What are the investment strengths of Martin Marietta Materials Inc (MLM)?

Local aggregates monopolies create pricing power - transport costs make competition uneconomical within 50-mile radius, supporting 24% operating margins vs 0% industry median ROE 12.2% and ROIC 7.9% both positive vs negative industry medians (-4.2% and -3.3%) demonstrate capital allocation discipline in cyclical industry

What are the investment risks for Martin Marietta Materials Inc (MLM)?

P/E 31.7x vs industry median 27.7x and P/S 5.4x vs 6.1x median - premium valuation leaves limited margin of safety if infrastructure spending disappoints Total debt 5.9B at 0.61x equity with 223M interest expense TTM - rising rates pressure FCF conversion as 2.5x debt/EBITDA limits acquisition flexibility

Martin Marietta Materials Inc

MLM

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Martin Marietta Materials Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-08

Snapshot

Operating margin TTM 24.3% vs industry median 0% - dominant cost structure in fragmented aggregates industry[Operating Margin TTM]
Goodwill 3.6B is 37% of equity - M&A-driven growth creates impairment risk if pricing power erodes[Goodwill]
FCF TTM 1.0B on 835M capex - asset-heavy model still generates 14.6% FCF margin despite infrastructure needs[Free Cash Flow TTM]

Watch Triggers

Operating Margin TTM: Falls below 20% — Would signal pricing power erosion or cost inflation outpacing price increases
Free Cash Flow TTM: Drops below 800M — Indicates capex intensity rising or margin compression threatening dividend coverage
Goodwill: Impairment charge announced — Signals overpayment for acquisitions and potential earnings reset

Bull Case

Local aggregates monopolies create pricing power - transport costs make competition uneconomical within 50-mile radius, supporting 24% operating margins vs 0% industry median

Operating Margin TTMGross Margin TTMPPE

ROE 12.2% and ROIC 7.9% both positive vs negative industry medians (-4.2% and -3.3%) demonstrate capital allocation discipline in cyclical industry

ROE TTMROIC TTMDebt to Equity

Bear Case

P/E 31.7x vs industry median 27.7x and P/S 5.4x vs 6.1x median - premium valuation leaves limited margin of safety if infrastructure spending disappoints

PE RatioPS RatioEnterprise Value

Total debt 5.9B at 0.61x equity with 223M interest expense TTM - rising rates pressure FCF conversion as 2.5x debt/EBITDA limits acquisition flexibility

Total DebtInterest Expense TTMDebt to Equity

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

55%

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Forward Thesis

Infrastructure spending tailwinds should sustain mid-single-digit revenue growth through 2027

1-3ymed

IIJA federal infrastructure funding accelerating 2025-2027
Aggregates pricing power in local monopoly markets
Reshoring driving industrial construction demand

Revenue TTM 6.9B with 30.3% gross marginNet business acquisitions 576M TTMPPE 10.4B supports regional dominance

Valuation Context

Caveats

Public Strategies Rankings

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MLM Fundamentals

Mining, Quarrying, and Oil and Gas Extraction → Mining (except Oil and Gas)

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$36.19B		—
Enterprise Value	$41.83B		—
P/E Ratio	32		—
Total Revenue - TTM	$6.15B	+8.6%	—
Earnings Per Share (diluted) - TTM	$18.77	-49.8%	—
Operating Margin - TTM	23.7%	-18.5%	—
Net Margin - TTM	18.5%	-12.0%	—
Free Cash Flow - TTM	$978.0M	+61.9%	—
Return on Common Equity - TTM	11.7%	-11.1%	—
Beta 5Y (Monthly)	unknown		—

MLM Dividend History

105 dividends

2026

$0.8300

03/02/26$0.8300

2025

$3.2400

12/01/25$0.8300

09/02/25$0.8300

06/02/25$0.7900

03/03/25$0.7900

2024

$3.0600

12/02/24$0.7900

09/03/24$0.7900

06/03/24$0.7400

03/01/24$0.7400

2023

$2.8000

11/30/23$0.7400

08/31/23$0.7400

05/31/23$0.6600

03/03/23$0.6600

2022

$2.5400

11/30/22$0.6600

08/31/22$0.6600

05/31/22$0.6100

02/28/22$0.6100

2021

$2.3600

11/30/21$0.6100

08/31/21$0.6100

05/28/21$0.5700

02/26/21$0.5700

2020

$2.2400

11/30/20$0.5700

08/31/20$0.5700

05/29/20$0.5500

02/28/20$0.5500

2019

$2.0600

11/29/19$0.5500

08/30/19$0.5500

05/31/19$0.4800

03/01/19$0.4800

2018

$1.8400

11/30/18$0.4800

08/31/18$0.4800

05/31/18$0.4400

03/02/18$0.4400

2017

$1.7200

11/30/17$0.4400

08/31/17$0.4400

05/30/17$0.4200

03/02/17$0.4200

2016

$1.6400

11/29/16$0.4200

08/30/16$0.4200

05/27/16$0.4000

02/26/16$0.4000

2015

$1.6000

11/27/15$0.4000

08/28/15$0.4000

05/28/15$0.4000

02/26/15$0.4000

2014

$1.6100

11/26/14$0.4000

08/28/14$0.4000

05/29/14$0.4000

02/27/14$0.4100

2013

$1.6000

11/27/13$0.4000

08/29/13$0.4000

05/30/13$0.4000

02/27/13$0.4000

2012

$1.6000

11/28/12$0.4000

08/30/12$0.4000

05/30/12$0.4000

02/28/12$0.4000

2011

$1.6000

11/29/11$0.4000

08/30/11$0.4000

05/27/11$0.4000

02/25/11$0.4000

2010

$1.6000

11/29/10$0.4000

08/30/10$0.4000

06/04/10$0.4000

02/25/10$0.4000

2009

$1.6000

11/27/09$0.4000

08/28/09$0.4000

06/04/09$0.4000

02/25/09$0.4000

2008

$1.4900

11/26/08$0.4000

08/27/08$0.4000

05/30/08$0.3450

02/27/08$0.3450

2007

$1.2400

11/28/07$0.3450

08/29/07$0.3450

05/30/07$0.2750

02/27/07$0.2750

2006

$1.0100

11/29/06$0.2750

08/30/06$0.2750

05/30/06$0.2300

02/27/06$0.2300

2005

$0.8600

11/29/05$0.2300

08/30/05$0.2300

05/27/05$0.2000

02/25/05$0.2000

2004

$0.7600

11/29/04$0.2000

08/30/04$0.2000

05/28/04$0.1800

02/26/04$0.1800

2003

$0.6900

11/25/03$0.1800

08/27/03$0.1800

05/30/03$0.1800

02/26/03$0.1500

2002

$0.5800

11/26/02$0.1500

08/28/02$0.1500

05/29/02$0.1400

02/27/02$0.1400

2001

$0.5600

11/28/01$0.1400

08/29/01$0.1400

05/30/01$0.1400

02/27/01$0.1400

2000

$0.5400

11/29/00$0.1400

08/30/00$0.1400

05/30/00$0.1300

02/28/00$0.1300

MLM Stock Splits

No stock splits

MLM SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/19/26	12/31/25	10-K	0001193125-26-059193
11/04/25	09/30/25	10-Q	0001193125-25-264566
08/07/25	06/30/25	10-Q	0000950170-25-105060
04/30/25	03/31/25	10-Q	0000950170-25-060940
02/21/25	12/31/24	10-K	0000950170-25-024770
10/30/24	09/30/24	10-Q	0000950170-24-118821
08/08/24	06/30/24	10-Q	0000950170-24-093580
04/30/24	03/31/24	10-Q	0000950170-24-050478
02/23/24	12/31/23	10-K	0000950170-24-019275
11/01/23	09/30/23	10-Q	0000950170-23-057372
07/27/23	06/30/23	10-Q	0000950170-23-035096
05/04/23	03/31/23	10-Q	0000950170-23-017749
02/24/23	12/31/22	10-K	0000950170-23-004361
11/02/22	09/30/22	10-Q	0000950170-22-021173
07/28/22	06/30/22	10-Q	0000950170-22-013360
05/03/22	03/31/22	10-Q	0001564590-22-017406
02/22/22	12/31/21	10-K	0001564590-22-005965
11/02/21	09/30/21	10-Q	0001564590-21-053473
07/29/21	06/30/21	10-Q	0001564590-21-039101
05/04/21	03/31/21	10-Q	0001564590-21-023197
02/19/21	12/31/20	10-K	0001564590-21-006959
10/29/20	09/30/20	10-Q	0001564590-20-048849
07/28/20	06/30/20	10-Q	0001564590-20-033797
05/05/20	03/31/20	10-Q	0001564590-20-021286
02/21/20	12/31/19	10-K	0001564590-20-005784
10/30/19	09/30/19	10-Q	0001564590-19-038626
07/31/19	06/30/19	10-Q	0001564590-19-027408
05/01/19	03/31/19	10-Q	0001564590-19-014862
02/25/19	12/31/18	10-K	0001193125-19-049961
11/07/18	09/30/18	10-Q	0001564590-18-027925
07/27/18	06/30/18	10-Q	0001564590-18-017737
05/08/18	03/31/18	10-Q	0001564590-18-011888
02/23/18	12/31/17	10-K	0001193125-18-055887
11/02/17	09/30/17	10-Q	0001564590-17-021253
08/01/17	06/30/17	10-Q	0001564590-17-014636
05/10/17	03/31/17	10-Q	0001564590-17-010260
02/24/17	12/31/16	10-K	0001193125-17-056282
11/02/16	09/30/16	10-Q	0001564590-16-026954
08/04/16	06/30/16	10-Q	0001564590-16-022616
05/05/16	03/31/16	10-Q	0001564590-16-017942
02/23/16	12/31/15	10-K	0001193125-16-473754
11/05/15	09/30/15	10-Q	0001564590-15-009552
08/07/15	06/30/15	10-Q	0001564590-15-006695
05/05/15	03/31/15	10-Q	0001564590-15-003297
02/24/15	12/31/14	10-K	0001193125-15-060008
11/03/14	09/30/14	10-Q	0001193125-14-393639
08/04/14	06/30/14	10-Q	0001193125-14-293028
05/05/14	03/31/14	10-Q	0001193125-14-181405
02/24/14	12/31/13	10-K	0001193125-14-064999
11/07/13	09/30/13	10-Q	0001193125-13-432674
08/05/13	06/30/13	10-Q	0001193125-13-318817
05/06/13	03/31/13	10-Q	0001193125-13-200530
02/22/13	12/31/12	10-K	0001193125-13-070711
11/06/12	09/30/12	10-Q	0001193125-12-454316
08/06/12	06/30/12	10-Q	0001193125-12-337410
05/09/12	03/31/12	10-Q	0001193125-12-220450
02/29/12	12/31/11	10-K	0001193125-12-088047
11/07/11	09/30/11	10-Q	0001193125-11-299503
08/08/11	06/30/11	10-Q	0001193125-11-213915
05/03/11	03/31/11	10-Q	0000950123-11-043824
02/25/11	12/31/10	10-K	0000950123-11-018849
11/02/10	09/30/10	10-Q	0000950123-10-099410
08/03/10	06/30/10	10-Q	0000950123-10-071734
05/04/10	03/31/10	10-Q	0000950123-10-043495
02/26/10	12/31/09	10-K	0000950123-10-018035
11/03/09	09/30/09	10-Q	0000950123-09-056831
08/04/09	06/30/09	10-Q	0000950123-09-029539
05/05/09	03/31/09	10-Q	0000950144-09-003902
02/17/09	12/31/08	10-K	0000950144-09-001377
10/29/08	09/30/08	4	0000916076-08-000117
08/07/08	06/30/08	10-Q	0000950144-08-006169
05/06/08	03/30/08	Unknown	--
02/25/08	12/31/07	10-K	0000950144-08-001341
10/30/07	09/30/07	10-Q	0000950144-07-009707
08/07/07	06/30/07	10-Q	0000950144-07-007333
05/09/07	03/30/07	Unknown	--
02/28/07	12/31/06	10-K	0000950144-07-001677
10/31/06	09/30/06	10-Q	0000950144-06-009964
08/01/06	06/30/06	10-Q	0000950144-06-007177
05/02/06	03/30/06	Unknown	--
02/27/06	12/31/05	10-K	0000950144-06-001538
11/01/05	09/30/05	10-Q	0000950144-05-010957
08/03/05	06/30/05	8-K	0000950144-05-007093
05/04/05	03/30/05	Unknown	--
02/25/05	12/31/04	10-K	0000950144-05-001851
11/09/04	09/30/04	10-Q	0000950144-04-010704
08/09/04	06/30/04	10-Q	0000950144-04-007913
05/06/04	03/30/04	Unknown	--
03/15/04	12/31/03	10-K	0000950144-04-002492
11/13/03	09/30/03	3	0000916076-03-000069
08/14/03	06/30/03	10-Q	0000950144-03-010011
05/15/03	03/30/03	Unknown	--
03/27/03	12/31/02	10-K	0000950144-03-003919
11/14/02	09/30/02	10-Q	0000950144-02-011884
08/14/02	06/30/02	10-Q	0000950144-02-008648
05/15/02	03/30/02	Unknown	--
03/27/02	12/31/01	10-K405	0000950144-02-002841
11/14/01	09/30/01	10-Q	0000950144-01-509041
08/13/01	06/30/01	10-Q	0000950144-01-505559
05/14/01	03/30/01	Unknown	--
03/22/01	12/31/00	10-K405	0000950144-01-003808
11/14/00	09/30/00	10-Q	0000950144-00-013868
08/14/00	06/30/00	10-Q	0000950144-00-010260
05/12/00	03/30/00	Unknown	--

Martin Marietta Materials Inc

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Build Around MLM

Martin Marietta Materials Inc AI Insights

Snapshot

Watch Triggers

Bull Case

Bear Case

Bull vs Bear Balance

Forward Thesis

Valuation Context

Caveats

Public Strategies Rankings

MLM Fundamentals

MLM Dividend History

2026

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

MLM Stock Splits

MLM SEC Filings