NYSE: MLM · Construction Materials
Martin Marietta Materials
Martin Marietta Materials, based in Raleigh, North Carolina, supplies aggregates — crushed stone, sand and gravel — plus cement, ready-mixed concrete and asphalt for infrastructure, nonresidential and residential construction, and runs a Specialties business in magnesia-based chemicals and dolomitic lime. It reports East Group ($3,194 million of 2025 revenue), West Group ($2,515 million) and Specialties ($441 million). The company is reshaping toward aggregates: it sold its South Texas cement business to CRH for $2.1 billion in February 2024 (a $1.3 billion gain that inflated 2024 net income to $1,995 million), bought 20 aggregates operations from Blue Water Industries in April 2024, acquired Premier Magnesia in July 2025, and agreed in August 2025 to swap its Midlothian cement plant and Texas ready-mix assets for Quikrete aggregates quarries producing about 20 million tons a year plus cash. 2025 revenue rose to $6,150 million and net income was $1,137 million.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 29, 2026 13:34 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-1910-Q (quarter ended 2026-09-30) · filed 2026-11-04Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 5.4%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 23.4%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -1.0 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.5x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.57x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 14.4x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.78
Higher than 27% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 65% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 24% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 66% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 54% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$547.18close on 2026-11-04
Market cap$33B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 14.4x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 3.3x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 18.4x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 3.0%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.6%
At FY2025 year-end: 33.2x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 3.7x
Book value at FY2025 year-end
At FY2025 year-end: 20.6x
EBITDA for FY2025
At FY2025 year-end: 2.6%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.85B → $2.37B (vs. a year earlier)↑ +28.3%$1.85B → $2.37B (vs. a year earlier)
- Operating margin27.4% → 18.5% (vs. a year earlier)↓ −8.9 pts27.4% → 18.5% (vs. a year earlier)
- Net income$414M → $256M (vs. a year earlier)↓ −38.2%$414M → $256M (vs. a year earlier)
- Diluted EPS$6.85 → $3.94 (vs. a year earlier)↓ −42.5%$6.85 → $3.94 (vs. a year earlier)
- Cash$112M → $140M (vs. previous quarter-end)↑ +25.0%$112M → $140M (vs. previous quarter-end)
- Long-term debt$5.95B → $12.82B (vs. previous quarter-end)↑ +115.5%$5.95B → $12.82B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 4, 2026.
Management outlook • Issued
Updated the midpoints of 2026 revenue and Adjusted EBITDA guidance. Source sentence
With the closing of LNA, we have updated the midpoints of our full-year 2026 Revenue and Adjusted EBITDA guidance to $7.80 billion and $2.48 billion, respectively, as acquisition contributions are anticipated to more than offset lower near-term expectations for our heritage operations.
Key changes
Q3 aggregates shipments up 15.9% to a record 67.1M tons. Source sentence
Third-quarter aggregates shipments increased 15.9 percent to a record of 67.1 million tons driven by acquisition contributions that more than offset a modest decline in organic shipments.
Average selling price down 3.6% to $22.41 per ton. Source sentence
ASP decreased 3.6 percent to $22.41 per ton, primarily reflecting acquisition-related mix, as acquired operations have average selling prices below the Company average.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- MARTIN MARIETTA MATERIALS INC
- Headquarters
- RALEIGH, NC
- Incorporated in
- North Carolina
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: MLM
- Industry
- Construction Materials
- CIK
- 916076
Workforce (as of FY2025 year-end)
Employees
9,600
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 42–45 days after quarter end (Feb 11, 2026; Feb 12, 2025; Feb 14, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 30–45 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 4, 2026 (+35 days) | Nov 4, 2026 10-Q (+35 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 30, 2026 (+30 days) | Jul 30, 2026 10-Q (+30 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 30, 2026 (+30 days) | Apr 30, 2026 10-Q (+30 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 11, 2026 (+42 days) | Feb 19, 2026 10-K (+50 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 4, 2025 (+35 days) | Nov 4, 2025 10-Q (+35 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 7, 2025 (+38 days) | Aug 7, 2025 10-Q (+38 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | Apr 30, 2025 10-Q (+30 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 12, 2025 (+43 days) | Feb 21, 2025 10-K (+52 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 8, 2024 (+39 days) | Aug 8, 2024 10-Q (+39 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | Apr 30, 2024 10-Q (+30 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 14, 2024 (+45 days) | Feb 23, 2024 10-K (+54 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Building Materials
Aggregates
Crushed stone, sand and gravel for construction.
Building Materials
Cement, ready-mix and asphalt
Downstream products, mainly in the West Group (cement being exchanged with Quikrete).
Specialties
Magnesia specialties
Magnesia-based chemicals, dolomitic lime and, via Premier, natural magnesite and Epsom salt.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Natural magnesite and Epsom salt
U.S. magnesia products
U.S. share
Largest producer (Premier)
Company-disclosedPremier is “the largest producer of natural magnesite and magnesium sulfate, or Epsom salt, in the United States.”
Worldwide share
—
Not disclosed
07
Recent strategic focusSite analysis
Recent developments.
Quikrete exchange
August 3, 2025 agreement: receive aggregates operations (~20M tons/yr) in Virginia, Missouri, Kansas and Vancouver plus cash in exchange for the Midlothian cement plant and Texas ready-mix assets.
Source: Form 10-K (FY2025)
Premier Magnesia
Acquired Premier Magnesia on July 25, 2025, the largest U.S. producer of natural magnesite and Epsom salt.
Source: Form 10-K (FY2025)
Blue Water Industries
Acquired 20 active aggregates operations in Alabama, South Carolina, South Florida, Tennessee and Virginia on April 5, 2024.
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
1.27x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$807M ÷ $637M = 1.27x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$7.49B
Latest year: $685M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $360M in FY2020 to $807M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$6.15B
As reported in the 10-K
Revenue CAGR (5 years)
+5.4%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($6,150M ÷ $4,730M) ^ (1÷5) − 1 = 5.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
23.4%▲favorable
+2.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,437M ÷ $6,150M × 100 = 23.4%
ROE (FY2025)
11.7%▲favorable
6-year average: 14.3%
As reported in the 10-K
P/B (FY2025 end)
3.74x
formulafiscal year-end closing price ÷ book value per share
e.g.$622.66 ÷ $166.34 = 3.74x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
20.6x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($37,552M + $5,323M − $67M) ÷ ($1,437M + $637M) = 20.6x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +5.4% a year over 5 years (strong growth)
From $4.73B in FY2020 to $6.15B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 21.3% → 23.4%
How much operating profit is left per $100 of revenue. It moved +2.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 53.6% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 14.3% over 6 years (latest: 11.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- East Group and West Group: aggregates, cement, ready-mix, asphalt
- Specialties: magnesia-based chemicals and dolomitic lime
06 · what it draws on
Key resources
- About 9,600 employees (7,100 hourly)
- Quarries and mineral reserves across the U.S.
- Magnesia mineral reserves and chemical plants (Specialties)
02 · why customers buy
Value propositions
- Locally sourced aggregates and downstream products from about 400 quarries and yards.
04 · how it keeps them
Customer relationships
- Supply for infrastructure and construction projects in local markets.
03 · how it reaches them
Channels
- Direct sales to contractors, government agencies and builders near its quarries.
01 · who it serves
Customer segments
- Infrastructure, nonresidential and residential construction customers
- Industrial and agricultural customers (Specialties)
09 · where money goes
Cost structure
FY2025, share of revenue ($6.15B)
- Cost of revenue69.3%
- Selling, general & administrative7.2%
Operating profit left: 23.4% of revenue. Depreciation & amortization (inside the costs above): $637M. Capital spending: $807M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- East Group $3,194M (2025)
- West Group $2,515M
- Specialties $441M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Owns quarries and sand-and-gravel pits and sells heavy, locally sourced aggregates and downstream products to contractors, government infrastructure projects and builders.
01 what it draws on
Inputs & resources
- About 9,600 employees (7,100 hourly)
- Quarries and mineral reserves across the U.S.
- Magnesia mineral reserves and chemical plants (Specialties)
02 what it does
Activities
- East Group and West Group: aggregates, cement, ready-mix, asphalt
- Specialties: magnesia-based chemicals and dolomitic lime
03 who it serves
Customers
- Infrastructure, nonresidential and residential construction customers
- Industrial and agricultural customers (Specialties)
04 how money comes in
How it earns
- East Group $3,194M (2025)
- West Group $2,515M
- Specialties $441M
How the business makes money
- East Group aggregates revenue $3,065M; West Group aggregates $1,939M in 2025.
- About 13% of employees are represented by unions.
- Midlothian cement plant classified as held for sale ahead of the Quikrete exchange.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Martin Marietta invests in renewable tax-credit projects and its plants face GHG rules.
Government funding & tax credits
Tax equity investments
Committed $51M more to renewable energy tax credit projects at end-2025.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
GHG regulation
Its cement plant and specialties plants are regulated for GHG emissions.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
East Group
3,194 (52%)West Group
2,515 (41%)Specialties
441 (7%)
Source: Form 10-K (FY2025) Segment revenues; total $6,150M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Contractors, government agencies, builders and industrial customers.
Named by the company
No customer concentration is disclosed.
Suppliers
Equipment, energy and service suppliers.
Named by the company
No material supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K does not name specific competitors; Specialties competes on quality, price, technology and support.
Competitors named in the 10-K
Peer group the company chose
Compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Peer group from the 2026 proxy statement.
- Albemarlesite ↗
- Carlisle Companiessite ↗
- Celanesesite ↗
- CF Industriessite ↗
- Commercial Metalssite ↗
- Corningsite ↗
- Doversite ↗
- Eastman Chemicalsite ↗
- Fortune Brands Innovationssite ↗
- Lennox Internationalsite ↗
- Mascosite ↗
- Newmontsite ↗
- Old Dominion Freight Linesite ↗
- Owens Corningsite ↗
- RPM Internationalsite ↗
- Vulcan Materialssite ↗
- Westlakesite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 4,730 | 5,414 | 6,161 | 5,851 | 5,662 | 6,150 |
| Operating income | 1,005 | 974 | 1,207 | 1,333 | 2,479 | 1,437 |
| Pretax income | 889 | 856 | 1,091 | 1,226 | 2,366 | 1,226 |
| Net income (attributable) | 721 | 703 | 867 | 1,169 | 1,995 | 1,137 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 14.5% | 13.8% | -5.0% | -3.2% | 8.6% |
| Operating margincalcoperating income ÷ revenue × 100 | 21.3% | 18.0% | 19.6% | 22.8% | 43.8% | 23.4% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 15.2% | 13.0% | 14.1% | 20.0% | 35.2% | 18.5% |
| Balance sheet ($M) | ||||||
| Total assets | 10,581 | 14,393 | 14,994 | 15,125 | 18,170 | 18,711 |
| Total equity | 5,893 | 6,537 | 7,173 | 8,036 | 9,456 | 10,034 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 2,626 | 5,101 | 5,040 | 4,346 | 5,413 | 5,323 |
| Equity ratio | 55.7% | 45.4% | 47.8% | 53.1% | 52.0% | 53.6% |
| ROE | 12.2% | 11.3% | 12.7% | 15.4% | 22.8% | 11.7% |
| Cash flow ($M) | ||||||
| Operating CF | 1,050 | 1,138 | 991 | 1,528 | 1,459 | 1,785 |
| Investing CF | -410 | -3,475 | -484 | 459 | -2,444 | -1,588 |
| Financing CF | -357 | 2,291 | -407 | -1,064 | 373 | -800 |
| Free cash flowcalccash flow from operations − capital expenditures | 690 | 715 | 509 | 878 | 604 | 978 |
| Cash and equivalents | 207 | 258 | 358 | 1,272 | 670 | 67 |
| Per share & other | ||||||
| EPS ($) | 11.54 | 11.22 | 13.87 | 18.82 | 32.41 | 18.77 |
| BVPS ($) | 94.55 | 104.73 | 115.46 | 129.95 | 154.65 | 166.34 |
| Dividend per share ($) | 2.24 | 2.36 | 2.54 | 2.80 | 3.06 | 3.24 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 19.4% | 21.0% | 18.3% | 14.9% | 9.4% | 17.3% |
| P/E (x) | 24.6 | 39.3 | 24.4 | 26.5 | 15.9 | 33.2 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 14.4 | 22.7 | 15.0 | 18.4 | 11.9 | 20.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 3.00 | 4.21 | 2.93 | 3.84 | 3.34 | 3.74 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $2.37B+28.3% | $438M-13.3% | $256M-38.2% | $3.94 |
| 2026-06-30 | $1.95B+21.0% | $372M-9.9% | $251M-23.5% | $4.17 |
| 2026-03-31 | $1.36B+17.2% | $162M-9.5% | $1.51B+1204.3% | $25.06 |
| 2025-12-31 † | $1.53B+8.6% | $340M+33.9% | $279M-5.1% | — |
| 2025-09-30 | $1.85B | $505M | $414M | $6.85 |
| 2025-06-30 | $1.61B | $413M | $328M | $5.43 |
| 2025-03-31 | $1.16B | $179M | $116M | $1.90 |
| 2024-12-31 † | $1.41B | $254M | $294M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
7.5%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,437M × (1 − 21%) ÷ $15,113M × 100 = 7.5%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.52%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $37.55B ÷ ($37.55B + $5.32B) = 87.6%
e.g.Debt weight: $5.32B ÷ ($37.55B + $5.32B) = 12.4%
e.g.WACC: 9.2% × 87.6% + 4.3% × (1 − 21%) × 12.4% = 8.52%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.0%–10.3% and ROIC − WACC runs −2.8 to +0.5 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 8.52% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.78 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 9.24%
- Cost of debt
- 4.32%
- Tax rate
- 21% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 88% : 12%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.52%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.78 (price-derived adjusted beta. Raw β 0.67, R² 0.18, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.674 + 0.33 = 0.781
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.78 × 5.5% = 9.2%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
6.0%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.5% − 2.6%
Past FCF growth (FY2020–FY2025)
+7.2%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+5.4%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $978M (operating CF − capex); enterprise value $38.26B = market cap $33B (latest close, 2026-11-04) + debt $5.32B − cash and short-term investments $67M; r = WACC of 8.5% using this page’s default assumptions (β 0.78, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$39.12B
FCF $978M ÷ (8.5% − 6.0%)
Theoretical ÷ actual enterprise value
1.02x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.5% | 7.5% | 8.5% | 9.5% | 10.5% |
|---|---|---|---|---|---|
| 0% | 0.39x | 0.34x | 0.30x | 0.27x | 0.24x |
| 2% | 0.57x | 0.46x | 0.39x | 0.34x | 0.30x |
| 4% | 1.02x | 0.73x | 0.57x | 0.46x | 0.39x |
| 6% | 5.11x | 1.70x | 1.02x | 0.73x | 0.57x |
| 8% | — | — | 5.11x | 1.70x | 1.02x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.30x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.5%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 117%
Most profit comes from core operations.
- ✓
Days sales outstanding: 44 → 42 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,785M ÷ $1,137M = 1.57x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,437M ÷ $1,226M × 100 = 117%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($678M + $723M) ÷ 2 ÷ $6,150M × 365 = 42 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($1,018M + $1,078M) ÷ 2 ÷ $4,261M × 365 = 90 days
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 98.7%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 1.3%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 76 of 416
- Beta (adjusted)
- 0.78
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 18% of covered companies have more
above 1 = swings more than the market
- 59.3M shares reported by 1,074 13F filers ÷ 60.1M shares outstanding on 2026-07-27. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-15 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-27)
18
Strengths & weaknessesSite analysis
Strengths
1. Aggregates focus
Aggregates generated most 2025 revenue in both East and West Groups.
Evidence: Form 10-K (FY2025)
2. Portfolio upgrades
Sold South Texas cement for $2.1B and added aggregates operations from Blue Water Industries and Quikrete (pending).
Evidence: Form 10-K (FY2025)
3. Rising dividend
Dividends per share rose every year from $2.24 (2020) to $3.24 (2025).
Evidence: Form 10-K (FY2025)
Weaknesses
1. Construction cyclicality
Revenue fell in 2023 and 2024 before recovering to $6,150M in 2025.
Evidence: Form 10-K (FY2025)
2. Debt for acquisitions
Interest-bearing debt about $5.3B.
Evidence: Form 10-K (FY2025)
3. Lumpy earnings
2024 net income included a $1.3B gain; 2025 net income was $1,137M.
Evidence: Form 10-K (FY2025)
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
33.2x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.52%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
17%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.6%
(Operating CF − capex) ÷ market cap
1. Aggregates-led growth
Strategy shifts the portfolio toward aggregates.
- What has to hold
- Construction demand holds.
- The other side
- Cyclical volumes.
Evidence: Form 10-K (FY2025)
2. Portfolio repositioning
Exiting cement for more quarries.
- What has to hold
- Deals close and integrate well.
- The other side
- Execution risk.
Evidence: Form 10-K (FY2025)
2024 net income includes a $1.3B pre-tax gain on the South Texas cement divestiture.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
2.2x
$67M vs. $30M
Interest coverage (operating income ÷ interest expense)
6.2x
$1.44B vs. $230M
Free cash flow ÷ dividends paid
5.0x
$978M vs. $197M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -5.0% in FY2023 ($6.16B → $5.85B) | Not yet, as of FY2025 |
| Operating income | -42.0% in FY2025 ($2.48B → $1.44B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income stayed above $700M every year 2020–2025.
Source: Form 10-K (FY2025)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Martin Marietta discloses no material legal proceedings.
Company statement:
Based on Form 10-K (FY2025), reviewed 2026-10-29. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Construction activity
- Company disclosure (summarized from the 10-K)
- Demand depends on infrastructure spending, nonresidential and residential construction.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Law & regulation
Permitting and environmental rules
- Company disclosure (summarized from the 10-K)
- Quarry permits and environmental regulation affect operations and expansion.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Raw materials & energy
Energy costs
- Company disclosure (summarized from the 10-K)
- Diesel, electricity and other energy costs.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Asset exchange and acquisitions
- Company disclosure (summarized from the 10-K)
- Completing the Quikrete exchange and integrating acquired quarries and Premier.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Disaster
Weather
- Company disclosure (summarized from the 10-K)
- Weather affects construction activity and shipments.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
Our business depends on construction activity, which is cyclical and sensitive to macroeconomic, funding and operating conditions.
Demand for our construction materials is inherently cyclical and may decline or become more volatile due to economic and political uncertainty, elevated interest rates and inflation, reduced housing affordability, lower private nonresidential investment, or tightening credit conditions that delay, downsize, or cancel projects. Our products are used in public infrastructure projects, which include the construction, maintenance and improvement of highways, streets, roads, bridges, schools and similar projects. Public infrastructure activity depends on federal, state, and local budgets and letting schedules. Changes in fuel-tax or other alternative financing, prolonged federal budget disputes or government shutdowns or other factors can reduce, defer, cap, suspend, or reprioritize transportation spending. The level and timing of federal, state or local transportation or infrastructure or…
In addition, reductions in defense spending and declines in energy-related construction could lower demand in certain markets and adversely affect our business. Read more
A portion of our aggregates and downstream shipments is tied to construction activity funded by, or adjacent to, U.S. Department of Defense installations and to private energy-related projects. If federal defense budgets are reduced, appropriations are delayed, base realignments occur or military construction and related projects are deferred or canceled, construction activity on or near affected installations may slow, resulting in lower shipments and increased pricing pressure in the surrounding local markets. Similarly, energy-sector cyclicality can materially impact construction demand, particularly in Texas and other energy-intensive regions.
Aggregates pricing is set locally and is sensitive to supply-demand conditions within each market. Read more
A broad decline in construction activity or shifts in project timing can reduce shipment volumes and intensify price competition. Lower volumes can also negatively impact fixed-cost absorption and prompt competitors or customers to seek price concessions, leading to further pricing pressure. Pricing could deteriorate due to one or more of the following, alone or in combination:
There is no assurance that market prices will stabilize or improve when demand recovers. Read more
Prolonged or widespread price declines, especially if accompanied by reduced shipments, could lower margins and cash flows, reduce returns on invested capital, negatively affect the carrying value of long-lived assets or goodwill, limit capital available for growth and increase the risk of not meeting financial covenants.
Our Building Materials business is seasonal and sensitive to weather and climate-related conditions that can significantly disrupt operations, shipments and demand.
Our Building Materials business depends on identifying, acquiring, permitting and developing quality aggregates reserves within an economic haul radius and our ability to mine and transport those reserves.
Our future growth depends in part on disciplined acquisitions and strategic investments, and we may use shares of our common stock as consideration.
No longer in the text (4)
Our business depends on activity within the construction industry, which can be cyclical.
Economic and political uncertainty can impede growth in the markets in which we operate. Read more
Demand for our products, particularly in the private nonresidential and residential construction markets, could decline if companies and consumers are unable to obtain credit for construction projects or if an economic slowdown causes delays or cancellations of capital projects. State and federal budget issues sometimes undermine the funding available for infrastructure spending. The lack of available credit may limit the ability of states to issue bonds to finance construction projects. As a result of these issues, several of our top revenue-generating states, from time to time, stop bidding or slow bid projects in their transportation departments.
Our Building Materials business depends on the availability of quality aggregates reserves or deposits and our ability to mine them economically.
Our businesses have many competitors, some of which are larger and have more resources than we do. Read more
Some of our competitors operate on a worldwide basis. Our results are affected by the number of competitors in a market, the production capacity that a particular market can accommodate, the pricing practices of other competitors and the entry of new competitors in a market. We also face competition for some of our products from alternative products. For example, our Magnesia Specialties business competes with other chemical products that could be used instead of our magnesia-based products. In addition, our aggregates, ready mixed concrete, asphalt and paving businesses compete with recycled asphalt and concrete products that could be used in certain applications instead of new products and our cement operations compete with
45 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 19, 2026 ↗ with the 10-K filed Feb 21, 2025 ↗.
24
What to watch going forwardSite analysis
- Completion of the Quikrete asset exchange.
- Aggregates pricing and volumes.
- Infrastructure funding.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 29, 2026 13:34 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-19Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Martin Marietta Materials’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.