Stock

Martin Marietta Materials

MLM
44
Construction Materials · Basic Materials
Also trades as: 0JZ0.L GBP 4.96 (+0.65%)
Price
$500.84
+9.61 (+1.96%)
Market Cap
$30.08B
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Mixed
9/20
Cash Flow
Good
6/10
Stability
Strong
7/10
Valuation
Good
5/10
Ownership
Weak
2/15
Dividends
Not counted
n/a

42 of 95 counted points = Winston Score 44. Pillars marked n/a do not apply to this company and are left out of the total.

Share count falling — buybacks

−3.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 62.6M (2021) → 60.5M (2025)

§Winston Score History

The full picture

Martin Marietta Materials mines and sells crushed stone, sand, and gravel — materials called "aggregates" that are used to build roads, bridges, airports, and buildings. Its main customers are construction companies, government agencies, and contractors across the United States. The company is one of the two largest producers of construction aggregates in the country.

Martin Marietta makes money by selling these materials by the ton, and it also has smaller businesses selling cement, concrete, and asphalt. It operates primarily in the United States, with a strong presence in fast-growing states like Texas, Florida, and the Southeast. Its biggest competitive advantage is that aggregates are heavy and expensive to ship, so local quarries face little competition from distant rivals — once you own a quarry near a city, it is very hard for competitors to take that business. The main risk is that demand for aggregates is closely tied to construction spending, which slows sharply during economic downturns or when infrastructure funding is cut.

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Score breakdown

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Quality

Profit per sale
Gross Margin
25.4%
Modest — 25.4% gross margin
Profit after running costs
Operating Margin
19.5%
Healthy — 19.5% operating margin
Return on the money invested
ROCE
8.1%
Below par — 8.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+0.1%
Nearly flat sales (+0.1% YoY)
Profit growth
EPS YoY
+125.4%
Earnings growing fast (+125.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
62%
Modest — 62% of profit becomes cash
Spare cash per sale
FCF Margin
12.1%
Converts sales into free cash efficiently (12.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.52
Conservative — low debt load (0.52)
Covers its interest
Interest Cover
6.11x
Adequate interest coverage (6.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
12.3x
Attractive valuation — P/E 12.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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