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Side-by-side financial comparison of HighPeak Energy, Inc. (HPK) and MARTIN MIDSTREAM PARTNERS L.P. (MMLP). Click either name above to swap in a different company.
HighPeak Energy, Inc. is the larger business by last-quarter revenue ($216.6M vs $187.7M, roughly 1.2× MARTIN MIDSTREAM PARTNERS L.P.). MARTIN MIDSTREAM PARTNERS L.P. runs the higher net margin — 1.7% vs -11.6%, a 13.3% gap on every dollar of revenue. On growth, MARTIN MIDSTREAM PARTNERS L.P. posted the faster year-over-year revenue change (-2.5% vs -23.3%). Over the past eight quarters, MARTIN MIDSTREAM PARTNERS L.P.'s revenue compounded faster (0.8% CAGR vs -13.2%).
Duke Energy Corporation is an American electric power and natural gas holding company headquartered in Charlotte, North Carolina. The company serves over 7 million customers in the eastern United States. In 2024 it ranked as the 141st largest company in the United States – its highest-ever placement on the Fortune 500 list.
Martin Midstream Partners L.P. is a U.S.-based midstream energy services provider. It offers storage, transportation, distribution and processing solutions for crude oil, natural gas liquids, refined petroleum products and specialty chemicals, mainly serving customers across North American energy and industrial segments.
HPK vs MMLP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $216.6M | $187.7M |
| Net Profit | $-25.2M | $3.2M |
| Gross Margin | — | — |
| Operating Margin | -7.6% | 4.1% |
| Net Margin | -11.6% | 1.7% |
| Revenue YoY | -23.3% | -2.5% |
| Net Profit YoY | -380.7% | -37.1% |
| EPS (diluted) | $-0.16 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $187.7M | ||
| Q4 25 | $216.6M | $174.2M | ||
| Q3 25 | $188.9M | $168.7M | ||
| Q2 25 | $200.4M | $180.7M | ||
| Q1 25 | $257.4M | $192.5M | ||
| Q4 24 | $282.6M | $171.3M | ||
| Q3 24 | $271.6M | $170.9M | ||
| Q2 24 | $275.3M | $184.5M |
| Q1 26 | — | $3.2M | ||
| Q4 25 | $-25.2M | $-2.9M | ||
| Q3 25 | $-18.3M | $-8.4M | ||
| Q2 25 | $26.2M | $-2.4M | ||
| Q1 25 | $36.3M | $-1.0M | ||
| Q4 24 | $9.0M | $-8.9M | ||
| Q3 24 | $49.9M | $-3.3M | ||
| Q2 24 | $29.7M | $3.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 57.1% | ||
| Q3 25 | — | 55.1% | ||
| Q2 25 | — | 56.5% | ||
| Q1 25 | — | 53.5% | ||
| Q4 24 | — | 58.2% | ||
| Q3 24 | — | 58.5% | ||
| Q2 24 | — | 58.4% |
| Q1 26 | — | 4.1% | ||
| Q4 25 | -7.6% | 7.3% | ||
| Q3 25 | 17.3% | 4.1% | ||
| Q2 25 | 21.7% | 8.2% | ||
| Q1 25 | 35.1% | 7.5% | ||
| Q4 24 | 26.1% | 4.0% | ||
| Q3 24 | 27.0% | 7.4% | ||
| Q2 24 | 31.7% | 10.8% |
| Q1 26 | — | 1.7% | ||
| Q4 25 | -11.6% | -1.7% | ||
| Q3 25 | -9.7% | -5.0% | ||
| Q2 25 | 13.1% | -1.3% | ||
| Q1 25 | 14.1% | -0.5% | ||
| Q4 24 | 3.2% | -5.2% | ||
| Q3 24 | 18.4% | -1.9% | ||
| Q2 24 | 10.8% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.16 | — | ||
| Q3 25 | $-0.15 | — | ||
| Q2 25 | $0.19 | — | ||
| Q1 25 | $0.26 | — | ||
| Q4 24 | $0.06 | — | ||
| Q3 24 | $0.35 | — | ||
| Q2 24 | $0.21 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $162.1M | — |
| Total DebtLower is stronger | $1.2B | — |
| Stockholders' EquityBook value | $1.6B | — |
| Total Assets | $3.2B | $537.1M |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $162.1M | — | ||
| Q3 25 | $164.9M | — | ||
| Q2 25 | $21.9M | — | ||
| Q1 25 | $51.6M | — | ||
| Q4 24 | $86.6M | — | ||
| Q3 24 | $135.6M | — | ||
| Q2 24 | $157.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $428.0M | ||
| Q3 25 | $1.2B | $441.3M | ||
| Q2 25 | $1.0B | $427.8M | ||
| Q1 25 | $1.0B | $451.4M | ||
| Q4 24 | $1.0B | $437.6M | ||
| Q3 24 | $1.1B | $469.3M | ||
| Q2 24 | $1.1B | $439.4M |
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | — |
| Q1 26 | — | $537.1M | ||
| Q4 25 | $3.2B | $522.4M | ||
| Q3 25 | $3.2B | $510.1M | ||
| Q2 25 | $3.1B | $515.6M | ||
| Q1 25 | $3.1B | $533.4M | ||
| Q4 24 | $3.1B | $538.5M | ||
| Q3 24 | $3.1B | $554.8M | ||
| Q2 24 | $3.1B | $535.1M |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | 0.63× | — | ||
| Q4 24 | 0.65× | — | ||
| Q3 24 | 0.67× | — | ||
| Q2 24 | 0.70× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $93.1M | — |
| Free Cash FlowOCF − Capex | — | $-6.0M |
| FCF MarginFCF / Revenue | — | -3.2% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $27.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $93.1M | $22.4M | ||
| Q3 25 | $120.2M | $-1.2M | ||
| Q2 25 | $141.2M | $30.9M | ||
| Q1 25 | $157.1M | $-6.0M | ||
| Q4 24 | $139.5M | $42.2M | ||
| Q3 24 | $177.1M | $-15.8M | ||
| Q2 24 | $202.3M | $11.8M |
| Q1 26 | — | $-6.0M | ||
| Q4 25 | — | $15.6M | ||
| Q3 25 | — | $-7.9M | ||
| Q2 25 | — | $25.6M | ||
| Q1 25 | — | $-11.9M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | — | $-25.6M | ||
| Q2 24 | — | $-696.0K |
| Q1 26 | — | -3.2% | ||
| Q4 25 | — | 8.9% | ||
| Q3 25 | — | -4.7% | ||
| Q2 25 | — | 14.2% | ||
| Q1 25 | — | -6.2% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | -15.0% | ||
| Q2 24 | — | -0.4% |
| Q1 26 | — | 1.6% | ||
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 4.0% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | 6.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 5.39× | — | ||
| Q1 25 | 4.32× | — | ||
| Q4 24 | 15.53× | — | ||
| Q3 24 | 3.55× | — | ||
| Q2 24 | 6.81× | 3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HPK
| Crude Oil Sales | $152.1M | 70% |
| Natural Gas And NGL Sales | $60.8M | 28% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
