Martin Marietta Materials
MLM高于价值预期 · 苛刻5 位超级投资者持有。
SEC 10-K · 基本面
生意质量
截至 2025-12-31估值口径：截至 2026-06-30 的滚动十二个月（最新 10-K 叠加未审计 10-Q）。
- 营收增速
- -5.9%
- 净利率
- 18.5%
- ROE
- 11.3%
- FCF 利润率
- 15.9%
估值 · 价值带
高于合理价值
零增长底
$126
中枢 IV
$182
乐观上沿
$211
Martin Marietta Materials（MLM）：保守价值带 $126–$211 / 股（零增长底到增速封顶的乐观上沿），中枢约 $182。今日价格高于这条带（价格 $517 截至 2026-09-02）。
中间是主读数；右侧上沿是同一套保守假设下的乐观档，不是绝对上限。
营收增 2%（历史增长与基本面上限的较小值，受护城河封顶） · 护城河 0 年 · 折现 11.9% · 零增长下行 $126
价格截至 2026-09-02 · yahoo · DGS10 4.8% @ 2026-09-01.
方法与数字
保守内在价值带（零增长底到增速封顶的 DCF）加一道有形资产地板 — 非投资建议、非买卖信号、亦非目标价。
所有者盈利 DCF $139.51 – $211.37 · Greenwald 零增长 $169.72 · 零增长基准 $169.72 · 重置 $125.90
护城河 低于资产基础 · 终值占现值 40% · 所有者盈利收益率 3% 对 10Y 4.8%.
Graham earnings-power value (normalized NOPAT)$15.50 – $40.50 / 股
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
年份：TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 简化：Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 63% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).
Buffett owner-earnings value$142.07 – $169.72 / 股
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 10.3–12.3% band (9–11% base + 1.3pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
年份：TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 简化：Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 63% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 1.3pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 5.6 years of owner earnings, adding 1.3pp of cost-of-equity risk premium.
重置价值 = 有形净资产 $7.58B = $125.90 / 股. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
护城河读数：Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
增长价值被闸至零 — 无护城河或 ROIIC ≤ WACC，故不计入增长价值。
窗口 TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · 贴现带 9%–11% · 正常化税率 20% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · 股数 diluted.
基线 9%–11%，净债务约 5.6 年所有者盈利 → 加 1.3 个百分点风险溢价 → 实际 10.3%–12.3%。
所有者盈利 DCF：增长 g₁ 2% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 10.57%–13.28% (DGS10 +4.5% to a 12% strict end, each +1.28pp for leverage premium, as of 2026-09-01). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
估值口径：截至 2026-06-30 的滚动十二个月（最新 10-K 叠加未审计 10-Q）。
价格在赌什么
现价把公司未来几年的 owner-earnings 年增定在 22.8%；公司过去营收年增 5.8%。
市场要它明显快过自己一贯的水平。
SEC 13F · 持有人
持有该证券的超级投资者
5 位持有 · 合计 $1.20B · 本季 +1 新建 / -1 清仓
- 市值$758.4M权重（上季→本季）新建 · 1.4%
- 市值$406.8M权重（上季→本季）5.0% → 4.6% ▼
- 市值$27.3M权重（上季→本季）1.6% → 1.9% ▲
- 市值$5.5M权重（上季→本季）0.0% → 0.0% ▼
- 市值$4.7M权重（上季→本季）1.8% → 1.5% ▼
SEC 13F · 说明
文字说明
文字说明
Martin Marietta Materials（MLM）被 Compounder 追踪的 5 位超级投资者持有，合计申报市值 $1.20B。仓位最大的是 Chris Hohn，占其组合 1.4%。
按市值，其他主要持有人包括 Thomas Russo（占其组合 4.6%），Wallace Weitz（占其组合 1.9%） 和 Jeremy Grantham（占其组合 0.0%）。
最近一个季度，追踪范围内有 1 位新建 MLM 仓位，2 位加仓，2 位减仓，1 位清仓。
以上持有人数与市值来自最新的 SEC Form 13F 申报，截至 2026-06-30 季度。来源：SEC EDGAR。13F 仅涵盖美股多头持仓，且可能滞后实际组合最多 45 天，因此这是已披露的多头持有情况，并非完整全貌。
SEC 13F · 共持信号
他们还共同持有
持有 Martin Marietta Materials（MLM）的这些人还共同重仓 →
MLM 现价不低于保守价值带。 看当前击球区股票
数据来源· SEC EDGAR 13F 截至 2026-06-30 · 2026-08-14 提交
仅供教育与信息参考，不构成投资建议。13F 持仓为机构自行申报，可能滞后最多 45 天。
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