A Business at a Glance
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Vulcan Materials CO
VMC
$37.1B
Mkt Cap
$279.70
+1.73%
Vulcan Materials CO (VMC) has a current P/E ratio of 34.5, compared to its historical median P/E of 34.1. The stock is currently considered Fair based on its historical valuation range.
Vulcan Materials CO (VMC) has a 5-year average return on invested capital (ROIC) of 8.7%. This is below average and may indicate limited pricing power.
Vulcan Materials CO (VMC) has a market capitalization of $36.4B. It is classified as a large-cap stock.
Yes, Vulcan Materials CO (VMC) pays a dividend with a trailing twelve-month yield of 0.72%. The company also returns capital through share buybacks, with a buyback yield of 1.51%.
Based on historical P/E analysis, Vulcan Materials CO (VMC) appears fair. The current P/E of 34.5 is 1% above its historical median of 34.1. The estimated fair value CAGR (P/E method) is 9.3%.
Vulcan Materials CO (VMC) operates in the Mining & Quarrying Of Nonmetallic Minerals (No Fuels) industry, within the Materials sector.
Vulcan Materials CO (VMC) reported annual revenue of $7.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Vulcan Materials Company is the nation's largest supplier of construction aggregates—primarily crushed stone, sand, and gravel—delivered via trucks, ships, barges, and trains to support U.S. infrastructure and building construction. The company operates 425 active aggregates facilities concentrated in high-growth metropolitan areas across 23 states plus Washington D.C., with its top ten revenue-producing states accounting for 90% of 2025 revenues. Beyond aggregates, Vulcan operates 71 asphalt facilities and 76 concrete facilities in select markets, using internally produced aggregates almost exclusively to drive local market profitability and vertical integration. The business model is asset-intensive and geographically concentrated, with competitive advantages rooted in 16.6 billion tons of strategically located proven and probable reserves, stringent zoning and permitting barriers to entry in metropolitan markets, and operational scale enabling procurement efficiency and best-practice sharing across 425+ facilities. Unit economics have improved substantially—aggregates gross profit per ton increased from $7.40 in 2023 to $8.66 in 2025, while aggregates cash gross profit per ton grew from $9.46 to $11.33 over the same period—driven by the Vulcan Way of Selling (Commercial Excellence and Logistics Innovation) and the Vulcan Way of Operating (Operational Excellence and Strategic Sourcing). Customers span residential, commercial, industrial, and public infrastructure end-markets, with demand correlating positively to population growth, employment, and household formations; the company has grown principally through mergers and acquisitions over its 70-year history, completing over 30 acquisitions in the past decade including more than 75 aggregates quarries and sales yards in its top ten revenue states.
【Strong public infrastructure momentum】 Management expects 2026 to deliver modest overall shipment growth of 1–3% driven by continued strength in public infrastructure spending and improving private non-residential demand, particularly from accelerating data center construction and related energy build-out, while residential activity remains limited. Pricing is anticipated to increase 4–6% for the full year, with management noting that pricing will likely be at the lower end early in the year due to product mix headwinds from data center projects and public work, then accelerate through the remainder of the year as fixed plant price increases take hold and mid-year increases are implemented. Aggregates units cash cost of sales are expected to increase by low single-digit percentages, with management confident in delivering another year of high single-digit expansion in aggregates cash gross profit per ton despite near-term diesel cost headwinds expected to be most acute in the second quarter before moderating in the second half. The company remains focused on disciplined capital allocation, planning $750–800 million in maintenance and growth capital expenditures for 2026, and continues to pursue bolt-on acquisitions and greenfield projects to expand its aggregates-led footprint in high-growth markets.
| Metric | Target | Period |
|---|---|---|
| Aggregate shipments growth | 1% to 3% | FY2026 |
| Aggregates freight adjusted average selling prices growth | 4% to 6% | FY2026 |
| Aggregates units cash cost of sales growth | low single-digit percentage | FY2026 |
| Capital expenditures | $750 million to $800 million | FY2026 |
| Depreciation, depletion, amortization, and accretion expenses | approximately $700 million | FY2026 |
| Interest expense | approximately $225 million | FY2026 |
| Effective tax rate | 22% to 23% | FY2026 |
Aggregate shipments growth (FY2026): “we expect aggregate shipments to grow between 1% and 3% in 2026”
Aggregates freight adjusted average selling prices growth (FY2026): “We expect aggregates freight adjusted average selling prices to increase between 4% and 6%”
Aggregates units cash cost of sales growth (FY2026): “aggregates units cash cost of sales to increase by low single-digit percentage”
Capital expenditures (FY2026): “we plan to reinvest in our franchise through operating and maintenance and internal growth capital expenditures of $750 million-$800 million in 2026”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 8.1B | 7.9B | 7.4B | 7.8B | 7.3B | 5.6B |
| Net Income | 1.1B | 1.1B | 912M | 933M | 576M | 671M |
| EPS | $8.47 | $8.11 | $6.85 | $6.98 | $4.31 | $5.02 |
| Free Cash Flow | 1.1B | 1.1B | 806M | 664M | 536M | 561M |
| ROIC | 10.0% | 9.7% | 9.0% | 10.0% | 6.7% | 8.2% |
| Gross Margin | 27.7% | 27.4% | 27.0% | 25.0% | 21.3% | 24.7% |
| Debt/Equity | 0.54 | 0.58 | 0.72 | 0.59 | 0.66 | 0.70 |
| Dividends/Share | $2.01 | $1.96 | $1.84 | $1.72 | $1.60 | $1.48 |
| Operating Income | 1.7B | 1.6B | 1.4B | 1.4B | 951M | 1.0B |
| Operating Margin | 20.6% | 20.4% | 18.4% | 18.3% | 13.0% | 18.2% |
| ROE | 13.2% | 12.9% | 11.7% | 13.0% | 8.5% | 10.7% |
| Shares Outstanding | 130M | 133M | 133M | 134M | 134M | 134M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.0B | 3.4B | 3.6B | 3.9B | 4.4B | 4.9B | 4.9B | 5.6B | 7.3B | 7.8B | 7.4B | 7.9B | 8.1B |
| Gross Margin | 19.6% | 25.1% | 27.5% | 25.5% | 25.1% | 25.5% | 26.4% | 24.7% | 21.3% | 25.0% | 27.0% | 27.4% | 27.7% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 272M | 287M | 317M | 325M | 333M | 371M | 360M | 418M | 515M | 543M | 531M | 564M | 562M |
| EBIT | 538M | 550M | 666M | 639M | 748M | 878M | 896M | 1.0B | 951M | 1.4B | 1.4B | 1.6B | 1.7B |
| Op. Margin | 18.0% | 16.1% | 18.5% | 16.4% | 17.1% | 17.8% | 18.4% | 18.2% | 13.0% | 18.3% | 18.4% | 20.4% | 20.6% |
| Net Income | 205M | 221M | 419M | 601M | 516M | 618M | 585M | 671M | 576M | 933M | 912M | 1.1B | 1.1B |
| Net Margin | 6.8% | 6.5% | 11.7% | 15.5% | 11.8% | 12.5% | 12.0% | 12.1% | 7.9% | 12.0% | 12.3% | 13.6% | 13.8% |
| Non-Recurring | 246M | 69M | 15M | 157M | 21M | 24M | 4.0M | 120M | 62M | 76M | 139M | 52M | 52M |
| Returns on Capital | |||||||||||||
| ROIC | 5.7% | 6.1% | 8.1% | 9.1% | 7.8% | 8.7% | 8.5% | 8.2% | 6.7% | 10.0% | 9.0% | 9.7% | 10.0% |
| ROE | 5.1% | 5.1% | 9.3% | 12.6% | 10.1% | 11.4% | 10.0% | 10.7% | 8.5% | 13.0% | 11.7% | 12.9% | 13.2% |
| ROA | 2.5% | 2.7% | 5.0% | 6.7% | 5.3% | 6.0% | 5.2% | 5.3% | 4.1% | 6.5% | 5.8% | 6.4% | 6.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 261M | 520M | 645M | 645M | 833M | 984M | 1.1B | 1.0B | 1.1B | 1.5B | 1.4B | 1.8B | 1.8B |
| Free Cash Flow | 36M | 230M | 294M | 185M | 364M | 600M | 708M | 561M | 536M | 664M | 806M | 1.1B | 1.1B |
| Owner Earnings | -42M | 226M | 339M | 312M | 461M | 578M | 641M | 514M | 520M | 857M | 724M | 1.0B | 1.0B |
| CapEx | 225M | 289M | 350M | 460M | 469M | 384M | 362M | 451M | 613M | 873M | 604M | 678M | 686M |
| Maint. CapEx | 279M | 275M | 285M | 306M | 346M | 375M | 397M | 463M | 588M | 617M | 632M | 749M | 732M |
| Growth CapEx | 0 | 14M | 65M | 154M | 123M | 9.5M | 0 | 0 | 25M | 256M | 0 | 0 | 0 |
| D&A | 279M | 275M | 285M | 306M | 346M | 375M | 397M | 463M | 588M | 617M | 632M | 749M | 732M |
| CapEx/OCF | 86.4% | 55.7% | 54.3% | 71.3% | 56.3% | 39.0% | 33.8% | 44.6% | 53.4% | 56.8% | 42.8% | 37.4% | 38.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 29M | 53M | 106M | 132M | 148M | 164M | 180M | 196M | 213M | 228M | 244M | 260M | 262M |
| Dividend Yield | 0.4% | 0.5% | 0.8% | 0.9% | 1.0% | 1.0% | 1.1% | 0.9% | 1.0% | 0.9% | 0.7% | 0.7% | 0.7% |
| Share Buybacks | 0 | 21M | 161M | 60M | 134M | 2.6M | 26M | 0 | 0 | 200M | 69M | 438M | 550M |
| Buyback Yield | N/A | 0.2% | 1.0% | 0.4% | 1.1% | 0.0% | 0.1% | N/A | N/A | 0.7% | 0.2% | 1.1% | 1.5% |
| Stock-Based Comp | 24M | 18M | 21M | 27M | 25M | 32M | 33M | 35M | 41M | 63M | 53M | 63M | 65M |
| Debt Repayment | 580M | 695M | 130K | 1.5B | 892M | 0 | 250M | 1.5B | 558M | 551M | 551M | 401M | 401M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.8B | 1.7B | 1.7B | 2.7B | 2.9B | 2.9B | 2.5B | 4.3B | 4.4B | 3.5B | 5.3B | 4.7B | 4.4B |
| Cash & Equiv. | 141M | 284M | 259M | 142M | 40M | 272M | 1.2B | 235M | 161M | 931M | 560M | 183M | 140M |
| Long-Term Debt | 1.8B | 2.0B | 2.0B | 2.8B | 2.8B | 2.8B | 2.8B | 3.9B | 3.9B | 3.9B | 4.9B | 4.4B | 4.4B |
| Debt/Equity | 0.48 | 0.44 | 0.43 | 0.57 | 0.56 | 0.57 | 0.62 | 0.70 | 0.66 | 0.59 | 0.72 | 0.58 | 0.54 |
| Interest Coverage | 2.2 | 2.5 | 5.0 | 2.2 | 5.4 | 6.7 | 6.6 | 6.8 | 5.6 | 7.3 | 7.1 | 6.8 | 4146.5 |
| Equity | 4.2B | 4.5B | 4.6B | 5.0B | 5.2B | 5.6B | 6.0B | 6.5B | 6.9B | 7.5B | 8.1B | 8.5B | 8.5B |
| Total Assets | 8.0B | 8.3B | 8.5B | 9.5B | 9.8B | 10.6B | 11.7B | 13.7B | 14.2B | 14.5B | 17.1B | 16.7B | 16.7B |
| Total Liabilities | 3.9B | 3.8B | 3.9B | 4.5B | 4.6B | 5.0B | 5.7B | 7.1B | 7.3B | 7.0B | 9.0B | 8.2B | 8.2B |
| Intangibles | 758M | 767M | 769M | 1.1B | 1.1B | 1.1B | 1.1B | 1.7B | 1.7B | 1.5B | 1.9B | 1.5B | 1.5B |
| Retained Earnings | 1.5B | 1.6B | 1.8B | 2.2B | 2.4B | 2.9B | 3.3B | 3.7B | 4.1B | 4.6B | 5.2B | 5.6B | 5.5B |
| Working Capital | 469M | 731M | 765M | 737M | 477M | 844M | 1.2B | 927M | 945M | 1.7B | 1.0B | 1.6B | 1.6B |
| Current Assets | 920M | 1.1B | 1.1B | 1.2B | 1.1B | 1.4B | 2.3B | 1.7B | 1.9B | 2.5B | 2.3B | 2.6B | 2.6B |
| Current Liabilities | 452M | 353M | 372M | 443M | 603M | 536M | 1.0B | 769M | 957M | 798M | 1.2B | 956M | 997M |
| Per Share Data | |||||||||||||
| EPS | 1.54 | 1.64 | 3.09 | 4.46 | 3.85 | 4.63 | 4.39 | 5.02 | 4.31 | 6.98 | 6.85 | 8.11 | 8.47 |
| Owner EPS | -0.32 | 1.68 | 2.50 | 2.32 | 3.44 | 4.33 | 4.81 | 3.85 | 3.89 | 6.41 | 5.44 | 7.54 | 7.72 |
| Book Value | 31.39 | 33.03 | 33.68 | 36.86 | 38.83 | 42.14 | 45.27 | 48.98 | 51.88 | 55.97 | 60.99 | 64.21 | 64.86 |
| Cash Flow/Share | 1.96 | 3.85 | 4.75 | 4.78 | 6.22 | 7.38 | 8.04 | 7.57 | 8.60 | 11.49 | 10.59 | 13.66 | 14.17 |
| Dividends/Share | 0.22 | 0.40 | 0.80 | 1.00 | 1.12 | 1.24 | 1.36 | 1.48 | 1.60 | 1.72 | 1.84 | 1.96 | 2.01 |
| Shares Out. | 133.1M | 134.9M | 135.8M | 134.8M | 134.0M | 133.4M | 133.1M | 133.6M | 133.5M | 133.7M | 133.1M | 132.8M | 130.3M |
| Valuation | |||||||||||||
| P/E Ratio | 39.4 | 53.6 | 37.9 | 26.7 | 23.7 | 29.5 | 32.0 | 40.3 | 39.5 | 31.8 | 38.0 | 36.3 | 33.0 |
| P/FCF | 223.1 | 51.5 | 54.1 | 86.6 | 33.6 | 30.4 | 26.4 | 48.2 | 42.4 | 44.7 | 43.0 | 34.4 | 32.6 |
| EV/EBIT | 18.4 | 24.1 | 25.6 | 29.1 | 20.2 | 23.3 | 22.4 | 30.1 | 27.7 | 22.2 | 28.8 | 26.6 | 24.6 |
| Price/Book | 1.9 | 2.7 | 3.5 | 3.2 | 2.4 | 3.2 | 3.1 | 4.1 | 3.3 | 4.0 | 4.3 | 4.6 | 4.3 |
| Price/Sales | 2.6 | 3.2 | 3.9 | 3.9 | 3.3 | 3.3 | 3.3 | 4.1 | 3.0 | 3.4 | 4.5 | 4.5 | 4.5 |
| FCF Yield | 0.4% | 1.9% | 1.9% | 1.2% | 3.0% | 3.3% | 3.8% | 2.1% | 2.4% | 2.2% | 2.3% | 2.9% | 3.1% |
| Market Cap | 8.1B | 11.9B | 15.9B | 16.0B | 12.2B | 18.2B | 18.7B | 27.0B | 22.7B | 29.7B | 34.7B | 39.1B | 36.4B |
| Avg. Price | 57.69 | 80.96 | 102.78 | 113.70 | 109.28 | 122.88 | 120.71 | 171.46 | 167.05 | 195.68 | 252.70 | 271.25 | 279.70 |
| Year-End Price | 60.62 | 87.93 | 117.24 | 118.91 | 91.34 | 136.70 | 140.41 | 202.22 | 170.12 | 222.20 | 260.43 | 294.20 | 279.70 |
Vulcan Materials CO passes 5 of 9 quality checks, suggesting mixed fundamentals.
Vulcan Materials CO trades at 34.5x trailing earnings, compared to its 15-year median P/E of 34.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 32.2x vs a median of 42.7x. The company's 5-year average ROIC is 8.7% with a gross margin of 25.1%. Total shareholder yield (dividends + buybacks) is 2.2%. At current prices, the estimated annualized return to fair value is +8.1%.
Vulcan Materials CO (VMC) has a net profit margin of 13.6%. This is a healthy margin.
Vulcan Materials CO (VMC) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Vulcan Materials CO (VMC) has a debt-to-equity ratio of 0.58. This indicates moderate leverage.
Vulcan Materials CO (VMC) reported earnings per share (EPS) of $8.11 in its most recent fiscal year.
Vulcan Materials CO (VMC) has a return on equity (ROE) of 12.9%. This indicates moderate shareholder returns.
Vulcan Materials CO (VMC) has a 5-year average gross margin of 25.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for Vulcan Materials CO (VMC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Vulcan Materials CO (VMC) has a book value per share of $64.21, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to deliver modest overall shipment growth of 1–3% driven by continued strength in public infrastructure spending and improving private non-residential demand, particularly from accelerating data center construction and related energy build-out, while residential activity remains limited. Pricing is anticipated to increase 4–6% for the full year, with management noting that pricing will likely be at the lower end early in the year due to product mix headwinds from data center projects and public work, then accelerate through the remainder of the year as fixed plant price increases take hold and mid-year increases are implemented. Aggregates units cash cost of sales are expected to increase by low single-digit percentages, with management confident in delivering another year of high single-digit expansion in aggregates cash gross profit per ton despite near-term diesel cost headwinds expected to be most acute in the second quarter before moderating in the second half. The company remains focused on disciplined capital allocation, planning $750–800 million in maintenance and growth capital expenditures for 2026, and continues to pursue bolt-on acquisitions and greenfield projects to expand its aggregates-led footprint in high-growth markets.
Based on recent SEC filings and earnings calls, Vulcan Materials CO (VMC) has provided the following forward guidance: Aggregate shipments growth: 1% to 3% (FY2026); Aggregates freight adjusted average selling prices growth: 4% to 6% (FY2026); Aggregates units cash cost of sales growth: low single-digit percentage (FY2026); Capital expenditures: $750 million to $800 million (FY2026); Depreciation, depletion, amortization, and accretion expenses: approximately $700 million (FY2026), plus 2 additional metrics.
Depreciation, depletion, amortization, and accretion expenses (FY2026): “We project depreciation, depletion, amortization, and accretion expenses of approximately $700 million”
Interest expense (FY2026): “interest expense of approximately $225 million”
Effective tax rate (FY2026): “an effective tax rate between 22% and 23%”
No recent press releases.