Martin Marietta: Management Meeting Takeaways: Growth Compounding; Price, Volume, & M&A

Research evidence excerpt

Martin Marietta: Management Meeting Takeaways: Growth Compounding; Price, Volume, & M&A

Equity Research

U.S. Machinery & Construction

29 May 2026

Martin Marietta

Management Meeting Takeaways:

Growth Compounding; Price,

MLM OVERWEIGHTVolume, & M&A

U.S. Machinery & POSITIVE

Confidence is high, with pricing leadership, active M&A, and Construction Price Target USD 640.00

improving volumes driving the outlook. Optionality on FY’26 Price (28-May-26) USD 575.14

pricing and IIJA carryover, alongside private non-res strength, Potential Upside/Downside +11.3% Source: Bloomberg, Barclays Research

set up above-trend EBITDA and FCF growth into FY’27

Adam Seiden, CFA

+1 212 526 2212

adam.seiden@barclays.com

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We hosted Martin Marietta's management (CEO/CFO/IR) for a few days this week and their

confidence remains high on both the present and the future. In the last decade, we've

noticed investor interest in aggregates like Martin Marietta has quick highs and lows. It's not low

today by investor interest, but more investor excitement, in our view. That setup has typically

been the best time to own. We continue to see a path for solid EBITDA growth (vs. unit

profitability) and FCF growth (vs. historical norms) on the horizon. FCF could fund a (very) active

M&A strategy and commensurate EBITDA growth should lift Street estimates in outer-years.

The most notable takeaway is that there's potential for not just one, or two, but maybe

three price increases in some markets in FY'26.