MLMMARTIN MARIETTA MATERIALS INC
Mining & Quarrying Of Nonmetallic Minerals (no Fuels)
- Revenue
- $6.2B
- 8.6% YoY
- Operating margin
- 23.4%
- 47% YoY
- EBITDA
- $2.1B
- 32% YoY
- Market cap
- $32.5B
- Employees
- 9,600
- $641K revenue each
- Net debt / EBITDA
- 2.8×
- $5.8B net debt
- AI in 10-K
- 0.4
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$15M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo157% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo36% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo19% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$641K · 43rd pctBottom quartile of its SIC industry
- Quiet on AIYes0.4 per 10K words · 18th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$32.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5.4B | $6.2B | $5.9B | $5.7B | $6.2B | 8.6% |
| Operating income | $974M | $1.2B | $1.3B | $2.5B | $1.4B | 42% |
| Net income | $703M | $867M | $1.2B | $2.0B | $1.1B | 43% |
| Operating cash flow | $1.1B | $991M | $1.5B | $1.5B | $1.8B | 22% |
| Capex | $423M | $482M | $650M | $855M | $807M | 5.6% |
| Stock-based comp | $43M | $43M | $50M | $58M | $46M | 21% |
| Buybacks | $0 | $150M | $150M | $450M | $450M | 0.0% |
| Dividends | $148M | $160M | $174M | $189M | $197M | 4.2% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 24, 2026 | LNA Holding SRL | SCHEDULE 13D | 15.4% | Active |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $14M | $26M | 226 | 139 |
| FY2024 | $18M | $16M | 187 | 126 |
| FY2023 | $18M | $35M | 179 | 126 |
| FY2022 | $13M | $6M | 121 | 112 |
| FY2021 | $15M | $39M | 156 | 127 |