Martin Marietta Materials, Inc. (MLM)

FairStock Score: 38/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I start with what I can understand and what the numbers tell me. Martin Marietta sells heavy building materials—crushed stone, sand, gravel, concrete, asphalt—to construction markets. The business description points to a natural-resource-based position, but the filed figures do not show the consistency I associate with a wide moat. From fiscal 2024 to fiscal 2025, revenue rose from $5.7 billion to $6.2 billion, while net income fell from $2.0 billion to $1.1 billion and diluted EPS dropped from $32.41 to $18.77. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $1.9 billion and net income was $251.0 million, or $4.17 per diluted share. Fiscal Q1 2026, the quarter ended 2026-03-31, showed $1.4 billion revenue, $1.5 billion net income, and $25.06 diluted EPS, which makes trailing comparisons noisy. Financial health is not alarming but not fortress-like: debt to equity is 0.55, FairStock's Altman Z is 2.45, and its Piotroski F-score is 4/9. FairStock-calculated returns are modest, with ROE 8.89% and ROCE 4.57%. Free cash flow was $810 million, only a 2.9% FCF yield at the current market cap. Valuation is the problem. At the 2026-10-13 close of $472.40, FairStock's P/E is 30.76 and P/B is 2.46. The Graham Number is $257.78, so the price is 83.26% above that rough value marker. EV/EBITDA is 16.60. FairStock score is 38/100. This looks like a cyclical, asset-heavy business whose current price already assumes a lot. I would want a larger margin of safety and more consistent earnings before calling it a bargain.

In plain English: Martin Marietta Materials supplies crushed stone, sand, gravel, concrete and asphalt for construction projects. Its sales and profits tend to follow the building cycle; revenue rose from fiscal 2024 to fiscal 2025, but profit and earnings per share fell over that period, and returns are modest. At the 2026-10-13 close of $472.40, the price looks expensive compared with the company's current earnings and accounting value, even though the shares are near the low end of their 52-week range.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q4 2025 10-K (period ended 2025-12-31) · fiscal Q3 2025 10-K (period ended 2025-09-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer