Martin Marietta Materials (MLM)
Market Price (6/21/2026): $608.72 | Market Cap: $36.7 BilInvestor Relations Sector: Materials | Industry: Construction Materials
Martin Marietta Materials (MLM)
Market Price (6/21/2026): $608.72Market Cap: $36.7 BilSector: MaterialsIndustry: Construction Materials
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% Stock buyback supportStock Buyback 3Y Total is 1.2 Bil Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Water Infrastructure, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Water Treatment & Delivery, Show more. | Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -27% | Key risksMLM key risks include [1] its heavy dependence on uncertain public infrastructure funding and [2] a high fixed cost structure that makes profitability vulnerable to declining shipment volumes despite strong pricing power. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Stock buyback supportStock Buyback 3Y Total is 1.2 Bil |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Water Treatment & Delivery, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -27% |
| Key risksMLM key risks include [1] its heavy dependence on uncertain public infrastructure funding and [2] a high fixed cost structure that makes profitability vulnerable to declining shipment volumes despite strong pricing power. |
Qualitative Assessment
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Martin Marietta Materials (MLM) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Adjusted Earnings Per Share Miss and Margin Compression in Fiscal Q1 2026.
Despite reporting record revenue of $1.4 billion, exceeding analyst forecasts by 3%, Martin Marietta Materials' adjusted earnings per share (EPS) for fiscal Q1 2026 (ended March 31, 2026) missed analyst expectations of $2.02 by 4.46%, coming in at $1.93. The aggregates segment experienced a 3% decline in gross profit to $288 million. This decline was primarily attributed to acquisition-related purchase accounting adjustments, including a $22 million non-cash charge from the fair value step-up of Quikrete inventory acquired on February 23, 2026, as well as shifts in geographic mix towards lower-priced regions and increased freight costs. The company's operating margin also decreased by 2.4 percentage points year-over-year to 11.9% in Q1 2026.
2. Premium Valuation and Subsequent Analyst Caution.
Prior to the stock's decline, Martin Marietta Materials traded at a significant premium, with a price-to-earnings (P/E) ratio of 37.16 as of April 30, 2026, considerably higher than the industry average of 15.7x and a peer average of 26.3x. Following the Q1 2026 earnings report and the noted profitability pressures, some analysts revised their near-term earnings expectations downwards for fiscal Q2 and Q3 2026. While some firms maintained or slightly raised price targets, others lowered them, such as RBC Capital to $615 and Wells Fargo to $614. Oppenheimer also initiated coverage with a "Perform" rating, suggesting the stock appeared overvalued given its high premium.
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Martin Marietta Materials (MLM) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Adjusted Earnings Per Share Miss and Margin Compression in Fiscal Q1 2026.
Despite reporting record revenue of $1.4 billion, exceeding analyst forecasts by 3%, Martin Marietta Materials' adjusted earnings per share (EPS) for fiscal Q1 2026 (ended March 31, 2026) missed analyst expectations of $2.02 by 4.46%, coming in at $1.93. The aggregates segment experienced a 3% decline in gross profit to $288 million. This decline was primarily attributed to acquisition-related purchase accounting adjustments, including a $22 million non-cash charge from the fair value step-up of Quikrete inventory acquired on February 23, 2026, as well as shifts in geographic mix towards lower-priced regions and increased freight costs. The company's operating margin also decreased by 2.4 percentage points year-over-year to 11.9% in Q1 2026.
2. Premium Valuation and Subsequent Analyst Caution.
Prior to the stock's decline, Martin Marietta Materials traded at a significant premium, with a price-to-earnings (P/E) ratio of 37.16 as of April 30, 2026, considerably higher than the industry average of 15.7x and a peer average of 26.3x. Following the Q1 2026 earnings report and the noted profitability pressures, some analysts revised their near-term earnings expectations downwards for fiscal Q2 and Q3 2026. While some firms maintained or slightly raised price targets, others lowered them, such as RBC Capital to $615 and Wells Fargo to $614. Oppenheimer also initiated coverage with a "Perform" rating, suggesting the stock appeared overvalued given its high premium.
3. Macroeconomic Headwinds: Elevated Construction Material Costs and High Interest Rates.
The broader construction sector has faced significant cost pressures, impacting profitability. Aggregate construction input material prices rose approximately 7.0% year-over-year through April 2026, with 6.2% of that increase occurring in the first four months of the year alone. These increases were driven by rising energy and oil markets, which directly affect costs for asphalt and diesel freight, as well as tariff impacts on metals. Additionally, elevated interest rates have continued to constrain the pace of new construction development, leading to a more selective market for projects. While government-funded infrastructure projects provide a demand driver, these pervasive cost and financing challenges create a more demanding operating environment for construction materials suppliers.
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Stock Movement Drivers
Fundamental Drivers
The -9.7% change in MLM stock from 2/28/2026 to 6/20/2026 was primarily driven by a -59.6% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 674.78 | 609.12 | -9.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,352 | 6,552 | 3.1% |
| Net Income Margin (%) | 17.9% | 38.7% | 116.1% |
| P/E Multiple | 35.9 | 14.5 | -59.6% |
| Shares Outstanding (Mil) | 60 | 60 | 0.3% |
| Cumulative Contribution | -9.7% |
Market Drivers
2/28/2026 to 6/20/2026| Return | Correlation | |
|---|---|---|
| MLM | -9.7% | |
| Market (SPY) | 9.2% | 57.5% |
| Sector (XLB) | -2.6% | 77.2% |
Fundamental Drivers
The -1.9% change in MLM stock from 11/30/2025 to 6/20/2026 was primarily driven by a -55.4% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 620.76 | 609.12 | -1.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,231 | 6,552 | 5.2% |
| Net Income Margin (%) | 18.5% | 38.7% | 109.2% |
| P/E Multiple | 32.5 | 14.5 | -55.4% |
| Shares Outstanding (Mil) | 60 | 60 | 0.0% |
| Cumulative Contribution | -1.9% |
Market Drivers
11/30/2025 to 6/20/2026| Return | Correlation | |
|---|---|---|
| MLM | -1.9% | |
| Market (SPY) | 9.9% | 50.0% |
| Sector (XLB) | 17.0% | 64.1% |
Fundamental Drivers
The 12.0% change in MLM stock from 5/31/2025 to 6/20/2026 was primarily driven by a 116.8% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 543.85 | 609.12 | 12.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,980 | 6,552 | 9.6% |
| Net Income Margin (%) | 17.8% | 38.7% | 116.8% |
| P/E Multiple | 31.0 | 14.5 | -53.3% |
| Shares Outstanding (Mil) | 61 | 60 | 1.0% |
| Cumulative Contribution | 12.0% |
Market Drivers
5/31/2025 to 6/20/2026| Return | Correlation | |
|---|---|---|
| MLM | 12.0% | |
| Market (SPY) | 28.1% | 45.1% |
| Sector (XLB) | 22.4% | 62.5% |
Fundamental Drivers
The 55.7% change in MLM stock from 5/31/2023 to 6/20/2026 was primarily driven by a 151.4% change in the company's Net Income Margin (%).| (LTM values as of) | 5312023 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 391.31 | 609.12 | 55.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,284 | 6,552 | 4.3% |
| Net Income Margin (%) | 15.4% | 38.7% | 151.4% |
| P/E Multiple | 25.1 | 14.5 | -42.3% |
| Shares Outstanding (Mil) | 62 | 60 | 3.0% |
| Cumulative Contribution | 55.7% |
Market Drivers
5/31/2023 to 6/20/2026| Return | Correlation | |
|---|---|---|
| MLM | 55.7% | |
| Market (SPY) | 85.7% | 53.3% |
| Sector (XLB) | 46.5% | 62.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MLM Return | 56% | -23% | 49% | 4% | 21% | -5% | 115% |
| Peers Return | 44% | -20% | 59% | 31% | 0% | 4% | 150% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| MLM Win Rate | 75% | 33% | 67% | 58% | 75% | 67% | |
| Peers Win Rate | 75% | 42% | 61% | 56% | 58% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MLM Max Drawdown | -12% | -33% | -16% | -19% | -18% | -25% | |
| Peers Max Drawdown | -15% | -37% | -18% | -18% | -29% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VMC, CRH, EXP, KNF. See MLM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | MLM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -13.0% | -18.8% |
| % Gain to Breakeven | 14.9% | 23.1% |
| Time to Breakeven | 22 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.0% | -9.5% |
| % Gain to Breakeven | 15.0% | 10.5% |
| Time to Breakeven | 19 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.3% | -24.5% |
| % Gain to Breakeven | 47.8% | 32.4% |
| Time to Breakeven | 356 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.2% | -33.7% |
| % Gain to Breakeven | 79.1% | 50.9% |
| Time to Breakeven | 198 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -17.2% | -19.2% |
| % Gain to Breakeven | 20.8% | 23.8% |
| Time to Breakeven | 8 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -32.9% | -12.2% |
| % Gain to Breakeven | 48.9% | 13.9% |
| Time to Breakeven | 106 days | 62 days |
In The Past
Martin Marietta Materials's stock fell -13.0% during the 2025 US Tariff Shock. Such a loss loss requires a 14.9% gain to breakeven.
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| Event | MLM | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.3% | -24.5% |
| % Gain to Breakeven | 47.8% | 32.4% |
| Time to Breakeven | 356 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.2% | -33.7% |
| % Gain to Breakeven | 79.1% | 50.9% |
| Time to Breakeven | 198 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -32.9% | -12.2% |
| % Gain to Breakeven | 48.9% | 13.9% |
| Time to Breakeven | 106 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.8% | -17.9% |
| % Gain to Breakeven | 27.9% | 21.8% |
| Time to Breakeven | 147 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -54.9% | -53.4% |
| % Gain to Breakeven | 122.0% | 114.4% |
| Time to Breakeven | 1924 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.4% | -8.6% |
| % Gain to Breakeven | 28.9% | 9.5% |
| Time to Breakeven | 2737 days | 47 days |
In The Past
Martin Marietta Materials's stock fell -13.0% during the 2025 US Tariff Shock. Such a loss loss requires a 14.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Martin Marietta Materials (MLM)
Martin Marietta Materials, Inc. (MLM) is a natural resource-based building materials company. Its core business involves supplying essential heavy-side building materials and aggregates to the construction industry across the United States and internationally. Essentially, the company provides the foundational raw materials needed to build and maintain infrastructure, commercial properties, and homes.
The company's primary products include crushed stone, sand, and gravel. It also produces ready-mixed concrete, asphalt, and offers paving products and services. A significant part of its business involves supplying Portland and specialty cement. Beyond traditional construction materials, Martin Marietta Materials diversifies its portfolio with magnesia-based chemicals used in industrial, agricultural, and environmental applications such as flame retardants and wastewater treatment, as well as dolomitic lime primarily for steel production and soil stabilization.
Martin Marietta Materials serves a broad spectrum of customers and markets. Its materials are critical for large-scale infrastructure projects, nonresidential construction (like commercial and industrial buildings), and residential housing developments. The company's products also cater to specialized sectors including railroad construction, agricultural uses, utility projects, and various environmental applications, with its chemical products particularly serving industrial and environmental sectors.
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Here are 1-3 brief analogies for Martin Marietta Materials (MLM):
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Think of them as Caterpillar for construction materials, providing the essential stone, sand, and concrete that roads and buildings are made of, rather than the heavy equipment to build them.
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They are like Dow Chemical for aggregates and concrete, supplying foundational industrial materials crucial for the construction industry.
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Consider them the Intel inside infrastructure, providing the fundamental components like crushed stone, cement, and asphalt that form the backbone of roads, bridges, and buildings.
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- Aggregates: Includes crushed stone, sand, and gravel products essential for construction and various industries.
- Ready Mixed Concrete: A fundamental construction material used for various building and infrastructure projects.
- Asphalt: A paving material used for roads, highways, and other surfaces.
- Paving Products and Services: Materials and associated services for constructing and maintaining paved surfaces.
- Cement: Comprises Portland and specialty cements, crucial binding agents for concrete and mortar.
- Magnesia-Based Chemicals: Specialty chemical products utilized in industrial, agricultural, and environmental applications.
- Dolomitic Lime: A product primarily used in steel production and for soil stabilization.
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C. Howard Nye, Chair of the Board, President and Chief Executive Officer
C. Howard Nye joined Martin Marietta in 2006 as President and Chief Operating Officer, became Chief Executive Officer in 2010, and assumed the role of Chair of the Board in 2014. Prior to his tenure at Martin Marietta, he spent nearly 13 years in progressively senior leadership roles with Hanson PLC, an international building materials company. This included serving as Executive Vice President of Hanson's North American building materials business and as President of Hanson Aggregates East from 2000 to 2003, where he had operating responsibility for over 150 facilities across 12 states with annual revenues exceeding $500 million. He also held positions as Vice President Business Development for Hanson Building Materials America and began his career as General Counsel for Hanson Aggregates East. Since 2018, Mr. Nye has served on the Board of Directors of General Dynamics Corporation.
Michael J. Petro, Senior Vice President and Chief Financial Officer
Michael J. Petro was appointed Senior Vice President and Chief Financial Officer of Martin Marietta, effective July 8, 2025. He joined the company in 2015 and has held positions of increasing responsibility, including Director, Vice President, and Senior Vice President of Strategy and Development. In these roles, he was instrumental in formulating and executing Martin Marietta's strategic growth initiatives, which included numerous portfolio-enhancing acquisitions and divestitures. Before joining Martin Marietta, Mr. Petro gained financial leadership experience as an investment banker at Wells Fargo Securities and as a consultant at PwC. He is a Certified Public Accountant (inactive).
Donald A. McCunniff, Executive Vice President and Chief Human Resources Officer
Donald A. McCunniff rejoined Martin Marietta in September 2024 as Executive Vice President and Chief Human Resources Officer. He previously served as Senior Vice President of Human Resources for the company from August 2011 until 2019. Mr. McCunniff brings over 20 years of human resources experience, having held senior-level human resource positions at CenturyLink, Inc., Armstrong World Industries, Inc., and Honeywell International, Inc. prior to his initial tenure at Martin Marietta. He began his career as a United States Army officer.
George F. Schoen, Executive Vice President, General Counsel and Corporate Secretary
George F. Schoen joined Martin Marietta in March 2026 as Executive Vice President, General Counsel and Corporate Secretary. Before joining Martin Marietta, Mr. Schoen was the Co-Chair of the Global Mergers & Acquisitions Practice at Cravath, Swaine & Moore LLP. He is recognized as a leading M&A and corporate governance attorney, with nearly three decades of experience advising on significant public company mergers and acquisitions, hostile transactions, shareholder activism defense, and strategic board-level counseling. His notable advisory work includes transactions for major corporations like Disney, Occidental Petroleum, and Precision Castparts.
Robert J. Cardin, Senior Vice President, Controller and Chief Accounting Officer
Robert J. Cardin was appointed Senior Vice President and Chief Accounting Officer of Martin Marietta in May 2019. He served as interim Chief Financial Officer from April 2025 until Michael J. Petro's appointment in July 2025. Mr. Cardin joined Martin Marietta in March 2019 as Vice President and Controller. Prior to that, he served as Chief Accounting Officer of SWM International, a NYSE-listed global manufacturer, from November 2013 to March 2019, and also as Interim CFO at SWM from April to October 2015. He is a Certified Public Accountant.
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Key Risks to Martin Marietta Materials (MLM)
- Cyclicality of the Construction Industry and Economic Downturns: Martin Marietta Materials, as a supplier of heavy-side building materials, is highly susceptible to the cyclical nature of the construction industry. Economic slowdowns, fluctuations in interest rates, and changes in demand for construction projects directly impact the demand for the company's products, such as aggregates, concrete, and asphalt. Any downturn in infrastructure, nonresidential, or residential construction can adversely affect the company's revenues and profitability.
- Regulatory and Environmental Challenges: The company operates within a highly regulated environment, with its business activities subject to various federal, state, and local regulations. Key challenges include navigating complex permitting processes, land use approvals, and environmental obligations, which can be time-consuming and costly. Zoning restrictions and community opposition can make it increasingly difficult to develop new quarries or expand existing ones, directly impacting Martin Marietta's ability to secure and maintain essential aggregates reserves.
- Competition and the Challenge of Replacing Aggregates Reserves: Martin Marietta Materials faces significant competition in securing high-quality aggregates reserves, particularly near growing markets. The long-term sustainability of its core business relies on its ability to continually replace depleting reserves with economically viable and permitted deposits. Failure to secure new reserves could adversely affect the company's capacity to serve customers and impact its operations.
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Martin Marietta Materials (MLM) operates in several addressable markets related to building materials and chemical products. The estimated market sizes for their main products and services are provided below, with clarification on the region for each market.
Aggregates (Crushed Stone, Sand, and Gravel)
- The U.S. aggregates market was valued at approximately USD 164.65 billion in 2024.
Ready Mixed Concrete
- The U.S. ready-mix concrete market was worth over USD 130 billion in 2024.
Asphalt and Paving Products and Services
- The U.S. asphalt market size was USD 261.91 million in 2024.
- The U.S. Paving Contractors industry, which includes paving services, had a market size of USD 17.6 billion in 2026.
Portland and Specialty Cement
- The U.S. cement market size was USD 18.7 billion in 2024.
Magnesia-Based Chemicals Products
- The global magnesium oxide market, a broader category for magnesia-based chemicals, was estimated at USD 6.19 billion in 2025.
- The global caustic calcined magnesia market size was valued at USD 25.67 billion in 2025.
- The global magnesium hydroxide market was valued at USD 897 million in 2024.
Dolomitic Lime
- The global Dolomite Lime market is projected to reach an estimated USD 6.28 billion by 2025.
- The U.S. dolomite market, which includes dolomitic lime, generated a revenue of USD 541.9 million in 2022 and is expected to reach USD 934.8 million by 2030.
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Martin Marietta Materials (MLM) is poised for future revenue growth over the next 2-3 years, driven by several key factors in the construction and industrial sectors.
One primary driver is the ongoing deployment of **federal and state infrastructure spending**. The Bipartisan Infrastructure Investment and Jobs Act (IIJA) is expected to continue providing a robust, multi-year pipeline of projects, fueling demand for the company's aggregates and heavy-side building materials.
The company's strong **pricing power and disciplined price increases** are anticipated to significantly contribute to revenue growth. Management expects mid-single-digit pricing improvements, particularly in the core aggregates business, which has consistently demonstrated an ability to increase prices.
**Growth in non-residential construction** markets, including data centers, LNG facilities, energy infrastructure, and domestic manufacturing, represents another important driver. This sector has shown strong demand and is expected to maintain its momentum. Notably, data center volumes are growing rapidly, providing meaningful operating leverage.
An expected **recovery in residential construction** is also a key factor. While currently experiencing some softness, a rebound is anticipated as interest rates stabilize or reverse and mortgage rates moderate, which will further bolster demand for building materials.
Finally, **strategic acquisitions and ongoing portfolio optimization** are expected to drive revenue. Recent actions, such as the QUIKRETE asset exchange and the acquisition of Premier Magnesia and certain CRH assets, are aimed at de-risking the business profile, enhancing margin durability, and expanding the company's aggregates and specialties segments.
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Share Repurchases
- Martin Marietta Materials reported share repurchases of $450 million in 2025.
- The company also reported $450 million in annual share buybacks in 2024.
- As of December 31, 2025, approximately 11.0 million shares remained authorized for future repurchase.
Share Issuance
There have been no significant share issuances over the last 3-5 years; instead, the number of outstanding shares has generally declined due to repurchases.
Outbound Investments
- In 2021, Martin Marietta invested $3.1 billion in acquisitions, including its largest acquisition of Lehigh Hanson, Inc.'s West Region business for $2.3 billion in cash.
- In February 2024, the company acquired 20 aggregates operations from Blue Water Industries LLC for $2.05 billion in cash as part of its expansion in the southeastern United States.
- In July 2025, Martin Marietta acquired Premier Magnesia, LLC to expand its Specialties business. The company also completed an asset exchange with Quikrete Holdings, Inc. in February 2026, acquiring aggregates operations in several regions.
Capital Expenditures
- Cash paid for property, plant and equipment additions was $807 million for the year ended December 31, 2025.
- Capital expenditures for 2025 were anticipated to range between $810 million and $840 million, primarily for opportunistic land purchases.
- Planned capital spending for 2026 is projected to be $575 million, representing a 29% reduction year-over-year, signaling a return to more sustainable levels.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 224.58 |
| Mkt Cap | 36.7 |
| Rev LTM | 6,552 |
| Op Inc LTM | 1,487 |
| FCF LTM | 1,034 |
| FCF 3Y Avg | 838 |
| CFO LTM | 1,794 |
| CFO 3Y Avg | 1,593 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.4% |
| Rev Chg 3Y Avg | 2.9% |
| Rev Chg Q | 9.1% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 8.2% |
| Op Inc Chg 3Y Avg | 15.9% |
| Op Mgn LTM | 20.0% |
| Op Mgn 3Y Avg | 19.0% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 22.4% |
| CFO/Rev 3Y Avg | 20.5% |
| FCF/Rev LTM | 8.6% |
| FCF/Rev 3Y Avg | 11.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 36.7 |
| P/S | 3.0 |
| P/Op Inc | 17.3 |
| P/EBIT | 17.1 |
| P/E | 20.3 |
| P/CFO | 14.2 |
| Total Yield | 5.3% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 2.6% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 13.4% |
| 3M Rtn | 11.1% |
| 6M Rtn | 3.5% |
| 12M Rtn | 14.7% |
| 3Y Rtn | 47.1% |
| 1M Excs Rtn | 12.5% |
| 3M Excs Rtn | -3.0% |
| 6M Excs Rtn | -9.2% |
| 12M Excs Rtn | -8.9% |
| 3Y Excs Rtn | -22.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Aggregates | 5,004 | 4,514 | 4,302 | 3,879 | |
| Other Building Materials | 992 | 1,078 | |||
| Specialties | 441 | 320 | 315 | 304 | 299 |
| Interproduct revenues | -287 | -250 | -462 | -383 | |
| Asphalt and paving services | 887 | 788 | |||
| Cement | 726 | 620 | |||
| Ready Mixed Concrete | 1,009 | 953 | |||
| East Group | 2,303 | ||||
| West Group | 2,812 | ||||
| Total | 6,150 | 5,662 | 6,777 | 6,161 | 5,414 |
| $ Mil | 2022 | 2021 | 2020 | 2019 | 2015 |
|---|---|---|---|---|---|
| East Group | 640 | 622 | 522 | 527 | |
| West Group | 588 | 385 | 471 | 367 | 206 |
| Specialties | 75 | 91 | 71 | 84 | 69 |
| Corporate | -97 | -124 | -59 | -93 | |
| Cement | 48 | ||||
| Mid-America Group | 207 | ||||
| Southeast Group | 16 | ||||
| corporate | -66 | ||||
| Total | 1,207 | 974 | 1,005 | 885 | 479 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| West Group | 7,697 | 7,908 | 8,265 | 5,356 | 5,322 |
| East Group | 5,131 | 5,064 | 5,009 | 4,342 | 4,321 |
| Corporate | 2,047 | 1,830 | 950 | 715 | 313 |
| Specialties | 250 | 192 | 169 | 168 | 176 |
| Total | 15,125 | 14,994 | 14,393 | 10,581 | 10,132 |
Price Behavior
| Market Price | $609.12 | |
| Market Cap ($ Bil) | 36.7 | |
| First Trading Date | 02/17/1994 | |
| Distance from 52W High | -13.8% | |
| 50 Days | 200 Days | |
| DMA Price | $589.78 | $616.47 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 3.3% | -1.2% |
| 3M | 1YR | |
| Volatility | 30.4% | 25.9% |
| Downside Capture | 72.34 | 90.55 |
| Upside Capture | 66.31 | 80.57 |
| Correlation (SPY) | 52.6% | 44.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.00 | 1.49 | 1.28 | 1.18 | 0.94 | 0.86 |
| Up Beta | 1.57 | 1.93 | 1.63 | 1.33 | 1.26 | 0.91 |
| Down Beta | 3.55 | 3.59 | 1.44 | 1.12 | 0.71 | 0.60 |
| Up Capture | 52% | 37% | 51% | 88% | 72% | 78% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 7 | 18 | 25 | 60 | 132 | 400 |
| Down Capture | 361% | 188% | 164% | 133% | 102% | 100% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 13 | 23 | 38 | 64 | 117 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLM | |
|---|---|---|---|---|
| MLM | 13.2% | 25.8% | 0.44 | - |
| Sector ETF (XLB) | 21.2% | 17.5% | 0.94 | 62.3% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 44.9% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 18.6% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -30.9% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 47.0% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 13.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLM | |
|---|---|---|---|---|
| MLM | 12.2% | 26.7% | 0.43 | - |
| Sector ETF (XLB) | 5.9% | 19.0% | 0.20 | 69.4% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 63.0% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 9.8% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 2.0% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 54.9% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 24.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLM | |
|---|---|---|---|---|
| MLM | 13.2% | 30.8% | 0.47 | - |
| Sector ETF (XLB) | 10.2% | 20.7% | 0.44 | 67.4% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 58.5% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 3.5% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 13.6% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 52.7% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 17.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | 1.0% | 0.4% | -5.1% |
| 2/11/2026 | -6.6% | -6.5% | -16.9% |
| 11/4/2025 | 1.0% | -0.4% | 0.0% |
| 8/7/2025 | 0.4% | 3.7% | 4.3% |
| 4/30/2025 | 3.8% | 6.0% | 8.6% |
| 2/12/2025 | -2.2% | -1.5% | -11.9% |
| 10/30/2024 | 3.6% | -0.2% | 2.0% |
| 8/8/2024 | 0.1% | -2.4% | -6.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 14 | 14 |
| # Negative | 7 | 10 | 10 |
| Median Positive | 3.1% | 4.7% | 8.2% |
| Median Negative | -2.9% | -1.6% | -6.5% |
| Max Positive | 7.5% | 8.9% | 15.2% |
| Max Negative | -6.8% | -8.7% | -16.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | 1.0% | 0.4% | -5.1% |
| 2/11/2026 | -6.6% | -6.5% | -16.9% |
| 11/4/2025 | 1.0% | -0.4% | 0.0% |
| 8/7/2025 | 0.4% | 3.7% | 4.3% |
| 4/30/2025 | 3.8% | 6.0% | 8.6% |
| 2/12/2025 | -2.2% | -1.5% | -11.9% |
| 10/30/2024 | 3.6% | -0.2% | 2.0% |
| 8/8/2024 | 0.1% | -2.4% | -6.5% |
| 4/30/2024 | -2.6% | -0.5% | -6.4% |
| 2/14/2024 | 2.3% | 1.7% | 15.2% |
| 11/1/2023 | 7.4% | 8.7% | 13.8% |
| 7/27/2023 | -2.9% | -1.7% | -4.6% |
| 5/4/2023 | 5.6% | 8.8% | 12.8% |
| 2/15/2023 | 7.5% | 1.4% | -6.8% |
| 11/2/2022 | -3.4% | 2.9% | 9.5% |
| 7/28/2022 | 2.2% | 5.8% | 7.8% |
| 5/3/2022 | 3.1% | -6.4% | -5.0% |
| 2/10/2022 | 1.0% | 2.1% | -3.0% |
| 11/2/2021 | 4.4% | 8.9% | 2.9% |
| 7/29/2021 | -0.0% | -0.3% | 4.7% |
| 5/4/2021 | 5.3% | 5.9% | 0.8% |
| 2/9/2021 | 1.7% | 8.2% | 13.5% |
| 10/29/2020 | 6.5% | 2.6% | 9.5% |
| 7/28/2020 | -6.8% | -8.7% | -7.3% |
| SUMMARY STATS | |||
| # Positive | 17 | 14 | 14 |
| # Negative | 7 | 10 | 10 |
| Median Positive | 3.1% | 4.7% | 8.2% |
| Median Negative | -2.9% | -1.6% | -6.5% |
| Max Positive | 7.5% | 8.9% | 15.2% |
| Max Negative | -6.8% | -8.7% | -16.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
| 06/30/2019 | 07/31/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 7.00 Bil | 7.16 Bil | 7.32 Bil | 8.5% | Raised | Guidance: 6.60 Bil for 2026 | |
| 2026 Net Income | 1.06 Bil | 1.11 Bil | 1.17 Bil | 1.4% | Raised | Guidance: 1.10 Bil for 2026 | |
| 2026 Adjusted EBITDA | 2.36 Bil | 2.43 Bil | 2.50 Bil | 8.7% | Raised | Guidance: 2.23 Bil for 2026 | |
| 2026 Capital Expenditures | 550.00 Mil | 575.00 Mil | 600.00 Mil | 0 | Affirmed | Guidance: 575.00 Mil for 2026 | |
| 2026 Volume % growth | 11.0% | 12.0% | 13.0% | 5 | 10.0% | Raised | Guidance: 2.0% for 2026 |
| 2026 ASP % growth | 1.5% | 2.5% | 3.5% | -50.0% | -2.5% | Lowered | Guidance: 5.0% for 2026 |
Prior: Q4 2025 Earnings Reported 2/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 6.42 Bil | 6.60 Bil | 6.78 Bil | 7.1% | Higher New | Actual: 6.16 Bil for 2025 | |
| 2026 Interest expense, net of interest income | 200.00 Mil | 205.00 Mil | 210.00 Mil | Higher New | |||
| 2026 Estimated tax rate | 20.0% | 20.5% | 21.0% | Higher New | |||
| 2026 Net earnings from continuing operations attributable to Martin Marietta | 1.04 Bil | 1.10 Bil | 1.16 Bil | Higher New | |||
| 2026 Consolidated net earnings attributable to Martin Marietta | 1.24 Bil | 1.30 Bil | 1.36 Bil | Higher New | |||
| 2026 Adjusted EBITDA from continuing operations | 2.16 Bil | 2.23 Bil | 2.31 Bil | Higher New | |||
| 2026 Consolidated Adjusted EBITDA | 2.41 Bil | 2.48 Bil | 2.56 Bil | 7.1% | Higher New | Actual: 2.32 Bil for 2025 | |
| 2026 Capital expenditures | 550.00 Mil | 575.00 Mil | 600.00 Mil | Higher New | |||
| 2026 Aggregates Volume % growth | 1.0% | 2.0% | 3.0% | -50.0% | Lower New | Actual: 4.0% for 2025 | |
| 2026 Aggregates ASP % growth | 4.0% | 5.0% | 6.0% | -31.5% | Lower New | Actual: 7.3% for 2025 | |
| 2026 Aggregates Gross profit | 1.81 Bil | 1.85 Bil | 1.90 Bil | Higher New | |||
| 2026 Other Building Materials Gross profit | 80.00 Mil | 95.00 Mil | 110.00 Mil | Higher New | |||
| 2026 Specialties Business Gross profit | 150.00 Mil | 160.00 Mil | 170.00 Mil | Higher New | |||
Insider Activity
Updated 6/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Perez, Laree E | Direct | Sell | 8112025 | 613.32 | 1,038 | 636,626 | 9,455,554 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Perez, Laree E | Direct | Sell | 8112025 | 613.32 | 1,038 | 636,626 | 9,455,554 | Form |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Construction Materials Resources |
| Construction Europe |
| Aggregates Business |
| Concrete Products |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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