olivLaw · US equity research
MLM MLM
Mining & Quarrying of Nonmetallic Minerals (No Fuels) · SIC 1400 · Vertical: Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400)
Martin Marietta Materials (MLM) is a natural resource-based building materials company whose core is aggregates, complemented by its Specialties segment (magnesia and dolomitic lime). Revenues were 6.2 billion USD in 2025, and in the second quarter of 2026 revenues rose 21% to a new record of 1,947 million USD. The company announced a combination with Lhoist North America, valued at about 13.5 billion USD, which could materially reshape the portfolio if completed.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, MLM (MLM) stock was 556.56 USD (+2.35% on the day), with market capitalisation 39.6 bn USD, P/E 14.7 on diluted EPS of 37.77 USD over the last 12 months, dividend yield 0.60%, beta 0.75, 52-week range 471.10–708.11 USD. Latest reported quarter (Q3 2026): revenue of 2.4 bn USD (+28.3% YoY), net income of 256.0 m USD (−38.2% YoY), diluted EPS 3.94 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 71.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 457.04 – 559.03
- in the upper half of the band · %B 0.98 · band width 20.1%
- SMA 50 / 200
- 503.05 / 574.02
- mixed trend
- MACD (12, 26, 9)
- 13.52 / 7.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.6% | −1.1% | +15.7 pp | — |
| 3 months | +0.6% | −0.5% | +1.0 pp | — |
| 6 months | −9.6% | +4.4% | −14.0 pp | — |
| Year to date | −10.6% | +12.3% | −22.9 pp | — |
| 1 year | −11.0% | +13.5% | −24.5 pp | −13.2% |
| 3 years | +25.7% | +76.4% | −50.7 pp | +27.0% |
| 5 years | +35.0% | +63.7% | −28.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.2 bn | 1.6 bn | 1.8 bn | 1.5 bn | 1.4 bn | 1.9 bn | 2.4 bn |
| Cost of revenue | 987.0 m | 847.0 m | 1.1 bn | 1.2 bn | 1.1 bn | 1.1 bn | 1.5 bn | 1.7 bn |
| Gross profit | 424.0 m | 315.0 m | 496.0 m | 611.0 m | 468.0 m | 310.0 m | 495.0 m | 651.0 m |
| SG&A | 101.0 m | 125.0 m | 104.0 m | 110.0 m | 103.0 m | 133.0 m | 116.0 m | 133.0 m |
| Operating income | 339.0 m | 179.0 m | 413.0 m | 505.0 m | 341.0 m | 162.0 m | 372.0 m | 438.0 m |
| Depreciation & amortisation | 149.0 m | 154.0 m | 167.0 m ≈ | 159.0 m ≈ | 157.0 m | 167.0 m | 204.0 m ≈ | 246.0 m ≈ |
| Interest expense | 51.0 m | 56.0 m | 57.0 m | 59.0 m | 58.0 m | 56.0 m | 59.0 m | 138.0 m |
| Pre-tax income | 293.0 m | 132.0 m | 365.0 m | 450.0 m | 279.0 m | 117.0 m | 320.0 m | 313.0 m |
| Income tax | 46.0 m | 28.0 m | 73.0 m | 89.0 m | 46.0 m | 38.0 m | 64.0 m | 57.0 m |
| Net income | 294.0 m | 116.0 m | 328.0 m | 414.0 m | 279.0 m | 1.5 bn | 251.0 m | 256.0 m |
| Diluted EPS | 4.77 ≈ | 1.90 | 5.43 | 6.85 | 4.60 ≈ | 25.06 | 4.17 | 3.94 |
| Operating cash flow | 686.0 m | 218.0 m | 387.0 m ≈ | 551.0 m ≈ | 629.0 m | 227.0 m | 112.0 m ≈ | 557.0 m ≈ |
| Capex | 233.0 m | 233.0 m | 179.0 m ≈ | 190.0 m ≈ | 205.0 m | 186.0 m | 128.0 m ≈ | 131.0 m ≈ |
| Dividends paid | 48.0 m | 49.0 m | 48.0 m ≈ | 50.0 m ≈ | 50.0 m | 51.0 m | 51.0 m ≈ | 59.0 m ≈ |
| Share repurchases | 0 | 450.0 m | 0 ≈ | 0 ≈ | 0 | 200.0 m | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 7 percentile of its own 44-quarter history (min 12.7, median 25.9, max 39.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.2 bn | 4.7 bn | 4.7 bn | 5.4 bn | 6.2 bn | 5.9 bn | 5.7 bn | 6.2 bn |
| Revenue YoY | +7.0% | +11.7% | −0.2% | +14.5% | +13.8% | −5.0% | −3.2% | +8.6% |
| Net income | 470.0 m | 611.9 m | 721.0 m | 702.5 m | 867.0 m | 1.2 bn | 2.0 bn | 1.1 bn |
| Net income YoY | −34.1% | +30.2% | +17.8% | −2.6% | +23.4% | +34.8% | +70.7% | −43.0% |
| Diluted EPS | 7.43 | 9.74 | 11.54 | 11.22 | 13.87 | 18.82 | 32.41 | 18.77 |
| Diluted EPS YoY | −34.0% | +31.1% | +18.5% | −2.8% | +23.6% | +35.7% | +72.2% | −42.1% |
| net % | 11.1% | 12.9% | 15.2% | 13.0% | 14.1% | 20.0% | 35.2% | 18.5% |
| Free cash flow | 329.1 m | 572.6 m | 690.4 m | 714.6 m | 509.0 m | 878.0 m | 604.0 m | 978.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 67.0 m USD
- Financial debt
- 5.3 bn USD
- Net debt
- 5.3 bn USD
- Equity
- 10.0 bn USD
- Total assets
- 18.7 bn USD
- Debt / equity
- 0.53x
- Current ratio
- 3.57x
- ROE
- 11.7%
- ROA
- 6.2%
- FCF margin
- 15.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.7 bn | 5.4 bn | 6.2 bn | 5.9 bn | 5.7 bn | 6.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 3.5 bn | 4.1 bn | 4.7 bn | 4.1 bn | 4.0 bn | 4.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 1.3 bn | 1.3 bn | 1.4 bn | 1.7 bn | 1.6 bn | 1.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| SG&A | 305.9 m | 351.0 m | 397.0 m | 425.0 m | 429.0 m | 443.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | 1.0 bn | 973.8 m | 1.2 bn | 1.3 bn | 2.5 bn | 1.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 393.5 m | 451.7 m | 506.0 m | 513.0 m | 573.0 m | 637.0 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 1.4 bn ≈ | 1.4 bn ≈ | 1.7 bn ≈ | 1.8 bn ≈ | 3.1 bn ≈ | 2.1 bn ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 118.1 m | 142.7 m | 169.0 m | 165.0 m | 169.0 m | 230.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 889.3 m | 855.5 m | 1.1 bn | 1.2 bn | 2.4 bn | 1.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 168.2 m | 153.2 m | 235.0 m | 234.0 m | 550.0 m | 236.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 721.0 m | 702.5 m | 867.0 m | 1.2 bn | 2.0 bn | 1.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 11.54 | 11.22 | 13.87 | 18.82 | 32.41 | 18.77 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 62.4 m | 62.6 m | 62.5 m | 62.1 m | 61.6 m | 60.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividend per share | 2.24 | 2.36 | 2.54 | 2.80 | 3.06 | 3.24 | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 207.3 m | 258.4 m | 358.0 m | 1.3 bn | 670.0 m | 67.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 575.1 m | 774.0 m | 785.9 m | 753.0 m | 678.0 m | 723.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | 709.0 m | 752.6 m | 873.7 m | 989.0 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 1.7 bn | 2.0 bn | 2.9 bn | 3.9 bn | 2.4 bn | 3.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 5.2 bn | 6.3 bn | 6.3 bn | 6.2 bn | 9.7 bn | 10.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 2.4 bn | 3.5 bn | 3.6 bn | 3.4 bn | 3.4 bn | 3.6 bn | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 472.0 m | 1.0 bn | 812.0 m | 664.0 m | 62.0 m | 8.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 10.6 bn | 14.4 bn | 15.0 bn | 15.1 bn | 18.2 bn | 18.7 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 207.8 m | 356.2 m | 385.0 m | 343.0 m | 375.0 m | 389.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | — | 100.0 k | 699.1 m | 400.0 m | 125.0 m | 30.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 2.6 bn | 5.1 bn | 4.3 bn | 3.9 bn | 5.3 bn | 5.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 499.3 m | 752.6 m | 1.4 bn | 1.2 bn | 1.0 bn | 895.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 4.7 bn | 7.9 bn | 7.8 bn | 7.1 bn | 8.7 bn | 8.7 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 5.9 bn | 6.5 bn | 7.2 bn | 8.0 bn | 9.5 bn | 10.0 bn | SEC (XBRL)· 19 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 1.1 bn | 991.0 m | 1.5 bn | 1.5 bn | 1.8 bn | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 359.7 m | 423.1 m | 482.0 m | 650.0 m | 855.0 m | 807.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 690.4 m ≈ | 714.6 m ≈ | 509.0 m ≈ | 878.0 m ≈ | 604.0 m ≈ | 978.0 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -409.7 m | -3.5 bn | -484.0 m | 459.0 m | -2.4 bn | -1.6 bn | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | -357.0 m | 2.3 bn | -407.0 m | -1.1 bn | 373.0 m | -800.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 140.3 m | 147.8 m | 160.0 m | 174.0 m | 189.0 m | 197.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 50.0 m | 0 | 150.0 m | 150.0 m | 450.0 m | 450.0 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 40 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 39.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation45
- Balance sheet26
- Quality45
- Growth35
- Returns49
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 37.31 – 1,250.76 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)37.31 – 178.38 (Mid 89.39)WACC 8.2% · starting FCFF 1.1 bn USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA60.83 – 344.58 (Mid 218.69)6 companies used · median multiple 13.5x · quartiles 8.1x – 17.8xCMP, KNF, SND, TTAM, USLM, VMC
- Peers: P/E711.50 – 1,250.76 (Mid 999.35)10 companies used · median multiple 26.5x · quartiles 18.8x – 33.1xCMP, HL, IPI, KNF, LEU, SND, SQM, TTAM, USLM, VMC
- Dividend discount (DDM)outside the aggregate42.58 – 57.26 (Mid 48.84)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 40/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.6% | 36 (vs peers) | 10% |
| Net margin · Quality | 31.9% | 94 (vs peers) | 6% |
| FCF conversion · Quality | 38.1% | 12 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -0.1% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 10.6% | 71 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 6.1x | 0 (vs peers) | 10% |
| Interest coverage · Balance sheet | 4.2x | 42 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.6x | 69 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 14.7x | 90 (vs peers) | 10% |
| EV/EBITDA · Valuation | 25.0x | 14 (vs peers) | 10% |
| FCF yield · Valuation | 2.2% | 28 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 1.0% | 15 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 24.1% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet26/100 · 3/3 factors with a value
- Growth35/100 · 2/2 factors with a value
- Quality45/100 · 3/3 factors with a value
- Returns49/100 · 2/2 factors with a value
- Valuation45/100 · 3/3 factors with a value
Memo
MARTIN MARIETTA MATERIALS, INC. (MLM). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 6.2 bn USD in 2025; YoY growth 8.6%; net margin 31.9%; ROE 16.8%; net debt/EBITDA 6.1x.
The estimated value range is 60.83–344.58 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 218.69 USD, the price of 556.56 USD leaves a potential of -60.7% (value / price − 1) and a margin of safety of -154.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 40/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 31.9%
- EPS CAGR 3Y: 10.6%
- P/E (TTM): 14.7x
- Payout ratio (FCF): 24.1%
What contradicts it
- FCF conversion: 38.1%
- Revenue CAGR 3Y: -0.1%
- Net debt / EBITDA: 6.1x
- EV/EBITDA: 25.0x
- FCF yield: 2.2%
- Shareholder yield (distributions): 1.0%
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400) · same industry (4-digit SIC) · compared with 18 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MLMMartin Marietta Materials, Inc. | 39.6 bn | 14.7 | 16.8% | 31.9% | +8.6% | −11% / +26% |
| VMCVulcan Materials Company | 38.2 bn | 35.2 | 12.9% | 13.8% | +7.1% | +0% / +39% |
| SQMChemical & Mining Co Of Chile Inc | 15.1 bn | 24.0 | 14.3% | 15.1% | −39.4% | −11% / +15% |
| HLHecla Mining Company | 10.0 bn | 26.7 | 14.5% | 21.0% | +53.0% | −11% / +200% |
| IONRIoneer Ltd | 7.2 bn | — | -4.3% | — | unavailable | −44% / −35% |
| USLMUnited States Lime & Minerals Inc | 3.5 bn | 26.6 | 20.0% | 35.1% | +17.3% | +1% / +191% |
| KNFKnife River Corporation | 3.5 bn | 26.3 | 8.0% | 4.0% | +8.5% | −17% / +4% |
| TTAMTitan America SA | 2.6 bn | 14.2 | 20.8% | 11.1% | +1.8% | −12% / unavailable |
| UUUUEnergy Fuels Inc. | 1.9 bn | — | -14.1% | -100.0% | −15.6% | −50% / −10% |
| LEUCentrus Energy Corp | 1.3 bn | 42.2 | 8.1% | 10.2% | +1.5% | −64% / +85% |
| CMPCompass Minerals International, Inc. | 976.5 m | 54.2 | 7.2% | 1.4% | +11.3% | +22% / −4% |
| GAUGaliano Gold Inc. | 540.4 m | — | -12.7% | -6.5% | +93.6% | −14% / +220% |
| IPIIntrepid Potash, Inc. | 418.0 m | 17.1 | 4.8% | 8.0% | +17.1% | +24% / +52% |
| SNDSmart Sand, Inc. | 185.3 m | 16.9 | 4.4% | 2.7% | +6.0% | +48% / +124% |
| ABATAmerican Battery Technology Company | 183.9 m | — | -74.5% | -337.5% | +406.8% | −66% / −70% |
| ATLXAtlas Lithium Corporation | 52.1 m | — | -103.0% | -33,954.4% | −86.1% | −65% / −93% |
| LGOLargo Inc. | 27.7 m | — | -46.4% | -62.3% | −12.0% | −67% / −84% |
| TECKTeck Resources Limited | — | — | 5.5% | 13.0% | +18.7% | +50% / +71% |
| ELVRElevra Lithium Limited | — | — | -54.2% | -131.8% | +11.2% | −40% / unavailable |
1- and 3-year price returns: for MLM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 268.63 Total return -51% · Per year -51% | 476.01 Total return -14% · Per year -14% | 718.50 Total return 30% · Per year 30% |
| 3 years | 237.37 Total return -56% · Per year -24% | 475.44 Total return -13% · Per year -5% | 791.25 Total return 44% · Per year 13% |
| 5 years | 209.74 Total return -61% · Per year -17% | 474.88 Total return -12% · Per year -3% | 871.36 Total return 60% · Per year 10% |
- Exit P/E± 118.86
- Net margin± 83.20
- Annual revenue growth± 71.42
- Annual dilution± 6.99
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (04 Nov 2026 · results).
In brief
Martin Marietta Materials (MLM) is a natural resource-based building materials company whose core is aggregates, complemented by its Specialties segment (magnesia and dolomitic lime). Revenues were 6.2 billion USD in 2025 1, and in the second quarter of 2026 revenues rose 21% to a new record of 1,947 million USD 3. The company announced a combination with Lhoist North America, valued at about 13.5 billion USD 3, which could materially reshape the portfolio if completed.
SWOT
Strengths
- The company holds a leading position in aggregates, with long-lived reserves and a broad network of quarries and underground mines.
- The geographic portfolio focuses on states with sound public finances and on megaregions with population growth.
- The Specialties segment, with magnesia and lime products, adds diversification and organic price growth.
Weaknesses
- The concrete and asphalt business earns lower margins and is exposed to energy and raw material cost volatility.
- Several recent acquisitions brought mix effects that reduced the average price per ton.
- Results are sensitive to weather, and winter quarters and heavy rainfall affect production.
Opportunities
- If the LNA transaction is completed, the company could strengthen Specialties and its position in limestone.
- The efficiency program could lower costs and improve cash generation.
- Population growth in the Sunbelt and data center investment could support long-term demand.
Threats
- Reduced infrastructure budgets or project delays could lower shipment volumes.
- Price pressure from local competitors or imports could compress margins.
- Environmental and zoning restrictions could make it harder to expand quarries and obtain new reserves.
Risks
- Dependence on constructionhigh
Demand depends on the construction cycle, interest rates and project financing, which can lead to deferrals or cancellations 1.
- Geographic concentrationhigh
A small number of states generate most revenues, so a regional slowdown could weigh heavily on results 1.
- Integration of acquisitionsmedium
Integrating acquired businesses can prove harder and costlier than expected, and benefits could be delayed 1.
- Weather and climatemedium
Rain, hurricanes and extreme temperatures can interrupt production and transport, and winter quarters are generally the weakest 1.
- Financing and dilutionmedium
The LNA transaction is partly paid in shares, which could dilute existing shareholders, and higher debt could reduce financial flexibility 3.
Investment thesis
What would need to be true (bull case)
- Record quarterly volumes and organic shipment growth show that demand from infrastructure and nonresidential construction remains strong 3.
- Long-lived reserves and a leading regional position may provide an advantage that is hard to replicate over the long term 1.
- If the LNA combination and the efficiency program are realized, the company could lift both profitability and cash flow 3.
What would break the thesis
- The average price per ton fell in the second quarter of 2026, and acquisition mix effects could persist 3.
- The business depends heavily on public budgets and on a construction cycle sensitive to interest rates, which makes results volatile 1.
- Large transactions and their integration carry execution risks and higher debt, which could reduce financial flexibility 3.
What to watch
- Completion of the Lhoist North America combination and its effect on debt and shares issuedsecond half of 2026
- Trend in the average selling price per ton of aggregates, organic and after mix effectsQ3 2026
- Progress of the efficiency program and delivery of about 350 million USD of annualized savings2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (04 Nov 2026 · results).
The business
From February 2026, Building Materials is organized into East Group and West Group after an asset exchange with QUIKRETE, under which the company sold its Midlothian cement plant and Texas ready mixed assets and acquired aggregates operations in Virginia, Missouri, Kansas and Vancouver 2. This reorientation further focuses the company on aggregates, which management regards as the core of the business 1.
Segments
Market context
The company's aggregates reserves average about 85 years at 2025 production levels 1, which provides a long-term resource base in an industry where access to land and permits is increasingly constrained 1. Industry consolidation has raised the importance of acquisitions, which can carry integration risks 1.
Trends
- Public infrastructuretailwind
Funding of infrastructure projects from federal, state and local budgets supports aggregates demand, and management reported strong infrastructure activity in 2026 3. However, budget delays or reprioritization could reduce volumes, especially in the states that carry large revenue weights 1.
- Nonresidential construction and energymixed
Nonresidential activity, including data centers and industrial projects, supported shipments in the first half of 2026 3. If financing becomes more expensive or private investment declines, demand could slow, and energy-related projects can be cyclical 1.
- Pricing pressureheadwind
Aggregates prices are set locally, and excess capacity or new market entrants could compress prices 1. The average price fell in the second quarter of 2026 on mix effects even though the organic price rose 3, showing how sensitive this measure is.
- Consolidation and efficiencytailwind
The aggregates industry is consolidating, and the company announced a combination with LNA that would expand Specialties if completed in the second half of 2026 3. An efficiency program could generate about 350 million USD of annualized cash flow improvements 3.
Competitive position
Aggregates are a heavy product whose transport cost can exceed the value of the product, so competition is local and depends on the proximity of quarries to customers or to rail and waterborne corridors 1. The company also uses rail and ship networks to serve markets where local supply is limited 1.
In ready mixed concrete and asphalt competition is intense, with lower barriers to entry than in aggregates 1. In magnesia and lime, competition comes from specialized producers, and steel companies are the major customers for dolomitic lime 1.
- Vulcan Materials CompanyVMC
A major American aggregates producer, named as a significant competitor in the same regional markets affected by industry consolidation, though the sources provided do not detail its exact market position.
- CRH Americas Materials
A subsidiary of the CRH group that bought the company's Texas cement business, making it an important player in building materials in the Sunbelt.
- QUIKRETE Holdings
A privately held company with which the company completed an asset exchange in February 2026, receiving aggregates operations and transferring its cement business.
- Lhoist North America
A producer of lime and industrial minerals with which the company announced a combination, which could reshape competition in the Specialties segment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Here Are Tuesday’s Top Wall Street Analyst Research Calls: Abercrombie & Fitch, Affirm Holdings, Eagle Materials, Klarna Group, Martin Marietta Materials, Oklo, Qualcomm, Robinhood Markets, Ulta Beauty, and MoreYahoo Finance — News · 09 Sept 2026 · EN
- Andvari Associates Strategic Investment in Martin Marietta Materials (MLM)Yahoo Finance — News · 03 Sept 2026 · EN
- Here Are Wednesday’s Top Wall Street Analyst Research Calls: Ally Financial, GitLab, GLOBAL FOUNDRIES, Martin Marietta Materials, Rocket Lab USA, Strategy, Toast, Tower Semiconductor, and MoreYahoo Finance — News · 02 Sept 2026 · EN
- Martin Marietta Materials (MLM) Stock Pulls Back on Expectations, Fundamentals IntactYahoo Finance — News · 31 Aug 2026 · EN
- Do Wall Street Analysts Like Martin Marietta Materials Stock?Yahoo Finance — News · 26 Aug 2026 · EN
The latest news item in our archive is from 09 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (amendment)04 Nov 2026Financial statements and exhibits
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report16 Sept 2026Material agreement · Financial statements and exhibits
- Current report24 Aug 2026Material agreement · Acquisition or disposition of assets · Item 3.02 · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Aug 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report14 Aug 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report12 Aug 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Aug 2026Other events · Financial statements and exhibits
- Current report05 Aug 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / MLM · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / MLM · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / MLM · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.