{"schemaVersion":1,"research":true,"symbol":"mlm","name":"Martin Marietta Materials","topic":"moat","path":"/stock/mlm/moat","status":"published","version":3,"updatedAt":"2026-10-18T13:56:17.958Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Martin Marietta has a narrow moat in aggregates from quarry proximity, costly transportation, established rail and water distribution, and scarce permitted deposits. These are current operating advantages, with strength varying by local market. First-half 2026 organic aggregates prices and shipments increased, supporting pricing power, although reported prices fell with mix changes and profitability faced acquisition accounting and input-cost pressures. The evidence does not establish exceptional durability, strong customer lock-in, or equivalent protection across downstream and Specialties operations.","advantages":[{"mechanism":"cost_advantage","claim":"Existing quarry locations and distribution infrastructure can provide delivered-cost advantages against more distant supply. Rail and water routes also let Martin Marietta serve geologically constrained markets at lower per-mile transportation costs than trucking. This is a physical logistics advantage, not a network effect.","durability":"The operating footprint and transportation economics support a persistent local advantage. Organic price and shipment growth demonstrate current commercial traction, but the passages do not quantify delivered costs against competitors or establish superiority in every market.","risks":"Railroad dependence, higher underground production costs, logistics constraints, competing long-haul supply and construction downturns can weaken the advantage. Organic pricing gains do not guarantee complete input-cost recovery.","invalidation":"The thesis would weaken if competing supply consistently matched or undercut delivered costs in core markets, or if logistics expenses eliminated proximity benefits alongside sustained comparable-market price and shipment deterioration.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e11","e12"],"counterEvidenceIds":["e6","e7","e13","e14","e16","e17"]},{"mechanism":"intangible_assets","claim":"Existing economically accessible reserves and quarry permissions provide barriers to replacement supply where suitable deposits face competing land uses, zoning restrictions and community opposition. The operating footprint makes this a current advantage; plans to acquire or permit further sites remain potential extensions.","durability":"Scarcity and permitting constraints can protect established locations for lengthy periods. One acquired Denver-area reserve position added more than 60 years at then-current production, but that site-specific disclosure does not establish companywide reserve life or guaranteed permit renewal.","risks":"Reserves deplete, deposit quality may fail customer specifications, and permits or access rights may be unavailable or lost. Scarcity also raises Martin Marietta's own replacement and acquisition burden.","invalidation":"The thesis would weaken if substantial competing reserves were permitted within economic haul distances, or if depletion, specification failures or permit losses prevented Martin Marietta from economically serving important existing markets.","competitors":[],"evidenceIds":["e1","e8","e9","e10"],"counterEvidenceIds":["e18","e19","e20"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1 — Business; operating footprint","excerpt":"The Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 400 quarries, mines and distribution yards in 28 states, Canada and The Bahamas."},{"id":"e2","sourceId":"filing-1","location":"Item 1 — Business; proximity and competition","excerpt":"Proximity of quarry facilities to customers’ plants, construction sites or long-haul transportation corridors is an important factor in competition for the sale of aggregates products."},{"id":"e3","sourceId":"filing-1","location":"Item 1 — Business; truck transportation economics","excerpt":"Generally, the distance shipments travel by truck from a given quarry is limited because the cost of transporting processed aggregates to customers is high relative to the price of the product itself."},{"id":"e4","sourceId":"filing-1","location":"Item 1 — Business; rail and water transportation costs","excerpt":"The Company’s distribution system mainly uses trucks, but also has access to rail and waterborne networks where the per-mile unit costs of transporting aggregates are lower."},{"id":"e5","sourceId":"filing-1","location":"Item 1 — Business; distribution into geologically constrained markets","excerpt":"The Company’s distribution network moves aggregates materials from certain domestic and offshore sources via its long-haul rail and waterborne distribution network to markets where aggregates supply is limited due to geological constraints."},{"id":"e6","sourceId":"filing-1","location":"Item 1 — Business; railroad dependence","excerpt":"The Company’s rail-based distribution network, coupled with the extensive use of rail service, increases the Company’s dependence on and exposure to railroad performance, including track congestion, crew availability, railcar availability, locomotive availability and the ability to negotiate favorable railroad shipping contracts."},{"id":"e7","sourceId":"filing-1","location":"Item 1 — Business; underground mine production costs","excerpt":"Production costs are generally higher at underground mines than surface quarries because the depth of the aggregates deposits and the access to the reserves result in higher costs related to development, explosives and depreciation costs."},{"id":"e8","sourceId":"filing-1","location":"Competition and Growth Risk Factors; deposit scarcity and entry constraints","excerpt":"Quality deposits that meet customer specifications are increasingly difficult to secure near growing markets due to competing land uses, zoning and land-use restrictions, and community opposition."},{"id":"e9","sourceId":"filing-1","location":"Item 2 — Properties; reserve zoning basis","excerpt":"2. For the purposes of this table, the Company calculates its mineral reserves based on land that has been zoned for quarrying and land for which the Company has determined zoning is not required."},{"id":"e10","sourceId":"filing-1","location":"Business; acquired Denver-area reserve longevity","excerpt":"This acquisition added more than 60 years (at current production levels) of high-quality, hard rock reserves, strengthening the Company's aggregates platform in the Denver metropolitan area and improving service to new and existing customers."},{"id":"e11","sourceId":"filing-2","location":"MD&A; second-quarter 2026 aggregates prices, shipments and gross profit","excerpt":"Three Months Ended June 30, (in millions) 2026 2025 Building Materials business: Aggregates $ 166 $ 125 Other Building Materials 13 10 Total Building Materials business 179 135 Specialties 11 4 Corporate 1 1 Total $ 191 $ 140 Three Months Ended June 30, (in millions) 2026 2025 % Change Aggregates product line Shipments (tons) 61.6 52.7 17.0% Average selling price per ton $ 22.74 $ 23.21 (2.0)% Revenues $ 1,533 $ 1,320 16% Gross profit $ 418 $ 430 (3)% Organic shipments (tons) 53.8 52.7 2.3% Organic average selling price per ton $ 23.70 $ 23.21 2.1% Second-quarter aggregates shipment increases were driven by organic growth, full-quarter contributions from the operations acquired in the QUIKRETE transaction and partial-quarter contributions from the New Frontier Materials (NFM) operations following the May 15, 2026 acquisition."},{"id":"e12","sourceId":"filing-2","location":"MD&A; first-half 2026 aggregates prices, shipments and gross profit","excerpt":"Six Months Ended June 30, (in millions) 2026 2025 Building Materials business: Aggregates $ 298 $ 237 Other Building Materials 24 20 Total Building Materials business 322 257 Specialties 21 9 Corporate 2 2 Total $ 345 $ 268 Six Months Ended June 30, (in millions) 2026 2025 % Change Aggregates product line Shipments (tons) 105.5 91.7 15.0% Average selling price per ton $ 23.14 $ 23.45 (1.3)% Revenues $ 2,675 $ 2,322 15% Gross profit $ 706 $ 726 (3)% Organic shipments (tons) 95.7 91.7 4.3% Organic average selling price per ton $ 23.85 $ 23.45 1.7% Aggregates shipments increased, driven by organic growth and contributions from acquired operations."},{"id":"e13","sourceId":"filing-2","location":"MD&A; acquisition inventory charges and higher depreciation, depletion and amortization","excerpt":"Aggregates gross profit for the six months ended June 30, 2026 was impacted by the $73 million charge related to the sale of acquired inventory after its markup to fair market value as part of acquisition accounting as well as higher depreciation, depletion and amortization expense, and declined from the prior-year period."},{"id":"e14","sourceId":"filing-2","location":"MD&A; downstream raw material costs and paving job margins","excerpt":"Other Building Materials revenues increased 7% to $420 million, while the business posted gross profit of $18 million, a decrease of 11% reflecting reduced paving job margins and higher ready mix concrete raw material costs."},{"id":"e15","sourceId":"filing-2","location":"MD&A; Specialties acquisition contributions, organic pricing, shipments and energy costs","excerpt":"These results reflect contributions from the July 2025 Premier Magnesia, LLC acquisition and organic pricing gains, partially offset by lower organic shipments and higher energy costs."},{"id":"e16","sourceId":"filing-2","location":"Risk Factors; potential pricing erosion and contract adjustment constraints","excerpt":"Pricing could deteriorate due to one or more of the following, alone or in combination: • Reduced demand across residential, nonresidential, or public infrastructure markets; • Delays or deferrals in the release of projects for bidding; • Excess industry capacity in a local market, new market entrants, imports or long-haul supply; • Product and geographic mix shifts toward lower-value stone, shorter haul lengths or smaller projects; • Changes in specifications that reduce value differentiation; • Contract structures that limit or delay price adjustments, particularly when input costs remain elevated; • Inability to pass through increases in costs on a timely or complete basis, resulting in price-cost spread compression."},{"id":"e17","sourceId":"filing-2","location":"Risk Factors; historical adverse effects from unrecovered costs or energy disruptions","excerpt":"Cost increases that we are unable to pass through to customers in the form of price increases for our products or interruption in the supply of fuel and electricity have historically adversely affected our financial results and could adversely affect our financial results in the future."},{"id":"e18","sourceId":"filing-1","location":"MD&A; mineral reserve depletion","excerpt":"Further, mineral reserves, which represent underlying assets producing the reporting units’ cash flows for the aggregates product line, are depleting assets by their nature."},{"id":"e19","sourceId":"filing-2","location":"Risk Factors; accessible reserves, permits and transportation","excerpt":"If we are unable to timely replace economically accessible reserves serving our markets, obtain or maintain required permits and approvals, secure necessary property and access rights on acceptable terms, or economically transport materials to demand centers, our ability to serve customers, expand our business, and our results of operations could be adversely affected."},{"id":"e20","sourceId":"filing-1","location":"MD&A; consequences of reserve specification limitations","excerpt":"Although it is possible that the aggregates material can still be used for non-specification uses, this can have an adverse impact on the Company’s ability to serve certain customers or the Company’s profitability."},{"id":"e21","sourceId":"filing-5","location":"Business; customer purchase orders and quantity commitments","excerpt":"Generally, customer purchase orders do not contain firm quantity commitments, regardless of end-use market."},{"id":"e22","sourceId":"filing-6","location":"Risk Factors; majority of road paving contracts are short term","excerpt":"These risks are somewhat mitigated by the fact that a majority of our road paving contracts are for short-term projects."},{"id":"e23","sourceId":"filing-3","location":"Proxy introductory letter; reported 2025 aggregates profitability","excerpt":"We reported $6.2 billion in revenues from continuing operations, grew aggregates gross profit by 16% to a record $1.7 billion and increased aggregates gross profit per ton by 12% to a record $8.45."},{"id":"e24","sourceId":"filing-1","location":"MD&A — Liquidity; 2023–2025 operating cash generation","excerpt":"Total cash provided by operations was $1.8 billion in 2025, $1.5 billion in 2024 and $1.5 billion in 2023."},{"id":"e25","sourceId":"filing-1","location":"MD&A — Investing Activities; actual capital spending","excerpt":"Total cash paid for property, plant and equipment additions was $807 million in 2025, $855 million in 2024 and $650 million in 2023, which included $89 million, $100 million, and $102 million in 2025, 2024 and 2023, respectively, for discontinued operations."},{"id":"e26","sourceId":"filing-1","location":"Business; completed South Texas divestiture and cash proceeds","excerpt":"On February 9, 2024, the Company completed the sale of its South Texas cement business and certain of its related ready mixed concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash."},{"id":"e27","sourceId":"filing-1","location":"MD&A — Investing Activities; completed BWI Southeast acquisition funding","excerpt":"On April 5, 2024, the Company used $2.05 billion of cash on hand to fund the BWI Southeast acquisition."},{"id":"e28","sourceId":"filing-2","location":"Consolidated Statements of Cash Flows; first-half 2026 spending, financing and repurchases","excerpt":"AND CONSOLIDATED SUBSIDIARIES (UNAUDITED) CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, (in millions) 2026 2025 Cash Flows from Operating Activities Consolidated net earnings $ 1,764 $ 444 Adjustments to reconcile consolidated net earnings to net cash provided by operating activities: Depreciation, depletion and amortization 371 321 Stock-based compensation expense 41 37 Gain on divestitures and sales of assets (1,977 ) (15 ) Deferred income taxes, net 278 9 Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Accounts receivable, net (269 ) (226 ) Inventories, net 61 (42 ) Accounts payable 55 48 Other assets and liabilities, net 25 35 Other items, net (10 ) (6 ) Net Cash Provided by Operating Activities 339 605 Cash Flows from Investing Activities Additions to property, plant and equipment (314 ) (412 ) Acquisitions, net of cash acquired (733 ) — Proceeds from divestitures and sales of assets 469 18 Investments in life insurance contracts, net 10 1 Investments in limited liability company — (44 ) Other investing activities, net — (15 ) Net Cash Used for Investing Activities (568 ) (452 ) Cash Flows from Financing Activities Proceeds from borrowings 1,085 — Repayments of debt (460 ) — Payments on finance lease obligations (10 ) (12 ) Dividends paid (102 ) (97 ) Repurchases of common stock (200 ) (450 ) Shares withheld for employees’ income tax obligations (27 ) (29 ) Other financing activities, net (4 ) 1 Net Cash Provided by (Used for) Financing Activities 282 (587 ) Net Increase (Decrease) in Cash and Cash Equivalents 53 (434 ) Cash and Cash Equivalents, beginning of period 67 670 Cash and Cash Equivalents, end of period $ 120 $ 236 See accompanying notes to the consolidated financial statements."},{"id":"e29","sourceId":"filing-2","location":"MD&A — Operating Activities; transaction-related tax effects on cash flow","excerpt":"In the six months ended June 30, 2026, operating cash flow reflects the deduction of the noncash gain on the QUIKRETE transaction from net earnings and the higher income tax payments related to the gain on the QUIKRETE transaction."},{"id":"e30","sourceId":"filing-3","location":"Compensation Discussion and Analysis; actual 2025 PSU and RSU award mix","excerpt":"This award value was then divided into PSUs and RSUs, with 55% of the total award for NEOs consisting of the PSUs at target level and 45% of the total award for NEOs consisting of RSUs."},{"id":"e31","sourceId":"filing-3","location":"Compensation Discussion and Analysis; executive and director stock ownership guidelines","excerpt":"We have robust stock ownership guidelines of 7 times base salary for the CEO, 5 times base salary for our other NEOs, and 5 times annual retainer for Directors."},{"id":"e32","sourceId":"filing-3","location":"Compensation Discussion and Analysis; undisclosed 2025–2027 PSU targets","excerpt":"The specific Adjusted EBITDA and Sales Growth target values for the 2025-2027 PSUs are not publicly disclosed at the time of grant due to the proprietary nature and competitive sensitivity of the information."},{"id":"e33","sourceId":"filing-3","location":"Proxy Highlights; independent committee composition","excerpt":"Each of our Board Committees, including our Audit, Management Development and Compensation, and Nominating and Corporate Governance Committees, are comprised solely of independent Directors, each with a different independent Director serving as Chair of the Committee (other than the Executive Committee, which does not meet on a regular basis)."},{"id":"e34","sourceId":"filing-1","location":"Risk Factors; director removal restriction","excerpt":"the requirement that our shareholders may remove directors only for cause;"},{"id":"e35","sourceId":"filing-1","location":"Risk Factors; shareholders cannot call special meetings","excerpt":"the inability of our shareholders to call special meetings of shareholders;"},{"id":"e36","sourceId":"filing-3","location":"Voting procedures; adopted majority voting for director elections","excerpt":"Martin Marietta amended its Articles of Incorporation following the 2013 Annual Meeting of Shareholders to provide for majority voting in the election of Directors."},{"id":"e37","sourceId":"filing-3","location":"Executive termination agreements; completed 2018 shareholder-responsive amendments","excerpt":"The amendments eliminated (1) the “gross up” payments that compensate the executives for any golden parachute excise taxes imposed under the Internal Revenue Code; (2) the “walk-right” if the executive voluntarily terminates his or her employment for any reason during the thirty-day period following the second anniversary of the Change of Control; and (3) the inclusion of the value of perquisites in the severance payment provided for in the agreements."},{"id":"e38","sourceId":"filing-4","location":"Risk Factors; realized historical construction downturn and organic shipment weakness","excerpt":"The recession of the late 2000s (the Great Recession) and continued decline in construction spending in the early 2010s were examples, and our shipment volumes were significantly reduced and remain below peak shipment levels, excluding the contribution of acquisitions."},{"id":"e39","sourceId":"filing-3","location":"Compensation Discussion and Analysis; compensation peer group, not established product-market competitor coverage","excerpt":"• Owens Corning • RPM International • Vulcan Materials Company • Westlake Corporation The Committee studies competitive total compensation data from various sources, including proxy statements of the peer group."},{"id":"e40","sourceId":"filing-2","location":"Consolidated Statements of Earnings; first-half 2026 continuing operating results","excerpt":"AND CONSOLIDATED SUBSIDIARIES (UNAUDITED) CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS Three Months Ended Six Months Ended June 30, June 30, (in millions, except per share data) 2026 2025 2026 2025 Revenues $ 1,947 $ 1,609 $ 3,309 $ 2,771 Cost of revenues 1,452 1,113 2,504 1,960 Gross Profit 495 496 805 811 Selling, general and administrative expenses 116 104 249 230 Acquisition, divestiture and integration expenses 18 2 24 4 Other operating income, net (11 ) (23 ) (1 ) (14 ) Earnings from Operations 372 413 533 591 Interest expense 59 57 115 113 Other nonoperating income, net (7 ) (9 ) (19 ) (19 ) Earnings from continuing operations before income tax expense 320 365 437 497 Income tax expense 64 73 101 101 Earnings from continuing operations 256 292 336 396 (Loss) Earnings from discontinued operations, net of income tax (benefit) expense (5 ) 36 1,428 48 Consolidated net earnings 251 328 1,764 444 Less: Net earnings attributable to noncontrolling interests — — — — Net Earnings Attributable to Martin Marietta $ 251 $ 328 $ 1,764 $ 444 Consolidated Comprehensive Earnings (See Note A) Comprehensive earnings attributable to Martin Marietta $ 292 $ 331 $ 1,798 $ 448 Comprehensive earnings attributable to noncontrolling interests — — — — $ 292 $ 331 $ 1,798 $ 448 Net Earnings (Loss) Attributable to Martin Marietta Basic earnings per share from continuing operations $ 4.27 $ 4.85 $ 5.57 $ 6.54 Basic (loss) earnings per share from discontinued operations (0.09 ) 0.59 23.75 0.79 Total basic earnings per share attributable to common shareholders $ 4.18 $ 5.44 $ 29.32 $ 7.33 Diluted earnings per share from continuing operations $ 4.26 $ 4.84 $ 5.56 $ 6.52 Diluted (loss) earnings per share from discontinued operations (0.09 ) 0.59 23.71 0.79 Total diluted earnings per share attributable to common shareholders $ 4.17 $ 5.43 $ 29.27 $ 7.31 Weighted-Average Common Shares Outstanding Basic 60.1 60.3 60.2 60.6 Diluted 60.2 60.4 60.3 60.7 See accompanying notes to the consolidated financial statements."}],"changes":["Retained the previous narrow-moat verdict; the supplied evidence continues to support local aggregates advantages rather than companywide exceptional durability.","Added explicit assessments of customer dependence, contractual pricing limits, actual capital deployment, adopted compensation arrangements and governance protections and restrictions.","Specified falsifiable erosion conditions and distinguished reported price declines caused by mix from organic pricing gains."],"limitations":["All sources are issuer filings. Reported operating results support numerical assessments, while management descriptions of strategic superiority and resilience are not independent proof.","Source dates are filing dates (dateKind: filed), not retrieval dates. The latest supplied operating period ends June 30, 2026; later developments are not established.","The passages do not establish named product-market competitor coverage, local market shares or comparative delivered costs. Vulcan Materials Company appears in a compensation peer list, which does not by itself establish competitive overlap; transaction counterparties and acquired companies are also not treated as established competitors.","Reserve longevity above 60 years applies to one acquired position. Companywide remaining reserve life and permit renewal durability are not established.","Retention is assessed indirectly from organic shipment activity and practical sourcing economics; customer-level repeat purchases and retention rates are absent.","The purchase-order quantity disclosure dates to the 2023 reporting period. Current comprehensive customer pricing terms, escalation rights and repricing frequency are missing.","The proxy supplies actual 2025 awards and ownership guidelines, but the selected passages do not establish executive ownership holdings, guideline compliance or realized vesting outcomes. Proposed amended-plan provisions are not treated as adopted.","Acquisition returns and synergies are not comprehensively demonstrated. Accounting charges and portfolio changes complicate comparison of recent profitability."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"The current quarry footprint, high truck freight costs, lower-cost rail and water access, and constrained deposit availability establish meaningful local barriers. Comparative cost leadership in every market is unproven.","evidenceIds":["e1","e2","e3","e4","e5","e8"]},{"criterion":"durability","grade":3,"rationale":"Existing zoned reserves and difficult replacement supply support durable local advantages, with a disclosed long-lived acquired reserve position. Depletion and continuing permit requirements prevent an exceptional or guaranteed durability assessment.","evidenceIds":["e8","e9","e10","e18","e19"]},{"criterion":"customer_dependency","grade":2,"rationale":"Economic haul distances and specification requirements can constrain alternative sourcing, but do not establish contractual lock-in. Organic shipment growth offers indirect demand evidence; historically disclosed purchase orders generally lacked firm quantity commitments.","evidenceIds":["e2","e3","e12","e20","e21"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Organic prices and shipments increased in 2026 despite mix and accounting pressures, supporting ongoing competitiveness. Historical downturn-related volume weakness and actual unrecovered cost pressures show incomplete protection from erosion.","evidenceIds":["e11","e12","e13","e17","e38"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Organic aggregates ASP rose 2.1% in second-quarter 2026 and 1.7% in the first half while organic shipments also increased. Specialties reported organic pricing gains. Reported aggregates ASP fell with mix changes, and the evidence does not establish exceptional multicycle pricing durability.","evidenceIds":["e11","e12","e15"]},{"criterion":"retention","grade":2,"rationale":"Organic aggregates shipment growth alongside higher organic prices indicates continuing demand indirectly. It cannot identify repeat customers or isolate retention from new projects; the absence of firm quantity commitments limits demand security.","evidenceIds":["e11","e12","e21"]},{"criterion":"margin_resilience","grade":2,"rationale":"Reported 2025 aggregates gross profit per ton improved, but first-half 2026 aggregates gross profit declined with inventory markup charges and higher depreciation, depletion and amortization. Downstream cost and job-margin deterioration and historical cost-recovery shortfalls establish mixed resilience rather than pricing immunity.","evidenceIds":["e23","e12","e13","e14","e17"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Historically noncommitted purchase quantities and mostly short-term paving contracts indicate limited long-term volume protection and some opportunity to reset terms as work renews. They do not establish unilateral repricing rights; disclosed contract structures can limit or delay adjustments. Comprehensive current terms are unavailable.","evidenceIds":["e21","e22","e16"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual cash generation, capital investment and completed portfolio recycling support an assessable allocation record. First-half 2026 acquisitions and repurchases accompanied net borrowing and lower operating cash flow, partly affected by transaction taxes. Acquisition returns and repurchase value are not established, leaving discipline mixed.","evidenceIds":["e24","e25","e26","e27","e28","e29"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 long-term awards consisted of 55% PSUs and 45% RSUs, alongside substantial executive and director stock ownership guidelines. These demonstrate meaningful alignment mechanisms, although holdings, compliance, target difficulty and realized vesting are not established; forward PSU targets were confidential.","evidenceIds":["e30","e31","e32"]},{"criterion":"execution","grade":2,"rationale":"Completed portfolio transactions, 2025 aggregates profit-per-ton improvement and 2026 organic shipment and pricing growth demonstrate execution through operating evidence. Recent continuing operating earnings declined, and acquisition accounting and downstream weakness complicate evaluation. The evidence supports mixed execution rather than treating management's strategic claims as proven.","evidenceIds":["e26","e27","e23","e12","e13","e14","e40"]},{"criterion":"governance","grade":2,"rationale":"Independent committees, adopted majority voting and completed shareholder-responsive severance amendments support accountability. Restrictions on removing directors and calling special meetings constrain shareholder authority, producing a mixed assessment.","evidenceIds":["e33","e34","e35","e36","e37"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"3c6ed1514494901e42f5b1eb8bff58459c97439704370c0c62cdf4a1b8f79b9b","updatedAt":"2026-10-18T13:56:17.958Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/916076/000119312526059193/mlm-20251231.htm","publishedAt":"2026-02-19","sha256":"fc40b87ad90c0321cc8f059fb45a3e51f1b604b8c254df9d392a3237fa6f1423","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/916076/000119312526326001/mlm-20260630.htm","publishedAt":"2026-07-30","sha256":"eb1c1cb46f7b9bd35ea84f5fdb85fbe8c667e76d79714d4ca389f15aa2295c8f","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/916076/000119312526157039/d28378ddef14a.htm","publishedAt":"2026-04-15","sha256":"77f4d483fd5fb93773177fcfd2a003664c500a6eb4b9813e42113f03726780d0","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/916076/000095017025024770/mlm-20241231.htm","publishedAt":"2025-02-21","sha256":"8a3b98e3da792cb7e0f17dd50846ea2c1066e3df3e122b3ea0a9729e0a93d631","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/916076/000095017024019275/mlm-20231231.htm","publishedAt":"2024-02-23","sha256":"727cfccb74e577287b4143ae53768cb8112c1830d239609cb3de16306b7f4a6d","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/916076/000119312526196029/mlm-20260331.htm","publishedAt":"2026-04-30","sha256":"3fa243451d671957fb3a1708865da8e464d8aee45fcc48f0c7cdd4df0b0e3961","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:c3ae6d461c85d17816926ceddd29c1d0080ba6a82adddfd531cc52def1866897","usage":{"input_tokens":87994,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4440,"reasoning_output_tokens":99}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":24.90579977835242,"operating_margin":17.986701145179165,"roic":8.119229150546339,"fcf_margin":13.199113409678612,"sbc_revenue":0.7942371629109716},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":23.102894151638612,"operating_margin":19.587059912022987,"roic":8.151731921163021,"fcf_margin":8.268540912558638,"sbc_revenue":0.6931030564708557},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":29.844183438588207,"operating_margin":23.549548486100456,"roic":11.176538194085932,"fcf_margin":12.956678274213543,"sbc_revenue":0.7377678097149265},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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