Martin Marietta Materials (MLM)
Market Price (11/6/2026): $527.695 | Market Cap: $37.5 BilInvestor Relations Sector: Materials | Industry: Construction Materials
Martin Marietta Materials (MLM)
Market Price (11/6/2026): $527.695Market Cap: $37.5 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 7.3% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Stock buyback supportStock Buyback 3Y Total is 1.1 Bil Low stock price volatilityVol 12M is 30% 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 -45%, 3Y Excs Rtn is -52% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 26x 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 7.3% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Stock buyback supportStock Buyback 3Y Total is 1.1 Bil |
| Low stock price volatilityVol 12M is 30% |
| 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 -45%, 3Y Excs Rtn is -52% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 26x |
| 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 remained largely at the same level since 7/31/2026 because of the following key factors:
1. The transformative Lhoist North America (LNA) acquisition introduced a mixed financial impact. The acquisition, completed on August 21, 2026, for $12.9 billion, significantly boosted Martin Marietta's fiscal Q3 2026 revenue to a record $2.37 billion, surpassing analyst estimates by $0.13 billion to $0.24 billion. LNA contributed $216 million in revenue and $115 million in cash gross profit in the 40 days following its close, exceeding initial expectations. However, the $7.0 billion cash component was funded by new debt, leading to a quarterly interest expense of $138 million, more than double the prior year's $59 million. This, combined with $99 million in acquisition, divestiture, and integration charges, resulted in a diluted EPS from continuing operations of $3.94, a 34% decrease from the prior year's fiscal Q3, and an adjusted EPS of $5.47, missing consensus estimates of $5.71 to $6.17.
2. Strong demand in key end markets was offset by persistent macroeconomic cost inflation. Martin Marietta experienced robust demand from infrastructure projects, data centers, power generation, and warehouses, which collectively accounted for approximately half of aggregates shipments in fiscal Q3 2026. Data center aggregate shipments more than doubled year-over-year. Despite this demand, the company faced ongoing inflationary pressures, with overall inputs for nonresidential construction increasing by 9.6% year-over-year in fiscal Q3 2026. Elevated diesel and energy-related costs, alongside lower average selling prices from acquired operations, contributed to a 4% decrease in aggregates gross profit compared to the prior year's fiscal Q3.
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Martin Marietta Materials (MLM) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. The transformative Lhoist North America (LNA) acquisition introduced a mixed financial impact. The acquisition, completed on August 21, 2026, for $12.9 billion, significantly boosted Martin Marietta's fiscal Q3 2026 revenue to a record $2.37 billion, surpassing analyst estimates by $0.13 billion to $0.24 billion. LNA contributed $216 million in revenue and $115 million in cash gross profit in the 40 days following its close, exceeding initial expectations. However, the $7.0 billion cash component was funded by new debt, leading to a quarterly interest expense of $138 million, more than double the prior year's $59 million. This, combined with $99 million in acquisition, divestiture, and integration charges, resulted in a diluted EPS from continuing operations of $3.94, a 34% decrease from the prior year's fiscal Q3, and an adjusted EPS of $5.47, missing consensus estimates of $5.71 to $6.17.
2. Strong demand in key end markets was offset by persistent macroeconomic cost inflation. Martin Marietta experienced robust demand from infrastructure projects, data centers, power generation, and warehouses, which collectively accounted for approximately half of aggregates shipments in fiscal Q3 2026. Data center aggregate shipments more than doubled year-over-year. Despite this demand, the company faced ongoing inflationary pressures, with overall inputs for nonresidential construction increasing by 9.6% year-over-year in fiscal Q3 2026. Elevated diesel and energy-related costs, alongside lower average selling prices from acquired operations, contributed to a 4% decrease in aggregates gross profit compared to the prior year's fiscal Q3.
3. Updated full-year guidance reflected balanced prospects amid ongoing operational headwinds. Following fiscal Q3 2026 results, Martin Marietta raised its full-year 2026 revenue guidance midpoint to $7.80 billion (ranging from $7.75 billion to $7.85 billion) and its Adjusted EBITDA midpoint to $2.475 billion (ranging from $2.45 billion to $2.50 billion), driven by stronger contributions from acquisitions. This positive outlook was, however, tempered by expectations of continued price-cost negativity into fiscal Q4 2026 and anticipated softness in heritage shipment trends, suggesting that ongoing operational challenges continued to moderate significant upward stock momentum.
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Stock Movement Drivers
Fundamental Drivers
The 0.7% change in MLM stock from 7/31/2026 to 11/5/2026 was primarily driven by a 16.4% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 524.29 | 527.83 | 0.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,688 | 7,211 | 7.8% |
| Net Income Margin (%) | 36.7% | 31.9% | -13.2% |
| P/E Multiple | 12.8 | 14.9 | 16.4% |
| Shares Outstanding (Mil) | 60 | 65 | -7.5% |
| Cumulative Contribution | 0.7% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| MLM | 0.7% | |
| Market (SPY) | -1.9% | 43.2% |
| Sector (XLB) | 3.8% | 78.0% |
Fundamental Drivers
The -14.5% change in MLM stock from 4/30/2026 to 11/5/2026 was primarily driven by a -20.1% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 617.19 | 527.83 | -14.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,350 | 7,211 | 13.6% |
| Net Income Margin (%) | 39.9% | 31.9% | -20.1% |
| P/E Multiple | 14.7 | 14.9 | 1.6% |
| Shares Outstanding (Mil) | 60 | 65 | -7.2% |
| Cumulative Contribution | -14.5% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| MLM | -14.5% | |
| Market (SPY) | 2.3% | 30.7% |
| Sector (XLB) | 2.1% | 77.4% |
Fundamental Drivers
The -13.4% change in MLM stock from 10/31/2025 to 11/5/2026 was primarily driven by a -55.3% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 609.67 | 527.83 | -13.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,825 | 7,211 | 23.8% |
| Net Income Margin (%) | 18.9% | 31.9% | 68.7% |
| P/E Multiple | 33.4 | 14.9 | -55.3% |
| Shares Outstanding (Mil) | 60 | 65 | -7.2% |
| Cumulative Contribution | -13.4% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| MLM | -13.4% | |
| Market (SPY) | 8.4% | 39.0% |
| Sector (XLB) | 23.8% | 68.7% |
Fundamental Drivers
The 31.3% change in MLM stock from 10/31/2023 to 11/5/2026 was primarily driven by a 117.3% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 402.04 | 527.83 | 31.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,464 | 7,211 | 11.6% |
| Net Income Margin (%) | 14.7% | 31.9% | 117.3% |
| P/E Multiple | 26.2 | 14.9 | -43.1% |
| Shares Outstanding (Mil) | 62 | 65 | -4.8% |
| Cumulative Contribution | 31.3% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| MLM | 31.3% | |
| Market (SPY) | 81.3% | 48.2% |
| Sector (XLB) | 45.1% | 64.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MLM Return | 56% | -23% | 49% | 4% | 21% | -15% | 93% |
| Peers Return | 44% | -20% | 59% | 31% | 0% | -12% | 112% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| MLM Win Rate | 75% | 33% | 67% | 58% | 75% | 36% | |
| Peers Win Rate | 75% | 42% | 61% | 56% | 58% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| MLM Max Drawdown | -12% | -33% | -16% | -19% | -18% | -33% | |
| Peers Max Drawdown | -15% | -37% | -18% | -18% | -29% | -37% | |
| 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 11/5/2026 (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.
Peer Outperformance in Construction Materials
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MLM | Martin Marietta Materials | 4.3% | 14.9x | -13.1% | 21.5% | 32.0% | — |
| CRH | CRH | 4.7% | 17.8x | -16.3% | 75.3% | 105.2% | +73pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 33.8% | 90.2% | 137.1% | SCCO 246% · TGB 220% · HBM 206% |
| Steel | 14 | 19.0% | 32.9% | 116.2% | HCC 293% · STLD 267% · RS 175% |
| Gold | 37 | 13.5% | 181.6% | 86.0% | IAG 478% · OGC 377% · AGI 306% |
| Silver | 6 | 38.2% | 249.7% | 74.4% | AYA 273% · HL 146% · EXK 46% |
| Construction Materials ← | 6 | -13.1% | 23.7% | 41.8% | USLM 355% · CRH 105% · VMC 52% |
| Aluminum | 3 | 8.3% | 92.4% | 15.6% | CENX 129% · AA -15% |
| Metal, Glass & Plastic Containers | 11 | 12.3% | 19.2% | 5.5% | GEF 27% · ATR 17% · SLGN 10% |
| Paper & Plastic Packaging Products & Materials | 7 | 23.0% | 13.8% | -3.0% | PKG 113% · CCK 21% · SON 2% |
| Diversified Metals & Mining | 23 | -55.7% | -9.8% | -7.8% | SKE 166% · MTRN 94% · MP -8% |
| Diversified Chemicals | 3 | 23.6% | 6.2% | -14.0% | CBT 39% · ASH -14% |
| Specialty Chemicals | 41 | 12.6% | 0.9% | -22.5% | NEU 127% · ECL 40% · SXT 35% |
| Precious Metals & Minerals | 7 | -2.6% | 132.4% | -31.9% | PPTA 253% |
| Commodity Chemicals | 13 | 19.9% | -23.0% | -36.8% | HWKN 319% · MEOH 51% · DOW -28% |
| Fertilizers & Agricultural Chemicals | 10 | 4.1% | 8.9% | -41.6% | CF 122% · CTVA 78% · NTR 28% |
| Paper Products | 4 | -38.4% | -62.4% | -80.6% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 189.24 |
| Mkt Cap | 34.3 |
| Rev LTM | 7,211 |
| Op Inc LTM | 1,429 |
| FCF LTM | 781 |
| FCF 3Y Avg | 801 |
| CFO LTM | 1,514 |
| CFO 3Y Avg | 1,558 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.6% |
| Rev Chg 3Y Avg | 4.3% |
| Rev Chg Q | 3.0% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | 3.6% |
| Op Inc Chg 3Y Avg | 8.0% |
| Op Mgn LTM | 19.8% |
| Op Mgn 3Y Avg | 19.5% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 18.9% |
| CFO/Rev 3Y Avg | 20.1% |
| FCF/Rev LTM | 6.6% |
| FCF/Rev 3Y Avg | 11.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 34.3 |
| P/S | 2.5 |
| P/Op Inc | 11.8 |
| P/EBIT | 11.7 |
| P/E | 17.8 |
| P/CFO | 12.6 |
| Total Yield | 6.4% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 2.5% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.3% |
| 3M Rtn | -1.9% |
| 6M Rtn | -11.9% |
| 12M Rtn | -13.1% |
| 3Y Rtn | 21.5% |
| 1M Excs Rtn | 14.6% |
| 3M Excs Rtn | -3.7% |
| 6M Excs Rtn | -16.6% |
| 12M Excs Rtn | -27.2% |
| 3Y Excs Rtn | -52.1% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Aggregates | 5,004 | 4,514 | 4,302 | 3,879 | 3,344 |
| Other Building Materials | 992 | 1,078 | 1,479 | ||
| Specialties | 441 | 320 | 315 | 304 | 299 |
| Interproduct revenues | -287 | -250 | -245 | -205 | -404 |
| Asphalt and paving services | 788 | 518 | |||
| Cement and ready mixed concrete | 1,395 | ||||
| Cement | 509 | ||||
| Ready Mixed Concrete | 1,148 | ||||
| Total | 6,150 | 5,662 | 5,851 | 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 | 2022 | 2021 | 2020 | 2019 | 2015 |
|---|---|---|---|---|---|
| West Group | 7,908 | 8,265 | 5,356 | 5,322 | 2,622 |
| East Group | 5,064 | 5,009 | 4,342 | 4,321 | |
| Corporate | 1,830 | 950 | 715 | 313 | |
| Specialties | 192 | 169 | 168 | 176 | 148 |
| Cement | 1,940 | ||||
| Mid-America Group | 1,305 | ||||
| Southeast Group | 583 | ||||
| corporate | 365 | ||||
| Total | 14,994 | 14,393 | 10,581 | 10,132 | 6,962 |
Price Behavior
| Market Price | $527.83 | |
| Market Cap ($ Bil) | 34.3 | |
| First Trading Date | 02/17/1994 | |
| Distance from 52W High | -25.1% | |
| 50 Days | 200 Days | |
| DMA Price | $502.91 | $572.22 |
| DMA Trend | down | down |
| Distance from DMA | 5.0% | -7.8% |
| 3M | 1YR | |
| Volatility | 27.7% | 29.5% |
| Downside Capture | 71.61 | 111.10 |
| Upside Capture | 85.49 | 81.31 |
| Correlation (S&P 500) | 16.7% | 36.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.29 | 0.22 | 0.70 | 0.59 | 0.81 | 0.79 |
| Up Beta | -3.15 | -0.86 | 0.62 | -0.32 | 0.63 | 0.82 |
| Down Beta | -1.10 | -1.34 | -0.95 | 0.61 | 0.72 | 0.54 |
| Up Capture | 130% | 106% | 122% | 59% | 69% | 64% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 13 | 21 | 32 | 61 | 128 | 393 |
| Down Capture | -67% | 62% | 109% | 106% | 104% | 99% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 9 | 22 | 32 | 65 | 123 | 358 |
[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 | -15.2% | 29.5% | -0.56 | - |
| Sector ETF (XLB) | 25.3% | 18.2% | 1.08 | 69.2% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 39.5% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | 19.7% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -32.1% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 48.5% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 10.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLM | |
|---|---|---|---|---|
| MLM | 6.7% | 27.2% | 0.23 | - |
| Sector ETF (XLB) | 6.1% | 19.2% | 0.20 | 70.1% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 60.6% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 10.0% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | -3.4% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 54.8% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 24.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLM | |
|---|---|---|---|---|
| MLM | 12.3% | 31.1% | 0.44 | - |
| Sector ETF (XLB) | 10.5% | 20.7% | 0.45 | 67.9% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 57.7% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 4.1% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 11.3% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 52.9% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 17.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | 2.4% | ||
| 7/30/2026 | -5.2% | -2.9% | -7.2% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 13 | 13 |
| # Negative | 7 | 10 | 10 |
| Median Positive | 2.4% | 5.8% | 7.8% |
| Median Negative | -2.9% | -1.6% | -6.5% |
| Max Positive | 7.5% | 8.9% | 15.2% |
| Max Negative | -6.6% | -6.5% | -16.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | 2.4% | ||
| 7/30/2026 | -5.2% | -2.9% | -7.2% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 17 | 13 | 13 |
| # Negative | 7 | 10 | 10 |
| Median Positive | 2.4% | 5.8% | 7.8% |
| Median Negative | -2.9% | -1.6% | -6.5% |
| Max Positive | 7.5% | 8.9% | 15.2% |
| Max Negative | -6.6% | -6.5% | -16.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 07/30/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 07/30/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 11/5/2026Latest: Q3 2026 Earnings Reported 11/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net earnings from continuing operations attributable to Martin Marietta | Reported | 727.00 Mil | 800.00 Mil | 873.00 Mil | ||||
| 2026 Aggregates Volume % growth | Reported | 12.5% | 13.0% | 13.5% | ||||
| 2026 Aggregates ASP % growth | Reported | -3.0% | -2.5% | -2.0% | ||||
| 2026 Revenues | Reported | 7.75 Bil | 7.80 Bil | 7.85 Bil | 6.8% | Raised | Guidance: 7.30 Bil for 2026 | |
| 2026 Aggregates Gross profit | Reported | 1.54 Bil | 1.59 Bil | 1.64 Bil | ||||
| 2026 Other Building Materials Gross profit | Reported | 96.00 Mil | 106.00 Mil | 116.00 Mil | ||||
| 2026 Specialties Gross profit | Reported | 345.00 Mil | 375.00 Mil | 405.00 Mil | ||||
| 2026 Adjusted EBITDA from continuing operations | Reported | 2.45 Bil | 2.48 Bil | 2.50 Bil | 1.9% | Raised | Guidance: 2.43 Bil for 2026 | |
| 2026 Interest expense, net of interest income | Reported | 398.00 Mil | 403.00 Mil | 408.00 Mil | ||||
| 2026 Estimated tax rate (excluding discrete events) | Reported | 20.5% | 21.0% | 21.5% | ||||
| 2026 Capital expenditures | Reported | 590.00 Mil | 620.00 Mil | 650.00 Mil | ||||
| 2027 Aggregates mix-adjusted pricing growth | Reported | 5.0% | 7.0% | 9.0% | ||||
Prior: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Annualized Cash Flow Improvements | Reported | 350.00 Mil | ||||||
| 2026 Revenue | Reported | 7.20 Bil | 7.30 Bil | 7.40 Bil | 2.0% | Raised | Guidance: 7.16 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 2.36 Bil | 2.43 Bil | 2.50 Bil | 0 | Affirmed | Guidance: 2.43 Bil for 2026 | |
Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net earnings from continuing operations attributable to Martin Marietta | Reported | 1.06 Bil | 1.11 Bil | 1.4% | Raised | Guidance: 1.10 Bil for 2026 | ||
| 2026 Volume % growth | Reported | 11.0% | 12.0% | 10.0% | Raised | Guidance: 2.0% for 2026 | ||
| 2026 Organic volume % growth | Reported | 1.0% | 2.0% | |||||
| 2026 ASP % growth | Reported | 1.5% | 2.5% | -2.5% | Lowered | Guidance: 5.0% for 2026 | ||
| 2026 Organic ASP % growth | Reported | 4.0% | 5.0% | |||||
| 2026 Revenue | Reported | 7.00 Bil | 7.16 Bil | 8.5% | Raised | Guidance: 6.60 Bil for 2026 | ||
| 2026 Adjusted EBITDA from continuing operations | Reported | 2.36 Bil | 2.43 Bil | 8.7% | Raised | Guidance: 2.23 Bil for 2026 | ||
| 2026 Capital expenditures | Reported | 550.00 Mil | 575.00 Mil | 0 | Affirmed | Guidance: 575.00 Mil for 2026 | ||
Q4 2025 Earnings Reported 2/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net earnings from continuing operations attributable to Martin Marietta | Reported | 1.04 Bil | 1.10 Bil | 1.16 Bil | ||||
| 2026 Consolidated net earnings attributable to Martin Marietta | Reported | 1.24 Bil | 1.30 Bil | 1.36 Bil | ||||
| 2026 Aggregates Volume % growth | Reported | 1.0% | 2.0% | 3.0% | ||||
| 2026 Aggregates ASP % growth | Reported | 4.0% | 5.0% | 6.0% | ||||
| 2026 Revenue | Reported | 6.42 Bil | 6.60 Bil | 6.78 Bil | 7.1% | Higher New | Guidance: 6.16 Bil for 2025 | |
| 2026 Aggregates Gross profit | Reported | 1.81 Bil | 1.85 Bil | 1.90 Bil | ||||
| 2026 Other Building Materials Gross profit | Reported | 80.00 Mil | 95.00 Mil | 110.00 Mil | ||||
| 2026 Specialties Business Gross profit | Reported | 150.00 Mil | 160.00 Mil | 170.00 Mil | ||||
| 2026 Adjusted EBITDA from continuing operations | Reported | 2.16 Bil | 2.23 Bil | 2.31 Bil | ||||
| 2026 Consolidated Adjusted EBITDA | Reported | 2.41 Bil | 2.48 Bil | 2.56 Bil | 7.1% | Higher New | Guidance: 2.32 Bil for 2025 | |
| 2026 Interest expense, net of interest income | Reported | 200.00 Mil | 205.00 Mil | 210.00 Mil | ||||
| 2026 Estimated tax rate | Reported | 20.0% | 20.5% | 21.0% | ||||
| 2026 Capital expenditures | Reported | 550.00 Mil | 575.00 Mil | 600.00 Mil | ||||
Insider Activity
Updated 8/4/2026| # | 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 |
Investor Activity (13F)
Updated Nov 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Camrose Capital Investment Partners LLP | $80.5 Mil | 10.5% | 10 | ADD +20.3% | 13F |
| Quantum Capital Management, LLC / NJ | $53.2 Mil | 6.8% | 34 | New | 13F |
| One Madison Group LLC | $53.6 Mil | 6.2% | 28 | ADD +40.0% | 13F |
| Mcdonald Capital Investors Inc/Ca | $88.3 Mil | 6.0% | 21 | Hold | 13F |
| Drummond Knight Asset Management Pty Ltd | $15.4 Mil | 5.4% | 14 | TRIM -18.2% | 13F |
| RDST Capital LLC | $56.0 Mil | 5.4% | 20 | TRIM -6.3% | 13F |
| M.D. Sass, LLC | $60.7 Mil | 4.6% | 36 | ADD +13.1% | 13F |
| Coalescence Partners Investment Management, LP | $18.1 Mil | 3.9% | 12 | New | 13F |
| Progeny 3, Inc. | $66.6 Mil | 3.6% | 32 | Hold | 13F |
| Hawk Ridge Capital Management LP | $94.5 Mil | 3.4% | 48 | TRIM -17.4% | 13F |
| Skye Global Management LP | $157.8 Mil | 3.4% | 44 | Hold | 13F |
| Harvey Partners, LLC | $37.6 Mil | 3.1% | 45 | ADD +25.0% | 13F |
| D1 Capital Partners L.P. | $190.1 Mil | 1.7% | 44 | New | 13F |
| Weitz Investment Management, Inc. | $23.4 Mil | 1.6% | 49 | Hold | 13F |
| Ycg, LLC | $13.3 Mil | 1.2% | 42 | ADD +10.3% | 13F |
| Stockbridge Partners LLC | $19.0 Mil | 0.5% | 16 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| D1 Capital Partners L.P. | $190.1 Mil | 1.7% | 44 | New | 13F |
| Quantum Capital Management, LLC / NJ | $53.2 Mil | 6.8% | 34 | New | 13F |
| Stockbridge Partners LLC | $19.0 Mil | 0.5% | 16 | New | 13F |
| Coalescence Partners Investment Management, LP | $18.1 Mil | 3.9% | 12 | New | 13F |
| One Madison Group LLC | $53.6 Mil | 6.2% | 28 | ADD +40.0% | 13F |
| Harvey Partners, LLC | $37.6 Mil | 3.1% | 45 | ADD +25.0% | 13F |
| Camrose Capital Investment Partners LLP | $80.5 Mil | 10.5% | 10 | ADD +20.3% | 13F |
| M.D. Sass, LLC | $60.7 Mil | 4.6% | 36 | ADD +13.1% | 13F |
| Ycg, LLC | $13.3 Mil | 1.2% | 42 | ADD +10.3% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| D1 Capital Partners L.P. | $190.1 Mil | 1.7% | 44 | New | 13F |
| Skye Global Management LP | $157.8 Mil | 3.4% | 44 | Hold | 13F |
| Hawk Ridge Capital Management LP | $94.5 Mil | 3.4% | 48 | TRIM -17.4% | 13F |
| Mcdonald Capital Investors Inc/Ca | $88.3 Mil | 6.0% | 21 | Hold | 13F |
| Camrose Capital Investment Partners LLP | $80.5 Mil | 10.5% | 10 | ADD +20.3% | 13F |
| Progeny 3, Inc. | $66.6 Mil | 3.6% | 32 | Hold | 13F |
| M.D. Sass, LLC | $60.7 Mil | 4.6% | 36 | ADD +13.1% | 13F |
| RDST Capital LLC | $56.0 Mil | 5.4% | 20 | TRIM -6.3% | 13F |
| One Madison Group LLC | $53.6 Mil | 6.2% | 28 | ADD +40.0% | 13F |
| Quantum Capital Management, LLC / NJ | $53.2 Mil | 6.8% | 34 | New | 13F |
| Harvey Partners, LLC | $37.6 Mil | 3.1% | 45 | ADD +25.0% | 13F |
| Weitz Investment Management, Inc. | $23.4 Mil | 1.6% | 49 | Hold | 13F |
| Stockbridge Partners LLC | $19.0 Mil | 0.5% | 16 | New | 13F |
| Coalescence Partners Investment Management, LP | $18.1 Mil | 3.9% | 12 | New | 13F |
| Drummond Knight Asset Management Pty Ltd | $15.4 Mil | 5.4% | 14 | TRIM -18.2% | 13F |
| Ycg, LLC | $13.3 Mil | 1.2% | 42 | ADD +10.3% | 13F |
MLM Trade Sentinel
Constructive
CONVICTION RATIONALE
Martin Marietta is executing a bold portfolio shift with the LNA acquisition, creating a more resilient, higher-margin business. While leverage is elevated at 6.2x Net Debt/EBITDA and organic volumes are soft, management has a credible plan for deleveraging and expects mid-to-high single-digit price growth in 2027, suggesting a path to higher earnings.
STOCK ARCHETYPE
Industrial / Basic Materials ProducerVolume (Tons Sold) x Price (Average Selling Price per Ton) Price-Cost Spread (Unit Profitability)
INVESTMENT THESIS
Evidence suggests yes. The LNA deal establishes MLM as a leader in high-margin lime/limestone, with initial results exceeding expectations and contributing to a raised full-year 2026 outlook.
- The LNA acquisition contributed $216 million in revenue and $115 million in cash gross profit since its August 21 closing.
- A preliminary 2027 outlook anticipates mid-to-high single-digit mix-adjusted aggregates pricing growth.
- The LNA combination establishes the company as the nation's leading producer of lime and limestone solutions.
PRIMARY RISK
Net debt has more than doubled to $13.1 billion, or 6.2x EBITDA, just as rate-sensitive end markets (58% of 2025 volume) are softening. A deeper-than-expected downturn could impair the cash flow needed for the company's stated deleveraging plan, trapping it with a high debt load.
- Net debt to trailing-twelve-month EBITDA is 6.2x.
- Organic aggregates shipments declined 1.1% in Q3 2026.
- Residential and light non-res construction, 58% of 2025 shipments, softened in September and October.
- Latest-quarter gross margin compressed by 5.6 percentage points year-over-year.
| KPI | Status | Rationale |
|---|---|---|
| Aggregates Shipments (Volume) | 67.1 million tons in Q3 2026, a 15.9% year-over-year increase on a reported basis. - Decelerating | The strong reported volume growth is entirely driven by recent large acquisitions, including the Quikrete asset exchange and New Frontier Materials. Underlying organic demand has softened, declining slightly in the third quarter. Management attributes the softness in private construction to higher interest rates. |
| Aggregates Average Selling Price (ASP) | $22.41 per ton in Q3 2026, a 3.6% year-over-year decrease on a reported basis. - Decelerating | The reported ASP decline is a direct result of acquisition mix, as newly acquired operations have average selling prices significantly below the company's heritage business. However, underlying organic pricing power remains, though it has moderated. Management has guided to a reacceleration in 2027, expecting "mid to high single digit mix adjusted aggregates pricing growth." |
| Organic Mix-Adjusted Aggregates ASP Growth | 2.7% (Q3 2026) | Represents the underlying pricing momentum of the heritage business, stripping out the dilutive effects of acquisitions and geographic mix shifts. |
Portfolio Transformation vs. Balance Sheet Risk
BULL VIEW
The LNA acquisition creates a higher-margin, more resilient earnings stream. Strong initial results and a confident 2027 pricing outlook will drive cash flow, allowing for rapid deleveraging and proving the strategic shift was worth the risk.
CORE TENSION
Can margin-accretive growth from the new LNA business offset softening organic trends and fund deleveraging from 6.2x Net Debt/EBITDA?
PREVAILING SENTIMENT
The bull view is favored. Management raised FY26 guidance, and the initial LNA contribution exceeded expectations, supporting the forward-looking transformation story over current organic weakness.
BEAR VIEW
The 6.2x leverage is too high entering a period of softening organic volumes (-1.1% in Q3) and decelerating pricing. Any execution misstep or deeper cyclical downturn could strain the company's ability to service its debt.
| Timeline | Event & Metric To Watch |
|---|---|
1/27/2027 | Peer Demand Signal Watch: Peer Eagle Materials' (EXP) commentary on residential and light commercial demand, providing an early read for the quarter. |
2/9/2027 | Margin Pressure Confirmation Watch: Whether management's January 1 pricing actions restored a positive price-cost spread, and the detailed margin outlook for 2027. |
2/9/2027 | Deleveraging Progress Scrutinized Watch: Reported debt reduction and updated leverage ratio on the Q4 earnings release, and management's commentary on the deleveraging trajectory. |
2/9/2027 | Acquisition Integration Performance Watch: LNA's first full-quarter contribution to revenue and margins, and any updates on synergy realization or integration challenges. |
2/15/2027 | Peer Earnings Report Watch: Peer Vulcan Materials (VMC) is scheduled to report earnings, offering a key competitive benchmark. |
2/15/2027 | Peer Earnings Report Watch: Peer Knife River (KNF) is scheduled to report earnings. |
| Date | Event | Stock Impact |
|---|---|---|
2026-11-04 | Q3 Earnings Reported Details: The company reported record third-quarter revenues of $2.37 billion. Full-year 2026 guidance for Revenue and Adjusted EBITDA was raised. | -2.9% $543.77 -> $527.83 |
2026-09-18 | Frazier Quarry Acquisition Details: As partial consideration for the acquisition of The Frazier Quarry, Inc., the company issued 96,719 shares of its common stock. | +1.1% $494.44 -> $499.67 |
2026-08-24 | LNA Acquisition Completed Details: The company completed its combination with Lhoist North America (LNA) on August 21, 2026. | -0.6% $534.05 -> $530.88 |
2026-08-12 | Large Debt Offering Details: | -1.6% $552.77 -> $543.88 |
2026-07-30 | Q2 Earnings Reported Details: The company reported record second-quarter revenue, with a 21% increase. Full-year 2026 revenue guidance was raised while Adjusted EBITDA guidance was reaffirmed. | -7.8% $568.74 -> $524.29 |
2026-06-29 | LNA Combination Announced Details: The company announced a definitive agreement to combine with Lhoist North America for $13.5 billion in cash and stock. | -6.4% $615.06 -> $575.77 |
2026-05-14 | Quarterly Dividend Declared Details: The company declared a regular quarterly cash dividend of $0.83 per share. | -3.1% $575.03 -> $556.96 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: MLM trades at roughly 26% annualized realized (three-month) volatility versus about 10% for the S&P 500 (2.6x the market). A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
VMC - Vulcan Materials Company
Pure-Play U.S. AggregatesOffers a pure-play exposure to the U.S. aggregates market with a less levered balance sheet and slightly higher gross margins, representing a more conservative investment in the same theme.
CRH - CRH plc
Global Diversified LeaderProvides significant international diversification and greater scale as the largest industry player. Its integrated model offers exposure to both upstream materials and downstream products and services.
An aggregates-led industrial company aggressively reshaping its portfolio toward higher-margin, more resilient upstream materials to reduce cyclicality and enhance cash flow.
Martin Marietta is in the midst of a significant portfolio transformation, divesting cyclical downstream assets to focus on its core aggregates business and rapidly expanding its differentiated, high-margin Specialties segment via the LNA acquisition. This strategy aims to create a more durable earnings stream, better insulated from private construction cycles, by increasing exposure to public infrastructure and specialized industrial end-markets. The key to the thesis is successful integration of LNA and continued pricing discipline to drive margin expansion.
Strong realization of 2027 price increases, evidence of synergy capture and margin expansion from the LNA integration, and sustained demand from infrastructure and data center projects.
A sharp downturn in public infrastructure spending, failure to integrate LNA effectively leading to margin compression, or a significant decline in key industrial end-markets for the Specialties business like steel.
Quarterly volume fluctuations in interest-rate sensitive end markets like residential construction, which management has already flagged as soft.
Repricing Catalyst
Successful integration of the LNA acquisition and execution of 2027 pricing actions, which would validate the portfolio transformation strategy and demonstrate enhanced earnings power and durability.
Specialties
$441M TTM (7% of Total)What It Is
Produces and sells magnesia-based products and dolomitic lime to a global customer base for environmental, industrial, agricultural, construction, and steel production applications.
Who Pays & How
Industrial companies (e.g., steel producers) and customers in various other sectors purchase these products for specific chemical properties and applications. The recent LNA acquisition makes MLM the leading U.S. producer of lime and limestone solutions.
Competition
Martin Marietta Materials — Investor Video Playlist
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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