{"slug":"martin-marietta-materials","name":"마틴 마리에타 머티리얼스","name_en":"Martin Marietta Materials, Inc.","ticker":"MLM","updated_at":"2026-09-23T07:31:38.954831+00:00","canonical":"https://valuechain.wiki/martin-marietta-materials","citable":"밸류체인 그래프 기준 마틴 마리에타 머티리얼스의 직접 연결 기업은 3곳(관계 기준 공급 3·매출 1)이고, 사슬을 2차까지 넓히면 10곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-09-23 기준).","citable_en":"Per the valuechain.wiki graph, Martin Marietta Materials, Inc. is directly linked to 3 companies (3 supply, 1 revenue relationships) and reaches 10 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-09-23).","kicker":"미국 골재 중심 건설자재","kicker_en":"U.S. aggregates-led materials","lead":"쇄석·모래·자갈을 중심으로 아스팔트, 레디믹스트 콘크리트와 특수소재를 공급하며 공공 인프라와 민간 건설 수요에서 매출을 얻는다. 채석장 장비와 철도 물류에 비용을 쓰고, 골재 및 특수소재 사업 인수로 공급 기반을 넓힌다.","lead_en":"Martin Marietta sells crushed stone, sand and gravel, along with asphalt, ready-mixed concrete and specialty materials, into public infrastructure and private construction markets. It spends on quarry equipment and rail logistics and expands its supply base through aggregates and specialty-materials acquisitions.","categories":[{"key":"advanced-structural-materials","ko":"첨단 구조·산업 소재","en":"Advanced Structural & Industrial Materials","theme":"materials-chemicals","theme_ko":"산업 소재·화학","theme_en":"Industrial Materials & Chemicals","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"동부 그룹","note":"FY2025 매출 31억9,400만달러"},{"name":"서부 그룹","note":"FY2025 매출 25억1,500만달러"},{"name":"특수소재","note":"FY2025 매출 4억4,100만달러"}],"total":"FY2025 총매출 61억5,000만달러","track":"C"},"segments_en":{"parts":[{"name":"East Group","note":"FY2025 revenue of $3.194 billion"},{"name":"West Group","note":"FY2025 revenue of $2.515 billion"},{"name":"Specialties","note":"FY2025 revenue of $441 million"}],"total":"FY2025 total revenue of $6.15 billion"},"returns_yearly":{"2021":56.1,"2022":-22.7,"2023":48.6,"2024":4.1,"2025":21.3,"2026":-17},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"w-w-grainger","name":"W. W. 그레인저","name_en":"W. W. Grainger","tier":3,"returns_yearly":{"2021":28.8,"2022":8.7,"2023":50.5,"2024":28.2,"2025":-3.4,"2026":32}},{"slug":"williams-sonoma","name":"윌리엄스 소노마","name_en":"Williams-Sonoma, Inc.","tier":3,"returns_yearly":{"2021":68.6,"2022":-30.5,"2023":80.2,"2024":86.6,"2025":-2.1,"2026":28.7}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":12}},{"slug":"mitsui","name":"미쓰이물산","name_en":"Mitsui & Co.","tier":3,"returns_yearly":{"2021":52.6,"2022":39.2,"2023":63.5,"2024":5.2,"2025":68.3,"2026":-2.9}},{"slug":"autozone","name":"오토존","name_en":"AutoZone","tier":3,"returns_yearly":{"2021":76.8,"2022":17.6,"2023":4.8,"2024":23.8,"2025":5.9,"2026":-12}},{"slug":"cf-industries","name":"CF 인더스트리스","name_en":"CF Industries Holdings, Inc.","tier":2,"returns_yearly":{"2021":87.2,"2022":22.3,"2023":-4.7,"2024":10.1,"2025":-7.2,"2026":74.9}},{"slug":"fedex","name":"페덱스","name_en":"FedEx","tier":2,"returns_yearly":{"2021":0.7,"2022":-31.6,"2023":49.1,"2024":13.5,"2025":5.1,"2026":39.6}},{"slug":"united-parcel-service","name":"유나이티드 파셀 서비스","name_en":"United Parcel Service, Inc.","tier":2,"returns_yearly":{"2021":30,"2022":-16.2,"2023":-6,"2024":-15.9,"2025":-15.9,"2026":8}},{"slug":"union-pacific","name":"유니언 퍼시픽","name_en":"Union Pacific Corporation","tier":1,"returns_yearly":{"2021":23.3,"2022":-15.9,"2023":21.6,"2024":-5.1,"2025":3.9,"2026":22.1}}],"benefiting":[{"slug":"caterpillar","name":"Caterpillar","name_en":"Caterpillar","tier":1,"returns_yearly":{"2021":16,"2022":18.6,"2023":25.9,"2024":24.7,"2025":60.3,"2026":40.6}},{"slug":"union-pacific","name":"유니언 퍼시픽","name_en":"Union Pacific Corporation","tier":1,"returns_yearly":{"2021":23.3,"2022":-15.9,"2023":21.6,"2024":-5.1,"2025":3.9,"2026":22.1}},{"slug":"nucor","name":"뉴코","name_en":"Nucor Corporation","tier":2,"returns_yearly":{"2021":118.4,"2022":17.4,"2023":33.8,"2024":-32,"2025":42,"2026":54.7}},{"slug":"wabtec","name":"웹텍","name_en":"Wabtec Corporation","tier":2,"returns_yearly":{"2021":26.5,"2022":9.1,"2023":28,"2024":50.1,"2025":13.2,"2026":34.2}},{"slug":"norfolk-southern","name":"노퍽 서던","name_en":"Norfolk Southern","tier":2,"returns_yearly":{"2021":27.3,"2022":-15.6,"2023":-1.6,"2024":1.6,"2025":25.6,"2026":15.6}},{"slug":"vulcan-materials-company","name":"벌컨 머티리얼스","name_en":"Vulcan Materials Company","tier":2,"returns_yearly":{"2021":41.1,"2022":-14.9,"2023":30.8,"2024":14.1,"2025":11.7,"2026":-7.4}},{"slug":"komatsu","name":"고마쓰","name_en":"Komatsu","tier":3,"returns_yearly":{"2021":0.5,"2022":17.4,"2023":40.1,"2024":16.4,"2025":30.5,"2026":28.3}},{"slug":"nuscale","name":"NuScale Power","name_en":"NuScale Power","tier":3,"returns_yearly":{"2023":-67.9,"2024":445,"2025":-21,"2026":-49.2}}],"analysis":"미국 골재 중심 건설자재 기업. 2025년 +21.3% 뒤 2026년 -17%로 조정됐다. 공급단(평균 +32.8%)이 본주(-17%)보다 세게 움직였다. 공급 병목 국면의 전형으로, 본주 마진보다 공급사 물량 레버리지가 먼저 반영되고 있다는 신호다. 연결 노드 중 가장 앞선 곳은 캐터필러(+42.9%), 가장 처진 곳은 유니언 퍼시픽(+27.1%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Martin Marietta Materials, Inc. operates across U.S. aggregates-led materials. After +21.3% in 2025, it corrected -17% in 2026. The supply side (avg +32.8%) has moved harder than the stock (-17%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Caterpillar (+42.9%) and the furthest behind is Union Pacific Corporation (+27.1%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on quarry equipment and rail logistics and expands its supply base through aggregates and specialty-materials acquisitions.","analysis_asof":"2026-09-04"},"edges":[{"direction":"revenue","counterparty":"미국 민간 건설 고객","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-02-19","basis":"2025년 골재 출하량 중 비주거 및 주거 건설시장 합산 비중","value":58,"period":"FY2025","basis_en":"Combined share of 2025 aggregates shipments to nonresidential and residential construction markets","qualifier":null},"note":"데이터센터, 제조·물류시설 등 비주거 건설과 단독·다세대 주택 및 택지 개발 고객이 2025년 골재 출하량의 58%를 차지했다.","note_en":"Nonresidential customers such as data centers and manufacturing or distribution facilities, together with residential and subdivision customers, represented 58% of 2025 aggregates shipments.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/916076/000119312526059193/mlm-20251231.htm","title":"MARTIN MARIETTA MATERIALS INC 10-K (2026-02-19)","title_en":"MARTIN MARIETTA MATERIALS INC 10-K (2026-02-19)","excerpt":"비주거 및 주거 건설시장은 합산해 2025년 골재 출하량의 58%를 차지했다.","excerpt_en":"nonresidential and residential construction projects"}]},{"direction":"revenue","counterparty":"미국 공공 인프라 건설 고객","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-02-19","basis":"2025년 골재 출하량 중 고속도로 및 기타 공공 인프라 프로젝트용 비중","value":37,"period":"FY2025","basis_en":"Share of 2025 aggregates shipments used in highway and other public infrastructure projects","qualifier":null},"note":"고속도로, 도로, 교량, 학교 등 공공 인프라용 고객이 2025년 골재 출하량의 37%를 차지했다. 연방·주·지방정부 재원으로 진행되는 다년 프로젝트가 핵심 수요처다.","note_en":"Customers using aggregates for highways and other public infrastructure represented 37% of 2025 aggregates shipments. Multiyear projects funded by federal, state and local governments are a core demand source.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/916076/000119312526059193/mlm-20251231.htm","title":"MARTIN MARIETTA MATERIALS INC 10-K (2026-02-19)","title_en":"MARTIN MARIETTA MATERIALS INC 10-K (2026-02-19)","excerpt":"2025년 골재 출하량의 37%가 고속도로 등 공공 인프라 프로젝트용 고객에게 판매됐다.","excerpt_en":"37% of its 2025 aggregates shipments"},{"stance":"mentions","publisher":"미국 지질조사국","publisher_en":"U.S. Geological Survey","kind":"research","lang":"en","published_at":"2025-01-31","url":"https://pubs.usgs.gov/periodicals/mcs2025/mcs2025.pdf","title":"Mineral Commodity Summaries 2025: Stone (Crushed)","title_en":"Mineral Commodity Summaries 2025: Stone (Crushed)","excerpt":"미국 쇄석의 72%는 건설 골재로 쓰이며, 주된 용도는 도로 건설과 유지보수다.","excerpt_en":"72% was used as construction aggregate, mostly for road construction and maintenance."},{"stance":"mentions","publisher":"이데일리","publisher_en":"Edaily","kind":"news","lang":"ko","published_at":"2021-06-26","url":"https://www.edaily.co.kr/News/Read?mediaCodeNo=257&newsId=01236566629085656","title":"[주목!e해외주식]불칸머티리얼스, '골재' 1위로 美 인프라 투자 수혜 집중","title_en":"Vulcan Materials Poised to Benefit from U.S. Infrastructure Investment","excerpt":"골재의 수요가 집중적으로 발생하는 고속도로를 포함해 각종 대형 사업에서 빛을 발할 수 있기 때문이다.","excerpt_en":"Aggregate demand is concentrated in highways and other large infrastructure projects."}]},{"direction":"cost","counterparty":"유니언 퍼시픽","counterparty_slug":"union-pacific","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-19","basis":"유니언 퍼시픽 철도 운송 및 물류 비용","value":null,"period":"FY2025","basis_en":"Rail transportation and logistics spending with Union Pacific","qualifier":"confirmed_no_disclosed_value"},"note":"유니언 퍼시픽은 텍사스 채석장의 골재를 남부 텍사스와 휴스턴 유통 야드로 운송하는 핵심 철도 물류사다. 10-K는 철도 운송 계약과 철도 운영 의존이 비용과 운영에 직접 영향을 준다고 밝힌다.","note_en":"Union Pacific is a core rail carrier moving Texas quarry output to distribution yards in South Texas and Houston. The 10-K says rail operations and negotiated shipping contracts directly affect costs and operations.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/916076/000119312526059193/mlm-20251231.htm","title":"MARTIN MARIETTA MATERIALS INC 10-K (2026-02-19)","title_en":"MARTIN MARIETTA MATERIALS INC 10-K (2026-02-19)","excerpt":"회사의 철도 출하는 철도 운영에 대한 지속적인 의존을 낳는다.","excerpt_en":"rail shipments result in continued reliance on railroad operations"},{"stance":"confirms","publisher":"유니언 퍼시픽","publisher_en":"Union Pacific","kind":"news","lang":"en","published_at":"2016-09-16","url":"https://www.up.com/aboutup/community/inside_track/martin-marietta-9-16-2016.htm","title":"Feeding the Stone-Starved Beast","title_en":"Feeding the Stone-Starved Beast","excerpt":"마틴 마리에타는 유니언 퍼시픽의 대형 물량 고객 중 하나다.","excerpt_en":"Martin Marietta is one of Union Pacific's largest volume customers."}]},{"direction":"investment","counterparty":"Premier Magnesia","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-07-25","basis":"Premier Magnesia 인수대금","value":null,"period":"transaction closed 2025-07-25","basis_en":"Purchase consideration for Premier Magnesia","qualifier":"confirmed_no_disclosed_value"},"note":"마틴 마리에타는 2025년 7월 Premier Magnesia를 인수해 미국 내 천연 마그네사이트와 황산마그네슘 생산 기반을 추가했다. 인수가는 공개되지 않았다.","note_en":"Martin Marietta acquired Premier Magnesia in July 2025, adding U.S. natural magnesite and magnesium sulfate production capacity. The purchase price was not disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/916076/000119312526059193/mlm-20251231.htm","title":"MARTIN MARIETTA MATERIALS INC 10-K (2026-02-19)","title_en":"MARTIN MARIETTA MATERIALS INC 10-K (2026-02-19)","excerpt":"회사는 2025년 7월 25일 Premier Magnesia를 인수했다.","excerpt_en":"acquired Premier Magnesia, LLC"},{"stance":"confirms","publisher":"마틴 마리에타 머티리얼스","publisher_en":"Martin Marietta Materials","kind":"ir","lang":"en","published_at":"2025-08-04","url":"https://ir.martinmarietta.com/news-releases/news-release-details/martin-marietta-and-quikrete-exchange-certain-cement-and","title":"Martin Marietta and Quikrete to Exchange Certain Cement and Concrete Assets; Company Also Completes Acquisition of Premier Magnesia, LLC","title_en":"Martin Marietta and Quikrete to Exchange Certain Cement and Concrete Assets; Company Also Completes Acquisition of Premier Magnesia, LLC","excerpt":"회사는 2025년 7월 25일 Premier Magnesia 인수를 완료했다고 발표했다.","excerpt_en":"completed the acquisition of Premier Magnesia, LLC"}]},{"direction":"cost","counterparty":"Caterpillar","counterparty_slug":"caterpillar","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-05-16","basis":"Caterpillar 채석장 장비 및 관련 서비스 지출액","value":null,"period":"FY2025","basis_en":"Spending on Caterpillar quarry equipment and related services","qualifier":"confirmed_no_disclosed_value"},"note":"Caterpillar는 채석장용 이동식 장비와 관련 서비스를 제공하는 골재 사업 파트너다. 회사 보고서와 Caterpillar 고객 사례가 장비 사용 관계를 확인하지만 지출액은 공개되지 않았다.","note_en":"Caterpillar is an aggregates-business partner providing mobile quarry equipment and related services. Martin Marietta's report and a Caterpillar customer story confirm the equipment relationship, but spending is undisclosed.","sources":[{"stance":"confirms","publisher":"마틴 마리에타 머티리얼스","publisher_en":"Martin Marietta Materials","kind":"ir","lang":"en","published_at":"2026-05-16","url":"https://mcdn.martinmarietta.com/assets/sustainability/2025sustainabilityreport.pdf","title":"Martin Marietta 2025 Sustainability Report","title_en":"Martin Marietta 2025 Sustainability Report","excerpt":"회사는 골재 사업의 배출 저감을 위해 Caterpillar, 고마쓰 등 파트너와 계속 협력한다고 밝혔다.","excerpt_en":"work with Caterpillar, Komatsu, John Deere and other partners"},{"stance":"confirms","publisher":"Caterpillar","publisher_en":"Caterpillar","kind":"ir","lang":"en","published_at":"2024-11-01","url":"https://www.cat.com/en_US/by-industry/construction-industry-resources/compact-and-small-wheel-loaders.html","title":"Cat Compact and Small Wheel Loaders","title_en":"Cat Compact and Small Wheel Loaders","excerpt":"Caterpillar는 사우스캐롤라이나의 마틴 마리에타를 Cat 938M 골재 핸들러 고객 사례로 소개한다.","excerpt_en":"Cat 938M Aggregate Handler Customer Story: Martin Marietta"}]},{"direction":"revenue","counterparty":"유니언 퍼시픽","counterparty_slug":"union-pacific","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2016-09-16","basis":"유니언 퍼시픽 대상 철도 밸러스트 매출액","value":null,"period":"ongoing relationship","basis_en":"Railroad ballast revenue from Union Pacific","qualifier":"confirmed_no_disclosed_value"},"note":"마틴 마리에타는 유니언 퍼시픽에 철도 선로용 밸러스트를 공급한다. 상대 회사는 마틴 마리에타를 자사의 최대 밸러스트 공급사로 설명했지만 거래액은 공개하지 않았다.","note_en":"Martin Marietta supplies railroad ballast to Union Pacific. Union Pacific describes Martin Marietta as its largest ballast supplier, but the transaction value is not disclosed.","sources":[{"stance":"confirms","publisher":"유니언 퍼시픽","publisher_en":"Union Pacific","kind":"news","lang":"en","published_at":"2016-09-16","url":"https://www.up.com/aboutup/community/inside_track/martin-marietta-9-16-2016.htm","title":"Feeding the Stone-Starved Beast","title_en":"Feeding the Stone-Starved Beast","excerpt":"유니언 퍼시픽은 마틴 마리에타를 자사의 최대 철도 밸러스트 공급사로 설명했다.","excerpt_en":"Martin Marietta also is Union Pacific's largest supplier of ballast."}]},{"direction":"cost","counterparty":"고마쓰","counterparty_slug":"komatsu","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-05-16","basis":"고마쓰 채석장 장비 및 관련 기술 지출액","value":null,"period":"FY2025","basis_en":"Spending on Komatsu quarry equipment and related technology","qualifier":"confirmed_no_disclosed_value"},"note":"고마쓰는 채석장 이동식 장비와 저탄소 기술을 제공하는 골재 사업 파트너다. 회사가 파트너 관계를 직접 확인했으나 지출액은 공개하지 않았다.","note_en":"Komatsu is an aggregates-business partner for mobile quarry equipment and lower-carbon technology. Martin Marietta directly confirms the partnership but does not disclose spending.","sources":[{"stance":"confirms","publisher":"마틴 마리에타 머티리얼스","publisher_en":"Martin Marietta Materials","kind":"ir","lang":"en","published_at":"2026-05-16","url":"https://mcdn.martinmarietta.com/assets/sustainability/2025sustainabilityreport.pdf","title":"Martin Marietta 2025 Sustainability Report","title_en":"Martin Marietta 2025 Sustainability Report","excerpt":"회사는 골재 사업의 배출 저감을 위해 Caterpillar, 고마쓰 등 파트너와 계속 협력한다고 밝혔다.","excerpt_en":"work with Caterpillar, Komatsu, John Deere and other partners"}]}]}