At a glance
Martin Marietta Materials Inc is worth $33.17B, about 29 times its fiscal 2025 earnings. Revenue grew 8.6% to $6.15B in fiscal 2025, with 18.5% kept as profit. It pays a 0.6% dividend yield, raised every year for at least 8 years, and returned $2.07B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −9.4% over the past year with dividends reinvested and +6.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.1% in the 2020 crash (S&P 500: 33.7%) and 32.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 12 months after the lows.
The business in plain English
Martin Marietta Materials supplies aggregates: crushed stone, sand and gravel, the basic raw material for roads and buildings. It runs about 400 quarries, mines and distribution yards in 28 states, Canada and The Bahamas. It is also the largest operator of underground aggregates mines in the US. Aggregates cost a lot to haul compared with their price, so truck shipments usually travel short distances and location matters in competition. In 2025, aggregates produced 88% of segment gross profit, meaning revenue minus direct production costs.
Its customers are mainly construction firms. In 2025, 37% of aggregates shipments went to highways and other public infrastructure, which government budgets largely pay for. Nonresidential (commercial and industrial) and residential building took 58%. In some markets it also provides asphalt, ready mixed concrete and paving. In August 2025 it agreed to swap its only cement business and its Texas ready mixed concrete operations with Quikrete for aggregates quarries and cash.
It reports three segments. Of $6.15 billion in 2025 revenue, the East Group, which supplies aggregates and asphalt, brought in 52%. The West Group, which adds ready mixed concrete and paving, brought in 41%, and Specialties 7%. Specialties makes magnesia-based products such as Epsom salt (magnesium sulfate), plus dolomitic lime used in steelmaking. Ten states, including Texas, North Carolina, Colorado and California, produced 76% of building materials revenue.
Price history
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MLM -9.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Building Materials Business East Group | $3.19B | 51.9% |
| Building Materials Business West Group | $2.52B | 40.9% |
| Specialties | $441.0M | 7.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.95B, up 21% from a year earlier, and net income was $251.0M (-23.5%).
- For fiscal 2025, revenue was $6.15B (+8.6% year over year) with a 18.5% net margin.
Financial health check
| Operating margin | 23.4% good |
|---|---|
| Free cash flow margin | 15.9% good |
| Return on equity (FY2025) | 11.3% watch |
| Return on assets (FY2025) | 6.1% watch |
| Net cash (cash minus debt) | $-5.84B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.73B | $721.0M | $690.4M |
| FY2021 | $5.41B | $702.5M | $714.6M |
| FY2022 | $6.16B | $867.0M | $509.0M |
| FY2023 | $5.85B | $1.17B | $878.0M |
| FY2024 | $5.66B | $2.00B | $604.0M |
| FY2025 | $6.15B | $1.14B | $978.0M |
Valuation snapshot
| Market value | $33.17B |
|---|---|
| P/E ratio | 29.4 |
| Dividend yield | 0.6% |
Rank among 1514 US companies
Market value at each year end
Martin Marietta Materials’s market value went from $14.06B at the end of 2016 to $33.17B on Nov 2, 2026, about 2.4 times as much; since the end of 2025 it is down 12%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $33.17B | -11.7% |
| 2025 | $37.55B | +19.0% |
| 2024 | $31.57B | +2.4% |
| 2023 | $30.84B | +46.9% |
| 2022 | $20.98B | -23.6% |
| 2021 | $27.48B | +55.4% |
| 2020 | $17.68B | +1.2% |
| 2019 | $17.48B | +62.2% |
| 2018 | $10.78B | -22.4% |
| 2017 | $13.89B | -1.2% |
| 2016 | $14.06B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MLM price data to Nov 2, 2026 | -10.9% | -9.4% | +8.4% | +6.9% | +12.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -10.9% |
| 2025 | +21.3% |
| 2024 | +4.1% |
| 2023 | +48.6% |
| 2022 | -22.7% |
| 2021 | +56.1% |
| 2020 | +2.6% |
| 2019 | +64.2% |
| 2018 | -21.5% |
| 2017 | +0.6% |
| 2016 | +63.7% |
| 2015 | +25.1% |
| 2014 | +11.8% |
| 2013 | +7.7% |
| 2012 | +27.6% |
| 2011 | -16.6% |
| 2010 | +5.2% |
| 2009 | -6.1% |
| 2008 | -25.7% |
| 2007 | +28.8% |
| 2006 | +36.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 48% over that stretch · deepest drop along the way 56.3%, back to its old high 63.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.1% over that stretch · deepest drop along the way 44.1%, back to its old high 6.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.7% over that stretch · deepest drop along the way 32.7%, back to its old high 11.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.41% | Sep 30, 2026 |
| STATE STREET CORPORATION | 5.2% | Jun 30, 2026 |
| Vanguard Portfolio Management | 4.65% | Sep 30, 2026 |
| T. Rowe Price Investment Management, Inc. | 2.6% | Dec 31, 2024 |
ETFs with the most weight in MLM
| SUPP TCW Transform Supply Chain ETF | 7.24% |
| PKB Invesco Building & Construction ETF | 5.29% |
| ATFV Alger 35 ETF | 4.65% |
| RSPM Invesco S&P 500 Equal Weight Materials ETF | 4.36% |
| XLB Materials Select Sector SPDR Fund | 4.08% |
| PAVE Global X US Infrastructure Development ETF | 2.52% |
| FMAT Fidelity MSCI Materials Index ETF | 2.45% |
| VAW Vanguard Materials ETF | 2.18% |
What could go wrong
- Needs permitted stone reserves near customers. Aggregates are costly to haul, so growth depends on finding, acquiring and getting permits for reserves close to customers. Zoning and land-use rules can delay or block new or expanded quarries.
- A broad fall in aggregates prices. Aggregates produced 88% of segment gross profit in 2025. The company names widespread declines in aggregates pricing as a risk. With so much profit from one product, price cuts could weigh heavily on earnings.
- Acquisitions and asset swaps may disappoint. Growth relies partly on acquisitions, over 100 since going public in 1994. Deals may cost more, close late or be hard to combine, and paying with new shares would shrink existing owners' stakes.
- Public infrastructure budgets can shift. Highways and other public projects took 37% of 2025 aggregates shipments. Government budget fights, shutdowns or fuel-tax changes can cut or delay that spending, especially in top states such as Texas and North Carolina.
- Construction slowdowns and high interest rates. Nonresidential and residential building took 58% of 2025 aggregates shipments. High interest rates, poor housing affordability or tight credit can delay or cancel projects and raise the company's own borrowing costs.
- Weather and seasons disrupt work. Quarrying and construction happen outdoors. Winter weather tends to hurt first- and fourth-quarter results, while heavy rain and heat affect mid-year. Hurricanes, floods and wildfires can halt work.
Recent events
- Major agreement signed
- Major agreement signed; Acquisition or sale of assets completed; Unregistered sale of shares; Executive or board change; Investor presentation or announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Major agreement signed; New debt or financial obligation; Other company announcement
- Major agreement signed; Investor presentation or announcement
- Other company announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Unregistered sale of shares; Other company announcement
For income and retirement investors
Martin Marietta pays a small but growing dividend. The yield was 0.65% as of October 28, 2026, so the shares provide little income. Dividends per share have risen eight years in a row, from $2.24 in 2020 to $3.24 in 2025, about 7.7% a year. The 2025 dividend used 17.3% of earnings and 20.1% of free cash flow (cash left after capital spending), a low share. The company also spent $1.2 billion buying back shares from 2021 to 2025. Its share count fell 3.7% between October 2021 and July 2026.
The shares have dropped sharply in downturns. They fell 56.3% in the 2008 financial crisis and took about 64 months to regain their prior peak. They fell 44.1% in the 2020 COVID crash and recovered in about six and a half months. In the 2022 bear market they fell 32.7% and recovered in about a year. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Martin Marietta make money?
Mainly by quarrying aggregates (crushed stone, sand and gravel) and supplying them to builders of highways, commercial projects and homes. Aggregates produced 88% of segment gross profit in 2025. The company also provides asphalt, ready mixed concrete and paving in some markets. Its Specialties segment makes magnesia-based products and dolomitic lime. Of $6.15 billion in 2025 revenue, the East Group brought in 52%, the West Group 41% and Specialties 7%.
Does Martin Marietta raise its dividend every year?
It has raised its dividend eight years in a row. Dividends per share grew from $2.24 in 2020 to $3.24 in 2025, about 7.7% a year. The payout is modest: the 2025 dividend used 17.3% of earnings and 20.1% of free cash flow. The yield is low, at 0.65% as of October 28, 2026, so dividends make up a small part of what shareholders receive. Past increases do not guarantee future ones.
Why did Martin Marietta's earnings drop in 2025?
Largely because 2024 profit included a large one-time gain. In February 2024 the company sold its South Texas cement business and 20 related ready mixed concrete plants to a CRH subsidiary for $2.1 billion in cash. That sale produced a $1.3 billion gain before taxes. Compared with that higher base, 2025 net income fell 43% to $1.14 billion, and earnings per share fell from $32.41 to $18.77. Revenue still rose 8.6%, to $6.15 billion.
How much debt does Martin Marietta have?
About $5.95 billion as of June 30, 2026, against $112 million of cash and investments. That leaves net debt of roughly $5.84 billion. Shareholders' equity (assets minus liabilities) was $11.55 billion. Filings in July and August 2026 reported new debt obligations, so the total may have changed since then. The company lists high interest rates and tight credit among its risks because they can raise borrowing costs and slow construction demand.
How has Martin Marietta stock performed over the long term?
Well over 10 years, poorly over one year. As of October 28, 2026, the share price had risen about 11.7% a year over 10 years, or 203% in total, and 6% a year over five years. Over one year it had fallen 16.8%. These are price returns, which leave out dividends. Its deepest peak-to-trough fall in about 21 years of price history was 63.7%. It also dropped 56.3% in the 2008 financial crisis.