Martin Marietta Materials Inc (MLM)
Materials · Construction Materials · US stock · S&P 500 component
$517.67
▲ +8.65 (1.70%)
Fair valueFair
$455 −12.1% to fair value
$227fair band $387–$551$682
Day's range
$503.02 – $518.38
52-week range
$464.92 – $710.97
About Martin Marietta Materials Inc
The building materials used in roads, bridges, housing, warehouses and other construction are supplied by Martin Marietta Materials. It quarries aggregates such as crushed stone, sand and gravel, and also supplies related products such as asphalt in some regions. Its customers are contractors, infrastructure builders, developers and public agencies, mainly in the United States.
Revenue comes from shipments of aggregates and related products to construction sites. Over the last twelve months it was $6.7 billion, while revenue growth over the last three years was -0.1% a year, a very small decline. The operating margin is 20.6%, and the business earns a profit of 6% on the capital invested in it. It carries net debt of 2.8 times EBITDA. The company pays a dividend with a yield of 0.6%. On the site's X-Ray Score it receives 44 out of 100.
Price chart
52-wk range $464.92 – $710.97Volume 816,502Daily, split-adjusted
Vitals
Market cap$31.2B
52-week range$464.92 – $710.97
Volume (last day)816,502
P/E (TTM)12.7
EBIT / EV yield3.7%
Free-cash-flow yield2.6%
Dividend yield0.6%
Revenue (TTM)$6.7B
Net income (TTM)$2.5B
Operating margin20.6%
Return on capital6.3%
Debt incl. leases$6.0B
Cash & securities$112M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$455middle half of models $473 – $526
Fair
−12.1% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $518
Undervalued < $387Fair $387 – $551Overvalued > $551
P/E multiple
$588
P/B multiple
$601
P/S multiple
$473
EV/EBITDA multiple
$506
EV/EBIT multiple
$475
EV/revenue multiple
$474
10-year DCF, EBITDA exit
$489
5-year DCF, EBITDA exit
$526
10-year DCF, revenue exit
$485
5-year DCF, revenue exit
$526
10-year DCF, growth exit
$231
5-year DCF, growth exit
$212
Dividend discount, stable · not used
$102
Dividend discount, multi-stage · not used
$196
Earnings power value
$328
Growth the price implies
25.3%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Materials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
32/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.7%
Free-cash-flow yield2.6%
Fair value vs price0.9×
Growth
Fair
62/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)-0.1%
EPS growth (3y)10.6%
Growth consistency70%
Profitability
Weak
30/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital6.3%
Operating margin20.6%
Gross profitability8.8%
Financial health
Fair
53/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA2.8×
Interest cover5.9×
Dividends
Fair
55/100
Dividend is typical for its sector.
See the numbers →
Dividend yield0.6%
Dividends vs free cash flow25%
Dividend growth7.2%
Quarterly results: last 6 quarters
+10.0%
Mar '25
+3.7%
Jun '25
+12.4%
Sep '25
+8.6%
Dec '25
+17.2%
Mar '26
+21.0%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.9B, diluted EPS $4.17.
Compare with peers
CRH Crh Public Ltd Co58 VMC Vulcan Materials CO57Other Construction Materials companies by X-Ray Score.
SWOT analysis: Martin Marietta Materials Inc
Strengthsinside the company
- Operating margin of 20.6% is well above the 11.3% median of sector peers, a sign of pricing power or lower costs.
- Passes 8 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Revenue has fallen 0.1% a year over three years while sector peers grew 0.6%.
Opportunitiesvaluation and setting
- Revenue growth picked up to 8.6% last year from -0.1% a year over three years.
- Trades at 12.7x earnings, 52% below the 26.6x median of sector peers.
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare MLM with peers and sector
Medians of 22 Materials peers and of 22 Materials stocks in our universe.
Largest peers (X-Ray Score): LIN 43, NEM 81, FCX 55, SHW 54, ECL 50, APD 25.
| Metric | MLM | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 44 | 53 | 53 |
| Valuation | 32 | 46 | 46 |
| Growth | 61 | 55 | 55 |
| Profitability | 30 | 55 | 55 |
| Financial health | 53 | 48 | 48 |
| Dividends | 55 | 55 | 55 |
Sector leaders: highest X-Ray Score in Materials
MLM ranks #17 of 23 in Materials by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for MLM
Each factor is rated by where MLM stands among the 23 Materials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 10 Average · 7 Bad of 23
Growth: 1 · 2 · 0
Profitability: 3 · 1 · 1
Financial strength: 1 · 3 · 0
Valuation: 1 · 1 · 3
Cash flow: 0 · 2 · 2
Efficiency: 0 · 1 · 1
| Factor | MLM | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −0.1% | Average beats 46% | +0.6% | – | – |
| Revenue growth, last year | +8.6% | Good beats 72% | +5.3% | +8.6% | ≈ In line |
| EPS growth, 3 years a year | +10.6% | Average beats 66% | +0.5% | – | – |
| Profitability | |||||
| Gross margin | 28.2% | Average beats 53% | 27.9% | 28.9% | ≈ In line |
| Operating margin | 20.6% | Good beats 80% | 11.8% | 22.8% | ≈ In line |
| Net margin | 36.7% | Good beats 98% | 7.8% | 18.5% | ▲ Better |
| Return on invested capital | 6.3% | Bad beats 33% | 10.0% | – | – |
| Return on equity | 21.3% | Good beats 80% | 14.8% | 12.1% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 2.8x | Average beats 37% | 2.4x | 2.5x | ≈ In line |
| Interest cover | 5.9x | Average beats 34% | 7.8x | 7.1x | ▼ Worse |
| Current ratio | 1.41 | Average beats 37% | 1.61 | 2.69 | ▼ Worse |
| Piotroski F-score | 8 / 9 | Good beats 83% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 12.7x | Good beats 92% | 21.6x | 26.5x | ▲ Better |
| Price / book | 2.7x | Average beats 59% | 3.1x | 3.8x | ▲ Better |
| Price / sales | 4.7x | Bad beats 20% | 2.1x | 5.3x | ▲ Better |
| EV / EBITDA | 17.9x | Bad beats 28% | 14.2x | 18.4x | ≈ In line |
| Free cash flow yield | 2.6% | Bad beats 26% | 3.4% | 2.6% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 12.1% | Average beats 66% | 7.7% | 13.2% | ≈ In line |
| Cash from operations / net income | 0.62 | Bad beats 3% | 1.50 | 1.31 | ▼ Worse |
| Free cash flow growth, 3 years a year | +24.3% | Average beats 66% | +11.3% | – | – |
| Accruals (lower is better) | +4.4% | Bad beats 2% | −4.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 4.1x | Bad beats 14% | 5.3x | 4.2x | ≈ In line |
| Days sales outstanding | 56 days | Average beats 38% | 54 days | 47 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 9 Average · ● 5 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Average
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceBad
EBIT / EV yieldAverage
Profitability
Return on invested capitalBad
Operating marginGood
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 40/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $5.4B | $6.2B | $5.9B | $5.7B | $6.2B |
| Operating income | $974M | $1.2B | $1.3B | $2.5B | $1.4B |
| Net income | $703M | $867M | $1.2B | $2.0B | $1.1B |
| Operating cash flow | $1.1B | $991M | $1.5B | $1.5B | $1.8B |
| Operating margin | 18.0% | 19.6% | 22.8% | 43.8% | 23.4% |
| Free cash flow | $715M | $509M | $878M | $604M | $978M |
| Diluted EPS | $11.22 | $13.87 | $18.82 | $32.41 | $18.77 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
8 bullish · 1 neutral · 7 bearish
Weekly
Strongly bearish
2 bullish · 1 neutral · 9 bearish
Monthly
Bearish
2 bullish · 1 neutral · 5 bearish
Moving averages (daily)
| SMA 10 | 492.7 | Bullish |
| EMA 10 | 498.8 | Bullish |
| SMA 20 | 487.9 | Bullish |
| EMA 20 | 494.8 | Bullish |
| SMA 50 | 504.1 | Bullish |
| EMA 50 | 506.4 | Bullish |
| SMA 100 | 538.1 | Bearish |
| EMA 100 | 529.6 | Bearish |
| SMA 200 | 578.0 | Bearish |
| EMA 200 | 554.9 | Bearish |
Oscillators (daily)
| RSI (14) | 64.35 | Neutral |
| MACD (12, 26) | 1.26 | Bullish |
| Momentum (12) | 5.86 | Bullish |
| Stochastic %K (14) | 98.67 | Bearish |
| Williams %R (14) | -1.33 | Bearish |
| CCI (20) | 180.0 | Bearish |
Pivot points (classic, last session)
S3 492.3 | S2 497.7 | S1 507.7 | Pivot 513.0 | R1 523.0 | R2 528.4 | R3 538.4 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.33 USD
Yield on today's price
0.64%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.8400 | |
| 0.8300 | |
| 0.8300 | |
| 0.8300 | |
| 0.8300 | |
| 0.7900 | |
| 0.7900 | |
| 0.7900 | |
| 0.7900 | |
| 0.7400 | |
| 0.7400 | |
| 0.7400 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold MLM
| ETF | Share of the fund |
|---|---|
| XLB Materials Select Sector SPDR | 4.55% |
| PAVE Global X U.S. Infrastructure Developme... | 1.90% |
| IFRA iShares U.S. Infrastructure | 1.21% |
| VOT Vanguard Mid-Cap Growth | 0.76% |
| IYJ iShares U.S. Industrials | 0.38% |
| IWS iShares Russell Mid-Cap Value | 0.34% |
| VO Vanguard Mid-Cap | 0.34% |
| DFLV Dimensional US Large Cap Value | 0.26% |
The eight funds with the largest weight in MLM among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
MLM SEC filings
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Entered a material agreement; Completed an acquisition or disposal
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Entered a material agreement; Other events
8-KSEC EDGAR
Entered a material agreement; Regulation FD disclosure
424B5SEC EDGAR
424B5
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.