Martin Marietta is one of the largest producers of construction aggregates in the U.S. Aggregates — crushed stone, sand, and gravel — are the core of the business, generating roughly 88% of total segment gross profit. Aggregates are used primarily in construction: roads and bridges, commercial development, residential housing, and industrial facilities like data centers and power plants. Martin Marietta sells aggregates directly to contractors and industrial customers, with most product delivered by truck from nearby quarries. The company differentiates itself through a long-haul rail and waterborne distribution network — moving roughly 30M tons per year from quarries in The Bahamas and Nova Scotia — serving coastal and Gulf Coast markets where local geology limits supply. Martin Marietta operates roughly 400 quarries, mines, and distribution yards across 28 states, Canada, and The Bahamas, and is the largest operator of underground aggregates mines in the U.S. The company operates two primary segments: East Group (aggregates and asphalt) and West Group (aggregates, ready mixed concrete, asphalt, and paving), plus a smaller Specialties segment producing magnesia-based chemicals and dolomitic lime. Martin Marietta's profitability is driven by pricing discipline, volume tied to construction activity, and operating leverage from high fixed-cost quarry operations. The company targets a price-cost spread of 250+ bps annually and pursues a "value over volume" pricing approach. Capital allocation prioritizes M&A — the company has completed over 100 acquisitions — while systematically divesting cement and ready mixed concrete assets to sharpen its focus on pure aggregates.