Martin Marietta Materials vs Vulcan Materials
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The short version
- Vulcan Materials is the larger business, with $7.9B of revenue in fiscal 2025 against $6.2B for Martin Marietta Materials.
- Martin Marietta Materials grew revenue faster (8.6%, against 7.1%).
- Martin Marietta Materials kept more of each dollar of sales as operating profit (23.4% operating margin, against 20.4%).
- Martin Marietta Materials turned more of its sales into free cash flow (15.9% FCF margin, against 14.3%).
- Vulcan Materials earned a higher return on the capital invested in it (9.8%, against 7.7%).
- Investors pay more for each dollar of Vulcan Materials’s earnings: a P/E of 31.2x against 12.5x for Martin Marietta Materials.
| Latest fiscal year | MLM · FY25 | VMC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $30.5B | $34.3B |
| Revenue | $6.2B | $7.9B |
| Free cash flow | $978M | $1.1B |
| Net income | $1.1B | $1.1B |
| Growth | ||
| Revenue growth | 8.6% | 7.1% |
| 5-year growth | 5.4% | 10.3% |
| Share count change | −1.6% | −0.3% |
| Profitability | ||
| Gross margin | 30.7% | 27.4% |
| Operating margin | 23.4% | 20.4% |
| Net margin | 18.5% | 13.6% |
| FCF margin | 15.9% | 14.3% |
| Return on capital | 7.7% | 9.8% |
| Return on equity | 11.7% | 12.9% |
| Balance sheet | ||
| Net debt | $5.6B | $4.2B |
| Net debt / EBITDA | 2.7x | 1.8x |
| Dividends and buybacks | $647M | $698M |
| Valuation & quality | ||
| P/E | 12.5x | 31.2x |
| Piotroski F-score | 7 | 8 |
Revenue
FY16
MLM $3.8B
VMC $3.6B
FY17
MLM $4.0B
VMC $3.9B
FY18
MLM $4.2B
VMC $4.4B
FY19
MLM $4.7B
VMC $4.9B
FY20
MLM $4.7B
VMC $4.9B
FY21
MLM $5.4B
VMC $5.6B
FY22
MLM $6.2B
VMC $7.3B
FY23
MLM $5.9B
VMC $7.8B
FY24
MLM $5.7B
VMC $7.4B
FY25
MLM $6.2B
VMC $7.9B
MLM
VMC
Operating margin
FY16
MLM 17.7%
VMC 18.5%
FY17
MLM 17.7%
VMC 16.4%
FY18
MLM 16.3%
VMC 17.1%
FY19
MLM 18.7%
VMC 17.8%
FY20
MLM 21.3%
VMC 18.4%
FY21
MLM 18.0%
VMC 18.2%
FY22
MLM 19.6%
VMC 13.0%
FY23
MLM 22.8%
VMC 18.3%
FY24
MLM 43.8%
VMC 18.4%
FY25
MLM 23.4%
VMC 20.4%
MLM
VMC
Free cash flow
FY16
MLM $302M
VMC $294M
FY17
MLM $247M
VMC $185M
FY18
MLM $329M
VMC $364M
FY19
MLM $573M
VMC $600M
FY20
MLM $690M
VMC $708M
FY21
MLM $715M
VMC $561M
FY22
MLM $509M
VMC $536M
FY23
MLM $878M
VMC $664M
FY24
MLM $604M
VMC $806M
FY25
MLM $978M
VMC $1.1B
MLM
VMC
Return on capital
FY16
MLM 8.5%
VMC 8.3%
FY17
MLM 11.6%
VMC 9.1%
FY18
MLM 7.9%
VMC 7.9%
FY19
MLM 9.0%
VMC 8.9%
FY20
MLM 9.9%
VMC 8.7%
FY21
MLM 8.0%
VMC 8.5%
FY22
MLM 8.0%
VMC 6.8%
FY23
MLM 9.2%
VMC 10.2%
FY24
MLM 14.8%
VMC 9.2%
FY25
MLM 7.7%
VMC 9.8%
MLM
VMC
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.