MLMMartin Marietta Materials

Materials · Aggregates · NYSE

Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a leading natural resource-based building materials company. 10-K, Item 1

Headquarters: Raleigh, NC
CEO: C. Howard Nye
Next results: around Feb 10, 2027

Compare with peers → Embed

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	37.26	Sales (ttm)	7.2B	Net income (ttm)	2.3B	Sales growth	+8.6%	EPS growth	-42.1%	Sales Q/Q	+28.3%
Free cash flow	875.0M	Gross margin	26.7%	Oper. margin	18.2%	Net margin	31.9%	FCF margin	12.1%	ROE	13.0%
ROA	6.2%	R&D / sales	-	Dividend	3.24	Debt/Eq	0.73	Curr. ratio	1.63	Cash	140.0M
Op. cash flow (ttm)	1.5B	EBITDA	2.1B	EBITDA margin	33.7%	Net debt	12.7B	Quick ratio	1.00	Interest cover	6.25
ROIC	3.8%	Payout ratio	17.3%	Tax rate	19.2%	Stock pay / sales	0.7%	Shares out.	71.1M	Shares Y/Y	-1.6%
Book / share	248.30	Cash / share	1.97	Sales / share	101.39	Asset turnover	0.19	Inventory turns	3.95	Days sales out.	43
Sales 3Y CAGR	-0.1%	Sales 5Y CAGR	+5.4%	EPS 3Y CAGR	+10.6%	EPS 5Y CAGR	+10.2%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Free cash flow rose 62%$604.0M → $978.0M · Cash from operations − capital expenditure · 10-K ↗
Revenue growth sped up to +8.6%-3.2% → +8.6% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin narrowed to 23.4%43.8% → 23.4% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

MLM against Materials peers

Ten years, side by side → · All 24 →

MLMPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 24 companies, the better end on the right. Hover a dot for the company.

Sales growth

+8.6%7th of 24 · median +4.4%

Net margin

31.9%2nd of 24 · median 8.4%

Return on equity

13.0%14th of 24 · median 13.1%

Free cash flow margin

12.1%6th of 24 · median 6.8%

Debt / equity (less is better)

0.7311th of 24 · median 0.76

MLM and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
MLM Martin Marietta Materials	$7.2B	+8.6%	26.7%	31.9%	13.0%	12.1%	0.73
PKG Packaging Corporation of America	$9.8B	+7.2%	20.5%	7.4%	15.1%	7.0%	0.83
AVY Avery Dennison	$9.4B	+1.1%	28.8%	7.6%	29.7%	11.1%	1.51
VMC Vulcan Materials Company	$8.0B	+7.1%	27.5%	13.8%	13.1%	9.8%	0.71
CF CF Industries	$7.9B	+19.3%	42.5%	27.5%	38.1%	26.2%	0.56
ALB Albemarle Corporation	$6.2B	-4.4%	25.8%	11.1%	6.5%	23.5%	0.18

FY2021FY2022FY2023FY2025

From $5.4B of sales to $702.5M of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $6.2B of sales to $867.0M of profit

FY2022, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $5.9B of sales to $1.2B of profit

FY2023, from the 10-K income statement

Swipe sideways for the whole flow →

From $6.2B of sales to $1.1B of profit

FY2025, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$75$13

FY2022

$77$14

FY2023

$70$7$20

FY2025

$69$7$18

Cost of revenue
Sales, admin & other
Tax & other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4

✓
Net margin above the peer median31.9% vs 8.4%
✓
Gross margin up over 5 years26.5% → 30.7%
!
Return on equity below 15%13.0%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 11.1% → 18.5%

Balance sheet

3 of 4

✓
Interest covered more than 5 timesOperating income is 6.2× interest expense
✓
Debt smaller than equityDebt / equity 0.73 on the latest balance sheet (peer median 0.76)
✓
Current assets cover current liabilitiesCurrent ratio 1.63
!
Net debt over 3 years of free cash flow$12.7B net debt, 14.5 years

Debt / equity at each year end, FY2016 to FY2025: 0.41 → 0.53

What the debt is made of ↓

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 10 years$978.0M last year
✓
Share count down over 5 years−2.9%
✓
Dividend per share up over 5 years$2.24 → $3.24
✓
Cash from operations above net income$1.8B vs $1.1B

Free cash flow, FY2016 to FY2025: 301.7M → 978.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025

The debt note's own lines, 2025-12-31

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
2.400% Senior Notes, Due 2031	Notes and bonds	2.40–2.48%	not stated	$891.0M
3.200% Senior Notes, Due 2051	Notes and bonds	3.20–3.29%	not stated	$851.0M
5.150% Senior Notes, Due 2034	Notes and bonds	5.15–5.33%	not stated	$739.0M
5.500% Senior Notes, Due 2054	Notes and bonds	5.50–5.70%	not stated	$727.0M
4.250% Senior Notes, Due 2047	Notes and bonds	4.25–4.32%	not stated	$591.0M
3.500% Senior Notes, Due 2027	Notes and bonds	3.50–3.61%	not stated	$493.0M
2.500% Senior Notes, Due 2030	Notes and bonds	2.71%	not stated	$478.0M
2.500% Senior Notes, Due 2030	Notes and bonds	2.50%	not stated	$473.0M
3.450% Senior Notes, Due 2027	Notes and bonds	3.45–3.55%	not stated	$299.0M
6.25% Senior Notes, Due 2037	Notes and bonds	6.25–6.32%	not stated	$230.0M
6.25% Senior Notes, Due 2037	Notes and bonds	6.25%	not stated	$229.0M
Trade Receivable Facility	–	4.57%	not stated	$30.0M

All 12 lines

From the debt note in the 10-K's XBRL (0001193125-26-059193), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 6.2B Net income 1.1B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

MLM's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue6.2B

Net income1.1B

Free cash flow978.0M

EPS (diluted)18.77

Dividend per share3.24

Diluted shares60.6M

The segments changed

10-K filed 2026-02-19

Compared with the 10-K of Feb 21, 2025: new segment Specialties; no longer reported: Magnesia Specialties.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Reportable Segments	6.2B	100.0%	+8.6%
Building Materials Business	5.7B	92.8%	+6.9%
Building Materials Business East Group	3.2B	51.9%	+8.6%
Building Materials Business West Group	2.5B	40.9%	+4.7%
Specialties	441.0M	7.2%	+37.8%

10-K 0001193125-26-059193, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2024

	Revenue	Share	vs year before
Cement and Ready Mixed Concrete	1.1B	17.9%	-26.7%
Asphalt and Paving Services	869.0M	14.1%	-2.0%

10-K 0001193125-26-059193, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3.8B	4.0B	4.2B	4.7B	4.7B	5.4B	6.2B	5.9B	5.7B	6.2B
Cost of revenue	2.9B	3.0B	3.3B	3.6B	3.5B	4.1B	4.7B	4.1B	4.0B	4.3B
Gross profit	911.7M	971.9M	966.6M	1.2B	1.3B	1.3B	1.4B	1.7B	1.6B	1.9B
SG&A	241.6M	262.1M	280.6M	302.7M	305.9M	351.0M	397.0M	425.0M	429.0M	443.0M
Operating income	677.3M	700.4M	690.7M	884.9M	1.0B	973.8M	1.2B	1.3B	2.5B	1.4B
Interest expense	81.7M	91.5M	137.1M	129.3M	118.1M	142.7M	169.0M	165.0M	169.0M	230.0M
Pretax income	607.0M	618.9M	576.1M	748.3M	889.3M	855.5M	1.1B	1.2B	2.4B	1.2B
Income tax	181.6M	-94.5M	105.7M	136.3M	168.2M	153.2M	235.0M	234.0M	550.0M	236.0M
Net income	425.4M	713.3M	470.0M	611.9M	721.0M	702.5M	867.0M	1.2B	2.0B	1.1B
EPS (diluted)	6.63	11.25	7.43	9.74	11.54	11.22	13.87	18.82	32.41	18.77
Diluted shares	63.9M	63.2M	63.1M	62.7M	62.4M	62.6M	62.5M	62.1M	61.6M	60.6M
Depreciation & amortization	285.3M	297.2M	344.0M	371.5M	393.5M	451.7M	506.0M	513.0M	573.0M	637.0M
EBITDA	962.5M	997.6M	1.0B	1.3B	1.4B	1.4B	1.7B	1.8B	3.1B	2.1B
Gross margin	23.9%	24.5%	22.8%	24.9%	26.5%	24.9%	23.1%	29.8%	28.9%	30.7%
Operating margin	17.7%	17.7%	16.3%	18.7%	21.3%	18.0%	19.6%	22.8%	43.8%	23.4%
Net margin	11.1%	18.0%	11.1%	12.9%	15.2%	13.0%	14.1%	20.0%	35.2%	18.5%
Revenue growth	-	+3.8%	+7.0%	+11.7%	-0.2%	+14.5%	+13.8%	-5.0%	-3.2%	+8.6%
EPS growth	-	+69.7%	-34.0%	+31.1%	+18.5%	-2.8%	+23.6%	+35.7%	+72.2%	-42.1%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	50.0M	1.4B	44.9M	21.0M	207.3M	258.4M	358.0M	1.3B	670.0M	67.0M
Receivables	-	487.2M	523.3M	573.7M	575.1M	774.0M	785.9M	753.0M	678.0M	723.0M
Inventory	521.6M	600.6M	663.0M	690.8M	709.0M	752.6M	873.7M	989.0M	1.0B	1.1B
Current assets	1.1B	2.6B	1.4B	1.4B	1.7B	2.0B	2.9B	3.9B	2.4B	3.2B
Property & equipment	3.4B	3.6B	5.2B	5.2B	5.2B	6.3B	6.3B	6.2B	9.7B	10.3B
Goodwill	2.2B	2.2B	2.4B	2.4B	2.4B	3.5B	3.6B	3.4B	3.4B	3.6B
Total assets	7.3B	9.0B	9.6B	10.1B	10.6B	14.4B	15.0B	15.1B	18.2B	18.7B
Accounts payable	178.6M	183.6M	210.8M	229.6M	207.8M	356.2M	385.0M	343.0M	375.0M	389.0M
Current liabilities	546.6M	694.2M	786.7M	838.5M	499.3M	752.6M	1.4B	1.2B	1.0B	895.0M
Total debt	1.7B	3.0B	3.1B	2.8B	2.6B	5.1B	5.0B	4.3B	5.4B	5.3B
Total liabilities	3.2B	4.3B	4.6B	4.8B	4.7B	7.9B	7.8B	7.1B	8.7B	8.7B
Shareholders' equity	4.1B	4.7B	4.9B	5.4B	5.9B	6.5B	7.2B	8.0B	9.5B	10.0B
Retained earnings	935.6M	1.4B	1.7B	2.1B	2.6B	3.2B	3.7B	4.6B	5.9B	6.4B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	688.9M	657.6M	705.1M	966.1M	1.1B	1.1B	991.0M	1.5B	1.5B	1.8B
Capital spending	387.3M	410.3M	376.0M	393.5M	359.7M	423.1M	482.0M	650.0M	855.0M	807.0M
Free cash flow	301.7M	247.3M	329.1M	572.6M	690.4M	714.6M	509.0M	878.0M	604.0M	978.0M
Stock-based pay (added back)	20.5M	30.5M	29.3M	34.1M	30.0M	43.0M	43.0M	50.0M	58.0M	46.0M
Dividends paid	105.0M	108.9M	116.4M	129.8M	140.3M	147.8M	160.0M	174.0M	189.0M	197.0M
Buybacks	259.2M	100.0M	100.4M	98.2M	50.0M	0	150.0M	150.0M	450.0M	450.0M
Acquisitions	174.5M	12.1M	1.6B	-	65.1M	3.1B	-11.0M	0	3.6B	685.0M
Debt raised	560.0M	2.4B	1.0B	625.0M	628.1M	2.9B	0	0	2.8B	-
Debt repaid	449.3M	1.1B	910.1M	975.1M	777.1M	420.1M	54.0M	700.0M	1.7B	735.0M
Investing cash flow	-555.0M	-386.1M	-1.9B	-385.9M	-409.7M	-3.5B	-484.0M	459.0M	-2.4B	-1.6B
Financing cash flow	-252.3M	1.1B	-158.4M	-604.1M	-357.0M	2.3B	-407.0M	-1.1B	373.0M	-800.0M
Dividend per share	1.72	1.72	1.84	2.06	2.24	2.36	2.54	2.80	3.06	3.24

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	20.5M	30.5M	29.3M	34.1M	30.0M	43.0M	43.0M	50.0M	58.0M	46.0M
Stock-based pay / revenue	0.5%	0.8%	0.7%	0.7%	0.6%	0.8%	0.7%	0.9%	1.0%	0.7%
Operating lease cost	-	-	-	80.9M	79.0M	72.9M	73.0M	72.0M	74.0M	79.0M
Operating lease cash paid	-	-	-	76.1M	77.7M	71.8M	79.0M	77.0M	77.0M	82.0M
Finance lease principal paid	-	-	-	11.0M	3.5M	11.1M	15.0M	17.0M	20.0M	23.0M
Right-of-use assets	-	-	-	481.9M	453.0M	426.7M	383.5M	372.0M	366.0M	367.0M
Operating lease liabilities	-	-	-	486.6M	459.0M	433.3M	388.0M	380.0M	382.0M	382.0M
Finance lease liabilities	-	-	10.9M	8.7M	24.5M	204.4M	199.9M	200.0M	203.0M	302.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on MLM in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MLM/export.csv") into a cell.