Martin Marietta Materials (MLM)

Aggregates are the foundation of Martin Marietta’s business. The company operates quarries, mines, and distribution facilities that supply local and regional customers, and it reported sales of 191 million tons of aggregates in 2024. Because aggregates are expensive to transport over long distances, the location of reserves and production sites is a major competitive advantage. Martin Marietta has built a strong presence in attractive US markets, including Texas, North Carolina, Colorado, California, and Georgia, which together account for a substantial portion of its activity.

Beyond selling aggregates directly, Martin Marietta uses its materials in downstream operations such as asphalt and ready-mixed concrete, allowing it to capture additional value in selected markets. The company also owns a magnesia specialties business that produces magnesia-based chemicals and dolomitic lime for industrial, environmental, and agricultural uses, adding a more specialised line of revenue outside traditional construction materials.

Martin Marietta’s investment case is shaped by the durability of its reserves, pricing power in local aggregates markets, infrastructure funding, residential and non-residential construction cycles, and operating discipline. Its scale, quarry network, and exposure to high-growth states position it as one of the most important suppliers in the US construction materials industry.