Martin Marietta Materials (MLM)
Market Price (12/25/2025): $642.77 | Market Cap: $38.8 BilSector: Materials | Industry: Construction Materials
Martin Marietta Materials (MLM)
Market Price (12/25/2025): $642.77Market Cap: $38.8 BilSector: MaterialsIndustry: Construction Materials
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% | Trading close to highsDist 52W High is -2.0%, Dist 3Y High is -2.0% | 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. |
| Low stock price volatilityVol 12M is 23% | Weak multi-year price returns2Y Excs Rtn is -14% | |
| Megatrend and thematic driversMegatrends include Water Infrastructure, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Water Treatment & Delivery, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Low stock price volatilityVol 12M is 23% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Water Treatment & Delivery, Show more. |
| Trading close to highsDist 52W High is -2.0%, Dist 3Y High is -2.0% |
| Weak multi-year price returns2Y Excs Rtn is -14% |
| 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. |
Why The Stock Moved
Qualitative Assessment
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The stock of Martin Marietta Materials (MLM) experienced movement between August 31, 2025, and December 25, 2025, influenced by several key developments: 1. Q3 2025 Earnings Miss. Martin Marietta Materials reported its third-quarter 2025 earnings on November 4, 2025, where both earnings per share (EPS) and revenue fell short of analyst consensus estimates. The company's non-GAAP EPS was $5.97 against an estimated $6.78, and revenue was $1.85 billion compared to an estimated $2.08 billion, leading to an initial negative market reaction.2. Robust Operational Performance. Despite missing financial estimates, Martin Marietta highlighted strong operational results for Q3 2025, including record quarterly aggregates revenues, profitability, and margin, as well as record revenues and gross profit in its Specialties Business. Aggregates shipments and average selling prices both saw an 8.0% increase.
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Stock Movement Drivers
Fundamental Drivers
The 6.1% change in MLM stock from 9/24/2025 to 12/24/2025 was primarily driven by a 2.9% change in the company's Total Revenues ($ Mil).| 9242025 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 605.99 | 643.14 | 6.13% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 7092.00 | 7296.00 | 2.88% |
| Net Income Margin (%) | 15.52% | 15.79% | 1.71% |
| P/E Multiple | 33.19 | 33.66 | 1.43% |
| Shares Outstanding (Mil) | 60.30 | 60.30 | 0.00% |
| Cumulative Contribution | 6.13% |
Market Drivers
9/24/2025 to 12/24/2025| Return | Correlation | |
|---|---|---|
| MLM | 6.1% | |
| Market (SPY) | 4.4% | 36.5% |
| Sector (XLB) | 3.0% | 47.8% |
Fundamental Drivers
The 20.7% change in MLM stock from 6/25/2025 to 12/24/2025 was primarily driven by a 10.7% change in the company's P/E Multiple.| 6252025 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 532.99 | 643.14 | 20.67% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 7045.00 | 7296.00 | 3.56% |
| Net Income Margin (%) | 15.15% | 15.79% | 4.25% |
| P/E Multiple | 30.42 | 33.66 | 10.66% |
| Shares Outstanding (Mil) | 60.90 | 60.30 | 0.99% |
| Cumulative Contribution | 20.65% |
Market Drivers
6/25/2025 to 12/24/2025| Return | Correlation | |
|---|---|---|
| MLM | 20.7% | |
| Market (SPY) | 14.0% | 37.3% |
| Sector (XLB) | 6.1% | 58.5% |
Fundamental Drivers
The 21.3% change in MLM stock from 12/24/2024 to 12/24/2025 was primarily driven by a 106.3% change in the company's P/E Multiple.| 12242024 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 530.12 | 643.14 | 21.32% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 6265.00 | 7296.00 | 16.46% |
| Net Income Margin (%) | 31.68% | 15.79% | -50.17% |
| P/E Multiple | 16.32 | 33.66 | 106.31% |
| Shares Outstanding (Mil) | 61.10 | 60.30 | 1.31% |
| Cumulative Contribution | 21.30% |
Market Drivers
12/24/2024 to 12/24/2025| Return | Correlation | |
|---|---|---|
| MLM | 21.3% | |
| Market (SPY) | 15.8% | 56.4% |
| Sector (XLB) | 8.8% | 68.9% |
Fundamental Drivers
The 93.4% change in MLM stock from 12/25/2022 to 12/24/2025 was primarily driven by a 36.5% change in the company's P/E Multiple.| 12252022 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 332.59 | 643.14 | 93.37% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 6180.60 | 7296.00 | 18.05% |
| Net Income Margin (%) | 13.59% | 15.79% | 16.18% |
| P/E Multiple | 24.67 | 33.66 | 36.47% |
| Shares Outstanding (Mil) | 62.30 | 60.30 | 3.21% |
| Cumulative Contribution | 93.17% |
Market Drivers
12/25/2023 to 12/24/2025| Return | Correlation | |
|---|---|---|
| MLM | 31.0% | |
| Market (SPY) | 48.9% | 54.8% |
| Sector (XLB) | 10.6% | 63.7% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MLM Return | 3% | 56% | -23% | 49% | 4% | 24% | 138% |
| Peers Return | � | � | � | � | 31% | 3% | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 115% |
Monthly Win Rates [3] | |||||||
| MLM Win Rate | 58% | 75% | 33% | 67% | 58% | 75% | |
| Peers Win Rate | � | � | � | 64% | 56% | 58% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| MLM Max Drawdown | -48% | -2% | -33% | -5% | -3% | -12% | |
| Peers Max Drawdown | � | � | � | � | -4% | -22% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/24/2025 (YTD)
How Low Can It Go
| Event | MLM | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -33.0% | -25.4% |
| % Gain to Breakeven | 49.2% | 34.1% |
| Time to Breakeven | 357 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -48.5% | -33.9% |
| % Gain to Breakeven | 94.0% | 51.3% |
| Time to Breakeven | 255 days | 148 days |
| 2018 Correction | ||
| % Loss | -36.6% | -19.8% |
| % Gain to Breakeven | 57.7% | 24.7% |
| Time to Breakeven | 274 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -64.3% | -56.8% |
| % Gain to Breakeven | 179.9% | 131.3% |
| Time to Breakeven | 2,449 days | 1,480 days |
Compare to VMC, AWI, AMWD, CRH, MLM
In The Past
Martin Marietta Materials's stock fell -33.0% during the 2022 Inflation Shock from a high on 12/29/2021. A -33.0% loss requires a 49.2% gain to breakeven.
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Martin Marietta Materials, Inc., a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries. The company also produces magnesia-based chemicals products that are used in industrial, agricultural, and environmental applications; and dolomitic lime primarily to customers for steel production and soil stabilization. Its chemical products are used in flame retardants, wastewater treatment, pulp and paper production, and other environmental applications. The company was founded in 1939 and is headquartered in Raleigh, North Carolina.
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U.S. Steel for construction aggregates.
Weyerhaeuser for rocks, sand, and gravel.
ADM for the construction industry's raw materials.
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- Aggregates: Crushed stone, sand, and gravel, which are fundamental raw materials for infrastructure, residential, and nonresidential construction projects.
- Ready Mixed Concrete: A perishable mixture of cement, aggregates, water, and admixtures delivered directly to job sites for immediate use in various construction applications.
- Asphalt: A paving material composed of aggregates and asphalt cement, primarily used for road construction, maintenance, and other surfacing projects.
- Cement: A key binding agent used to produce concrete and mortar, forming the foundation for many construction materials.
- Magnesia Specialties: Industrial chemicals and refractory products derived from magnesia, serving diverse industrial, agricultural, and environmental markets.
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Martin Marietta Materials (symbol: MLM) primarily sells its products to other companies, operating in a business-to-business (B2B) model. Its products, which include aggregates (crushed stone, sand, gravel), cement, asphalt, and ready mixed concrete, are fundamental inputs for large-scale construction and infrastructure projects.
Given the nature of its industry and customer base, Martin Marietta Materials typically does not have any single customer that accounts for 10% or more of its consolidated net sales in a given year, as disclosed in its public filings. This indicates a highly fragmented customer base rather than reliance on a few major purchasers. Therefore, it is not possible to list specific major customer companies by name or stock symbol.
Instead, its customer base can be described by the types of businesses and projects they undertake. The major categories of customers served by Martin Marietta Materials include:
- Infrastructure and Public Works Contractors: These companies specialize in large-scale, often government-funded projects such crucial for maintaining and expanding public infrastructure. This includes contractors involved in building and repairing highways, bridges, airports, dams, ports, and other essential public facilities. While the ultimate client is frequently a state Department of Transportation (DOT) or another governmental agency, MLM sells directly to the contractors performing the construction work.
- Commercial and Industrial Construction Companies: This category encompasses firms engaged in the construction of non-residential structures. Examples include office buildings, retail centers, shopping malls, warehouses, industrial plants, factories, hospitals, schools, and other institutional or commercial facilities.
- Residential Construction Companies: These customers include land developers and homebuilders who are responsible for constructing single-family homes, multi-family housing units (such as apartments and condominiums), and entire residential subdivisions.
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C. Howard Nye, Chairman of the Board, President and Chief Executive Officer
Mr. Nye has served as Chairman of the Board since 2014, as President of Martin Marietta since 2006, and as Chief Executive Officer and a Director since 2010. He previously served as Chief Operating Officer from 2006 to 2009. Prior to joining Martin Marietta in 2006, Mr. Nye spent nearly 13 years with Hanson PLC, where his roles included Executive Vice President of its North American aggregates, cement, ready-mixed concrete, hot-mixed asphalt, and paving businesses. Before that, he was president of Hanson Aggregates East from 2000 to 2003 and vice president of business development for Hanson Building Materials America from 1997 to 2000. He began his career in the aggregate industry as general counsel for Hanson Aggregates East.
Michael J. Petro, Senior Vice President and Chief Financial Officer
Mr. Petro was appointed Senior Vice President and Chief Financial Officer of Martin Marietta effective July 2025. He previously served as Senior Vice President of Strategy and Development. Mr. Petro joined Martin Marietta in 2015, holding positions such as Vice President of Strategy and Development (2018-2021) and Director of Strategy and Development (2015-2018). He has been instrumental in strategic growth initiatives, including various acquisitions and divestitures of non-core assets. Before joining the company, Mr. Petro worked in investment banking at Wells Fargo Securities and as a consultant at PwC.
Roselyn R. Bar, Executive Vice President
Ms. Bar serves as an Executive Vice President at Martin Marietta.
Donald A. McCunniff, Executive Vice President and Chief Human Resources Officer
Mr. McCunniff is the Executive Vice President and Chief Human Resources Officer. He previously served as Senior Vice President of Human Resources at Martin Marietta and has held senior-level human resource positions at Honeywell International, Inc., CenturyLink, Inc., and Armstrong World Industries, Inc.
Robert J. Cardin, Senior Vice President, Controller and Chief Accounting Officer
Mr. Cardin serves as Senior Vice President, Controller, and Chief Accounting Officer. He served as interim Chief Financial Officer of the company from April 2025. Prior to that, he was Chief Accounting Officer and Interim Chief Financial Officer for SWM International. His past experience also includes roles as Corporate Controller at Syncreon International Group, Assistant Corporate Controller and Group Controller at Dentsply International, and Division Controller and Vice President of Finance and Accounting with Collins and Aikman Automotive Products.
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Key Risks to Martin Marietta Materials (MLM)
- Uncertainty in Public Infrastructure Funding and Volatility of End Markets: Martin Marietta Materials' performance is highly dependent on public infrastructure funding, which historically represents its largest end-use market. The "greatest risk" to the business remains the uncertainty surrounding ongoing public infrastructure funding. The company's results are heavily correlated with volatile end markets, and the lag effects of restrictive monetary policy can impact rate-sensitive private construction demand.
- Environmental and Governmental Regulations and Permitting Challenges: The company's operations are subject to extensive federal, state, and local environmental, health, and safety laws and regulations. Obtaining and maintaining operating permits is crucial, and these permits are subject to modification, renewal, and revocation. Environmental and zoning regulations increasingly make it difficult to expand existing quarries or develop new operations, which could limit future growth.
- High Fixed Cost Structure and Potential for Volume Challenges: Martin Marietta Materials operates in a business with a very high fixed cost base. This structure can lead to amplified fluctuations in profitability if revenues or volumes decline. While the company has demonstrated strong pricing power, it has experienced periods of decreasing aggregates shipments, indicating potential softening demand in some markets. If demand softens further, the company may struggle to meet growth targets despite its pricing strength.
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Addressable Markets for Martin Marietta Materials (MLM) Main Products and Services
-
Aggregates (crushed stone, sand, and gravel):
- U.S. Market: The U.S. Construction Aggregates market was valued at USD 75 billion in 2024 and is projected to reach USD 151 billion by 2035.
- Global Market: The global aggregates market size was USD 591.36 billion in 2024 and is anticipated to reach approximately USD 1019.74 billion by 2034.
-
Ready Mixed Concrete:
- U.S. Market: The U.S. ready-mix concrete market was valued at over USD 130 billion in 2024.
- Global Market: The global ready-mix concrete market was valued at USD 815.1 billion in 2024 and is estimated to grow to USD 1.7 trillion by 2034.
-
Asphalt:
- U.S. Market: The U.S. asphalt market size was USD 32.6 million in 2024, expected to reach USD 52.9 million by 2032.
- Global Market: The global asphalt market size was valued at USD 240 million in 2022 and is projected to reach USD 350 million by 2030.
-
Cement:
- U.S. Market: The U.S. cement market size attained a value of approximately 110.37 million metric tons in 2024 and is projected to reach around 134.54 million metric tons by 2034. In terms of value, the U.S. cement market is estimated to reach USD 26 billion by 2031.
- Global Market: The global cement market size was valued at USD 384.67 billion in 2024 and is projected to grow to USD 471.74 billion by 2032.
-
Magnesia-based Chemicals (e.g., magnesium hydroxide) and Dolomitic Lime:
- U.S. Magnesium Hydroxide Market: The U.S. Magnesium Hydroxide market is projected to grow from USD 100 million in 2024 to USD 210 million by 2035.
- Global Magnesia Market: In 2025, the global magnesia market is estimated to be valued between USD 2.0 billion and USD 3.8 billion, with a projected CAGR of 2.2% to 3.6% through 2030.
- Global Dolomite (includes dolomitic lime) Market: The global dolomite market size was estimated at USD 1.97 billion in 2024 and is projected to reach USD 3.05 billion by 2030.
- U.S. Dolomite Market: The U.S. dolomite market generated a revenue of USD 541.9 million in 2022 and is expected to reach USD 934.8 million by 2030.
- Global Lime Market (includes dolomitic lime): Dolomitic lime was valued at USD 5.35 billion in 2023 and is projected to rise to USD 8.0 billion by 2032.
- U.S. Lime Market: The U.S. Lime market is estimated to be valued at USD 3.6 billion in 2025 and is expected to reach USD 5.1 billion by 2032.
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Here are 3-5 expected drivers of future revenue growth for Martin Marietta Materials (MLM) over the next 2-3 years:- Disciplined Pricing Strategy: Martin Marietta Materials anticipates continued revenue growth through its disciplined pricing strategy for its aggregates business. The company's Q3 2025 results showed an 8% increase in the average selling price per ton for aggregates, and management expects mid-single-digit pricing gains for 2026. This focus on value over volume is a key component of its commercial strategy and is expected to drive expanded price/cost spreads and improved unit profitability.
- Infrastructure Investment and Jobs Act (IIJA): Significant infrastructure spending from the U.S. government's IIJA is a substantial tailwind for Martin Marietta Materials. With over 50% of highway and bridge funding from the five-year IIJA program remaining to be spent as of late 2025, the company expects a robust multi-year demand outlook for its aggregates products.
- Strategic Acquisitions and Geographic Market Expansion: The company's SOAR (Strategic Operating Analysis and Review) plan emphasizes disciplined mergers and acquisitions (M&A) to expand its footprint in high-growth markets, particularly in the Southeast and Southwest U.S. A notable example is the strategic asset swap with QUIKRETE Holdings, anticipated to close in Q4 2025, which will enhance Martin Marietta's aggregates platform by adding operations producing approximately 20 million tons annually. Recent bolt-on acquisitions in South Florida and Southern California in late 2024 also reflect this strategy to strengthen reserves and broaden geographic reach.
- Recovery in Residential Construction and Strong Nonresidential Demand: Beyond public infrastructure, Martin Marietta expects an eventual recovery in residential construction, driven by decreasing mortgage rates. Additionally, solid heavy nonresidential construction, particularly from accelerating data center development, is projected to contribute to future demand for its materials.
- Growth in Specialties Business: The company's Specialties business (formerly Magnesia Specialties) is expected to continue its growth trajectory. Driven by higher pricing, increased shipments, and contributions from recent acquisitions such as Premier Magnesia, LLC (acquired July 2025), this segment delivered record quarterly revenues and gross profit in Q3 2025.
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Share Repurchases
- Martin Marietta Materials repurchased approximately 911,000 shares at an average price of $494 per share, totaling $450 million in the quarter ending March 31, 2025.
- The company's annual share buybacks were $450 million in 2024 and $150 million in 2022.
- As of September 30, 2025, 11.0 million shares remained under the current repurchase authorization.
Outbound Investments
- In 2024, the company completed nearly $6 billion in portfolio-enhancing transactions, including three bolt-on acquisitions in Southwest Florida, Southern California, and West Texas, which added nearly 1 billion tons to its reserves.
- The acquisition of Premier Magnesia positions Martin Marietta as the leading US producer of magnesia-based products, expected to contribute approximately $50 million annually.
- On August 3, 2025, Martin Marietta entered into an asset exchange agreement with Quikrete Holdings, Inc., where Martin Marietta will receive aggregates operations producing approximately 20 million tons annually in Virginia, Missouri, Kansas, and Vancouver, British Columbia, plus cash proceeds, in exchange for its Midlothian cement plant and certain Texas ready-mixed concrete assets; this transaction is expected to close in Q1 2026.
Capital Expenditures
- Capital expenditure guidance for 2025 was raised to $820–$850 million, primarily focused on opportunistic adjacent land purchases.
- Cash paid for property, plant, and equipment additions was $602 million for the nine months ended September 30, 2025, and $412 million for the six months ended June 30, 2025.
- Capital expenditures for 2026 are expected to normalize, which should lead to improved free cash flow.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to MLM. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | DD | DuPont de Nemours | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 7.1% | 7.1% | -0.2% |
| 11212025 | CF | CF Industries | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.2% | -1.2% | -3.1% |
| 11212025 | HL | Hecla Mining | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 48.2% | 48.2% | 0.0% |
| 11072025 | CDE | Coeur Mining | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 27.4% | 27.4% | -5.7% |
| 10312025 | ATR | AptarGroup | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.8% | 5.8% | -2.5% |
| 03312020 | MLM | Martin Marietta Materials | Dip Buy | DB | Growth | FCF YieldDip Buy with Growth and High Free Cash Flow YieldBuying dips for companies with growth, and significant free cash flow yield (FCF / Market Cap) | 22.8% | 79.1% | -15.1% |
Research & Analysis
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Peer Comparisons for Martin Marietta Materials
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 213.90 |
| Mkt Cap | 38.8 |
| Rev LTM | 7,296 |
| Op Inc LTM | 1,585 |
| FCF LTM | 1,007 |
| FCF 3Y Avg | 570 |
| CFO LTM | 1,710 |
| CFO 3Y Avg | 1,045 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.5% |
| Rev Chg 3Y Avg | 4.9% |
| Rev Chg Q | 8.9% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Mgn LTM | 20.1% |
| Op Mgn 3Y Avg | 18.4% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 21.7% |
| CFO/Rev 3Y Avg | 21.3% |
| FCF/Rev LTM | 10.6% |
| FCF/Rev 3Y Avg | 11.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 38.8 |
| P/S | 3.0 |
| P/EBIT | 16.3 |
| P/E | 28.1 |
| P/CFO | 16.3 |
| Total Yield | 3.6% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 2.5% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.2% |
| 3M Rtn | 1.5% |
| 6M Rtn | 15.7% |
| 12M Rtn | 11.9% |
| 3Y Rtn | 82.4% |
| 1M Excs Rtn | -1.1% |
| 3M Excs Rtn | -3.0% |
| 6M Excs Rtn | 1.8% |
| 12M Excs Rtn | -4.5% |
| 3Y Excs Rtn | 0.1% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $643.14 | |
| Market Cap ($ Bil) | 38.8 | |
| First Trading Date | 02/17/1994 | |
| Distance from 52W High | -2.0% | |
| 50 Days | 200 Days | |
| DMA Price | $617.86 | $573.24 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 4.1% | 12.2% |
| 3M | 1YR | |
| Volatility | 18.3% | 22.9% |
| Downside Capture | 55.81 | 80.33 |
| Upside Capture | 72.21 | 87.69 |
| Correlation (SPY) | 36.9% | 56.4% |
MLM Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.50 | 0.38 | 0.46 | 0.63 | 0.65 | 0.88 |
| Up Beta | 0.82 | 0.64 | 0.71 | 1.12 | 0.73 | 0.89 |
| Down Beta | 0.10 | 0.44 | 0.24 | 0.22 | 0.32 | 0.66 |
| Up Capture | 59% | 19% | 42% | 64% | 67% | 95% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 13 | 24 | 36 | 71 | 121 | 404 |
| Down Capture | 42% | 35% | 55% | 60% | 88% | 99% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 6 | 16 | 25 | 53 | 126 | 344 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of MLM With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| MLM | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 23.0% | 10.6% | 19.2% | 71.9% | 8.9% | 6.0% | -10.4% |
| Annualized Volatility | 22.8% | 20.0% | 19.5% | 19.3% | 15.3% | 17.1% | 35.0% |
| Sharpe Ratio | 0.83 | 0.39 | 0.78 | 2.69 | 0.36 | 0.18 | -0.12 |
| Correlation With Other Assets | 69.0% | 56.4% | 3.1% | 2.9% | 55.8% | 24.1% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of MLM With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| MLM | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 20.4% | 7.3% | 14.9% | 18.7% | 11.7% | 4.8% | 32.6% |
| Annualized Volatility | 26.6% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.7% |
| Sharpe Ratio | 0.71 | 0.29 | 0.70 | 0.97 | 0.51 | 0.17 | 0.59 |
| Correlation With Other Assets | 69.7% | 62.3% | 4.8% | 8.0% | 52.9% | 28.2% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of MLM With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| MLM | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 16.7% | 9.8% | 14.7% | 14.9% | 6.9% | 5.2% | 69.2% |
| Annualized Volatility | 30.9% | 20.8% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.57 | 0.43 | 0.70 | 0.83 | 0.31 | 0.22 | 0.90 |
| Correlation With Other Assets | 67.3% | 59.0% | 0.0% | 17.8% | 52.2% | 17.8% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2025 | 1.0% | -0.4% | 0.0% |
| 8/4/2025 | 4.2% | 5.7% | 6.8% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 13 | 15 |
| # Negative | 8 | 11 | 9 |
| Median Positive | 3.7% | 5.8% | 8.6% |
| Median Negative | -2.8% | -1.6% | -6.5% |
| Max Positive | 7.5% | 8.9% | 16.8% |
| Max Negative | -6.8% | -8.7% | -29.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11042025 | 10-Q 9/30/2025 |
| 6302025 | 8072025 | 10-Q 6/30/2025 |
| 3312025 | 4302025 | 10-Q 3/31/2025 |
| 12312024 | 2212025 | 10-K 12/31/2024 |
| 9302024 | 10302024 | 10-Q 9/30/2024 |
| 6302024 | 8082024 | 10-Q 6/30/2024 |
| 3312024 | 4302024 | 10-Q 3/31/2024 |
| 12312023 | 2232024 | 10-K 12/31/2023 |
| 9302023 | 11012023 | 10-Q 9/30/2023 |
| 6302023 | 7272023 | 10-Q 6/30/2023 |
| 3312023 | 5042023 | 10-Q 3/31/2023 |
| 12312022 | 2242023 | 10-K 12/31/2022 |
| 9302022 | 11022022 | 10-Q 9/30/2022 |
| 6302022 | 7282022 | 10-Q 6/30/2022 |
| 3312022 | 5032022 | 10-Q 3/31/2022 |
| 12312021 | 2222022 | 10-K 12/31/2021 |
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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