Martin Marietta Materials
MLM on NYSE. Martin Marietta sells crushed stone, sand, cement and concrete to builders. Market value $29.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Recent profit includes a one-time gain, so we price the company excluding that gain.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Materials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.76 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 8 cents a year. Above 10 is good.
Quality score: 90 of 100. Price score: 32 of 100. Our list needs 70 on quality and 60 on price.
$489.01 a share, 4% above its 1-year low
Over the past year the price has ranged from $470.19 to $710.97.
Dividend: 0.7% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $5.4bn | $6.2bn | $5.9bn | $5.7bn | $6.2bn |
| Operating margin | |||||
| Operating margin | 18.0% | 19.6% | 22.8% | 43.8% | 23.4% |
| Debt to equity | |||||
| Debt to equity | 0.81 | 0.73 | 0.57 | 0.59 | 0.56 |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.06bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)8 of 9
- Profit backed by cash (accruals)Yes
- Debt0.56× equity
- Revenue growth, five yearsSlow, 5.4% a year
- Buying back its own sharesYes, 3% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.9 billion last quarter, up 21% on a year ago.
- Profit: $251 million, down 23% on a year ago.
- It keeps 21 cents of each $1 of sales as operating profit, down from 23 cents a year earlier.
- Spare cash over the past 12 months: $810 million, down from $963 million.
- About the same number of shares as a year ago.
- Debt is $5.8 billion more than cash, up from $5.2 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.6bn |
| December 2024 | $1.4bn |
| March 2025 | $1.2bn |
| June 2025 | $1.6bn |
| September 2025 | $1.8bn |
| December 2025 | $1.5bn |
| March 2026 | $1.4bn |
| June 2026 | $1.9bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $363m |
| December 2024 | $294m |
| March 2025 | $116m |
| June 2025 | $328m |
| September 2025 | $414m |
| December 2025 | $279m |
| March 2026 | $1.5bn |
| June 2026 | $251m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 3 November 2026
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
12 long-term investors we follow own it, unchanged from 12 last quarter. 1,072 funds in all.
- Gardner Russo & QuinnTom Russo
- Value
- $407m
- Share of fund
- 4.6%
- Fenimore Asset Management (FAM Funds)John Fox
- Value
- $51m
- Share of fund
- 1.1%
- First Manhattan Co.First Manhattan partners
- Value
- $20m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Aristotle Capital ManagementHoward Gleicher | $1.1bn | 2.2% | Cut |
| TCI Fund ManagementChris Hohn | $758m | 1.4% | New |
| Select Equity GroupGeorge Loening | $583m | 3.1% | Cut |
| Gardner Russo & QuinnTom Russo | $407m | 4.6% | |
| Mawer Investment ManagementMawer team | $139m | 0.9% | Cut |
| Diamond Hill Capital ManagementRic Dillon (founder) | $123m | 1.0% | Cut |
| Findlay Park PartnersFindlay Park team | $120m | 1.6% | Added |
| Fenimore Asset Management (FAM Funds)John Fox | $51m | 1.1% | |
| Weitz Investment ManagementWally Weitz | $27m | 1.9% | Added |
| Gotham Asset ManagementJoel Greenblatt | $21m | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $20m | <0.1% | |
| GMOJeremy Grantham | $5m | <0.1% | Added |
Sold out this quarter
Largest holders overall
- BlackRock$2.7bn
- Vanguard Capital Management$2.3bn
- Vanguard Portfolio Management$1.8bn
- State Street$1.8bnAdded
- Bank of America$1.4bn
- FMR$1.3bnCut
- Principal Financial Group$1.2bn
- Aristotle Capital Management$1.1bnCut
- Victory Capital Management$1.0bnAdded
- Price T Rowe Associates$922mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- LNA Holding SRLat least 15.4%(filed with 3 related holders)Since 21 August 2026
What they said
Shareholders Agreement On the Closing Date, the Issuer, LNH and, solely for purposes of the standstill provisions set forth therein, FGI, entered into a shareholders' agreement (the "Shareholders Agreement"). Under the Shareholders Agreement, LNH and its affiliates are subject…
Read the filing - Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.3%Since 31 March 2026
- STATE STREET CORPORATIONPassive investor5.2%Since 30 June 2026
- T. Rowe Price Investment Management, Inc.Passive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
LNA Holding SRL | at least 15.4% (filed with 3 related holders) | 21 August 2026 | What they saidShareholders Agreement On the Closing Date, the Issuer, LNH and, solely for purposes of the standstill provisions set forth therein, FGI, entered into a shareholders' agreement (the "Shareholders Agreement"). Under the Shareholders Agreement, LNH and its affiliates are subject… Read the filing |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.3% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 5.2% | 30 June 2026 | |
T. Rowe Price Investment Management, Inc. Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 16 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.