USD Partners LP

USDP

USD Partners LP acquires, develops, and operates midstream infrastructure assets and logistics solutions for crude oil, biofuels, and other energy-related products in the United States and Canada. The company operates through two segments, Terminalling Services and Fleet Services.

About the company

Country: United StatesPrice: $0.00Market Cap: $6,754

Investment snapshot

12%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

2 / 12

NEUTRAL / FAIL

Median fair value

$12.10

+6049900.2% vs price

Models with upside

4 / 17

Positive margin of safety

Strongest signal

USDP undervalued: all 4 models price fair value above $0.00 (median $12.10)

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	FAIL · Rank #2553 (Top 82.4%)	PASS	FAIL	FAIL	FAIL	FAIL	FAIL	PASS	FAIL	FAIL	NEUTRAL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A			N/A	N/A				N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	+100.0%	+100.0%	N/A	N/A	+100.0%	+100.0%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2022 Latest source filing: 2023-03-02 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-02 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-02 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-02 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-02 Score computed: 2026-11-14	Annual history · FY 2022 · Market data at 2026-11-01 Latest source filing: 2023-03-02 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2022 Latest source filing: 2023-03-02 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2022 Latest source filing: 2023-03-02 Score computed: 2026-11-14	Annual history · FY 2022 · Qualitative assessment Latest source filing: 2023-03-02 Score computed: 2026-11-14	Annual history · FY 2022 · Qualitative assessment Latest source filing: 2023-03-02 Score computed: 2026-11-14	Annual history · FY 2022 · Market data at 2026-11-01 Latest source filing: 2023-03-02 Score computed: 2026-11-14	Annual history · FY 2022 · Price history 2025-01-01–2026-11-01 Latest source filing: 2023-03-02 Score computed: 2026-11-14	Annual history · FY 2022 · Qualitative assessment Latest source filing: 2023-03-02 Score computed: 2026-11-14	Annual history · FY 2022 · Price history 2025-01-01–2026-11-01 Latest source filing: 2023-03-02 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-02 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-02 Score computed: 2026-11-14	Annual history · FY 2022 · Price history 2025-01-01–2026-11-01 Latest source filing: 2023-03-02 Score computed: 2026-11-14

Where It Passes

Valuation models100% pass✓ 4▾
USDP undervalued: all 4 models price fair value above $0.00 (median $12.10)
Dreman fair value$4.43
✓Dreman+100.0% margin vs $0.00
Munger fair value$19.77
✓Munger+100.0% margin vs $0.00
Marks fair value$2.72
✓Marks+100.0% margin vs $0.00
Ackman fair value$39.02
✓Ackman+100.0% margin vs $0.00
Cash Flow80% pass✓ 10✗ 2▾
8 of 10 pass — Buffett and Lynch object
Free Cash Flow Proxy$-42.1M
✗BuffettPositive and growing
FCF Positive and Growing$36.8M
✗LynchPositive and growing
Operating Cash Flow$37.2M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=29.38%, ROA=-48.34%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)0.0x
✓Dreman< 8x
P/E or FCF YieldFCF Yield=544462.5%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive9/11 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap544646.3%
✓Ackman>= 4%
Price / FCF per Share0.0x
✓Ackman<= 25
Positive Operating Cash Flow frequency10/11 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$36.8M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+544462.54%; #3/4519 (top 0.1%)
✓OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Profitability0% pass✓ 2✗ 33▾
No clean pass — all 16 investors flag at least one profitability criterion
Positive EPS (10 years)0/11 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)8/11 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-9.1%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)-53.5% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$-42.1M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROEN/A (negative equity)
✗Lynch> 15%
EBIT / Enterprise Value-28.2%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-28.2%, ROC=-59.2%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-48.34%
✗PiotroskiROA > 0
ROA Change YoY9.24% -> -48.34% (delta: -57.58%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=29.38%, ROA=-48.34%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue-53.7%
✗Dreman>= 8%
Net Income / Shareholders' Equity
✗Dreman> 12%
Margin of Safety
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity-33.7% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency8/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue-53.5%
✗Ackman>= 15%
Net Income / Shareholders Equity
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend-3.3% (2020) -> -53.5% (2022)
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -3.3% -> -53.5%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-907403.02%; #6318/6340 (top 99.7%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.2128; #4290/5884 (top 72.9%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Efficiency0% pass✓ 1✗ 10▾
No clean pass — all 8 investors flag at least one efficiency criterion
Current Ratio0.06
✗Graham>= 2.0
ROIC (3-5 yr avg)-4.8%
✗Buffett> 10%
ROIC - WACC-14.8%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)-59.2%
✗Greenblatt> 25%
Current Ratio Change YoY0.62 -> 0.06
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.83x -> 0.88x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities0.06
✗Dreman> 1.5
Return on Invested Capital-46.4%
✗Munger> 15%
ROIC (high and growing)FY2020: ROIC=-2.2%; FY2021: ROIC=10.6%; FY2022: ROIC=-46.4%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest -46.4%)
✗SleepROIC > 12% in a majority of years
Debt & Leverage8% pass✓ 2✗ 13▾
11 of 12 flag USDP's debt & leverage — Graham, Buffett, Lynch +8 more
LT Debt vs Net Current AssetsLT Debt $0.0M vs NCA $-217.6M
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: N/A (negative equity), IC: -5.6x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / EquityN/A (negative equity)
✗Lynch< 0.33
Cash - Long-term Debt$2.5M
✓LynchPositive preferred
LT Debt / Total Assets Change67.76% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities0.06
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity
✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
Debt LevelsN/A (non-positive equity)
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=-5.6x, D/EBITDA=N/A
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity
✗Ackman<= 1.0
Negative debt-to-equity (higher means less debt)
✗AsnessTop 30% of eligible cross-section
Growth13% pass✓ 3✗ 10▾
7 of 8 flag USDP's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: -100.0% vs Rev: -45.4%
✓LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency8/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth20.2%
✓Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -3.3% -> -53.5%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR0.5%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Verdicts13% pass✓ 2✗ 13▾
Split decision: 12 FAIL · 2 PASS · 2 NEUTRAL
Overall verdict
✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #2553✓PiotroskiPASS (F-Score 4)✗DremanFAIL (1/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✓AckmanPASS (4/9)✗TempletonFAIL (2/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (0/7)•OshaughnessyNEUTRAL (Not ranked)
Valuation15% pass✓ 6✗ 22▾
11 of 13 flag USDP's valuation — Graham, Lynch, Greenblatt +8 more
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio
✗Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value-28.2%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-28.2%, ROC=-59.2%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)0.0x
✓Dreman< 8x
Price / Book Value per ShareN/A (negative BVPS)
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessOE Yield=-623707.6%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=544462.5%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical Average
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Price / FCF per Share0.0x
✓Ackman<= 25
Price vs. Trailing Low100% of trailing low ($0.00)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-907403.02%; #6318/6340 (top 99.7%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization-16642.5822; #6437/6449 (top 99.8%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per ShareN/A (non-positive TBVPS)
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+16531.6849; #19/5247 (top 0.4%)
✓OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+544462.54%; #3/4519 (top 0.1%)
✓OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-91.67%; #6018/6202 (top 97.0%)
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2022. Current investor scores may use newer quarterly data.

Company Profile

Industry: Transportation

SIC Sector: Railroad Transportation

Size: Micro Cap($6,754)

Revenue: $111.7M-45.4% YoY

Net Income: $61.3M-368.5% YoY

Financial Snapshot

Operating Margin-53.5%

Return on Equity54.5%

Debt / Equity-1.90

Current Ratio0.06

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Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2022 Sources 10-K · 2023-03-02	FY 2021 Sources 10-K · 2022-03-03	FY 2020 Sources 10-K · 2021-03-04	FY 2019 Sources 10-K · 2020-03-05	FY 2018 Sources 10-K · 2019-03-07
Market Cap	$6.8Kcurrent	--	--	--	--
Revenue	$111.7M↓45%	$204.5M↑20%	$170.1M↑50%	$113.7M↓5%	$119.2M
Operating Income	-$59.7M↓331%	$25.9M↑561%	-$5.6M↓127%	$20.6M↓30%	$29.4M
Net Income	-$61.3M↓368%	$22.8M↑218%	-$19.3M↓396%	$6.5M↓69%	$21.1M
EPS (Diluted)	--	--	--	--	--
Gross Margin	—	—	—	—	—
Operating Margin	-53.5%↓522%	12.7%↑484%	-3.3%↓118%	18.2%↓27%	24.7%
ROE	54.5%↓48%	104.5%↑147%	-221.5%↓1495%	15.9%↓48%	30.4%
Total Debt	$214.1M↑25%	$171.6M↓12%	$195.5M↓10%	$217.7M↑6%	$205.6M
Shareholders' Equity	-$112.4M↓614%	$21.9M↑151%	$8.7M↓79%	$41.1M↓41%	$69.5M
Current Ratio	0.06↓91%	0.62↓46%	1.15↑3%	1.11↓39%	1.82
Debt / Equity	-1.90↓124%	7.85↓65%	22.42↑323%	5.30↑79%	2.96
Operating Cash Flow	$37.2M↓36%	$57.9M↑14%	$50.6M↑32%	$38.4M↓15%	$45.1M
Free Cash Flow	$36.8M↓30%	$52.7M↑11%	$47.4M↑58%	$30.0M↓17%	$36.3M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Transportation

USDP vs Peers — Financial Grading

Revenue$111.7MBottom 25%

Net Income$61.3MBottom 25%

ROE54.5%Top 25%

D/E-1.90Top 25%

Op. Margin-53.5%Bottom 25%

Curr. Ratio0.06Bottom 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
UNION PACIFIC CORPUNP	$179.7B	$302.44	$24.5B	$7.1B	38.7%	1.72	40.2%	0.91	2/9	4/9	4/7	0/3	F-Score 7	3/11
CSX CORPCSX	$95.9B	$52.05	$14.1B	$2.9B	22.0%	1.43	32.1%	0.81	2/9	4/9	3/7	0/3	F-Score 5	3/11
ROYAL CARIBBEAN CRUISES LTDRCL	$86.5B	$323.27	$17.9B	$4.3B	42.5%	2.13	27.4%	0.18	1/9	1/9	1/7	0/3	F-Score 7	3/11
CANADIAN NATIONAL RAILWAY COCNI	$76.3B	$127.18	—	—	—	—	—	—	—	—	—	—	—	—
NORFOLK SOUTHERN CORPNSC	$73.6B	$327.88	$12.2B	$2.9B	18.5%	1.10	35.8%	0.85	3/9	6/9	3/7	0/3	F-Score 6	5/11
MPLX LPMPLX	$58.0B	$57.25	$13.0B	$5.0B	34.6%	1.79	45.7%	1.23	2/9	4/9	4/7	1/3	F-Score 6	8/11
Carnival Corp Ltd.CCL	$39.3B	$29.23	$26.6B	$2.8B	22.5%	2.17	16.8%	0.32	1/9	1/9	2/7	0/3	F-Score 7	4/11
OLD DOMINION FREIGHT LINE, INC.ODFL	$36.0B	$174.54	$5.5B	$1.0B	23.7%	0.01	24.8%	1.44	3/9	7/9	5/7	1/3	F-Score 6	5/11