Vulcan Materials CO VMC
Vulcan Materials Company operates primarily in the U.S. and is the nation's largest supplier of construction aggregates (mainly crushed stone, sand and gravel) and a major producer of aggregates-intensive downstream products such as asphalt mix and ready-mixed concrete. Delivered by trucks, ships, barges and trains, we provide the materials needed for the infrastructure that maintains and expands the U.S. economy. Our products are essential for building homes, offices, data centers, places of worship, schools, hospitals and factories, as well as vital infrastructure including highways, bridges, roads, ports and harbors, water systems, campuses, dams, airports and rail networks. During the year ended December 31, 2025, we had 425 active aggregates facilities as shown below.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.94B | $7.42B | $7.78B | $7.32B | $5.55B | $4.86B | $4.93B | $4.38B | $3.89B | $3.59B |
| Cost of revenue | $5.77B | $5.42B | $5.83B | $5.76B | $4.18B | $3.58B | $3.67B | $3.28B | $2.90B | $2.60B |
| Gross profit | $2.17B | $2.00B | $1.95B | $1.56B | $1.37B | $1.28B | $1.26B | $1.10B | $993.5M | $988.9M |
| SG&A | $564.1M | $531.1M | $542.8M | $515.1M | $417.6M | $359.8M | $370.5M | $333.4M | $325.0M | $316.8M |
| Operating income | $1.62B | $1.36B | $1.43B | $951.4M | $1.01B | $895.7M | $877.5M | $747.7M | $639.0M | $665.9M |
| Interest expense | $239.7M | $191.2M | $196.1M | $169.2M | $149.3M | $136.0M | $130.2M | $138.0M | $295.5M | $134.1M |
| Pre-tax income | $1.39B | $1.17B | $1.25B | $788.1M | $873.8M | $743.8M | $757.7M | $623.3M | $361.3M | $547.3M |
| Income tax | $307.5M | $251.4M | $299.4M | $193.0M | $200.1M | $155.8M | $135.2M | $105.4M | $232.1M | $124.9M |
| Net income | $1.08B | $911.9M | $933.2M | $575.6M | $670.8M | $584.5M | $617.7M | $515.8M | $601.2M | $419.5M |
| EPS, basic | 8.16 | 6.89 | 7.02 | 4.33 | 5.05 | 4.41 | 4.67 | 3.90 | 4.54 | 3.15 |
| EPS, diluted | 8.11 | 6.85 | 6.98 | 4.31 | 5.02 | 4.39 | 4.63 | 3.85 | 4.46 | 3.09 |
| Shares, diluted (wtd. avg.) | $132.7M | $133.1M | $133.7M | $133.6M | $133.5M | $133.2M | $133.4M | $133.9M | $134.9M | $135.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $183.3M | $559.7M | $949.2M | $161.5M | $241.5M | $1.20B | $274.5M | $44.4M | $146.6M | $268.0M |
| Receivables | — | — | — | $845.6M | $783.2M | $512.9M | $532.0M | $512.3M | $434.1M | $398.5M |
| Inventory | $680.5M | $681.8M | $615.6M | $579.3M | $521.3M | $448.6M | $458.3M | $429.3M | $384.3M | $345.6M |
| Total current assets | $2.57B | $2.27B | $2.52B | $1.90B | $1.70B | $2.28B | $1.38B | $1.08B | $1.18B | $1.14B |
| Property, plant and equipment | — | — | $6.22B | $6.05B | $5.55B | $4.43B | $4.32B | $4.24B | $3.92B | $3.26B |
| Goodwill | $3.78B | $3.79B | $3.53B | $3.69B | $3.70B | $3.17B | $3.17B | $3.17B | $3.12B | $3.09B |
| Other intangibles | $1.49B | $1.88B | $1.46B | $1.70B | $1.75B | $1.12B | $1.09B | $1.10B | $1.06B | $769.1M |
| Total assets | $16.70B | $17.10B | $14.55B | $14.23B | $13.68B | $11.69B | $10.65B | $9.83B | $9.50B | $8.47B |
| Short-term debt | $400.0K | $400.5M | $500.0K | $500.0K | $5.2M | $515.4M | $25.0K | $23.0K | $41.4M | $138.0K |
| Total current liabilities | $956.1M | $1.24B | $797.6M | $956.6M | $769.3M | $1.05B | $535.6M | $602.5M | $442.9M | $372.2M |
| Long-term debt | $4.36B | $4.91B | $3.88B | $3.88B | $3.87B | $2.77B | $2.78B | $2.78B | $2.81B | $1.98B |
| Total liabilities | $8.15B | $8.96B | $7.04B | $7.28B | $7.11B | $5.66B | $5.03B | $4.63B | $4.54B | $3.90B |
| Retained earnings | $5.59B | $5.21B | $4.62B | $4.11B | $3.75B | $3.27B | $2.90B | $2.44B | $2.18B | $1.77B |
| Total equity | $8.53B | $8.12B | $7.51B | $6.95B | $6.57B | $6.03B | $5.62B | $5.20B | $4.97B | $4.57B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.81B | $1.41B | $1.54B | $1.15B | $1.01B | $1.07B | $984.1M | $832.8M | $644.7M | $644.6M |
| Depreciation and amortisation | $748.5M | $632.2M | $617.0M | $587.5M | $463.0M | $396.8M | $374.6M | $346.2M | $306.0M | $284.9M |
| Stock-based compensation | $63.1M | $53.4M | $63.2M | $41.1M | $34.7M | $33.0M | $31.8M | $25.2M | $26.6M | $20.7M |
| Capital expenditure | $677.7M | $603.5M | $872.6M | $612.6M | $451.3M | $362.2M | $384.1M | $469.1M | $459.6M | $350.1M |
| Investing cash flow | -$529.2M | -$2.81B | -$163.5M | -$1.05B | -$1.87B | -$381.5M | -$415.8M | -$669.9M | -$1.27B | -$357.2M |
| Financing cash flow | -$1.70B | $1.06B | -$585.6M | -$175.2M | -$94.3M | $234.6M | -$338.2M | -$265.1M | $503.4M | -$304.6M |
| Dividends paid | $259.8M | $244.4M | $228.4M | $212.6M | $196.4M | $180.2M | $164.0M | $148.1M | $132.3M | $106.3M |
| Buybacks | $438.4M | $68.8M | $200.0M | $0 | $0 | $26.1M | $2.6M | $134.0M | $60.3M | $161.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-009546.
Others in SIC 1400
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MLM | MARTIN MARIETTA MATERIALS INC | $30.92B | 27.4x | 8.6% |
| HL | HECLA MINING CO/DE/ | $13.89B | 42.2x | 53.0% |
| MDU | MDU RESOURCES GROUP INC | $4.12B | 21.0x | 6.3% |
| UUUU | ENERGY FUELS INC | $3.62B | — | -15.6% |
| KNF | Knife River Corp | $3.51B | 22.4x | 8.5% |
| LEU | CENTRUS ENERGY CORP | $3.46B | 44.6x | 1.5% |
| USLM | UNITED STATES LIME & MINERALS INC | $3.35B | 25.0x | 17.3% |
| CMP | COMPASS MINERALS INTERNATIONAL INC | $1.06B | — | 11.3% |