Martin Marietta Materials, Inc.

MLM

NYSE · Cement & Aggregates

$518.15

At close - USD

Market Cap$31.11B

P/E27.6x

52W High$710.97

Volume1M

VCP Research Verdict2026Q2

Margin Compression and Cash Flow Volatility Cloud Aggregates Growth

Martin Marietta's acquisition-driven expansion has grown total assets 31% to $21.3B since 2024Q1, but the strategy is straining near-term profitability and cash generation.

GrowthStable

ProfitabilityModerate

ValuationAttractive

TechnicalsWeak

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MARKET ACTION

MLM price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue growth of 7.5% in 2026Q2 was price-led, but gross margin contracted to 25.4% from 30.0% year-over-year, and EPS fell 23.2%, indicating fading operating leverage and cost headwinds.

Analyst Consensus+19.2% target

Buy(40 analysts)

25 Buy15 Hold0 Sell

The Bull Case

Upside Catalysts

Strong revenue growth

Martin Marietta Materials reported rising sales to US$1,534 million for the quarter and US$6.15 billion for the year, indicating robust business performance.

Long-term demand visibility

The company's positioning supports visibility into long-term demand for aggregates and related materials, ensuring sustained revenue and earnings growth.

Structural advantages

Martin Marietta benefits from structural advantages that underscore its quality and earnings durability, despite short-term market volatility.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

MLM-17.94%

S&P 500 (^GSPC)+7.63%

1-Year Return

MLM-14.28%

S&P 500 (^GSPC)+9.69%

3-Year Return

MLM+19.46%

S&P 500 (^GSPC)+66.04%

5-Year Return

MLM+25.39%

S&P 500 (^GSPC)+54.12%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y Low

14.6x

Forward P/E

30.1x

EV/EBITDA60th %ile

17.2x

FCF YieldCash Flow

2.8%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

14.6x

26.5x

0th· Low

EV/EBITDA

17.2x

16.4x

60th· Fair

Price/FCF

35.6x

38.6x

20th· Low

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$251.42-51.5%

Base (Fair)$508.97-1.8%

Bull$775.26+49.6%

$251.42 Bear$508.97 Base$775.26 Bull

Current Market Price: $518.15

Trades at a 1.8% premium to Base DCF ($508.97)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue FY25

$6.54B+0.1% YoY

Net income FY25

$1.14B-43.0% YoY

Free cash flow FY25

$978M+61.9% YoY

Operating margin FY25

23.3%-18.2 pts YoY

ROIC (FY25)7.6%

Avg ROIC 5Y-

ROE (FY25)11.7%

Piotroski Score7 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate7/12 (58%)

Revenue Beat Rate3/12 (25%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q4 2026Latest Nov 4, 2026	$5.47-8.7% vs $5.99	$2.4B+5.6% vs $2.2B
Q3 2026 Jul 30, 2026	$5.00+5.0% vs $4.76	$1.9B+4.1% vs $1.9B
Q2 2026 Apr 30, 2026	$1.93+8.4% vs $1.78	$1.4B+3.7% vs $1.3B
Q1 2026 Feb 11, 2026	$3.85-19.5% vs $4.78	$1.5B-7.0% vs $1.6B

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

Seeking Alpha·2d ago

Martin Marietta Materials, Inc. (MLM) Q3 2026 Earnings Call Transcript

Martin Marietta Materials, Inc. ( MLM ) Q3 2026 Earnings Call November 4, 2026 10:00 AM EST Company Participants Jacklyn Rooker - Vice President of Investor Relations C. Nye - Chairman, CEO, President, President of Aggregates Business & Chair of Magnesia Specialties Business Michael Petro - Executive VP & CFO Christopher Samborski - Executive VP & COO Conference Call Participants Trey Grooms - Stephens Inc., Research Division Adam Thalhimer - Thompson, Davis & Company, Inc., Research Division Kathryn Thompson - Thompson Research Group, LLC Philip Ng - Jefferies LLC, Research Division Esther Osinaiya - Morgan Stanley, Research Division Anthony Pettinari - Citigroup Inc., Research Division Keith Hughes - Truist Securities, Inc., Research Division Avinatan Jaroslawicz - UBS Investment Bank, Research Division Garrett Samuel Greenblatt - JPMorgan Chase & Co, Research Division Ivan Yi - Wolfe Research, LLC Michael Dudas - Vertical Research Partners, LLC Brent Thielman - Oppenheimer & Co. Inc., Research Division David S.

Zacks Investment Research·3d ago

Martin Marietta Q3 Earnings Beat on Acquisitions, Revenue Outlook Up

MLM beats Q3 estimates as acquisitions drove record aggregates volumes and Specialties growth, prompting higher 2026 revenue guidance despite margin pressure.

Zacks Investment Research·3d ago

Martin Marietta (MLM) Reports Q3 Earnings: What Key Metrics Have to Say

The headline numbers for Martin Marietta (MLM) give insight into how the company performed in the quarter ended September 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Zacks Investment Research·3d ago

Martin Marietta (MLM) Surpasses Q3 Earnings and Revenue Estimates

Martin Marietta (MLM) came out with quarterly earnings of $5.47 per share, beating the Zacks Consensus Estimate of $5.27 per share. This compares to earnings of $5.97 per share a year ago.

Filtered for Martin Marietta Materials, Inc.More Headlines

Compare before deciding

Benchmark MLM against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Martin Marietta Materials, Inc. (MLM)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
MLMMartin Marietta Materials, Inc.Current	$518.15	$31.11B	27.56	0.12%	17.37%	11.67%	0.63%
VMCVulcan Materials Company	$282.72	$36.68B	34.82	6.94%	13.77%	13%	0.7%
USLMUnited States Lime & Minerals, Inc.	$118.10	$3.39B	25.29	17.31%	35.66%	20.76%	0.2%
MDUMDU Resources Group, Inc.	$18.63	$3.89B	20.03	6.66%	10.75%	6.95%	2.83%
CRHCRH plc	$94.81	$63.35B	17.21	9.01%	7.85%	20.21%	1.55%
EXPEagle Materials Inc.	$186.04	$5.71B	14.18	2.13%	17.32%	26.87%	0.55%

Compare MLM vs Peers

Martin Marietta Materials, Inc. (MLM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs VMC

Most directly comparable listed peer for MLM.

Scale Benchmark

vs CAT

Larger-name benchmark to compare MLM against a more recognizable public peer.

Peer Set

Compare Top 5

vs VMC, USLM, MDU, CRH

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

MLM SEC Filings & Documents

Martin Marietta Materials, Inc. (MLM) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Aug 18, 2026·SEC

Material company update

Aug 14, 2026·SEC

Material company update

Aug 12, 2026·SEC

10-K Annual Reports

FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 21, 2025·SEC

10-Q Quarterly Reports

FY 2026

Jul 30, 2026·SEC

FY 2026

Apr 30, 2026·SEC

FY 2025

Nov 4, 2025·SEC

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MLM Frequently Asked Questions

Martin Marietta Materials, Inc. (MLM) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is Martin Marietta Materials, Inc.'s revenue?

Martin Marietta Materials, Inc. (MLM) reported $6.69B in revenue over the trailing twelve months. Revenue was $6.54B in fiscal year 2025. That is 806% more than the $721.9M of fiscal year 1996.

How fast is Martin Marietta Materials, Inc. growing?

Martin Marietta Materials, Inc. (MLM) grew revenue by 0.1% in fiscal year 2025, compared with the prior fiscal year.

Is MLM profitable?

Yes. Martin Marietta Materials, Inc. (MLM) earned $2.46B in net income over the trailing twelve months (a 36.8% net margin).

Dividend & Returns

Does MLM pay dividends?

Yes. Martin Marietta Materials, Inc. (MLM) pays a dividend that yields 0.63% at the current price, a small yield.

What is MLM's return on equity?

Martin Marietta Materials, Inc. (MLM) had a return on equity (ROE) of 11.7% in fiscal year 2025. That is in line with the market's typical 10-15%.

What is Martin Marietta Materials, Inc.'s free cash flow?

Martin Marietta Materials, Inc. (MLM) generated $810.0M in free cash flow over the trailing twelve months.

What if you invested $1,000 in MLM back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q4 2026Latest

Nov 4, 2026

$5.47-8.7%

vs $5.99

$2.4B+5.6%

vs $2.2B

Q3 2026

Jul 30, 2026

$5.00+5.0%

vs $4.76

$1.9B+4.1%

vs $1.9B

Q2 2026

Apr 30, 2026

$1.93+8.4%

vs $1.78

$1.4B+3.7%

vs $1.3B

Q1 2026

Feb 11, 2026

$3.85-19.5%

vs $4.78

$1.5B-7.0%

vs $1.6B

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

MLMMartin Marietta Materials, Inc.Current

$518.15

$31.11B

27.56

0.12%

17.37%

11.67%

0.63%

VMCVulcan Materials Company

$282.72

$36.68B

34.82

6.94%

13.77%

13%

0.7%

USLMUnited States Lime & Minerals, Inc.

$118.10

$3.39B

25.29

17.31%

35.66%

20.76%

0.2%

MDUMDU Resources Group, Inc.

$18.63

$3.89B

20.03

6.66%

10.75%

6.95%

2.83%

CRHCRH plc

$94.81

$63.35B

17.21

9.01%

7.85%

20.21%

1.55%

EXPEagle Materials Inc.

$186.04

$5.71B

14.18

2.13%

17.32%

26.87%

0.55%