A Business at a Glance
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VALMONT INDUSTRIES INC
VMI
$9.7B
Mkt Cap
$486.16
-0.50%
VALMONT INDUSTRIES INC (VMI) has a current P/E ratio of 29.0, compared to its historical median P/E of 24.8. The stock is currently considered Fair based on its historical valuation range.
VALMONT INDUSTRIES INC (VMI) has a 5-year average return on invested capital (ROIC) of 12.9%. This indicates solid capital allocation.
VALMONT INDUSTRIES INC (VMI) has a market capitalization of $13.6B. It is classified as a large-cap stock.
Yes, VALMONT INDUSTRIES INC (VMI) pays a dividend with a trailing twelve-month yield of 0.40%. The company also returns capital through share buybacks, with a buyback yield of 1.88%.
Based on historical P/E analysis, VALMONT INDUSTRIES INC (VMI) appears fair. The current P/E of 29.0 is 17% above its historical median of 24.8. The estimated fair value CAGR (P/E method) is 14.1%.
VALMONT INDUSTRIES INC (VMI) operates in the Fabricated Structural Metal Products industry, within the Industrials sector.
VALMONT INDUSTRIES INC (VMI) reported annual revenue of $4.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Valmont Industries is a diversified manufacturer of products and services for infrastructure and agriculture markets, operating through two reportable segments. The Infrastructure segment designs, engineers, and manufactures structures made of steel, pre-stressed concrete, and composites for utility transmission, substations, and distribution applications; poles and structures for lighting and transportation projects; coatings services including hot-dip galvanizing and painting to prevent corrosion; wireless communication products including towers, small cell structures, and 5G infrastructure components; and solar tracking systems. The Agriculture segment manufactures center pivot and linear irrigation equipment components, aftermarket parts, tubular products, and advanced precision agriculture technology solutions. Valmont operates a project-based business model in Infrastructure with complex engineering requirements tailored to customer specifications, while Agriculture combines equipment manufacturing with aftermarket services and technology offerings. The company serves utility companies, telecommunications carriers, transportation authorities, agricultural producers, and commercial/residential developers across North America, Australia, India, New Zealand, Brazil, and the Middle East, leveraging its scale, engineering expertise, and manufacturing capabilities as competitive differentiators.
【Strong utility demand cycle】 Management expects Infrastructure to drive above-market growth in 2026 through targeted capacity investments and operational efficiency improvements, with utility benefiting from unprecedented demand driven by load growth, grid modernization, data center expansion, and resiliency needs. Agriculture faces a cautious near-term environment with North America stable and international markets expected to be down compared to the first half of 2025, though the company is becoming more selective in its pipeline and focusing on higher-margin aftermarket and technology offerings. Pricing and volumes are expected to remain elevated throughout 2026 in Infrastructure, with management noting strong pricing outlook for the foreseeable future, though tariff changes and supply chain adjustments present ongoing considerations. The company is investing $170–200 million in capital expenditures in 2026, primarily directed toward utility capacity expansion, and expects to convert its $1.5 billion backlog into revenue as incremental capacity comes online.
| Metric | Target | Period |
|---|---|---|
| Net sales | $4.2 billion–$4.4 billion | FY2026 |
| Capital expenditures | $170 million–$200 million | FY2026 |
Net sales (FY2026): “Net sales are projected to be $4.2 billion-$4.4 billion.”
Capital expenditures (FY2026): “In our guidance, we said we're going to spend $170 million-$200 million in 2026, primarily directed towards utility.”
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 | 4.2B | 4.1B | 4.1B | 4.2B | 4.3B | 3.5B |
| Net Income | 356M | 335M | 348M | 143M | 251M | 196M |
| EPS | $12.69 | $16.79 | $17.19 | $6.78 | $11.62 | $9.10 |
| Free Cash Flow | 346M | 311M | 493M | 210M | 233M | -42M |
| ROIC | 17.7% | 17.3% | 14.7% | 7.4% | 13.2% | 11.8% |
| Gross Margin | 30.4% | 30.2% | 30.5% | 29.6% | 25.9% | 25.2% |
| Debt/Equity | 0.47 | 0.58 | 0.59 | 0.98 | 0.67 | 0.69 |
| Dividends/Share | $1.93 | $2.72 | $2.40 | $2.40 | $2.20 | $2.00 |
| Operating Income | 443M | 416M | 525M | 292M | 433M | 287M |
| Operating Margin | 10.6% | 10.1% | 12.9% | 7.0% | 10.0% | 8.2% |
| ROE | 21.2% | 21.1% | 24.0% | 9.8% | 16.9% | 15.2% |
| Shares Outstanding | 28M | 20M | 20M | 21M | 22M | 21M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.1B | 2.6B | 2.5B | 2.7B | 2.8B | 2.8B | 2.9B | 3.5B | 4.3B | 4.2B | 4.1B | 4.1B | 4.2B |
| Gross Margin | 25.9% | 23.7% | 26.0% | 24.8% | 24.2% | 24.7% | 26.4% | 25.2% | 25.9% | 29.6% | 30.5% | 30.2% | 30.4% |
| R&D | 14M | 12M | 8.3M | 12M | 12M | 14M | 21M | 37M | 46M | 55M | 59M | 33M | 33M |
| SG&A | 450M | 447M | 411M | 415M | 440M | 455M | 523M | 591M | 693M | 768M | 717M | 718M | 716M |
| EBIT | 358M | 132M | 245M | 267M | 212M | 228M | 226M | 287M | 433M | 292M | 525M | 416M | 443M |
| Op. Margin | 11.5% | 5.0% | 9.7% | 9.7% | 7.7% | 8.2% | 7.8% | 8.2% | 10.0% | 7.0% | 12.9% | 10.1% | 10.6% |
| Net Income | 184M | 40M | 173M | 116M | 102M | 146M | 141M | 196M | 251M | 143M | 348M | 335M | 356M |
| Net Margin | 5.9% | 1.5% | 6.9% | 4.2% | 3.7% | 5.3% | 4.9% | 5.6% | 5.8% | 3.4% | 8.5% | 8.2% | 8.5% |
| Non-Recurring | -392K | 46M | 49M | 49M | 42M | 34M | 36M | 52M | 23M | 156M | -7.6M | 81M | 81M |
| Returns on Capital | |||||||||||||
| ROIC | 14.4% | 5.4% | 13.0% | 12.0% | 9.9% | 11.3% | 10.8% | 11.8% | 13.2% | 7.4% | 14.7% | 17.3% | 17.7% |
| ROE | 13.5% | 3.8% | 18.6% | 11.3% | 9.4% | 13.3% | 12.1% | 15.2% | 16.9% | 9.8% | 24.0% | 21.1% | 21.2% |
| ROA | 6.7% | 1.6% | 7.2% | 4.7% | 3.9% | 5.4% | 4.9% | 6.1% | 7.2% | 4.1% | 10.2% | 10.0% | 10.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 174M | 272M | 233M | 133M | 153M | 308M | 316M | 66M | 326M | 307M | 573M | 456M | 495M |
| Free Cash Flow | 101M | 227M | 175M | 78M | 81M | 210M | 210M | -42M | 233M | 210M | 493M | 311M | 346M |
| Owner Earnings | 78M | 174M | 140M | 37M | 60M | 214M | 219M | -55M | 187M | 169M | 447M | 344M | 383M |
| CapEx | 73M | 45M | 58M | 55M | 72M | 97M | 107M | 108M | 93M | 97M | 79M | 145M | 149M |
| Maint. CapEx | 89M | 91M | 82M | 85M | 83M | 82M | 83M | 93M | 97M | 99M | 95M | 89M | 90M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 15M | 24M | 15M | 0 | 0 | 0 | 57M | 60M |
| D&A | 89M | 91M | 82M | 85M | 83M | 82M | 83M | 93M | 97M | 99M | 95M | 89M | 90M |
| CapEx/OCF | 41.9% | 16.7% | 26.4% | 41.5% | 47.0% | 31.7% | 33.7% | 163.5% | 28.6% | 31.5% | 13.9% | 31.8% | 30.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 32M | 35M | 34M | 34M | 34M | 33M | 37M | 41M | 46M | 50M | 48M | 52M | 54M |
| Dividend Yield | 1.0% | 1.4% | 1.3% | 1.1% | 1.1% | 1.2% | 1.4% | 0.9% | 0.8% | 0.9% | 0.9% | 0.8% | 0.4% |
| Share Buybacks | 395M | 169M | 54M | 0 | 115M | 63M | 56M | 26M | 40M | 345M | 70M | 198M | 256M |
| Buyback Yield | 13.2% | 7.4% | 1.8% | N/A | 5.0% | 2.0% | 1.6% | 0.5% | 0.6% | 6.7% | 1.1% | 2.3% | 1.9% |
| Stock-Based Comp | 6.7M | 7.2M | 9.9M | 11M | 10M | 12M | 15M | 29M | 42M | 39M | 30M | 24M | 23M |
| Debt Repayment | 358M | 69M | 2.0M | 887K | 262M | 11M | 122M | 91M | 336M | 135M | 408M | 152M | 152M |
| Balance Sheet | |||||||||||||
| Net Debt | 392M | 396M | 355M | 261M | 440M | 423M | 351M | 781M | 869M | 1.1B | 738M | 763M | 630M |
| Cash & Equiv. | 372M | 349M | 400M | 493M | 313M | 354M | 401M | 177M | 185M | 203M | 164M | 187M | 160M |
| Long-Term Debt | 767M | 757M | 755M | 754M | 742M | 765M | 728M | 947M | 871M | 1.1B | 730M | 795M | 790M |
| Debt/Equity | 0.64 | 0.81 | 0.80 | 0.68 | 0.71 | 0.68 | 0.64 | 0.69 | 0.67 | 0.98 | 0.59 | 0.58 | 0.47 |
| Interest Coverage | 9.7 | 3.0 | 5.5 | 6.0 | 4.8 | 5.7 | 5.5 | 6.7 | 9.1 | 5.1 | 8.9 | 10.3 | 11.1 |
| Equity | 1.2B | 918M | 943M | 1.1B | 1.1B | 1.1B | 1.2B | 1.4B | 1.6B | 1.4B | 1.5B | 1.6B | 1.7B |
| Total Assets | 2.7B | 2.4B | 2.4B | 2.6B | 2.6B | 2.8B | 3.0B | 3.4B | 3.6B | 3.5B | 3.3B | 3.4B | 3.4B |
| Total Liabilities | 1.5B | 1.4B | 1.4B | 1.5B | 1.4B | 1.6B | 1.7B | 2.0B | 1.9B | 2.1B | 1.7B | 1.7B | 1.7B |
| Intangibles | 202M | 170M | 144M | 139M | 176M | 176M | 167M | 175M | 177M | 151M | 134M | 121M | 120M |
| Retained Earnings | 1.7B | 1.7B | 1.9B | 2.0B | 2.0B | 2.2B | 2.2B | 2.4B | 2.6B | 2.6B | 2.9B | 3.2B | 3.2B |
| Working Capital | 996M | 860M | 903M | 1.1B | 932M | 918M | 881M | 947M | 977M | 1.1B | 872M | 988M | 1.0B |
| Current Assets | 1.4B | 1.2B | 1.3B | 1.5B | 1.3B | 1.4B | 1.6B | 1.7B | 1.8B | 1.8B | 1.7B | 1.7B | 1.8B |
| Current Liabilities | 397M | 367M | 350M | 403M | 409M | 514M | 673M | 766M | 804M | 723M | 811M | 732M | 746M |
| Per Share Data | |||||||||||||
| EPS | 7.09 | 1.71 | 7.63 | 5.11 | 4.53 | 6.73 | 6.57 | 9.10 | 11.62 | 6.78 | 17.19 | 16.79 | 12.69 |
| Owner EPS | 3.01 | 7.41 | 6.19 | 1.65 | 2.66 | 9.83 | 10.20 | -2.58 | 8.67 | 7.98 | 22.08 | 17.24 | 13.71 |
| Book Value | 46.32 | 39.15 | 41.56 | 48.92 | 47.17 | 52.60 | 55.20 | 64.51 | 73.22 | 64.00 | 76.12 | 81.89 | 60.19 |
| Cash Flow/Share | 6.71 | 11.61 | 10.25 | 5.85 | 6.81 | 14.14 | 14.77 | 3.07 | 15.11 | 14.50 | 28.27 | 22.89 | 15.96 |
| Dividends/Share | 1.38 | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 | 1.80 | 2.00 | 2.20 | 2.40 | 2.40 | 2.72 | 1.93 |
| Shares Out. | 25.9M | 23.5M | 22.7M | 22.7M | 22.5M | 21.8M | 21.4M | 21.5M | 21.6M | 21.2M | 20.3M | 19.9M | 27.9M |
| Valuation | |||||||||||||
| P/E Ratio | 16.2 | 56.6 | 17.1 | 30.1 | 24.2 | 21.1 | 25.0 | 26.4 | 27.8 | 34.0 | 17.7 | 24.6 | 38.3 |
| P/FCF | 29.6 | 10.0 | 16.9 | 44.9 | 28.1 | 14.7 | 16.8 | N/A | 30.0 | 23.2 | 12.5 | 26.4 | 39.3 |
| EV/EBIT | 8.4 | 17.7 | 12.0 | 14.1 | 11.8 | 13.8 | 15.2 | 20.1 | 17.3 | 20.0 | 12.5 | 21.7 | 32.0 |
| Price/Book | 2.5 | 2.5 | 3.1 | 3.1 | 2.2 | 2.7 | 3.0 | 3.7 | 4.4 | 3.8 | 4.0 | 5.3 | 8.1 |
| Price/Sales | 11.1 | 8.7 | 9.9 | 1.2 | 1.1 | 1.0 | 0.9 | 1.4 | 1.3 | 1.4 | 1.3 | 1.8 | 3.3 |
| FCF Yield | 3.4% | 10.0% | 5.9% | 2.2% | 3.6% | 6.8% | 6.0% | -0.8% | 3.3% | 4.1% | 8.0% | 3.6% | 2.5% |
| Market Cap | 3.0B | 2.3B | 3.0B | 3.5B | 2.3B | 3.1B | 3.5B | 5.2B | 7.0B | 5.1B | 6.2B | 8.6B | 13.6B |
| Avg. Price | 128.25 | 103.94 | 116.42 | 140.01 | 131.65 | 123.75 | 123.12 | 226.55 | 255.04 | 265.65 | 264.29 | 349.08 | 486.16 |
| Year-End Price | 115.14 | 96.77 | 130.45 | 153.58 | 101.48 | 141.86 | 164.05 | 240.33 | 323.34 | 230.21 | 304.15 | 412.20 | 486.16 |
VALMONT INDUSTRIES INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
VALMONT INDUSTRIES INC trades at 29.0x trailing earnings, compared to its 15-year median P/E of 24.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 30.5x vs a median of 23.2x. The company's 5-year average ROIC is 12.9% with a gross margin of 28.3%. Total shareholder yield (dividends + buybacks) is 2.3%. At current prices, the estimated annualized return to fair value is +19.5%.
VALMONT INDUSTRIES INC (VMI) has a net profit margin of 8.2%. This is a modest margin.
VALMONT INDUSTRIES INC (VMI) generated $311 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
VALMONT INDUSTRIES INC (VMI) has a debt-to-equity ratio of 0.58. This indicates moderate leverage.
VALMONT INDUSTRIES INC (VMI) reported earnings per share (EPS) of $16.79 in its most recent fiscal year.
VALMONT INDUSTRIES INC (VMI) has a return on equity (ROE) of 21.1%. This indicates the company generates strong returns for shareholders.
VALMONT INDUSTRIES INC (VMI) has a 5-year average gross margin of 28.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for VALMONT INDUSTRIES INC (VMI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
VALMONT INDUSTRIES INC (VMI) has a book value per share of $81.89, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects Infrastructure to drive above-market growth in 2026 through targeted capacity investments and operational efficiency improvements, with utility benefiting from unprecedented demand driven by load growth, grid modernization, data center expansion, and resiliency needs. Agriculture faces a cautious near-term environment with North America stable and international markets expected to be down compared to the first half of 2025, though the company is becoming more selective in its pipeline and focusing on higher-margin aftermarket and technology offerings. Pricing and volumes are expected to remain elevated throughout 2026 in Infrastructure, with management noting strong pricing outlook for the foreseeable future, though tariff changes and supply chain adjustments present ongoing considerations. The company is investing $170–200 million in capital expenditures in 2026, primarily directed toward utility capacity expansion, and expects to convert its $1.5 billion backlog into revenue as incremental capacity comes online.
Based on recent SEC filings and earnings calls, VALMONT INDUSTRIES INC (VMI) has provided the following forward guidance: Net sales: $4.2 billion–$4.4 billion (FY2026); Capital expenditures: $170 million–$200 million (FY2026).