MLM
Martin Marietta Materials, Inc.
MLM's fundamentals are mixed, but it looks cheap: trading at 14x earnings, about half its usual 28x. Analysts expect earnings to hold roughly steady.
MLM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Weak |
MLM's revenue and profitability are currently healthy, and its cash flow is stable, but its balance sheet is weak.
MLM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 14x | $517 | — |
| Cheap | 17x | $631 | +22% |
| Fair | 28x | $1,043 | +102% |
| Forward | 31x | $517 | — |
| Expensive | 32x | $1,222 | +136% |
Historical ranges are pointers, not guarantees.
MLM's PE is in its cheap range at 14x. On analysts' estimates for next year's earnings, today's price would be 31x, in its expensive range.
MLM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect MLM's revenue to grow, but its profitability to weaken.
MLM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $16.93 | -55% |
| Q3 2026 | $37.76 | +98% |
| Q2 2026 | $40.67 | +125% |
| Q1 2026 | $41.93 | +140% |
| Q4 2025 | $18.77 | -42% |
| Q3 2025 | $19.05 | -41% |
| Q2 2025 | $18.11 | -45% |
| Q1 2025 | $17.44 | -48% |
| Q4 2024 | $32.41 | +72% |
MLM earned $37.76 per share over the past year, up 98% from the year before.
MLM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.4B | +28% |
| Q2 2026 | $1.9B | +7.5% |
| Q1 2026 | $1.4B | +0.7% |
| Q4 2025 | $1.5B | -5.9% |
| Q3 2025 | $1.8B | -2.3% |
| Q2 2025 | $1.8B | +2.7% |
| Q1 2025 | $1.4B | +8.2% |
| Q4 2024 | $1.6B | +1.4% |
MLM's revenue has picked up after three years of holding roughly level: $2.4B last quarter, up 28% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 18% | -8.9 points |
| Q2 2026 | 19% | -6.2 points |
| Q1 2026 | 12% | -2.4 points |
| Q4 2025 | 22% | -2.2 points |
| Q3 2025 | 27% | +1.5 points |
| Q2 2025 | 25% | +2.7 points |
| Q1 2025 | 14% | -99 points |
| Q4 2024 | 24% | +1.4 points |
MLM's operating margin was 18% last quarter, down 8.9 points from the same quarter a year ago.
MLM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $426M | +18% |
| Q2 2026 | -$16M | -108% |
| Q1 2026 | $41M | +$56M |
| Q4 2025 | $424M | -6.4% |
| Q3 2025 | $361M | +14% |
| Q2 2025 | $208M | +$346M |
| Q1 2025 | -$15M | +$13M |
| Q4 2024 | $453M | +23% |
MLM generated $875M in free cash flow over the past year, down 13% from the year before.
MLM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +8.1% | +4.9M shares |
| 1 year | +7.8% | +4.7M shares |
| 3 years | +5% | +3.1M shares |
| 5 years | +4% | +2.5M shares |
| Available history | +3.8% | +2.4M shares |
MLM has 65M diluted shares, up 7.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $200M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $450M |
| Q4 2024 | — |
MLM spent $200M buying back its own shares over the past year, down 56% from the year before.
MLM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.1x | High |
| Q2 2026 | 2.8x | Moderate |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | 2.5x | Moderate |
| Q3 2025 | 2.5x | Moderate |
| Q2 2025 | 2.4x | Moderate |
| Q1 2025 | 2.6x | Moderate |
| Q4 2024 | 1.5x | Healthy |
MLM's net debt is about 6.1 years of its operating earnings (EBITDA), up from 2.5 years a year ago.
MLM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.5 | Neutral |
| Stochastic | 53.4 | Neutral |
MLM's weekly RSI is 44 (neutral) and its Stochastic is 53 (neutral).
MLM PE vs Basic Materials Sector
| Metric | MLM | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 19x | 26% below |
| PE % | 5 | 40 | 35 pts below |
MLM is trading at 14x earnings, a 26% discount to the Basic Materials sector's median of 19x.
MLM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $503.6 | 2.7% above |
| 20 week MA | $526.6 | 1.8% below |
| 50 week MA | $582.0 | 11% below |
| 100 week MA | $569.7 | 9.2% below |
| 200 week MA | $528.5 | 2.1% below |
MLM has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 2.1% below its 200-week average.
MLM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $278.7 | $275.1 | -1.3% |
| 2021 | $275.1 | $437.1 | +59% |
| 2022 | $437.1 | $338.6 | -23% |
| 2023 | $338.6 | $498.9 | +47% |
| 2024 | $498.9 | $528.8 | +6% |
| 2025 | $528.8 | $645.0 | +22% |
| 2026 YTD | $645.0 | $517.3 | -20% |
MLM has finished higher in four of the last six years. It's down 20% so far in 2026.