AMRZ vs MLM: How Amrize and Martin Marietta Materials Compare (2026)
Last updated August 2026
Short answer
AMRZ and MLM are similarly sized, but AMRZ trades noticeably cheaper on forward earnings (14.79x vs 23.38x): the market is paying up for MLM's profile and pricing AMRZ more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
AMRZ vs MLM: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | AMRZ | MLM | What it tells you |
|---|---|---|---|
| Market cap | $25.82B | $31.54B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 14.79 | 23.38 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 22.32 | 34.12 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Price vs 52-week range | 2% of range | 1% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.97 | 2.79 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: AMRZ is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how AMRZ and MLM affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AMRZ and MLM share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AMRZ and MLM exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Amrize (AMRZ) do?
Amrize (NYSE: AMRZ) is the North American building-materials company that Holcim separated on June 23, 2025, distributing 100% of Amrize shares to Holcim holders as a dividend in kind. The standalone company holds Holcim's US, Canadian, Swiss and Jamaican operations plus support functions in Colombia, runs more than 1,000 sites, employs over 19,000 people and is dual listed on the NYSE and the SIX Swiss Exchange with corporate offices in Chicago and Zug. It reports in two segments. Building Materials (~$8.5 billion of 2025 revenue) sells cement, aggregates, ready-mix concrete and asphalt. Building Envelope (~$3.3 billion) sells commercial and residential roofing, insulation, waterproofing, coatings, adhesives and sealants, a business largely assembled through the Malarkey (2022) and Duro-Last (2023) acquisitions.
What does Martin Marietta Materials (MLM) do?
Martin Marietta Materials is the second-largest construction aggregates producer in the United States, behind Vulcan Materials. The aggregates business model is identical to Vulcan: heavy aggregates products with high transport costs create local pricing power within each quarry's service area. Martin Marietta operates approximately 350 aggregates facilities across the US with concentration in Texas, Colorado, the Carolinas, and other high-growth states.
AMRZ vs MLM: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- AMRZ drivers: Mega-project demand for cement and aggregates; Pricing catching up to oil-linked costs.
- MLM drivers: Federal infrastructure tailwind; Texas cement franchise.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Construction materials is a cyclical, interest-rate-sensitive business, and residential roofing and ready-mix demand can turn faster than cement plants can flex output. For MLM, construction cycle volatility.
AMRZ or MLM: which should you pick?
AMRZ vs MLM: the full fundamentals
AMRZ. The multiple sits below pure-play aggregates names: Vulcan trades near 33x trailing earnings and Martin Marietta near 13x on a very different earnings base, while CRH is near 17x. Part of Amrize's discount is the Building Envelope segment, which is a manufacturing business with different margins and a different cost structure than a quarry. The rest reflects a one-year operating history as a standalone, a guidance cut on its second reported quarter of 2026, and the prior-period revision disclosed alongside it.
MLM. Martin Marietta trades at a premium similar to (slightly below) Vulcan, reflecting the same durable aggregates pricing model, the federal infrastructure tailwind, and the Texas cement franchise. The valuation has expanded with the broader infrastructure thesis.
Headline figures (approximate, August 2026): AMRZ shows revenue (ttm) ~$12.2B, with Q2 2026 at ~$3.49B, up 8.6% year over year, adjusted ebitda (ttm) ~$3.0B, a margin of ~24.9%; Q2 margin was 28.2%, down 80 bps, net income / diluted eps (ttm) ~$1.2B and ~$2.23; Q2 net income was ~$476M, up 14.4%, market cap and p/e ~$25.9B at a ~$46.64 close, or roughly 21x trailing earnings; MLM shows revenue (ttm) ~$6.7 billion, operating margin ~22%, net income (ttm) ~$1 billion, eps (ttm) ~$17.00.
The bottom line: AMRZ vs MLM
AMRZ and MLM are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AMRZ and MLM exposure against your real portfolio. It is not an investment adviser.
Wondering how AMRZ or MLM fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Amrize with AI
Connect the broker you already use and ask Walnut's AI how AMRZ fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between AMRZ and MLM?
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Amrize (NYSE: AMRZ) is the North American building-materials company that Holcim separated on June 23, 2025, distributing 100% of Amrize shares to Holcim holders as a dividend in kind. Martin Marietta Materials is the second-largest construction aggregates producer in the United States, behind Vulcan Materials. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is AMRZ or MLM the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, AMRZ or MLM?
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On forward P/E (as of August 2026), AMRZ trades at 14.79x and MLM at 23.38x, so AMRZ is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both AMRZ and MLM?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of AMRZ vs MLM?
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AMRZ: Construction materials is a cyclical, interest-rate-sensitive business, and residential roofing and ready-mix demand can turn faster than cement plants can flex output. The immediate pressure is input costs: oil-linked freight, diesel, bitumen and roofing raw materials compressed consolidated adjusted EBITDA margin by 80 basis points year over year in Q2 and Building Envelope margin by 350 basis points, and the fix depends on price increases sticking with customers. The prior-period revision, centered on understated extended-warranty deferred revenue from the Duro-Last and Malarkey acquisitions, is a control question at a company barely a year into standalone reporting, and it is the kind of disclosure that can attract plaintiff-firm attention even when management concludes the amounts were immaterial. Free cash flow was a use of ~$986 million in the first half, worse than the prior year on higher capex, so the full-year cash story rests entirely on a seasonally strong second half. The company is also Swiss-incorporated with a second listing in Zurich, which adds governance and tax mechanics that a purely domestic peer does not carry. MLM: Construction cycle volatility. Energy costs affect operating margins. Texas market concentration creates regional exposure. Reserve permitting is increasingly difficult.
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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell AMRZ or MLM; figures are approximate and dated (as of August 2026). Verify current data before investing.