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Martin Marietta Materials (MLM)

Market Price (4/12/2026): $631.23 | Market Cap: $38.2 Bil
Sector: Materials | Industry: Construction Materials

Martin Marietta Materials (MLM)

Market Price (4/12/2026): $631.23
Market Cap: $38.2 Bil
Sector: Materials
Industry: Construction Materials

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/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 15%

Stock buyback support
Stock Buyback 3Y Total is 1.1 Bil

Low stock price volatility
Vol 12M is 25%

Megatrend and thematic drivers
Megatrends include Water Infrastructure, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Water Treatment & Delivery, Show more.

Weak multi-year price returns
2Y Excs Rtn is -28%

Key risks
MLM 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.

0 Attractive cash flow generation
CFO/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 15%
1 Stock buyback support
Stock Buyback 3Y Total is 1.1 Bil
2 Low stock price volatility
Vol 12M is 25%
3 Megatrend and thematic drivers
Megatrends include Water Infrastructure, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Water Treatment & Delivery, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -28%
5 Key risks
MLM 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.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Martin Marietta Materials (MLM) stock has remained largely at the same level since 12/31/2025 because of the following key factors:

1. Martin Marietta Materials' stock movement was influenced by its mixed financial performance in late 2025 and a cautious outlook for early 2026, despite strong underlying segments. The company reported Q4 2025 earnings per share (EPS) of $4.62 on February 11, 2026, missing analysts' consensus estimates of $4.81 by $0.19, with quarterly revenue of $1.53 billion also falling short of expectations. This directly led to a 6.6% decline in the stock price on February 11, 2026. While the core aggregates business demonstrated strong performance in 2025 with an 11% increase in revenue and 16% rise in gross profit, other building materials saw an 8% revenue decrease and an 18% drop in gross profit, primarily due to the Minnesota asphalt business and a California paving divestiture. The company's guidance for 2026 reflected continued softness in private nonresidential and residential construction.

2. Robust public infrastructure spending, largely driven by federal initiatives, provided a significant demand floor, counteracting weaknesses in other construction sectors. The bipartisan Infrastructure Investment and Jobs Act (IIJA) and strong Department of Transportation (DOT) budgets continue to support a multiyear pipeline of projects for Martin Marietta Materials. Infrastructure demand remains solid and is expected to peak in 2026, reinforcing long-term demand for aggregates despite near-term softness in other construction areas. Additionally, demand from data center, energy, and LNG-related construction is expanding at a "multi-double-digit rate," contributing to overall demand stability.

Show more

Stock Movement Drivers

Fundamental Drivers

The 1.5% change in MLM stock from 12/31/2025 to 4/11/2026 was primarily driven by a 3.2% change in the company's P/E Multiple.
(LTM values as of)123120254112026Change
Stock Price ($)621.90631.531.5%
Change Contribution By: 
Total Revenues ($ Mil)6,4226,5431.9%
Net Income Margin (%)17.9%17.4%-3.1%
P/E Multiple32.633.63.2%
Shares Outstanding (Mil)6060-0.3%
Cumulative Contribution1.5%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/11/2026
ReturnCorrelation
MLM1.5% 
Market (SPY)-5.4%47.0%
Sector (XLB)14.6%60.0%

Fundamental Drivers

The 0.5% change in MLM stock from 9/30/2025 to 4/11/2026 was primarily driven by a 5.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)93020254112026Change
Stock Price ($)628.67631.530.5%
Change Contribution By: 
Total Revenues ($ Mil)6,2186,5435.2%
Net Income Margin (%)17.7%17.4%-1.9%
P/E Multiple34.433.6-2.4%
Shares Outstanding (Mil)6060-0.3%
Cumulative Contribution0.5%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/11/2026
ReturnCorrelation
MLM0.5% 
Market (SPY)-2.9%42.1%
Sector (XLB)16.6%56.2%

Fundamental Drivers

The 32.8% change in MLM stock from 3/31/2025 to 4/11/2026 was primarily driven by a 130.8% change in the company's P/E Multiple.
(LTM values as of)33120254112026Change
Stock Price ($)475.58631.5332.8%
Change Contribution By: 
Total Revenues ($ Mil)6,0696,5437.8%
Net Income Margin (%)32.9%17.4%-47.2%
P/E Multiple14.633.6130.8%
Shares Outstanding (Mil)61601.0%
Cumulative Contribution32.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/11/2026
ReturnCorrelation
MLM32.8% 
Market (SPY)16.3%51.7%
Sector (XLB)22.7%65.2%

Fundamental Drivers

The 81.0% change in MLM stock from 3/31/2023 to 4/11/2026 was primarily driven by a 34.7% change in the company's P/E Multiple.
(LTM values as of)33120234112026Change
Stock Price ($)348.98631.5381.0%
Change Contribution By: 
Total Revenues ($ Mil)6,1616,5436.2%
Net Income Margin (%)14.1%17.4%23.5%
P/E Multiple25.033.634.7%
Shares Outstanding (Mil)62602.5%
Cumulative Contribution81.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/11/2026
ReturnCorrelation
MLM81.0% 
Market (SPY)63.3%53.1%
Sector (XLB)36.0%60.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MLM Return56%-23%49%4%21%1%128%
Peers Return44%-20%59%31%0%3%149%
S&P 500 Return27%-19%24%23%16%-0%82%

Monthly Win Rates [3]
MLM Win Rate75%33%67%58%75%75% 
Peers Win Rate75%42%61%56%58%50% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
MLM Max Drawdown-2%-33%-5%-3%-12%-10% 
Peers Max Drawdown-2%-37%-5%-4%-22%-13% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[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 4/10/2026 (YTD)

How Low Can It Go

Unique KeyEventMLMS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-33.0%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven49.2%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven357 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-48.5%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven94.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven255 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-36.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven57.7%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven274 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-64.3%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven179.9%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven2,449 days1,480 days

Compare to VMC, CRH, EXP, KNF

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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About Martin Marietta Materials (MLM)

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.

AI Analysis | Feedback

Here are 1-3 brief analogies for Martin Marietta Materials (MLM):

  • 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.

  • They are like Dow Chemical for aggregates and concrete, supplying foundational industrial materials crucial for the construction industry.

  • 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.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

Key Risks to Martin Marietta Materials (MLM)

  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

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AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

Better Bets vs. Martin Marietta Materials (MLM)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Martin Marietta Materials Earnings Notes12/27/2025
2Martin Marietta Materials Stock 7-Day Winning Spree: Stock Climbs 5.5%11/27/2025
3With Martin Marietta Materials Stock Surging, Have You Considered The Downside?10/17/2025
4Martin Marietta Materials vs Alphabet: Which Is A Better Investment?08/18/2025
5Martin Marietta Materials vs Newmont: Which Is A Better Investment?08/18/2025
6Martin Marietta Materials vs Tecnoglass: Which Is A Better Investment?08/18/2025
7How Does Martin Marietta Materials Stock Stack Up Against Its Peers?08/13/2025
8Better Bet Than MLM Stock: Pay Less Than Martin Marietta Materials To Get More From DIS, MRK 08/12/2025
9ARTICLES 
10Martin Marietta Materials Stock Rockets 5.5% With 7-Day Winning Streak11/27/2025
11S&P 500 Stocks Trading At 52-Week High10/14/2025

Trade Ideas

Select ideas related to MLM.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
AXTA_3272026_Dip_Buyer_FCFYield03272026AXTAAxalta Coating SystemsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.2%3.2%-0.6%
IFF_3272026_Insider_Buying_GTE_1Mil_EBITp+DE_V203272026IFFInternational Flavors & FragrancesInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		2.2%2.2%-0.1%
IP_3132026_Insider_Buying_GTE_1Mil_EBITp+DE_V203132026IPInternational PaperInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		-4.2%-4.2%-9.4%
ARIS_3062026_Dip_Buyer_FCFYield03062026ARISAris MiningDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-3.9%-3.9%-16.7%
EMN_3062026_Dip_Buyer_FCFYield03062026EMNEastman ChemicalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		9.8%9.8%-6.0%
MLM_3312020_Dip_Buyer_2_Growing_With_High_FCF_Yield03312020MLMMartin Marietta MaterialsDip BuyDB | Growth | FCF YieldDip Buy with Growth and High Free Cash Flow Yield
Buying dips for companies with growth, and significant free cash flow yield (FCF / Market Cap)		22.8%79.1%-15.1%

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Peer Comparisons

Peers to compare with:

Financials

MLMVMCCRHEXPKNFMedian
NameMartin M.Vulcan M.CRH Eagle Ma.Knife Ri. 
Mkt Price631.53295.48117.89199.4784.06199.47
Mkt Cap38.238.878.96.34.838.2
Rev LTM6,5437,94137,4472,3003,1466,543
Op Inc LTM1,5161,5675,3235652861,516
FCF LTM9781,1352,912232-70978
FCF 3Y Avg8208692,84134297820
CFO LTM1,7851,8135,6255752781,785
CFO 3Y Avg1,5911,5865,2105623121,586

Growth & Margins

MLMVMCCRHEXPKNFMedian
NameMartin M.Vulcan M.CRH Eagle Ma.Knife Ri. 
Rev Chg LTM7.8%7.1%5.3%1.4%8.5%7.1%
Rev Chg 3Y Avg2.2%2.9%5.0%3.3%7.5%3.3%
Rev Chg Q8.6%3.2%6.2%-0.4%14.9%6.2%
QoQ Delta Rev Chg LTM1.9%0.7%1.5%-0.1%3.2%1.5%
Op Mgn LTM23.2%19.7%14.2%24.6%9.1%19.7%
Op Mgn 3Y Avg22.6%18.8%13.6%26.8%10.2%18.8%
QoQ Delta Op Mgn LTM19.5%-0.4%0.2%-0.9%0.4%0.2%
CFO/Rev LTM27.3%22.8%15.0%25.0%8.9%22.8%
CFO/Rev 3Y Avg25.8%20.5%14.5%24.7%10.6%20.5%
FCF/Rev LTM14.9%14.3%7.8%10.1%-2.2%10.1%
FCF/Rev 3Y Avg13.3%11.2%7.9%15.1%3.5%11.2%

Valuation

MLMVMCCRHEXPKNFMedian
NameMartin M.Vulcan M.CRH Eagle Ma.Knife Ri. 
Mkt Cap38.238.878.96.34.838.2
P/S5.84.92.12.81.52.8
P/EBIT25.223.814.110.716.116.1
P/E33.636.121.114.830.330.3
P/CFO21.421.414.011.017.117.1
Total Yield3.0%3.4%5.1%7.0%3.3%3.4%
Dividend Yield0.0%0.7%0.3%0.3%0.0%0.3%
FCF Yield 3Y Avg2.5%2.5%4.6%4.7%2.2%2.5%
D/E0.10.10.20.30.30.2
Net D/E0.10.10.20.20.20.2

Returns

MLMVMCCRHEXPKNFMedian
NameMartin M.Vulcan M.CRH Eagle Ma.Knife Ri. 
1M Rtn7.5%12.0%18.2%7.1%7.4%7.5%
3M Rtn-5.2%-5.0%-10.0%-15.2%5.3%-5.2%
6M Rtn0.1%-1.6%2.3%-12.4%24.8%0.1%
12M Rtn29.1%22.8%41.1%-10.4%-9.6%22.8%
3Y Rtn85.7%80.6%162.5%41.5%113.4%85.7%
1M Excs Rtn5.1%10.2%12.7%3.8%4.4%5.1%
3M Excs Rtn0.6%0.5%-3.6%-8.1%10.0%0.5%
6M Excs Rtn-1.4%-3.5%-0.2%-17.1%21.9%-1.4%
12M Excs Rtn3.5%-5.4%12.0%-39.5%-34.3%-5.4%
3Y Excs Rtn18.6%12.7%86.5%-24.9%47.1%18.6%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Aggregates4,514 3,879  
Other Building Materials1,078    
Specialties320 304299 
Interproduct revenues-250 -383  
Asphalt and paving services  788  
Cement  620  
Ready Mixed Concrete  953  
East Group   2,303 
West Group   2,812 
Total5,662 6,1615,414 


Price Behavior

Price Behavior
Market Price$631.53 
Market Cap ($ Bil)38.2 
First Trading Date02/17/1994 
Distance from 52W High-10.7% 
   50 Days200 Days
DMA Price$630.91$615.31
DMA Trendupdown
Distance from DMA0.1%2.6%
 3M1YR
Volatility31.6%24.1%
Downside Capture0.440.45
Upside Capture87.9594.14
Correlation (SPY)43.6%44.8%
MLM Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta1.360.921.190.860.680.84
Up Beta2.711.471.410.890.670.88
Down Beta0.640.380.870.620.410.58
Up Capture99%83%131%90%91%91%
Bmk +ve Days7162765139424
Stock +ve Days7183168136406
Down Capture177%114%128%102%92%99%
Bmk -ve Days12233358110323
Stock -ve Days15243257115343

[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
MLM40.5%25.1%1.31-
Sector ETF (XLB)42.2%19.3%1.7065.0%
Equity (SPY)31.2%17.3%1.4750.8%
Gold (GLD)60.1%27.8%1.698.9%
Commodities (DBC)29.8%16.6%1.58-4.0%
Real Estate (VNQ)21.3%15.2%1.0753.5%
Bitcoin (BTCUSD)-4.3%43.7%0.0221.9%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with MLM
MLM13.6%26.4%0.48-
Sector ETF (XLB)7.3%18.9%0.2869.1%
Equity (SPY)11.1%17.0%0.5062.8%
Gold (GLD)22.1%17.8%1.027.3%
Commodities (DBC)11.8%18.8%0.528.0%
Real Estate (VNQ)3.7%18.8%0.1054.1%
Bitcoin (BTCUSD)4.3%56.5%0.3024.9%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with MLM
MLM15.4%30.7%0.53-
Sector ETF (XLB)10.8%20.6%0.4767.0%
Equity (SPY)13.8%17.9%0.6658.7%
Gold (GLD)14.2%15.9%0.741.9%
Commodities (DBC)8.6%17.6%0.4116.7%
Real Estate (VNQ)5.1%20.7%0.2252.6%
Bitcoin (BTCUSD)67.6%66.9%1.0717.6%

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Short Interest

Short Interest: As Of Date3312026
Short Interest: Shares Quantity1.9 Mil
Short Interest: % Change Since 31520269.7%
Average Daily Volume0.6 Mil
Days-to-Cover Short Interest3.4 days
Basic Shares Quantity60.5 Mil
Short % of Basic Shares3.1%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/11/2026-6.6%-6.5%-16.9%
11/4/20251.0%-0.4%0.0%
8/4/20254.2%5.7%6.8%
4/30/20253.8%6.0%8.6%
2/12/2025-2.2%-1.5%-11.9%
10/30/20243.6%-0.2%2.0%
8/8/20240.1%-2.4%-6.5%
4/30/2024-2.6%-0.5%-6.4%
...
SUMMARY STATS   
# Positive161315
# Negative8119
Median Positive3.7%5.8%8.6%
Median Negative-3.2%-1.7%-6.5%
Max Positive7.5%8.9%16.8%
Max Negative-6.8%-8.7%-16.9%

SEC Filings

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Report DateFiling DateFiling
12/31/202502/19/202610-K
09/30/202511/04/202510-Q
06/30/202508/07/202510-Q
03/31/202504/30/202510-Q
12/31/202402/21/202510-K
09/30/202410/30/202410-Q
06/30/202408/08/202410-Q
03/31/202404/30/202410-Q
12/31/202302/23/202410-K
09/30/202311/01/202310-Q
06/30/202307/27/202310-Q
03/31/202305/04/202310-Q
12/31/202202/24/202310-K
09/30/202211/02/202210-Q
06/30/202207/28/202210-Q
03/31/202205/03/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/11/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue6.42 Bil6.60 Bil6.78 Bil7.1% Higher NewActual: 6.16 Bil for 2025
2026 Interest expense, net of interest income200.00 Mil205.00 Mil210.00 Mil  Higher New
2026 Estimated tax rate20.0%20.5%21.0%  Higher New
2026 Net earnings from continuing operations attributable to Martin Marietta1.04 Bil1.10 Bil1.16 Bil  Higher New
2026 Consolidated net earnings attributable to Martin Marietta1.24 Bil1.30 Bil1.36 Bil  Higher New
2026 Adjusted EBITDA from continuing operations2.16 Bil2.23 Bil2.31 Bil  Higher New
2026 Consolidated Adjusted EBITDA2.41 Bil2.48 Bil2.56 Bil7.1% Higher NewActual: 2.32 Bil for 2025
2026 Capital expenditures550.00 Mil575.00 Mil600.00 Mil  Higher New
2026 Aggregates Volume % growth1.0%2.0%3.0%-50.0% Lower NewActual: 4.0% for 2025
2026 Aggregates ASP % growth4.0%5.0%6.0%-31.5% Lower NewActual: 7.3% for 2025
2026 Aggregates Gross profit1.81 Bil1.85 Bil1.90 Bil  Higher New
2026 Other Building Materials Gross profit80.00 Mil95.00 Mil110.00 Mil  Higher New
2026 Specialties Business Gross profit150.00 Mil160.00 Mil170.00 Mil  Higher New

Prior: Q3 2025 Earnings Reported 11/4/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Revenue6.08 Bil6.16 Bil6.25 Bil-11.6% LoweredGuidance: 6.97 Bil for 2025
2025 Consolidated Adjusted EBITDA2.30 Bil2.32 Bil2.34 Bil0.9% RaisedGuidance: 2.30 Bil for 2025
2025 Aggregates Volume % growth 4.0% 60.0%1.5%RaisedGuidance: 2.5% for 2025
2025 Aggregates ASP % growth6.8%7.3%7.8%00AffirmedGuidance: 7.3% for 2025
2026 Aggregates Volume % growth      
2026 Aggregates ASP % growth      

Insider Activity

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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Perez, Laree E DirectSell8112025613.321,038636,6269,455,554Form
2McCunniff, Donald AEVP and CHRODirectSell3062025475.001,332632,7001,673,425Form
3Petro, Michael JSVP - Strategy and DevelopmentDirectBuy3052025454.37550249,9044,082,334Form

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