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US producer of crushed stone, sand and gravel aggregates plus cement, used mainly in infrastructure projects.
US producer of crushed stone, sand and gravel aggregates plus cement, used mainly in infrastructure projects.
Sells stone by the ton from quarries it owns or leases, mostly within a short truck, rail or barge haul, so a quarry near a growing area acts like a local monopoly and prices have tended to rise. It has been moving toward pure aggregates, agreeing in 2025 to trade its Texas cement and ready-mix operations for quarries held by Quikrete.
Moat: narrow (regulatory licence, distribution, scale). Quarry permits are scarce and local; high freight costs protect nearby incumbents.
Headquarters: Raleigh, North Carolina, US · Founded: 1993 · Employees: 9,600
Size Martin Marietta Materials (MLM) is a United States Materials company (Construction Materials) with a market value of $36.8B, the 312th largest of 3,117 United States companies the cockpit tracks. Shares closed at $518.15 on 6 Nov 2026.
Performance Over six months the shares fell 12.2%, against -8.4% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 9 in its peer set.
Growth Revenue grew 8.6% over the last twelve months (peer median +2.7%); the operating margin is 20.0% (peer median 14.4%).
Valuation It trades at 28.8× forward earnings against a peer median of 18.3× (2nd most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +18 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.0 points below its cost of capital (8.8% WACC).
Backlog Backlog (remaining performance obligations) was $219M at 30 Sep 2026, down 3% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Martin Marietta Materials has 14 bonds outstanding ($10.9B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 86 bp.
Short interest Short interest is 4.5% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.21B | $6.15B | $5.66B | $6.78B | $6.16B |
| Revenue growth | — | +9% | -16% | +10% | — |
| Gross profit | $2.40B | $1.89B | $1.64B | $2.02B | $1.42B |
| EBITDA | $2.22B | $2.04B | $1.71B | $2.10B | $1.57B |
| Net income | $2.30B | $1.14B | $2.00B | $1.20B | $867M |
| Free cash flow | $875M | $978M | $604M | $878M | $509M |
| Capital expenditure | $650M | $807M | $855M | $650M | $482M |
| Total debt | $12.8B | $6.01B | $6.00B | $4.92B | $5.63B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Martin Marietta Materials MLM | $36.8B | -12% | +9% | 20% | 28.8× | 23.2% |
| Vulcan Materials VMC | $36.3B | 0% | +2% | 21% | 29.5× | 18.7% |
| CRH CRH | $63.1B | -16% | +6% | 14% | 16.0× | 11.0% |
| Eagle Materials EXP | $5.71B | -12% | +2% | 22% | 16.1× | 9.7% |
| Amrize AMRZ | $22.9B | -21% | +4% | 16% | 17.2× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MLM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.6% | +14.8% | 2nd lowest of 9 |
| 6-month return | -12.2% | -8.4% | 5th highest of 9 |
| Distance from 52-week high | -27.0% | -24.5% | 5th highest of 9 |
| Revenue growth (TTM) | +8.6% | +2.7% | 3rd highest of 9 |
| Operating margin | 20.0% | 14.4% | 2nd highest of 9 |
| Forward P/E | 28.8× | 18.3× | 2nd most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 23.2% | 4.7% | 2nd most demanding of 9 |
| Growth delivered (Del g) | +5.4% | +4.4% | 4th highest of 9 |
| Hurdle (Req g minus delivered) | +17.8 pp | +5.5 pp | most demanding of 9 |
| ROIC minus cost of capital | -5.0 pp | +0.0 pp | 2nd lowest of 9 |
| EV / EBITDA | 22.3× | 10.5× | most expensive of 8 |
| Net debt / EBITDA | 5.7× | 2.1× | most indebted of 9 |
| Bond spread | 86 bp | 83 bp | 3rd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Martin Marietta Materials MLM | United States | $36.8B | -12% | +9% | 20% | 28.8× | 23.2% | +5.4% |
| Vulcan Materials VMC | United States | $36.3B | 0% | +2% | 21% | 29.5× | 18.7% | +10.3% |
| Heidelberg Materials HEI.DE | Germany | $34.3B | -5% | 0% | 15% | 13.5× | 4.9% | +4.0% |
| Holcim HOLN.SW | Switzerland | $48.4B | -3% | -26% | 16% | 19.5× | 1.4% | -7.4% |
| Amrize AMRZ | United States | $22.9B | -21% | +4% | 16% | 17.2× | -0.1% | +3.3% |
| CRH CRH | United States | $63.1B | -16% | +6% | 14% | 16.0× | 11.0% | +6.3% |
| Cemex SAB de CV Sponsored ADR CX | United States | $16.6B | -18% | +10% | 13% | 11.2× | 4.4% | +4.7% |
| James Hardie Industries JHX | United States | $16.2B | +33% | +43% | 14% | 21.0× | 26.1% | +10.7% |
| Anhui Conch Cement 600585.SS | China | $13.9B | -12% | -8% | 4% | 19.4× | -7.7% | -14.1% |
Martin Marietta Materials has 14 bonds outstanding with $10.9B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.71%, a spread of 86 bp over government bonds.
Martin Marietta Materials reported $219M of remaining performance obligations at 30 Sep 2026, down 3% from a year earlier and down 9% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.99.