Eagle Materials vs Martin Marietta Materials
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The short version
- Martin Marietta Materials is the larger business, with $6.2B of revenue in fiscal 2025 against $2.3B for Eagle Materials, about 2.7 times as much.
- Martin Marietta Materials grew revenue faster (8.6%, against 2.1%).
- Martin Marietta Materials turned more of its sales into free cash flow (15.9% FCF margin, against 8.6%).
- Eagle Materials earned a higher return on the capital invested in it (16.3%, against 7.7%).
- Investors pay more for each dollar of Eagle Materials’s earnings: a P/E of 13.8x against 12.5x for Martin Marietta Materials.
| Latest fiscal year | EXP · FY26 | MLM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $30.5B |
| Revenue | $2.3B | $6.2B |
| Free cash flow | $197M | $978M |
| Net income | $424M | $1.1B |
| Growth | ||
| Revenue growth | 2.1% | 8.6% |
| 5-year growth | 7.3% | 5.4% |
| Share count change | −4.3% | −1.6% |
| Profitability | ||
| Gross margin | 28.3% | 30.7% |
| Operating margin | — | 23.4% |
| Net margin | 18.4% | 18.5% |
| FCF margin | 8.6% | 15.9% |
| Return on capital | 16.3% | 7.7% |
| Return on equity | 28.9% | 11.7% |
| Balance sheet | ||
| Net debt | $1.5B | $5.6B |
| Net debt / EBITDA | 2.0x | 2.7x |
| Dividends and buybacks | $414M | $647M |
| Valuation & quality | ||
| P/E | 13.8x | 12.5x |
| Piotroski F-score | 5 | 7 |
Revenue
FY17
EXP $1.2B
MLM $4.0B
FY18
EXP $1.4B
MLM $4.2B
FY19
EXP $1.3B
MLM $4.7B
FY20
EXP $1.4B
MLM $4.7B
FY21
EXP $1.6B
MLM $5.4B
FY22
EXP $1.9B
MLM $6.2B
FY23
EXP $2.1B
MLM $5.9B
FY24
EXP $2.3B
MLM $5.7B
FY25
EXP $2.3B
MLM $6.2B
FY26
EXP $2.3B
MLM —
EXP
MLM
Operating margin
FY17
EXP 29.3%
MLM 17.7%
FY18
EXP 27.6%
MLM 16.3%
FY19
EXP 29.5%
MLM 18.7%
FY20
EXP 27.4%
MLM 21.3%
FY21
EXP 27.5%
MLM 18.0%
FY22
EXP 29.7%
MLM 19.6%
FY23
EXP 31.4%
MLM 22.8%
FY24
EXP 31.7%
MLM 43.8%
FY25
EXP —
MLM 23.4%
FY26
EXP —
MLM —
EXP
MLM
Free cash flow
FY17
EXP $275M
MLM $247M
FY18
EXP $206M
MLM $329M
FY19
EXP $181M
MLM $573M
FY20
EXP $267M
MLM $690M
FY21
EXP $589M
MLM $715M
FY22
EXP $443M
MLM $509M
FY23
EXP $432M
MLM $878M
FY24
EXP $444M
MLM $604M
FY25
EXP $353M
MLM $978M
FY26
EXP $197M
MLM —
EXP
MLM
Return on capital
FY17
EXP 13.9%
MLM 11.6%
FY18
EXP 18.4%
MLM 7.9%
FY19
EXP 10.5%
MLM 9.0%
FY20
EXP 13.3%
MLM 9.9%
FY21
EXP 15.5%
MLM 8.0%
FY22
EXP 20.1%
MLM 8.0%
FY23
EXP 23.6%
MLM 9.2%
FY24
EXP 23.9%
MLM 14.8%
FY25
EXP 19.6%
MLM 7.7%
FY26
EXP 16.3%
MLM —
EXP
MLM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.