FLR vs MLM: How Fluor Corporation and Martin Marietta Materials Compare (2026)
Last updated August 2026
Short answer
FLR and MLM are similarly sized, but FLR trades noticeably cheaper on forward earnings (15.33x vs 23.38x): the market is paying up for MLM's profile and pricing FLR 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.
FLR 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 | FLR | MLM | What it tells you |
|---|---|---|---|
| Forward P/E | 15.33 | 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 | 22.91 | 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. |
| Beta | 1.23 | 1.10 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 70% 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 | 2.47 | 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: FLR 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 FLR 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. FLR 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 FLR 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 Fluor Corporation (FLR) do?
Fluor Corporation is one of the largest engineering, procurement, and construction (EPC) firms in the world. The company provides design and construction services for large industrial projects across energy, chemicals, mining, infrastructure, government, and increasingly clean energy and advanced manufacturing. Fluor typically operates as the lead EPC contractor on multi-billion-dollar projects, coordinating engineering, equipment procurement, and construction execution.
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.
FLR 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.
- FLR drivers: Strategic refocus and risk discipline; NuScale Power and small modular reactors.
- 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: Large EPC projects carry execution risk that has historically been disruptive to earnings. For MLM, construction cycle volatility.
FLR or MLM: which should you pick?
FLR vs MLM: the full fundamentals
FLR. Fluor's valuation reflects the EPC project execution risk that has historically driven earnings volatility, the NuScale Power optionality, and the LNG and energy transition project pipeline. The thin EPC margins make profit margins very sensitive to project outcomes.
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, early 2026): FLR shows revenue (ttm) ~$17 billion, operating margin ~4% (thin, typical EPC), net income (ttm) ~$200 million (volatile), eps (ttm) ~$1.30; MLM shows revenue (ttm) ~$6.7 billion, operating margin ~22%, net income (ttm) ~$1 billion, eps (ttm) ~$17.00.
The bottom line: FLR vs MLM
FLR 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 FLR and MLM exposure against your real portfolio. It is not an investment adviser.
Wondering how FLR 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 Fluor Corporation with AI
Connect the broker you already use and ask Walnut's AI how FLR 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 FLR and MLM?
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Fluor Corporation is one of the largest engineering, procurement, and construction (EPC) firms in the world. 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 FLR 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, FLR or MLM?
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On forward P/E (as of August 2026), FLR trades at 15.33x and MLM at 23.38x, so FLR 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 FLR 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 FLR vs MLM?
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FLR: Large EPC projects carry execution risk that has historically been disruptive to earnings. NuScale's commercial path is uncertain. Energy transition policy reversals or delays can affect project pipelines. 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 FLR or MLM; figures are approximate and dated (as of August 2026). Verify current data before investing.