Martin Marietta Materials, Inc.
- Open
- 524.00
- Day high
- 524.56
- Day low
- 514.16
- Prev close
- 517.07
- Volume
- 70K
- Mkt cap
- $36.5B
- P/E (TTM)
- 12.6
- EPS (TTM)
- $40.78
- P/B
- 3.2
- P/S
- 5.5
- Yield
- 0.65%
- Per share
- $3.33
Martin Marietta Materials, Inc. (MLM) is a Basic Materials company listed on NYSE. The stock is down 15% over the past year. Drillr has 1 published research article covering MLM.
Martin Marietta Materials, Inc. (MLM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 9 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MLM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $4.77 | $5.00 | +4.8% | $1.9B | +4.3% |
| Apr 30, 2026 | $1.78 | $1.93 | +8.3% | $1.4B | +3.6% |
| Feb 11, 2026 | $4.79 | $3.85 | -19.5% | $1.5B | -7.0% |
| Nov 4, 2025 | $6.70 | $5.97 | -10.9% | $1.8B | -10.4% |
| Aug 7, 2025 | $5.29 | $5.43 | +2.6% | $1.8B | -3.0% |
| Apr 30, 2025 | $1.88 | $1.90 | +1.2% | $1.4B | +0.3% |
| Feb 12, 2025 | $4.62 | $4.79 | +3.7% | $1.6B | -0.7% |
| Oct 30, 2024 | $6.32 | $5.91 | -6.5% | $1.9B | -2.4% |
| Aug 8, 2024 | $5.41 | $4.76 | -12.0% | $1.8B | -4.1% |
| Apr 30, 2024 | $1.89 | $1.93 | +2.0% | $1.3B | -5.2% |
| Feb 14, 2024 | $4.00 | $4.63 | +15.8% | $1.6B | -1.3% |
| Nov 1, 2023 | $6.06 | $6.94 | +14.5% | $2.0B | -0.2% |
MLM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 2, 2026 | WAJSGRAS DAVID Cdirector | Grant | 78 | $518.70 |
| Sep 2, 2026 | LYONS MARTIN Jdirector | Grant | 68 | $518.70 |
| Sep 2, 2026 | Petro Michael Jofficer: SVP and CFO | Grant | 9,331 | — |
| Sep 2, 2026 | Pike Thomasdirector | Grant | 66 | $518.70 |
| Aug 25, 2026 | Niemann Philippdirector | Grant | 337 | — |
| Aug 4, 2026 | Petro Michael Jofficer: SVP and CFO | Tax | 368 | $542.27 |
| Jun 2, 2026 | LYONS MARTIN Jdirector | Grant | 61 | $581.64 |
| Jun 2, 2026 | WAJSGRAS DAVID Cdirector | Grant | 69 | $581.64 |
| Jun 2, 2026 | Pike Thomasdirector | Grant | 59 | $581.64 |
| May 18, 2026 | LYONS MARTIN Jdirector | Grant | 313 | — |
| May 18, 2026 | Foxx Anthony Rdirector | Grant | 313 | — |
| May 18, 2026 | SLAGER DONALD Wdirector | Grant | 313 | — |
| May 18, 2026 | Ables Dorothy Mdirector | Grant | 313 | — |
| May 18, 2026 | Mack Mary Tdirector | Grant | 313 | — |
| May 18, 2026 | DELLY GAYLA Jdirector | Grant | 313 | — |
Source: MLM SEC Form 4 filings, latest Sep 2, 2026. For informational purposes only — not investment advice.
See the full MLM insider & 13F page →Martin Marietta Materials, Inc. company profile
Overview
Martin Marietta Materials, Inc. (NYSE:MLM) is a leading natural resource-based building materials company founded in 1939 and headquartered in Raleigh, North Carolina. The company has evolved from its origins as a diversified conglomerate into a focused construction materials provider following its initial public offering in 1994. Today, Martin Marietta stands as one of the largest suppliers of aggregates and heavy building materials in the United States, with operations spanning key growth markets across the country. The company has built its current position through strategic acquisitions, operational excellence, and a disciplined approach to capital allocation, completing nearly $6 billion in portfolio-enhancing transactions in recent years.
Business
Martin Marietta operates in the construction materials industry, providing essential raw materials that form the foundation of America's infrastructure and built environment. The company's business is organized into two primary segments that serve different aspects of the construction value chain. The Building Materials Business represents approximately 85-90% of total revenues and encompasses four key product lines. Aggregates form the core of this segment, consisting of crushed stone, sand, and gravel that serve as the basic building blocks for concrete, asphalt, and construction projects. These materials are extracted from the company's quarries and processing facilities across strategic markets. The company also produces cement, a binding agent that hardens when mixed with water and aggregates to create concrete. Ready-mixed concrete combines cement, aggregates, and water in precise proportions for immediate use at construction sites. The asphalt and paving services division produces hot-mix asphalt and provides paving services for roads and other infrastructure projects. The Magnesia Specialties Business accounts for approximately 10-15% of revenues and represents a higher-margin specialty chemicals operation. This segment produces magnesia-based chemical products and dolomitic lime used in diverse industrial applications including steel production, environmental remediation, flame retardants, wastewater treatment, and agricultural applications. These products leverage the company's natural resource base but serve specialized industrial markets with different demand drivers than traditional construction materials. The construction materials industry is fundamentally driven by infrastructure investment, residential and commercial construction activity, and economic growth. Materials like aggregates are consumed locally due to high transportation costs relative to product value, making geographic positioning and local market dynamics critical success factors.
Revenue model
Martin Marietta generates revenue primarily through direct product sales to construction companies, contractors, government agencies, and other materials distributors. The company operates on a traditional manufacturing and distribution model where raw materials are extracted from owned quarries, processed at production facilities, and sold at market-based pricing. The aggregates business represents the largest revenue source, selling crushed stone, sand, and gravel by the ton to customers who use these materials in concrete production, road construction, and building projects. Pricing is typically established through annual contracts with customers, though spot market sales also occur. The company has demonstrated strong pricing power, achieving mid-to-high single-digit price increases annually in recent years. Cement operations generate revenue through sales to ready-mix concrete producers and contractors, with pricing often tied to regional supply-demand dynamics. The company's cement plants in key markets like Texas operate near capacity, providing significant pricing leverage. Ready-mixed concrete and asphalt businesses operate on higher-margin service models, where the company not only supplies materials but also provides delivery and application services directly to construction sites. The Magnesia Specialties segment operates on a specialty chemicals model with higher margins due to the technical nature of products and specialized applications in steel production and industrial processes. Several factors influence the company's profitability margins. Positive margin drivers include infrastructure spending increases, tight supply conditions in key markets, the company's strategic positioning in high-growth regions, pricing power due to local market dynamics, and operational efficiency improvements. Negative margin pressures come from energy cost inflation (diesel fuel, electricity), labor cost increases, transportation and logistics expenses, weather disruptions that halt production and shipments, and potential economic slowdowns that reduce construction activity. The company's margins are also influenced by the seasonal nature of construction, with stronger performance typically in the second and third quarters when weather conditions favor construction activity.
Competitive moat
Martin Marietta possesses a moderately strong economic moat built primarily on strategic asset positioning and local market dynamics rather than technological advantages or brand power. The company's competitive advantages stem from several key factors that create barriers to entry and sustainable competitive positioning. The most significant moat element is strategic geographic positioning of quarries and production facilities. Aggregates are high-volume, low-value products where transportation costs represent a substantial portion of delivered price, typically limiting economic shipping distances to 25-50 miles. This creates natural geographic monopolies around well-positioned quarries, especially in high-growth markets like Texas, Florida, North Carolina, and Georgia where Martin Marietta has established strong footholds. Regulatory barriers provide additional protection, as obtaining permits for new quarries involves lengthy environmental review processes, zoning approvals, and community acceptance that can take years to navigate. Existing operations benefit from grandfathered permits and established relationships with regulatory bodies. The company's scale advantages in key markets allow for operational efficiencies, better customer service through multiple supply points, and stronger relationships with large contractors and government agencies. Martin Marietta's position as a leading supplier in many markets provides negotiating leverage and preferred supplier status. However, the moat faces several potential threats. Substitute materials like recycled concrete and alternative construction methods could reduce demand for traditional aggregates. New entrants with sufficient capital could establish competing operations, particularly in rapidly growing markets where demand may justify additional capacity. Transportation innovations or infrastructure improvements could potentially extend economic shipping distances, increasing competitive pressures. Additionally, economic cyclicality means that even well-positioned assets can face significant demand volatility during construction downturns. The Magnesia Specialties business exhibits stronger moat characteristics due to technical expertise, specialized applications, and higher switching costs for industrial customers, but represents a smaller portion of overall operations.
Risks & safety
Martin Marietta demonstrates a moderate margin of safety with solid financial fundamentals but some cyclical risk considerations. • Liquidity and Debt: Strong current ratio of 2.25, cash position of $670 million as of Q4 2024, debt-to-equity ratio of 0.61 indicating manageable leverage levels, and positive free cash flow generation of $604 million in 2024. • Valuation Metrics: Current P/E ratio around 16x based on 2024 earnings appears reasonable for a cyclical materials company, EV/EBITDA of approximately 11x suggests moderate valuation, though Q1 2025 metrics show elevated ratios due to seasonal earnings patterns. • Operational Cash Generation: Strong operating cash flow of $1.46 billion in 2024 demonstrates the business's ability to generate cash through cycles, though quarterly variations occur due to seasonal working capital changes. • Other Considerations: The business benefits from essential product demand and infrastructure spending tailwinds, but faces cyclical construction market exposure and commodity price volatility risks.
Recent development
Over the past several years, Martin Marietta has executed a focused strategy centered on portfolio optimization and strategic acquisitions in high-growth markets. The company completed nearly $6 billion in portfolio-enhancing transactions, including the acquisition of Blue Water Industries and Albert Frei & Sons, while divesting non-core assets like the South Texas cement operations and Stockton, California cement import terminal. The company has pursued aggressive pricing strategies, implementing double-digit price increases across product lines to offset inflationary pressures and improve margins. This "value-over-volume" approach has successfully expanded gross profit per ton in aggregates from around $7 to over $8 per ton. Capacity expansion initiatives include the completion of the Midlothian cement plant expansion, adding 450,000 tons of annual production capacity to serve the strong Texas market. The company has also focused on adding aggregate reserves through acquisitions, incorporating nearly 1 billion tons of additional reserves. Geographic expansion has targeted high-growth markets, with recent bolt-on acquisitions in Southwest Florida, Southern California, and West Texas positioning the company to capitalize on infrastructure investment and population growth trends. The company has maintained focus on operational excellence and safety, achieving record safety performance while integrating acquired operations and optimizing cost structures. Management has also emphasized commercial excellence through improved pricing strategies and customer relationship management. Looking forward, Martin Marietta is positioning for continued growth through the Infrastructure Investment and Jobs Act (IIJA), with 70% of allocated funds still to be deployed, and emerging opportunities in data center infrastructure and AI-related construction projects.
MLM company profile · for informational purposes only — not investment advice.
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