Martin Marietta dividend history and cash coverage
MyStockButler's October 2026 analysis: Martin Marietta's dividend rose from $2.36 per share in 2021 to $3.24 in 2025. In 2025, free cash flow was $880 million and real free cash flow was $834 million after $46 million of stock compensation, then the cash-allocation table tracks dividends and buybacks.
How much does Martin Marietta pay in dividends?
Dividends rise from $3.56 per share to $4.31 in the base case. That continues the record of annual increases from $2.36 in 2021 to $3.24 in 2025, but at a moderated pace because the acquisition added debt and shares. The bear case freezes the latest rate; the bull case accelerates growth as savings and deleveraging improve cash.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 16.34 | 29.50 | 15.96 | ||
| Real free cash flow per share | 13.76 | 6.72 | 11.42 | ||
| − Dividends paid, per share | 3.25 | 3.07 | 2.80 | 2.56 | 2.36 |
| − Share buybacks, per share | 7.43 | 7.31 | 2.42 | 2.40 | 0.00 |
| = FCF not paid out, per share | 3.83 | 6.99 |
What this means. Real free cash flow is lower because it subtracts the value of shares given to employees as pay, which can shrink each existing shareholder’s ownership.
How much would Martin Marietta's dividend pay you?
$10,000 invested in Martin Marietta at its 0.7% dividend yield (our report of October 20, 2026) pays $70.00 in the first year, before tax. If its dividend per share keeps changing 8.3% a year, as it did from 2021 to 2025, and the dividends are reinvested, year 10 pays $157.06, with $1,078.79 received in all.
Before tax. Past dividend growth is not a promise. Information only, not investment advice.
Does Martin Marietta's dividend come from its cash?
Capital spending then takes a large share. Martin Marietta spent $718 million on capital equipment in 2025. That left $880 million of free cash flow. After allowing for $46 million of stock compensation, the analytical “real free cash flow” was $834 million. This is not a second cash payment; it recognizes that employees were paid partly with an ownership claim.
The five-year pattern was episodic. In 2023, Martin Marietta repaid debt and rebuilt cash after a period without acquisition outflows. In 2024 and 2025, acquisitions and shareholder distributions used much of the available financial capacity. Share repurchases were $450 million in both 2024 and 2025, followed by $200 million in the first half of 2026. Those payments reduced shares, but they also competed with debt reduction and acquisition funding.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 880 | 472 | 759 | ||
| − Dividends paid | 197 | 189 | 174 | 160 | 147.8 |
| − Share buybacks | 450 | 450 | 150 | 150 | 0 |
| = Free cash flow not paid out | 232 | 434 | |||
| Paid to shareholders | 647 | 639 | 324 | 310 | 147.8 |
| Paid out, % of free cash flow | 73.5% | 135.4% | 42.7% |
What this means. In 2024, the company paid shareholders more than its free cash flow, so it used savings or borrowed money to cover the difference.
What could change Martin Marietta's dividend?
Net debt falls from $13,035 million at the October starting estimate to $9,893 million in the base case. The path assumes positive operating cash, measured capital spending, dividends and buybacks, with no further acquisition. The bear case reduces debt more slowly because cash costs and weak demand persist. The bull case reaches $9,556 million through stronger earnings, working-capital release and faster cash conversion. Management’s target is leverage below 2.5 times within 24 months, but it is not a dollar repayment promise.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 2,100 (1,850 / 2,250) | 2,200 (1,750 / 2,500) | 2,300 (1,850 / 2,700) |
| Shares (millions) | 70.93 (71.12 / 70.55) | 70.85 (71.22 / 70.12) | 70.79 (71.32 / 69.72) |
| Dividends per share | 3.56 (3.40 / 3.72) | 3.92 (3.40 / 4.46) | 4.31 (3.40 / 5.35) |
| Net debt | 12,089 (12,375 / 12,055) | 11,041 (11,780 / 10,881) | 9,893 (11,051 / 9,556) |
What is Martin Marietta's dividend yield today?
The stock was $507.39 on October 20, 2026. Its trailing P/E was 33.0x and forward P/E 24.1x. Free cash flow yield was 2.4%, and dividend yield was 0.7%. Revenue rose 8.6% in 2025 while aggregates shipments were 198.5 million tons. The 2024 operating-margin spike includes a $1,331 million disposal gain. The company’s real free cash flow recovered to 13.6% of revenue in 2025 from 7.3% in 2024. Net debt rose to $5,558 million in 2025.