Martin Marietta Materials

Martin Marietta Materials is a US supplier of aggregates (crushed stone, sand and gravel), lime and limestone products, magnesia-based products and other building materials. It works in 29 states, Canada and The Bahamas. Its Building Materials business sells aggregates, asphalt and paving. Its Specialties business sells lime, limestone and magnesia products.

The company changed much in 2026. On February 23 it gave its cement plant and Texas ready mixed concrete assets to QUIKRETE in an asset exchange, with an after-tax gain of $1.4 billion. On May 15 it bought New Frontier Materials, an aggregates business near St. Louis.

On August 21 it completed its combination with Lhoist North America (LNA) for total consideration of $12.9 billion, made of $7.0 billion in cash and about $5.9 billion in Martin Marietta shares. LNA had sales of $1,754 million and income from operations of $683 million in 2025. Revenue was $2,369 million in Q3 2026. Ward Nye is Chair, President and Chief Executive Officer.

The pick is the common stock on the NYSE (MLM), in US dollars.

The market prices Martin Marietta as a company that took on much debt and many new businesses while costs in its main business rise faster than prices. In Q3 2026, aggregates cash gross profit per ton fell 8% to $10.36 and gross profit per ton fell 17%, because energy costs and depreciation grew faster than the organic mix-adjusted price, which rose 2.7%. Total debt rose to $12,823 million from $5,323 million at the end of 2025 for the LNA purchase. The credit agreements cap net debt over EBITDA at 4.75 times now, 4.25 times and then 3.75 times.

For the price to rise, price increases on January 1, 2027, which the company expects to be mid- to high-single digit on a mix-adjusted basis, must restore a positive price-cost gap. LNA must keep earning as it did since closing, and cash flow must cut leverage. The Q4 report in February 2027 and its 2027 guidance are the next test. If price increases hold, the gap can close within about two years.

1. Feb 10, 2027 · est.Pending

   Q4 2026 results and 2027 guidance: pricing and EBITDAA 2027 guidance midpoint for adjusted EBITDA above $3.0 billion and aggregates pricing up by mid- to high-single digits pass; lower fails.
2. Jul 2027 · est.Pending

   Q2 2027 results: leverage covenant step-downNet debt over EBITDA below 4.25 times at June 30, 2027 passes; above fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Martin Marietta reported Q3 2026 results. Revenues were $2,369 million, up 28%, adjusted EBITDA was $808 million, up 21%, and adjusted EPS was $5.47, against $6.12. It updated 2026 guidance to revenues of $7,750 million to $7,850 million and adjusted EBITDA of $2,450 million to $2,500 million, and said that heritage demand is softer.
• September 18, 2026Martin Marietta bought The Frazier Quarry, Inc., an aggregates business in Harrisonburg, Virginia.
• August 21, 2026Martin Marietta completed its combination with LNA, a producer of high-calcium lime, dolomitic lime and industrial minerals with 20 quarries and production facilities. It paid $7.0 billion in cash, funded by a $1.5 billion three-year term loan and $5.5 billion of senior unsecured notes, and issued about $5.9 billion of shares. Since the closing, LNA added revenues of $216 million and cash gross profit of $115 million to Q3.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 10, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 4, 2026 · mlm-20260930
• 8-KEarnings release and Investor disclosureFiled November 4, 2026 · Press release and exhibits
• 8-KNew material agreementFiled September 16, 2026 · Read it on sec.gov
• 8-KNew material agreement and Acquisition or sale completedFiled August 24, 2026 · Read it on sec.gov
• 8-KNew material agreement and End of a material agreementFiled August 18, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled August 14, 2026 · Read it on sec.gov
• 8-KNew material agreement and Investor disclosureFiled August 12, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 10, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 5, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled August 4, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 916076)

• Debt and leverage. Total debt was $12,823 million at September 30, 2026. The credit agreements cap net debt over EBITDA at 4.75 times for three quarters after August 21, 2026, then 4.25 times for three quarters and 3.75 times after that. A weak market could strain the limit.
• Costs are rising faster than prices. Aggregates gross profit per ton fell 16% to $7.05 in nine months. The company expects price increases in 2027 to restore a positive price-cost gap, but they may not fully hold.
• Heritage demand is softer. The company lowered its outlook for its own operations, and it expects softer interest-rate-sensitive private construction. Organic aggregates shipments fell modestly in Q3.
• Integration of LNA and other deals. Pretax earnings of acquired businesses include charges of $112 million in nine months for selling inventory marked up to fair value. LNA adds a new type of business in lime.
• Shares were issued for LNA. Shares outstanding rose to 71,118,485 at October 30, 2026 from a weighted average of 60.3 million in Q3 2025, so earnings per share grow only if earnings rise by more.

At September 30, 2026, Martin Marietta had total debt of $12,823 million, with $12,103 million long term and $720 million due within a year. It had unrestricted cash of $140 million and $1.4 billion of unused borrowing capacity. Read more

Yield at the current rate

0.6% (current annual rate, at today’s price)

Dividend yield

0.6% (last 12 months, at today’s price of $524.13)

Paid per share

$3.33 in the last 12 months (4 payments)

Current annual rate

$3.36 ($0.84 × 4 a year)

Payout ratio

17% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 1, 2026, $0.84 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 7.7% a year. From 2015 to 2025, the dividend grew by about 7.3% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.