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Vulcan Materials

VMC NYSE Construction Materials Financials FY2016–FY2025

Vulcan Materials' revenue rose 7.1% to $7.9 billion in fiscal 2025. Its operating margin was 20.4%, up from 18.4% a year earlier. Free cash flow was $1.1 billion, up 40.8%. It paid out $698 million in dividends and buybacks, 62% of free cash flow. The diluted share count fell 0.3%.

Last close · Oct 23, 2026

$261.69

2.6%
Value it Compare
Revenue Total sales reported in the income statement.
$7.9B
7.1% vs prior year
Operating margin Operating income as a share of revenue.
20.4%
2.0 pts
Net income Profit after all expenses, interest and tax.
$1.1B
18.1%
Free cash flow Cash from operations minus capital spending.
$1.1B
40.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.8%
0.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$34.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
31.2x
On $8.40 EPS (TTM)

What Vulcan Materials does

No business description yet.

Legal name
VULCAN MATERIALS COMPANY
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-009546
0001396009

Revenue and margins

Vulcan Materials had $7.9B of revenue in fiscal 2025, up 7.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 11.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.1B in fiscal 2025, 14.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Vulcan Materials returned $698M to shareholders in fiscal 2025, 62% of free cash flow. The diluted share count fell 0.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Vulcan Materials yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$4.2B and divides by 132.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 31.2x · peers 14.4x · sector 20.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably Vulcan Materials can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $235M$161M$931M$560M$183M
Debt incl. finance leases $4.0B$4.0B$3.9B$5.3B$4.4B
Net debt / EBITDA 2.5x2.5x1.5x2.4x1.8x
Debt / equity 0.6x0.6x0.5x0.7x0.5x
Interest coverage 6.8x5.6x7.3x7.1x6.8x
Current ratio 2.2x2.0x3.2x1.8x2.7x
Quick ratio 1.5x1.4x2.4x1.3x2.0x
Total assets $13.7B$14.2B$14.5B$17.1B$16.7B
Total liabilities $7.1B$7.3B$7.0B$9.0B$8.2B
Shareholders' equity $6.5B$6.9B$7.5B$8.1B$8.5B
Net debt (− = net cash) $3.7B$3.9B$3.0B$4.8B$4.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$15.0M

7 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 21, 2026 Hill J ThomasDirector Sold 14,000 $276.17 $3.9M Form 4
Aug 7, 2026 David P ClementSenior Vice President Sold 2,000 $285.10 $0.6M Form 4
Jun 15, 2026 David P ClementSenior Vice President Sold 2,212 $292.29 $0.6M Form 4
Feb 20, 2026 Melissa H. AndersonDirector Sold 1,137 $303.72 $0.3M Form 4
Dec 11, 2025 Thompson S Baker IIPresident Sold 7,135 $300.81 $2.1M Form 4
Dec 10, 2025 Denson N. Franklin IIISVP, Gen. Counsel & Secretary Sold 665 $295.00 $0.2M Form 4
Nov 19, 2025 David P ClementSenior Vice President Sold 2,000 $288.55 $0.6M Form 4
Nov 12, 2025 Thompson S Baker IIPresident Sold 4,853 $295.63 $1.4M Form 4
Nov 10, 2025 Grayson HallDirector Sold 4,658 $290.74 $1.4M Form 4
Nov 10, 2025 Thompson S Baker IIPresident Sold 4,243 $289.76 $1.2M Form 4
Nov 7, 2025 Stanley G BassChief Strategy Officer Sold 3,333 $288.00 $1.0M Form 4
Nov 4, 2025 Thompson S Baker IIPresident Sold 5,818 $292.26 $1.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✕
F-score 8 / 95 / 98 / 9
Accruals ratio −4.2%−3.1%−4.4%
Altman Z'' 3.592.883.48

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Vulcan Materials VMC $34.3B 7.1% 20.4% 14.3% 9.8% 31.2x 8
Martin Marietta Materials MLM $30.5B 8.6% 23.4% 15.9% 7.7% 12.5x 7 Compare →
Knife River KNF $3.0B 8.5% 9.1% −2.2% 9.1% 21.7x 3 Compare →
Eagle Materials EXP $5.4B 2.1% — 8.6% 16.3% 13.8x 5 Compare →
CRH CRH $56.8B 5.3% 14.5% 7.8% 11.8% 15.0x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.6B $3.9B $4.4B $4.9B $4.9B $5.6B $7.3B $7.8B $7.4B $7.9B
Gross profit $989M $994M $1.1B $1.3B $1.3B $1.4B $1.6B $1.9B $2.0B $2.2B
Operating income $666M $639M $748M $878M $896M $1.0B $951M $1.4B $1.4B $1.6B
Interest expense $134M $296M $138M $130M $136M $149M $169M $196M $191M $240M
Pretax income $547M $361M $623M $758M $744M $874M $788M $1.2B $1.2B $1.4B
Income tax $125M −$232M $105M $135M $156M $200M $193M $299M $251M $308M
Net income $420M $601M $516M $618M $585M $671M $576M $933M $912M $1.1B
Diluted EPS $3.09 $4.46 $3.85 $4.63 $4.39 $5.02 $4.31 $6.98 $6.85 $8.11
Diluted shares 0.14B 0.13B 0.13B 0.13B 0.13B 0.13B 0.13B 0.13B 0.13B 0.13B
Cash flow
Cash from operations $645M $645M $833M $984M $1.1B $1.0B $1.1B $1.5B $1.4B $1.8B
Capital expenditure $350M $460M $469M $384M $362M $451M $613M $873M $604M $678M
Free cash flow $294M $185M $364M $600M $708M $561M $536M $664M $806M $1.1B
Depreciation and amortization $285M $306M $346M $375M $397M $463M $588M $617M $632M $749M
Stock-based compensation $20.7M $26.6M $25.2M $31.8M $33.0M $34.7M $41.1M $63.2M $53.4M $63.1M
Acquisitions $32.5M $1.1B $221M $44.2M $43.2M $1.6B $529M $0.9M $2.3B $13.5M
Share buybacks $162M $60.3M $134M $2.6M $26.1M $0.0M $0.0M $200M $68.8M $438M
Dividends paid $106M $132M $148M $164M $180M $196M $213M $228M $244M $260M
Dividends and buybacks $268M $193M $282M $167M $206M $196M $213M $428M $313M $698M
Balance sheet
Cash and short-term investments $259M $142M $40.0M $272M $1.2B $235M $161M $931M $560M $183M
Total debt $2.0B $2.9B $2.9B $2.8B $3.3B $3.9B $4.0B $3.9B $5.3B $4.4B
Finance lease liabilities $0.0M $0.0M $0.0M $1.2M $6.2M $95.9M $57.1M $29.1M $20.4M $10.8M
Current assets $1.1B $1.2B $1.1B $1.4B $2.3B $1.7B $1.9B $2.5B $2.3B $2.6B
Current liabilities $372M $443M $603M $536M $1.0B $769M $957M $798M $1.2B $956M
Inventory $346M $384M $429M $458M $449M $521M $579M $616M $682M $681M
Property and equipment, net $3.3B $3.9B $4.2B $4.3B $4.4B $5.5B $6.1B $6.2B $8.5B $8.1B
Total assets $8.5B $9.5B $9.8B $10.6B $11.7B $13.7B $14.2B $14.5B $17.1B $16.7B
Total liabilities $3.9B $4.5B $4.6B $5.0B $5.7B $7.1B $7.3B $7.0B $9.0B $8.2B
Shareholders' equity $4.6B $5.0B $5.2B $5.6B $6.0B $6.5B $6.9B $7.5B $8.1B $8.5B
Margins
Gross margin 27.5% 25.5% 25.1% 25.5% 26.4% 24.7% 21.3% 25.0% 27.0% 27.4%
Operating margin 18.5% 16.4% 17.1% 17.8% 18.4% 18.2% 13.0% 18.3% 18.4% 20.4%
EBITDA margin 26.5% 24.3% 25.0% 25.4% 26.6% 26.5% 21.0% 26.3% 26.9% 29.8%
Net margin 11.7% 15.5% 11.8% 12.5% 12.0% 12.1% 7.9% 12.0% 12.3% 13.6%
FCF margin 8.2% 4.8% 8.3% 12.2% 14.6% 10.1% 7.3% 8.5% 10.9% 14.3%
Returns
Return on capital 8.3% 9.1% 7.9% 8.9% 8.7% 8.5% 6.8% 10.2% 9.2% 9.8%
Return on capital employed 8.3% 7.5% 8.2% 9.1% 8.6% 8.6% 7.3% 10.6% 9.2% 10.3%
Return on equity 9.3% 12.6% 10.1% 11.4% 10.0% 10.7% 8.5% 13.0% 11.7% 12.9%
Return on assets 5.0% 6.7% 5.3% 6.0% 5.2% 5.3% 4.1% 6.5% 5.8% 6.4%
Growth
Revenue growth 5.0% 8.3% 12.7% 12.5% −1.5% 14.3% 31.8% 6.4% −4.7% 7.1%
Net income growth 89.7% 43.3% −14.2% 19.8% −5.4% 14.8% −14.2% 62.1% −2.3% 18.1%
EPS growth 88.4% 44.3% −13.7% 20.3% −5.2% 14.4% −14.1% 62.0% −1.9% 18.4%
FCF growth 27.9% −37.1% 96.5% 65.0% 18.0% −20.8% −4.5% 24.0% 21.4% 40.8%
Share count change 0.5% −0.7% −0.7% −0.4% −0.2% 0.2% 0.1% 0.1% −0.5% −0.3%
Financial health
Net debt / EBITDA 1.8x 2.9x 2.6x 2.0x 1.6x 2.5x 2.5x 1.5x 2.4x 1.8x
Debt / equity 0.4x 0.6x 0.6x 0.5x 0.6x 0.6x 0.6x 0.5x 0.7x 0.5x
Interest coverage 5.0x 2.2x 5.4x 6.7x 6.6x 6.8x 5.6x 7.3x 7.1x 6.8x
Current ratio 3.1x 2.7x 1.8x 2.6x 2.2x 2.2x 2.0x 3.2x 1.8x 2.7x
Quick ratio 2.1x 1.8x 1.1x 1.7x 1.8x 1.5x 1.4x 2.4x 1.3x 2.0x
Capital allocation
Capex / revenue 9.8% 11.8% 10.7% 7.8% 7.5% 8.1% 8.4% 11.2% 8.1% 8.5%
Stock comp / revenue 0.6% 0.7% 0.6% 0.7% 0.7% 0.6% 0.6% 0.8% 0.7% 0.8%
Payouts / FCF 91.0% 104.1% 77.6% 27.8% 29.1% 35.0% 39.7% 64.5% 38.9% 61.5%
Quality scores
Piotroski F-score 7.0 6.0 6.0 9.0 5.0 6.0 5.0 8.0 5.0 8.0
Altman Z'' 3.0 2.9 2.8 3.1 3.2 2.8 2.8 3.6 2.9 3.5
Accruals ratio −2.7% −0.5% −3.3% −3.6% −4.4% −2.7% −4.1% −4.2% −3.1% −4.4%

Source: SEC EDGAR XBRL filings (CIK 0001396009). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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