A Business at a Glance
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MARTIN MARIETTA MATERIALS INC
MLM
$33.9B
Mkt Cap
$559.60
+2.33%
MARTIN MARIETTA MATERIALS INC (MLM) has a current P/E ratio of 29.8, compared to its historical median P/E of 25.1. The stock is currently considered Fair based on its historical valuation range.
MARTIN MARIETTA MATERIALS INC (MLM) has a 5-year average return on invested capital (ROIC) of 9.1%. This is below average and may indicate limited pricing power.
MARTIN MARIETTA MATERIALS INC (MLM) has a market capitalization of $33.6B. It is classified as a large-cap stock.
Yes, MARTIN MARIETTA MATERIALS INC (MLM) pays a dividend with a trailing twelve-month yield of 0.59%. The company also returns capital through share buybacks, with a buyback yield of 0.60%.
Based on historical P/E analysis, MARTIN MARIETTA MATERIALS INC (MLM) appears fair. The current P/E of 29.8 is 19% above its historical median of 25.1. The estimated fair value CAGR (P/E method) is 17.6%.
MARTIN MARIETTA MATERIALS INC (MLM) operates in the Mining & Quarrying Of Nonmetallic Minerals (No Fuels) industry, within the Materials sector.
Martin Marietta Materials is a leading natural resource-based building materials company that supplies aggregates (crushed stone, sand and gravel) through approximately 400 quarries, mines and distribution yards across 28 states, Canada and The Bahamas, generating 88% of total reportable segment gross profit in 2025. The company operates a geographically diversified Building Materials business organized into two segments—the East Group and West Group—that also provides cement, ready-mixed concrete, asphalt and paving services in targeted markets, with these products serving infrastructure, nonresidential and residential construction projects. Martin Marietta's aggregates distribution network leverages trucks, rail and waterborne transportation, including long-haul rail corridors and oceangoing ships serving coastal markets, with 89 distribution yards as of December 31, 2025, and the company operates 13 active underground aggregates mines, the largest such operator in the United States. The company's Specialties business produces high-purity natural and synthetic magnesia-based products—including magnesium sulfate, magnesium oxide and magnesium hydroxide—and dolomitic lime at facilities in Michigan, Ohio, Nevada, North Carolina, Indiana and Pennsylvania, serving environmental, industrial, agricultural, construction, consumer and specialty applications domestically and worldwide. Martin Marietta's competitive advantages include its extensive mineral reserves (averaging approximately 85 years at 2025 production levels), geographic proximity of quarries to customer sites and transportation corridors that reduce shipping costs, and a track record of over 100 acquisitions since its 1993 formation that have strengthened its aggregates-led platform. The company's business model is sensitive to construction cyclicality, public infrastructure funding, and weather patterns, with 37% of 2025 aggregates shipments sold for highway and public infrastructure projects and the remainder primarily for nonresidential and residential construction, with the ten largest revenue-generating states accounting for 76% of Building Materials revenues in 2025.
【Infrastructure demand remains solid】 Management expects sustained infrastructure investment driven by the Bipartisan Infrastructure Investment and Jobs Act and robust state Department of Transportation budgets across Martin Marietta's key markets, with approximately 50% of total highway and bridge obligations and half of federal dollars remaining to be invested, supporting a multi-year project pipeline. Heavy non-residential construction demand continues to be driven by robust data center and power generation activity, with electricity demand in Texas projected to nearly double by 2030, while residential construction is expected to remain subdued in the near term until affordability headwinds recede, with recovery anticipated in the second half of 2026. The company anticipates mid-year price increases across its markets in 2026, with underlying cost of goods sold per ton tracking below guidance as cost optimization efforts continue, and management is reaffirming full-year 2026 adjusted EBITDA guidance while noting confidence in a mid-year reassessment. The Quikrete asset exchange integration is progressing ahead of plan with results exceeding EBITDA and margin expectations, and the company expects to realize approximately $50 million in synergies over the coming years, with the $450 million in cash proceeds providing capacity to advance an active M&A pipeline focused on pure-play aggregates opportunities in SOAR-aligned geographies.
| Metric | Target | Period |
|---|---|---|
| Adjusted EBITDA from continuing operations | $2.43 billion | FY2026 |
| Aggregates shipment growth | 2% | FY2026 |
| Aggregates gross profit growth | low double-digit | FY2026 |
| Specialties gross profit growth | high teens | FY2026 |
| Capital expenditures | $575 million | FY2026 |
| Quikrete synergies | approximately $50 million | coming years |
Adjusted EBITDA from continuing operations (FY2026): “we're reaffirming our full year 2026 adjusted EBITDA from continuing operations guidance of $2.43 billion at the midpoint”
Aggregates shipment growth (FY2026): “our 2026 shipment guidance of 2% growth at the midpoint”
Aggregates gross profit growth (FY2026): “For aggregates, we expect low double-digit gross profit growth at the midpoint, supported by low single-digit shipment growth, mid-single-digit pricing improvement, and cost per ton generally in line with inflation”
Specialties gross profit growth (FY2026): “we expect high teens gross profit growth in specialties, inclusive of acquisition contributions”
Capital expenditures (FY2026): “planned capital spending of $575 million represents a 29% year-over-year reduction”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.2B | 6.2B | 5.7B | 5.9B | 6.2B | 5.4B |
| Net Income | 2.5B | 1.1B | 2.0B | 1.2B | 867M | 703M |
| EPS | $42.13 | $18.77 | $32.41 | $18.82 | $13.87 | $11.22 |
| Free Cash Flow | 1.0B | 978M | 604M | 878M | 509M | 715M |
| ROIC | 7.8% | 7.0% | 13.4% | 9.2% | 8.0% | 7.9% |
| Gross Margin | 30.3% | 30.7% | 28.9% | 29.8% | 23.1% | 24.9% |
| Debt/Equity | 0.48 | 0.63 | 0.90 | 0.59 | 0.76 | 0.85 |
| Dividends/Share | $3.31 | $3.24 | $3.06 | $2.80 | $2.54 | $2.36 |
| Operating Income | 1.4B | 1.4B | 2.5B | 1.3B | 1.2B | 974M |
| Operating Margin | 22.8% | 23.4% | 43.8% | 22.8% | 19.6% | 18.0% |
| ROE | 22.4% | 11.7% | 22.8% | 15.4% | 12.7% | 11.3% |
| Shares Outstanding | 60M | 61M | 62M | 62M | 63M | 63M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.0B | 3.5B | 3.8B | 4.0B | 4.2B | 4.7B | 4.7B | 5.4B | 6.2B | 5.9B | 5.7B | 6.2B | 6.2B |
| Gross Margin | 17.7% | 20.5% | 23.9% | 24.5% | 22.8% | 24.9% | 26.5% | 24.9% | 23.1% | 29.8% | 28.9% | 30.7% | 30.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 169M | 211M | 242M | 262M | 281M | 303M | 306M | 351M | 397M | 425M | 429M | 443M | 446M |
| EBIT | 315M | 494M | 677M | 700M | 691M | 885M | 1.0B | 974M | 1.2B | 1.3B | 2.5B | 1.4B | 1.4B |
| Op. Margin | 10.6% | 14.0% | 17.7% | 17.7% | 16.3% | 18.7% | 21.3% | 18.0% | 19.6% | 22.8% | 43.8% | 23.4% | 22.8% |
| Net Income | 156M | 289M | 425M | 713M | 470M | 612M | 721M | 703M | 867M | 1.2B | 2.0B | 1.1B | 2.5B |
| Net Margin | 5.3% | 8.2% | 11.1% | 18.0% | 11.1% | 12.9% | 15.2% | 13.0% | 14.1% | 20.0% | 35.2% | 18.5% | 41.1% |
| Non-Recurring | 52M | -14M | -410K | 19M | 77M | 3.1M | 73M | 22M | 0 | 2.0M | 1.4B | 25M | 25M |
| Returns on Capital | |||||||||||||
| ROIC | 4.7% | 6.1% | 8.5% | 11.6% | 7.9% | 8.7% | 9.7% | 7.9% | 8.0% | 9.2% | 13.4% | 7.0% | 7.8% |
| ROE | 5.3% | 6.9% | 10.4% | 16.2% | 9.8% | 11.9% | 12.8% | 11.3% | 12.7% | 15.4% | 22.8% | 11.7% | 22.4% |
| ROA | 3.0% | 4.1% | 6.0% | 8.8% | 5.1% | 6.2% | 7.0% | 5.6% | 5.9% | 7.8% | 12.0% | 6.2% | 12.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 382M | 581M | 689M | 658M | 705M | 966M | 1.1B | 1.1B | 991M | 1.5B | 1.5B | 1.8B | 1.8B |
| Free Cash Flow | 149M | 262M | 302M | 247M | 329M | 573M | 690M | 715M | 509M | 878M | 604M | 978M | 1.0B |
| Owner Earnings | 150M | 303M | 383M | 330M | 332M | 561M | 627M | 643M | 442M | 965M | 828M | 1.1B | 1.1B |
| CapEx | 232M | 318M | 387M | 410M | 376M | 394M | 360M | 423M | 482M | 650M | 855M | 807M | 760M |
| Maint. CapEx | 223M | 264M | 285M | 297M | 344M | 372M | 394M | 452M | 506M | 513M | 573M | 637M | 650M |
| Growth CapEx | 9.4M | 55M | 102M | 113M | 32M | 22M | 0 | 0 | 0 | 137M | 282M | 170M | 110M |
| D&A | 223M | 264M | 285M | 297M | 344M | 372M | 394M | 452M | 506M | 513M | 573M | 637M | 650M |
| CapEx/OCF | 60.8% | 54.8% | 56.2% | 62.4% | 53.3% | 40.7% | 34.3% | 37.2% | 48.6% | 42.5% | 58.6% | 45.2% | 42.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 91M | 107M | 105M | 109M | 116M | 130M | 140M | 148M | 160M | 174M | 189M | 197M | 199M |
| Dividend Yield | 1.4% | 1.2% | 1.0% | 0.8% | 1.0% | 0.9% | 1.0% | 0.7% | 0.7% | 0.7% | 0.6% | 0.6% | 0.6% |
| Share Buybacks | 0 | 520M | 259M | 100M | 100M | 98M | 50M | 0 | 150M | 150M | 450M | 450M | 200M |
| Buyback Yield | N/A | 6.0% | 1.9% | 0.8% | 1.0% | 0.6% | 0.3% | N/A | 0.7% | 0.5% | 1.4% | 1.2% | 0.6% |
| Stock-Based Comp | 9.0M | 14M | 20M | 31M | 29M | 34M | 30M | 43M | 43M | 50M | 58M | 46M | 46M |
| Debt Repayment | 1.1B | 245M | 449M | 1.1B | 910M | 975M | 777M | 420M | 54M | 700M | 1.7B | 735M | 735M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.5B | 1.4B | 1.6B | 1.6B | 3.1B | 3.2B | 2.9B | 5.3B | 5.1B | 3.5B | 7.9B | 6.3B | 5.2B |
| Cash & Equiv. | 109M | 168M | 50M | 1.4B | 45M | 21M | 207M | 258M | 358M | 1.3B | 670M | 67M | 273M |
| Long-Term Debt | 1.6B | 1.6B | 1.5B | 2.7B | 2.7B | 2.4B | 2.6B | 5.1B | 4.3B | 3.9B | 5.3B | 5.3B | 5.3B |
| Debt/Equity | 0.36 | 0.39 | 0.41 | 0.65 | 0.63 | 0.61 | 0.52 | 0.85 | 0.76 | 0.59 | 0.90 | 0.63 | 0.48 |
| Interest Coverage | 4.8 | 6.5 | 8.3 | 7.7 | 5.0 | 6.8 | 8.5 | 6.8 | 7.1 | 8.1 | 14.7 | 6.2 | 6.1 |
| Equity | 4.4B | 4.1B | 4.1B | 4.7B | 4.9B | 5.4B | 5.9B | 6.5B | 7.2B | 8.0B | 9.5B | 10.0B | 11.3B |
| Total Assets | 7.2B | 7.0B | 7.3B | 9.0B | 9.6B | 10.1B | 10.6B | 14.4B | 15.0B | 15.1B | 18.2B | 18.7B | 20.5B |
| Total Liabilities | 2.9B | 2.9B | 3.2B | 4.3B | 4.6B | 4.8B | 4.7B | 7.9B | 7.8B | 7.1B | 8.7B | 8.7B | 9.2B |
| Intangibles | 542M | 482M | 483M | 472M | 472M | 459M | 472M | 1.0B | 812M | 664M | 62M | 8.0M | 505M |
| Retained Earnings | 1.2B | 874M | 936M | 1.4B | 1.7B | 2.1B | 2.6B | 3.2B | 3.7B | 4.6B | 5.9B | 6.4B | 7.7B |
| Working Capital | 648M | 715M | 540M | 1.9B | 579M | 588M | 1.2B | 1.3B | 1.4B | 2.7B | 1.4B | 2.3B | 1.3B |
| Current Assets | 1.0B | 1.1B | 1.1B | 2.6B | 1.4B | 1.4B | 1.7B | 2.0B | 2.9B | 3.9B | 2.4B | 3.2B | 2.4B |
| Current Liabilities | 397M | 367M | 547M | 694M | 787M | 839M | 499M | 753M | 1.4B | 1.2B | 1.0B | 895M | 1.0B |
| Per Share Data | |||||||||||||
| EPS | 2.71 | 4.29 | 6.63 | 11.25 | 7.43 | 9.74 | 11.54 | 11.22 | 13.87 | 18.82 | 32.41 | 18.77 | 42.13 |
| Owner EPS | 2.61 | 4.51 | 5.97 | 5.20 | 5.25 | 8.92 | 10.03 | 10.27 | 7.07 | 15.54 | 13.45 | 18.19 | 18.29 |
| Book Value | 75.78 | 60.27 | 64.53 | 73.81 | 78.20 | 85.17 | 94.28 | 104.38 | 114.71 | 129.34 | 153.57 | 165.61 | 188.11 |
| Cash Flow/Share | 6.65 | 8.62 | 10.74 | 10.37 | 11.15 | 15.38 | 16.81 | 18.17 | 15.85 | 24.60 | 23.70 | 29.47 | 53.03 |
| Dividends/Share | 1.60 | 1.64 | 1.72 | 1.72 | 1.84 | 2.06 | 2.24 | 2.36 | 2.54 | 2.80 | 3.06 | 3.24 | 3.31 |
| Shares Out. | 57.4M | 67.3M | 64.2M | 63.4M | 63.3M | 62.8M | 62.5M | 62.6M | 62.5M | 62.1M | 61.6M | 60.6M | 60.0M |
| Valuation | |||||||||||||
| P/E Ratio | 37.7 | 30.2 | 31.9 | 18.2 | 21.5 | 27.5 | 23.4 | 38.2 | 23.9 | 26.2 | 16.2 | 34.4 | 13.3 |
| P/FCF | 39.3 | 33.2 | 45.0 | 52.5 | 30.7 | 29.3 | 24.4 | 37.6 | 40.8 | 34.9 | 53.6 | 40.0 | 32.5 |
| EV/EBIT | 23.3 | 20.5 | 22.5 | 20.8 | 19.6 | 22.5 | 19.3 | 32.3 | 21.4 | 20.6 | 14.7 | 30.8 | 27.6 |
| Price/Book | 1.3 | 2.1 | 3.3 | 2.8 | 2.0 | 3.1 | 2.9 | 4.1 | 2.9 | 3.8 | 3.4 | 3.9 | 3.0 |
| Price/Sales | 2.2 | 2.6 | 2.8 | 3.3 | 2.9 | 2.9 | 2.9 | 4.0 | 3.5 | 3.7 | 6.0 | 5.5 | 5.5 |
| FCF Yield | 2.5% | 3.0% | 2.2% | 1.9% | 3.3% | 3.4% | 4.1% | 2.7% | 2.5% | 2.9% | 1.9% | 2.5% | 3.1% |
| Market Cap | 5.9B | 8.7B | 13.6B | 13.0B | 10.1B | 16.8B | 16.9B | 26.8B | 20.7B | 30.6B | 32.4B | 39.1B | 33.6B |
| Avg. Price | 111.08 | 135.39 | 165.49 | 203.56 | 192.70 | 218.78 | 220.17 | 349.51 | 345.75 | 402.73 | 554.01 | 561.96 | 559.60 |
| Year-End Price | 102.24 | 129.55 | 211.48 | 204.95 | 159.92 | 267.44 | 270.12 | 428.63 | 331.91 | 492.72 | 525.80 | 645.01 | 559.60 |
MARTIN MARIETTA MATERIALS INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
MARTIN MARIETTA MATERIALS INC trades at 29.8x trailing earnings, compared to its 15-year median P/E of 25.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 34.5x vs a median of 38.8x. The company's 5-year average ROIC is 9.1% with a gross margin of 27.5%. Total shareholder yield (dividends + buybacks) is 1.2%. At current prices, the estimated annualized return to fair value is +7.8%.
MARTIN MARIETTA MATERIALS INC (MLM) reported annual revenue of $6.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
MARTIN MARIETTA MATERIALS INC (MLM) has a net profit margin of 18.5%. This is a healthy margin.
MARTIN MARIETTA MATERIALS INC (MLM) generated $978 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MARTIN MARIETTA MATERIALS INC (MLM) has a debt-to-equity ratio of 0.63. This indicates moderate leverage.
MARTIN MARIETTA MATERIALS INC (MLM) reported earnings per share (EPS) of $18.77 in its most recent fiscal year.
MARTIN MARIETTA MATERIALS INC (MLM) has a return on equity (ROE) of 11.7%. This indicates moderate shareholder returns.
MARTIN MARIETTA MATERIALS INC (MLM) has a 5-year average gross margin of 27.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for MARTIN MARIETTA MATERIALS INC (MLM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MARTIN MARIETTA MATERIALS INC (MLM) has a book value per share of $165.61, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects sustained infrastructure investment driven by the Bipartisan Infrastructure Investment and Jobs Act and robust state Department of Transportation budgets across Martin Marietta's key markets, with approximately 50% of total highway and bridge obligations and half of federal dollars remaining to be invested, supporting a multi-year project pipeline. Heavy non-residential construction demand continues to be driven by robust data center and power generation activity, with electricity demand in Texas projected to nearly double by 2030, while residential construction is expected to remain subdued in the near term until affordability headwinds recede, with recovery anticipated in the second half of 2026. The company anticipates mid-year price increases across its markets in 2026, with underlying cost of goods sold per ton tracking below guidance as cost optimization efforts continue, and management is reaffirming full-year 2026 adjusted EBITDA guidance while noting confidence in a mid-year reassessment. The Quikrete asset exchange integration is progressing ahead of plan with results exceeding EBITDA and margin expectations, and the company expects to realize approximately $50 million in synergies over the coming years, with the $450 million in cash proceeds providing capacity to advance an active M&A pipeline focused on pure-play aggregates opportunities in SOAR-aligned geographies.
Based on recent SEC filings and earnings calls, MARTIN MARIETTA MATERIALS INC (MLM) has provided the following forward guidance: Adjusted EBITDA from continuing operations: $2.43 billion (FY2026); Aggregates shipment growth: 2% (FY2026); Aggregates gross profit growth: low double-digit (FY2026); Specialties gross profit growth: high teens (FY2026); Capital expenditures: $575 million (FY2026), plus 1 additional metric.
Quikrete synergies (coming years): “we expect to realize synergies of approximately $50 million over the coming years”