Martin Marietta Materials vs United States Lime & Minerals
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The short version
- Martin Marietta Materials is the larger business, with $6.2B of revenue in fiscal 2025 against $373M for United States Lime & Minerals, about 17 times as much.
- United States Lime & Minerals grew revenue faster (17.3%, against 8.6%).
- United States Lime & Minerals kept more of each dollar of sales as operating profit (42.4% operating margin, against 23.4%).
- United States Lime & Minerals turned more of its sales into free cash flow (27.4% FCF margin, against 15.9%).
- United States Lime & Minerals earned a higher return on the capital invested in it (51.7%, against 7.7%).
- Investors pay more for each dollar of United States Lime & Minerals’s earnings: a P/E of 23.9x against 12.5x for Martin Marietta Materials.
| Latest fiscal year | MLM · FY25 | USLM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $30.5B | $3.2B |
| Revenue | $6.2B | $373M |
| Free cash flow | $978M | $102M |
| Net income | $1.1B | $134M |
| Growth | ||
| Revenue growth | 8.6% | 17.3% |
| 5-year growth | 5.4% | 18.3% |
| Share count change | −1.6% | 0.2% |
| Profitability | ||
| Gross margin | 30.7% | 48.9% |
| Operating margin | 23.4% | 42.4% |
| Net margin | 18.5% | 36.0% |
| FCF margin | 15.9% | 27.4% |
| Return on capital | 7.7% | 51.7% |
| Return on equity | 11.7% | 23.8% |
| Balance sheet | ||
| Net debt | $5.6B | −$371M |
| Net debt / EBITDA | 2.7x | −2.0x |
| Dividends and buybacks | $647M | $9.6M |
| Valuation & quality | ||
| P/E | 12.5x | 23.9x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
MLM $3.8B
USLM $139M
FY17
MLM $4.0B
USLM $145M
FY18
MLM $4.2B
USLM $144M
FY19
MLM $4.7B
USLM $158M
FY20
MLM $4.7B
USLM $161M
FY21
MLM $5.4B
USLM $189M
FY22
MLM $6.2B
USLM $236M
FY23
MLM $5.9B
USLM $281M
FY24
MLM $5.7B
USLM $318M
FY25
MLM $6.2B
USLM $373M
MLM
USLM
Operating margin
FY16
MLM 17.7%
USLM 16.9%
FY17
MLM 17.7%
USLM 16.7%
FY18
MLM 16.3%
USLM 13.9%
FY19
MLM 18.7%
USLM 18.5%
FY20
MLM 21.3%
USLM 21.1%
FY21
MLM 18.0%
USLM 24.5%
FY22
MLM 19.6%
USLM 23.2%
FY23
MLM 22.8%
USLM 30.4%
FY24
MLM 43.8%
USLM 39.3%
FY25
MLM 23.4%
USLM 42.4%
MLM
USLM
Free cash flow
FY16
MLM $302M
USLM $20.2M
FY17
MLM $247M
USLM $12.9M
FY18
MLM $329M
USLM −$15.0M
FY19
MLM $573M
USLM $19.9M
FY20
MLM $690M
USLM $41.4M
FY21
MLM $715M
USLM $25.8M
FY22
MLM $509M
USLM $37.6M
FY23
MLM $878M
USLM $58.0M
FY24
MLM $604M
USLM $98.6M
FY25
MLM $978M
USLM $102M
MLM
USLM
Return on capital
FY16
MLM 8.5%
USLM 16.7%
FY17
MLM 11.6%
USLM 21.5%
FY18
MLM 7.9%
USLM 13.2%
FY19
MLM 9.0%
USLM 15.5%
FY20
MLM 9.9%
USLM 17.4%
FY21
MLM 8.0%
USLM 22.2%
FY22
MLM 8.0%
USLM 24.4%
FY23
MLM 9.2%
USLM 34.7%
FY24
MLM 14.8%
USLM 46.9%
FY25
MLM 7.7%
USLM 51.7%
MLM
USLM
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.