
| 210 | Beachbody Company, Inc. (BODI) Beachbody Company, Inc. (BODI) D/Eon the D/E boundary; percentile 81.3 Nasdaq · Retail-Nonstore Retailers last close $4.68 Warnings: fortress balance sheet; 9 of 14 inputs | 81.3 | D/E | fortress balance sheet |
| 211 | Camping World Holdings, Inc. (CWH) Camping World Holdings, Inc. (CWH) D/Eon the D/E boundary; percentile 81.7 NYSE · Retail-Auto Dealers & Gasoline Stations last close $4.49 No active warnings; 7 of 14 inputs | 81.7 | D/E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 82.4 | 2204 |
| sector peers, equal sleeves (the grade) | D/E | 79.8 | 258 |
| same exchange, equal sleeves | D/E | 80.8 | 1219 |
| sector peers, equal inputs | D/E | 77.4 | 258 |
Each letter is one fifth of the 258 graded peers, about 51 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-07 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (23.0%) | (0.1%) | 27 | hotter than 27 of 100 peers |
| Distance from 52-week high | (41.1%) | (24.1%) | 26 | closer to its high than 26 of 100 peers |
| EBIT to enterprise value | 9.3% | 5.3% | 84 | pricier than 16 of 100 peers |
| Free cash flow yield | 29.2% | 4.2% | 97 | pricier than 3 of 100 peers |
| Book value to price | (1.23) | 0.36 | 2 | pricier than 98 of 100 peers |
| Sales to price | 9.79 | 1.75 | 93 | pricier than 7 of 100 peers |
| Composite equity issuance, five years | (3.2%) | (16.7%) | 72 | more equity-funded than 72 of 100 peers |
| Relative strength against the sector, log excess return | (0.24) | 0.02 | 27 | ahead of 27 of 100 peers |
Inputs: market equity $73.2M; EBIT $48.9M; free cash flow $21.4M; book equity -$90.2M; sales $716.1M; debt $453.7M; cash $237,000[21].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 4 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (2.7%) | ✗ fail[4,6] |
| Operating cash flow above zero | $46.1M | ✓ pass[5] |
| Return on assets improved | (1.7 pts) | ✗ fail[4,6,17,22] |
| Operating cash flow exceeds net income | $60.9M | ✓ pass[4-5] |
| Long-term leverage fell | (2.8 pts) | ✓ pass[1,6,17,23-24] |
| Current ratio improved | (8.3 pts) | ✗ fail[15-16,25-26] |
| No new shares issued | 0.0% | ✓ pass[19-20] |
| Gross margin improved | (2.5 pts) | ✗ fail[2-3,7-8] |
| Asset turnover improved | (5.9 pts) | ✗ fail[2,6-7,17] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | n/a |
| Operating cash flow, four quarters | n/a[5,27-30] |
| Months of runway | not finite |
| cash is missing at the end of the latest cash-flow quarter | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 74 |
| 10-Q received Jul 27, 2026 | |
| Median daily dollar volume | $18,332 |
| 63 sessions | |
| Days since newest grade input | 228 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $522.4M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $716.1M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 3 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $318.6M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$14.7M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $46.1M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $538.5M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 7 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $707.6M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 8 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $297.0M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 9 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $798.0M | 2023-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 10 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $389.7M | 2023-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 11 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.0B | 2022-12-31 | 2025-02-24 | 10-K | filing · viewer · series |
| 12 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $623.3M | 2022-12-31 | 2025-02-24 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $882.4M | 2021-12-31 | 2022-03-01 | 10-K | filing · viewer · series |
| 14 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $533.1M | 2021-12-31 | 2024-02-21 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $129.9M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $124.1M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 17 | assets | us-gaap:Assets | $509.4M | 2023-12-31 | 2025-02-24 | 10-K | filing · viewer · series |
| 18 | assets | us-gaap:Assets | $598.9M | 2022-12-31 | 2024-02-21 | 10-K | filing · viewer · series |
| 19 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 39,055,086 | 2026-02-23 | 2026-02-23 | 10-K | filing · viewer · series |
| 20 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 39,055,086 | 2025-02-24 | 2025-02-24 | 10-K | filing · viewer · series |
| 21 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 39,124,686 | 2026-07-27 | 2026-07-27 | 10-Q | filing · viewer · series |
| 22 | net income | us-gaap:NetIncomeLoss | -$5.2M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 23 | long term debt | us-gaap:LongTermDebtNoncurrent | $428.0M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 24 | long term debt | us-gaap:LongTermDebtNoncurrent | $437.6M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 25 | current assets | us-gaap:AssetsCurrent | $130.5M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 26 | current liabilities | us-gaap:LiabilitiesCurrent | $115.5M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$1.6M | 2026-06-30 | 2026-07-27 | 10-Q | filing · viewer · series |
| 28 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$13.8M | 2026-03-31 | 2026-04-27 | 10-Q | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $23.7M | 2025-09-30 | 2025-10-20 | 10-Q | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $24.9M | 2025-06-30 | 2026-07-27 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 79.8 is 0.2 points from the nearest band edge; sampling error is 2.9 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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