MLM vs USLM: Martin Marietta Materials and United States Lime & Minerals compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Martin Marietta Materials is the larger company, worth $26.5B, about 8.8 times United States Lime & Minerals.
- Martin Marietta Materials grew revenue faster over the last year (+21.0% vs +8.3%).
- United States Lime & Minerals keeps more of each dollar of revenue as operating profit (42.1% vs 20.6%).
- On earnings, United States Lime & Minerals is the cheaper stock (23.2x vs 27.7x).
- United States Lime & Minerals's price assumes faster free cash flow growth: about 10% a year, against 9% for Martin Marietta Materials (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MLM | USLM |
|---|---|---|
| Market cap | $26.5B | $3.0B |
| Share price | $478.35 | $108.58 |
| Revenue (last fiscal year) | $6.2B | $373M |
| Free cash flow (last fiscal year) | $978M | $102M |
| Revenue growth, last year | +21.0% | +8.3% |
| Revenue growth per year, last 5 fiscal years | +3.2% | +18.5% |
| Operating margin | 20.6% | 42.1% |
| Net margin | 36.7% | 35.7% |
| Return on equity | 21.3% | 19.3% |
| P/E (trailing) | 27.7x | 23.2x |
| Price / free cash flow | 27.1x | 29.5x |
| EV / EBITDA | 17.0x | 13.3x |
| FCF growth the price implies | 9.0% | 10.1% |
| Dividend yield | 0.71% | 0.23% |
| Debt / equity | 0.85x | 0.07x |
| Fundamental grade | C | B |
| Superinvestors holding it | 5 | 0 |
| Insider purchases, last 12 months | 8 | 1 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Martin Marietta Materials
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.4B | $715M | 18.0% |
| 2022 | $6.2B | $509M | 19.6% |
| 2023 | $5.9B | $878M | 22.8% |
| 2024 | $5.7B | $604M | 43.8% |
| 2025 | $6.2B | $978M | 23.4% |
United States Lime & Minerals
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $189M | $26M | 24.5% |
| 2022 | $236M | $38M | 23.2% |
| 2023 | $281M | $58M | 30.4% |
| 2024 | $318M | $99M | 39.3% |
| 2025 | $373M | $102M | 42.4% |
Where the revenue comes from
Martin Marietta Materials · by segments, 2025
Building Materials Business$5.7B93%
Specialties$441M7%
United States Lime & Minerals · by products, 2018
Lime and limestone operations$142M98%
Natural gas interests$3M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MLM in InvestinglyQuestions
Which is bigger, Martin Marietta Materials or United States Lime & Minerals?
Martin Marietta Materials (MLM), at $26.5B against $3.0B.
Is MLM or USLM cheaper?
By trailing P/E, United States Lime & Minerals (23.2x) is cheaper than Martin Marietta Materials (27.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, MLM or USLM?
Martin Marietta Materials: revenue grew +21.0% over the last year, against +8.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.