MLM vs VMC: Martin Marietta Materials and Vulcan Materials compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Vulcan Materials is the larger company, worth $30.2B, close to Martin Marietta Materials's $26.5B.
- Martin Marietta Materials grew revenue faster over the last year (+21.0% vs +7.4%).
- Martin Marietta Materials keeps more of each dollar of revenue as operating profit (20.6% vs 20.6%).
- On earnings, Vulcan Materials is the cheaper stock (27.6x vs 27.7x).
- Martin Marietta Materials's price assumes faster free cash flow growth: about 9% a year, against 9% for Vulcan 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 | VMC |
|---|---|---|
| Market cap | $26.5B | $30.2B |
| Share price | $478.35 | $244.13 |
| Revenue (last fiscal year) | $6.2B | $7.9B |
| Free cash flow (last fiscal year) | $978M | $1.1B |
| Revenue growth, last year | +21.0% | +7.4% |
| Revenue growth per year, last 5 fiscal years | +3.2% | +9.4% |
| Operating margin | 20.6% | 20.6% |
| Net margin | 36.7% | 13.8% |
| Return on equity | 21.3% | 13.2% |
| P/E (trailing) | 27.7x | 27.6x |
| Price / free cash flow | 27.1x | 26.6x |
| EV / EBITDA | 17.0x | 14.7x |
| FCF growth the price implies | 9.0% | 8.7% |
| Dividend yield | 0.71% | 0.85% |
| Debt / equity | 0.85x | 0.97x |
| Fundamental grade | C | B |
| Superinvestors holding it | 5 | 8 |
| Insider purchases, last 12 months | 8 | 0 |
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% |
Vulcan Materials
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.6B | $561M | 18.2% |
| 2022 | $7.3B | $536M | 13.0% |
| 2023 | $7.8B | $664M | 18.3% |
| 2024 | $7.4B | $806M | 18.4% |
| 2025 | $7.9B | $1.1B | 20.4% |
Where the revenue comes from
Martin Marietta Materials · by segments, 2025
Building Materials Business$5.7B93%
Specialties$441M7%
Vulcan Materials · by segments, 2025
Aggregates$5.8B73%
Asphalt$1.3B16%
Concrete$847M11%
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 Vulcan Materials?
Vulcan Materials (VMC), at $30.2B against $26.5B.
Is MLM or VMC cheaper?
By trailing P/E, Vulcan Materials (27.6x) is cheaper than Martin Marietta Materials (27.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, MLM or VMC?
Martin Marietta Materials: revenue grew +21.0% over the last year, against +7.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.