Martin Marietta Files Lhoist Financials and Pro Forma Combined Statements for $13.5B Deal
MLM is trading near its 52-week low of $523.48 (4.6% above the low).
Summary
Martin Marietta filed Lhoist North America's audited financials and pro forma combined statements for its $13.5B acquisition. Lhoist had $1.75B revenue and $514M net income in 2025. Pro forma combined 2025 revenue was $8.65B with EPS of $10.74. The deal is expected to close in Q3 2026.
Key Events · M&A and Partnerships · MLM
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Lhoist Financials Revealed
Lhoist North America generated $1.75B in revenue and $514M in net income in 2025, with gross margins of ~47%. H1 2026 revenue was $905M with $252M net income.
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Pro Forma Combined Financials
Pro forma combined 2025 revenue of $8.65B and net income of $767M, with EPS of $10.74. H1 2026 pro forma revenue was $4.32B with EPS of $5.09.
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Purchase Price Allocation
Of the $13.5B consideration, $6.0B allocated to goodwill, $5.9B to intangible assets (customer relationships, permits, technology), and $2.3B step-up in PP&E.
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Deal Financing and Closing
Transaction funded by $7.0B cash (via new debt) and 10.95M shares (~$6.5B). Expected to close in Q3 2026, with all regulatory approvals received.
Analysis · MLM · Energy & Transportation
For the first time, the 8-K lays out Lhoist North America's financials and the pro forma combined picture. In 2025, Lhoist delivered $1.75B in revenue and $514M in net income, supported by strong margins. On a pro forma basis, the combined company would have posted $8.65B in revenue and $767M in net income for 2025, translating to EPS of $10.74. The purchase price allocation underscores the premium paid, with $6.0B assigned to goodwill and $5.9B to intangible assets. Closing is expected in Q3 2026, backed by $7.0B in cash and 10.95M shares. The filing confirms the deal's transformative scale, positioning Martin Marietta as the leading U.S. aggregates and lime producer.
At the time of this filing, MLM was trading at $547.75 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $33B. The 52-week trading range was $523.48 to $710.97. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.