Martin Marietta Materials, Inc.
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+ FollowMarket Cap$32.24B
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Earnings Call Q3 2026
November 4, 2026 - AI Summary
Record Q3 performance despite cost headwinds + mix from acquisitions
- Management said Q3 delivered record results in a more challenging macro environment, where strong acquisition performance more than offset elevated diesel/energy-related cost inflation.
- Core aggregates: revenues $1.7B (+14%), cash gross profit $696M (+6%).
- Shipments: 67.1M tons (+15.9%); organic shipments -1.1% (acquisition volume offsetting weakness).
- Organic pricing (ex acquisition/geographic mix): +2.7%; headline pricing affected by acquisition mix at lower ASPs.
- Costs: COGS per ton excluding external freight +5.6% (diesel/energy pressure); excluding diesel, inflation impact would be materially lower (+3% COGS/ton; organic basis +2.6%). Organic labor cost per ton roughly flat (quarter and YTD).
Lhoist North America (LNA) integration: fast start and early validation
- The LNA combination closed (Aug 21–Sep 30 period contribution):
- Revenues $216M, cash gross profit $115M.
- Integration “on track” at ~75 days since closing; teams focused on synergies without disrupting operating momentum.
- Reported early profitability: cash gross profit $115M and ~48% margin, and management expects additional value creation (e.g., cross-selling in hot mix/Texas mega projects).
- Surprise/good signal: results “well ahead of initial expectations.”
Updated 2026 guidance (raised/updated midpoints) — revenue + adjusted EBITDA
- 2026 revenue guidance midpoint updated to $7.8B.
- 2026 adjusted EBITDA guidance midpoint updated to $2.48B.
- Rationale: stronger acquisition contributions but lower near-term expectations for heritage operations due to softer shipment trends and current price/cost dynamics persisting through Q4.
- Winter/weather assumed to support results (execution includes expected “normal winter”).
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$343.16
33.2% downside
Current Fair Value
33.2% downsideOvervalued by 33.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $32.24 Billion |
|---|---|
| Enterprise Value | $44.91 Billion |
| Annual dividend | $3.33 |
| Dividend yield | 0.65% |
| Earnings per Share | $18.85 |
| Beta | 1.03 |
| Outstanding Shares | 65,000,000 |
Return
| Return on Equity | 13.05% |
|---|---|
| Return on Assets | 6.21% |
| Return on Invested Capital | 3.98% |
Valuation & Multiples
| P/E Ratio | 13.57 |
|---|---|
| PEG | -35.56 |
| Price to Sales | 4.67 |
| Price to Book Ratio | 1.89 |
| Enterprise Value to Revenue | 6.23 |
| Enterprise Value to EBIT | 31.94 |
| Enterprise Value to Net Income | 19 |
| Total Debt to Enterprise | 0.29 |
| Debt to Equity | 0.73 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS
$5.47
Est. $5.99Revenue
$2.37 B
Est. $2.24 BNext Earnings Call
Expected Date
February 10, 2027
EPS Estimate
$3.27
Consensus analyst estimateRevenue Estimate
$2.10 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.16, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.1589▼ 26.79% |
|---|---|
| Total Calls | 234,700▲ 44.34% |
| Total Puts | 37,300▼ 46.25% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 67.08%▼ 32.15% |
|---|---|
| Total Invested | $19.35B▼ 43.81% |
| Investors Holding | 856▼ 240.00% |
About Martin Marietta Materials, Inc.
9,600 employees
CEO: C. Howard Nye
Martin Marietta Materials, Inc. is a leading producer of natural resource-derived construction materials, serving the building industry both domestically within the United States and on an international scale. Its extensive product portf...