WallStSmart

Martin Midstream Partners LP (MMLP)vsTC Energy Corp (TRP)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

TC Energy Corp generates 2008% more annual revenue ($15.69B vs $744.17M). TRP leads profitability with a 22.9% profit margin vs -2.0%. TRP appears more attractively valued with a PEG of 2.97. TRP earns a higher WallStSmart Score of 63/100 (C+).

MMLP

Buy

50

out of 100

Grade: C-

Growth: 6.7Profit: 4.5Value: 5.7Quality: 5.8
Piotroski: 3/9

TRP

Buy

63

out of 100

Grade: C+

Growth: 6.7Profit: 7.5Value: 3.3Quality: 3.0
Piotroski: 4/9Altman Z: 0.54
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

MMLPUndervalued (+82.7%)

Margin of Safety

+82.7%

Fair Value

$14.81

Current Price

$2.12

$12.69 discount

UndervaluedFair: $14.81Overvalued
TRPSignificantly Overvalued (-44.2%)

Margin of Safety

-44.2%

Fair Value

$42.26

Current Price

$61.54

$19.28 premium

UndervaluedFair: $42.26Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

MMLP3 strengths · Avg: 9.3/10
EPS GrowthGrowth
230.8%10/10

Earnings expanding 230.8% YoY

Debt/EquityHealth
-5.4810/10

Conservative balance sheet, low leverage

Revenue GrowthGrowth
18.2%8/10

18.2% revenue growth

TRP4 strengths · Avg: 9.0/10
Operating MarginProfitability
44.3%10/10

Strong operational efficiency at 44.3%

Market CapQuality
$64.22B9/10

Large-cap with strong market position

Profit MarginProfitability
22.9%9/10

Keeps 23 of every $100 in revenue as profit

Free Cash FlowQuality
$1.33B8/10

Generating 1.3B in free cash flow

Areas to Watch

MMLP4 concerns · Avg: 2.8/10
Market CapQuality
$88.81M3/10

Smaller company, higher risk/reward

Return on EquityProfitability
0.0%3/10

ROE of 0.0% — below average capital efficiency

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

PEG RatioValuation
7.362/10

Expensive relative to growth rate

TRP3 concerns · Avg: 1.7/10
PEG RatioValuation
2.972/10

Expensive relative to growth rate

Altman Z-ScoreHealth
0.542/10

Distress zone — elevated risk

Debt/EquityHealth
2.301/10

Elevated debt levels

Comparative Analysis Report

WallStSmart Research

Bull Case : MMLP

The strongest argument for MMLP centers on EPS Growth, Debt/Equity, Revenue Growth. Revenue growth of 18.2% demonstrates continued momentum.

Bull Case : TRP

The strongest argument for TRP centers on Operating Margin, Market Cap, Profit Margin. Profitability is solid with margins at 22.9% and operating margin at 44.3%.

Bear Case : MMLP

The primary concerns for MMLP are Market Cap, Return on Equity, Piotroski F-Score.

Bear Case : TRP

The primary concerns for TRP are PEG Ratio, Altman Z-Score, Debt/Equity. Debt-to-equity of 2.30 is elevated, increasing financial risk.

Key Dynamics to Monitor

MMLP profiles as a growth stock while TRP is a mature play — different risk/reward profiles.

TRP carries more volatility with a beta of 0.95 — expect wider price swings.

MMLP is growing revenue faster at 18.2% — sustainability is the question.

TRP generates stronger free cash flow (1.3B), providing more financial flexibility.

Bottom Line

TRP scores higher overall (63/100 vs 50/100), backed by strong 22.9% margins. MMLP offers better value entry with a 82.7% margin of safety. Both earn "Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Martin Midstream Partners LP

ENERGY · OIL & GAS MIDSTREAM · USA

Martin Midstream Partners LP, is engaged in the completion, processing, storage and packaging of petroleum products and by-products primarily in the Gulf Coast region of the United States. The company is headquartered in Kilgore, Texas.

TC Energy Corp

ENERGY · OIL & GAS MIDSTREAM · USA

TC Energy Corporation is an energy infrastructure company in North America. The company is headquartered in Calgary, Canada.

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