Does MARTIN MARIETTA MATERIALS INC have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores MARTIN MARIETTA MATERIALS INC (MLM) 43.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 37, returns on capital 29, balance-sheet safety 31, capital discipline 87.

Is MLM stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $339.35 per share versus a recent price of $562.59 — 66% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has MLM's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 43.3 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

MARTIN MARIETTA MATERIALS INC

MLM · Materials · $33.9B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power37

Median gross margin 24.9% over 10y, stable.

Returns on capital29

Median ROIC 8.6%, above the 9% hurdle in 40% of years.

Balance-sheet safety31

Net debt/EBITDA 2.5x, interest coverage 6x.

Capital discipline87

Owner earnings +11.5%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

66% above value

Owner earnings (normalized): $1.1B
Est. intrinsic value / share: $339.35
Recent price: $562.59
Discount to value: 66% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

MARTIN MARIETTA MATERIALS INC booked $6.2B of revenue in FY2025 in the Materials sector and kept 30.7% of it as gross profit — a moderate-margin business by that measure. After every other cost, 18.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $2.1B (FY2008) to $6.2B (FY2025) — about 6.5% a year compounded over 17 years.

It earned 7.6% on invested capital in FY2025, with a median of 7.3% across 18 filed years. The Returns on Capital filter above scores it 29/100.

The balance sheet carried $5.3B of total debt in FY2025 against $1.1B of owner earnings — roughly 4.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 31/100.

The share count rose 32.8% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 87/100.

Put together: Capital Discipline is the strongest of the four filters (87/100) and Returns on Capital the weakest (29/100), which is how MLM lands at 43/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$6.2B FY2025

Gross marginRevenue kept after cost of goods30.7% FY2025

Return on invested capitalOperating profit on the capital employed7.6% FY2025

Owner earningsCash an owner could take out$1.1B FY2025

Gaps in a line mean that item isn’t in MLM’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale43.3 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — MLM has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#90 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#88NOG NORTHERN OIL & GAS, INC.44.0 out of 100, Shallow moatShallow moat
#89TTI TETRA Technologies, Inc.43.4 out of 100, Shallow moatShallow moat
#91SCHL SCHOLASTIC CORPORATION42.7 out of 100, Shallow moatShallow moat
#92SXT Sensient Technologies Corp42.5 out of 100, Shallow moatShallow moat

Compare MLM with its nearest peers →All Materials companies on the Index →

Common questions about MLM

Does MARTIN MARIETTA MATERIALS INC have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores MARTIN MARIETTA MATERIALS INC (MLM) 43.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 37, returns on capital 29, balance-sheet safety 31, capital discipline 87.
Is MLM stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $339.35 per share versus a recent price of $562.59 — 66% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has MLM's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 43.3 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows MLM’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/MLM"
  width="340" height="150" style="border:0"
  title="MLM Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MLM. See the disclaimer.