Martin Marietta Materials, Inc. (MLM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-20.3%

$444.33

vs $557.21 price

Levered DCF

$341.37

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.08

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	33.03×	15.89×	26.43×	24.3×	39.12×	24.56×	28.62×	23.04×
P/B	3.74×	3.35×	3.84×	2.94×	4.21×	3×	3.27×	2.19×
P/S	5.74×	4.85×	4.56×	3.42×	5.08×	3.74×	3.69×	2.55×
EV / EBITDA	19.87×	11.04×	15.86×	14.85×	22.68×	14.53×	16.47×	13.04×
Gross margin	30.0%	28.7%	29.9%	23.1%	24.9%	26.5%	24.9%	22.8%
Operating margin	23.3%	41.4%	23.6%	19.6%	18.0%	21.3%	18.7%	16.3%
Net margin	17.4%	30.5%	17.2%	14.1%	13.0%	15.2%	12.9%	11.1%
Current ratio	3.57×	2.5×	3.35×	1.99×	2.69×	3.34×	1.7×	1.74×
Debt / equity	0.53×	0.61×	0.59×	0.76×	0.85×	0.52×	0.61×	0.63×
Interest coverage	6.65×	16.02×	9.67×	7.14×	6.82×	8.51×	6.84×	5.04×
Dividend yield	0.5%	0.6%	0.6%	0.8%	0.5%	0.8%	0.7%	1.1%
Payout ratio	17.3%	9.5%	14.9%	18.5%	21.0%	19.5%	21.2%	24.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.3%	21.1%	14.6%	12.1%	10.7%	12.2%	11.4%	9.5%
Return on invested capital	6.9%	12.0%	8.9%	6.6%	5.8%	8.0%	7.5%	6.2%
Return on assets	6.1%	11.0%	7.7%	5.8%	4.9%	6.8%	6.0%	4.9%
Free cash flow yield	2.6%	1.9%	2.8%	2.4%	2.6%	3.9%	3.3%	3.0%
Earnings yield	3.0%	6.3%	3.8%	4.1%	2.6%	4.1%	3.5%	4.3%
Enterprise value	$42.8B	$36.8B	$34.3B	$26.1B	$32.8B	$20.6B	$20.7B	$13.9B
Net debt / EBITDA	2.44×	1.54×	1.6×	2.88×	3.65×	2.03×	2.57×	2.89×
Cash conversion cycle (days)	126	96	90	84	88	97	91	95