United States Lime & Minerals vs Vulcan Materials
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The short version
- Vulcan Materials is the larger business, with $7.9B of revenue in fiscal 2025 against $373M for United States Lime & Minerals, about 21 times as much.
- United States Lime & Minerals grew revenue faster (17.3%, against 7.1%).
- United States Lime & Minerals kept more of each dollar of sales as operating profit (42.4% operating margin, against 20.4%).
- United States Lime & Minerals turned more of its sales into free cash flow (27.4% FCF margin, against 14.3%).
- United States Lime & Minerals earned a higher return on the capital invested in it (51.7%, against 9.8%).
- Investors pay more for each dollar of Vulcan Materials’s earnings: a P/E of 31.2x against 23.9x for United States Lime & Minerals.
| Latest fiscal year | USLM · FY25 | VMC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.2B | $34.3B |
| Revenue | $373M | $7.9B |
| Free cash flow | $102M | $1.1B |
| Net income | $134M | $1.1B |
| Growth | ||
| Revenue growth | 17.3% | 7.1% |
| 5-year growth | 18.3% | 10.3% |
| Share count change | 0.2% | −0.3% |
| Profitability | ||
| Gross margin | 48.9% | 27.4% |
| Operating margin | 42.4% | 20.4% |
| Net margin | 36.0% | 13.6% |
| FCF margin | 27.4% | 14.3% |
| Return on capital | 51.7% | 9.8% |
| Return on equity | 23.8% | 12.9% |
| Balance sheet | ||
| Net debt | −$371M | $4.2B |
| Net debt / EBITDA | −2.0x | 1.8x |
| Dividends and buybacks | $9.6M | $698M |
| Valuation & quality | ||
| P/E | 23.9x | 31.2x |
| Piotroski F-score | 5 | 8 |
Revenue
FY16
USLM $139M
VMC $3.6B
FY17
USLM $145M
VMC $3.9B
FY18
USLM $144M
VMC $4.4B
FY19
USLM $158M
VMC $4.9B
FY20
USLM $161M
VMC $4.9B
FY21
USLM $189M
VMC $5.6B
FY22
USLM $236M
VMC $7.3B
FY23
USLM $281M
VMC $7.8B
FY24
USLM $318M
VMC $7.4B
FY25
USLM $373M
VMC $7.9B
USLM
VMC
Operating margin
FY16
USLM 16.9%
VMC 18.5%
FY17
USLM 16.7%
VMC 16.4%
FY18
USLM 13.9%
VMC 17.1%
FY19
USLM 18.5%
VMC 17.8%
FY20
USLM 21.1%
VMC 18.4%
FY21
USLM 24.5%
VMC 18.2%
FY22
USLM 23.2%
VMC 13.0%
FY23
USLM 30.4%
VMC 18.3%
FY24
USLM 39.3%
VMC 18.4%
FY25
USLM 42.4%
VMC 20.4%
USLM
VMC
Free cash flow
FY16
USLM $20.2M
VMC $294M
FY17
USLM $12.9M
VMC $185M
FY18
USLM −$15.0M
VMC $364M
FY19
USLM $19.9M
VMC $600M
FY20
USLM $41.4M
VMC $708M
FY21
USLM $25.8M
VMC $561M
FY22
USLM $37.6M
VMC $536M
FY23
USLM $58.0M
VMC $664M
FY24
USLM $98.6M
VMC $806M
FY25
USLM $102M
VMC $1.1B
USLM
VMC
Return on capital
FY16
USLM 16.7%
VMC 8.3%
FY17
USLM 21.5%
VMC 9.1%
FY18
USLM 13.2%
VMC 7.9%
FY19
USLM 15.5%
VMC 8.9%
FY20
USLM 17.4%
VMC 8.7%
FY21
USLM 22.2%
VMC 8.5%
FY22
USLM 24.4%
VMC 6.8%
FY23
USLM 34.7%
VMC 10.2%
FY24
USLM 46.9%
VMC 9.2%
FY25
USLM 51.7%
VMC 9.8%
USLM
VMC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.