Vulcan Materials Company

VMC · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$37,686	$33,970	$30,164	$23,273	$27,547	$19,681	$19,108	$13,111	$17,035	$16,608	$12,603	$8,641	$7,741	$6,683	$5,091	$5,680	$6,262	$7,638	$7,675	$8,769	$6,923	$5,595	$4,845	$3,814	$4,852	$4,838	$4,030	$4,422	$3,455	$2,141	$2,067	$1,858	$1,723	$1,758	$1,372	$1,311	$1,826	$1,710	$1,396	$1,382	$1,060
Enterprise value	$42,934	$39,263	$33,642	$27,660	$31,857	$22,172	$22,009	$15,984	$19,749	$18,332	$14,299	$10,484	$10,069	$9,084	$7,751	$8,351	$8,974	$11,139	$11,297	$9,236	$7,068	$5,752	$5,402	$4,673	$5,814	$5,848	$4,784	$4,326	$3,418	$2,184	$2,146	$1,995	$1,813	$1,984	$1,477	$1,449	$1,808	$1,687	$1,372	$1,371	$1,040
P/E (TTM) at period end	35.00×	37.25×	32.32×	40.43×	41.07×	33.67×	30.93×	25.42×	28.34×	39.59×	56.98×	42.17×	317.48×	–	–	–	206.57×	8320.34×	17.02×	18.76×	17.81×	19.47×	24.85×	22.45×	21.79×	22.00×	16.81×	17.28×	16.52×	11.35×	12.43×	18.96×	19.54×	18.70×	26.09×	10.89×	14.12×	12.57×	12.00×	14.83×	14.86×
P/S (TTM) at period end	4.75×	4.58×	3.88×	3.18×	4.96×	4.05×	3.88×	2.99×	4.38×	4.62×	3.68×	2.89×	2.79×	2.60×	1.99×	2.22×	2.33×	2.09×	2.31×	2.62×	2.39×	2.28×	2.10×	1.44×	1.69×	1.94×	1.71×	2.49×	2.06×	1.36×	1.41×	1.48×	1.52×	1.63×	1.36×	1.19×	1.70×	1.62×	1.51×	1.44×	1.09×
P/B at period end	4.42×	4.18×	4.03×	3.36×	4.21×	3.27×	3.40×	2.52×	3.43×	3.63×	2.83×	2.07×	1.97×	1.78×	1.34×	1.44×	1.55×	2.16×	2.04×	4.38×	3.26×	2.78×	2.69×	2.25×	3.02×	3.29×	3.04×	3.83×	3.48×	2.42×	2.59×	2.54×	2.45×	2.51×	2.01×	1.93×	2.75×	2.70×	2.44×	2.73×	2.01×
EV / EBITDA (TTM)	18.13×	19.66×	16.46×	17.97×	21.62×	17.15×	17.58×	14.61×	20.90×	19.28×	17.34×	12.82×	20.24×	21.80×	18.23×	22.72×	16.52×	17.46×	11.46×	10.02×	10.10×	6.95×	8.26×	7.96×	7.92×	10.21×	8.46×	8.99×	8.28×	5.64×	5.84×	7.98×	7.60×	8.04×	7.58×	5.05×	6.13×	–	–	–	–
EV / Sales (TTM)	5.41×	5.29×	4.32×	3.78×	5.74×	4.57×	4.47×	3.65×	5.08×	5.10×	4.18×	3.50×	3.63×	3.54×	3.02×	3.26×	3.34×	3.05×	3.39×	2.76×	2.44×	2.34×	2.34×	1.76×	2.03×	2.35×	2.03×	2.44×	2.04×	1.39×	1.47×	1.59×	1.60×	1.84×	1.47×	1.31×	1.68×	1.60×	1.49×	1.43×	1.07×
Returns
Return on equity	12.6%	11.2%	12.5%	8.3%	10.2%	9.7%	11.0%	9.9%	12.1%	9.2%	5.0%	4.9%	0.6%	(1.4%)	(1.9%)	(2.4%)	0.8%	0.0%	12.0%	23.4%	18.3%	14.3%	10.8%	10.0%	13.9%	14.9%	18.1%	22.2%	21.1%	21.3%	20.9%	13.4%	12.5%	13.4%	7.7%	17.7%	19.5%	21.4%	20.3%	18.4%	13.5%
Return on invested capital	9.2%	8.0%	9.9%	6.3%	7.2%	8.3%	8.5%	7.7%	8.3%	8.2%	6.4%	6.2%	–	0.6%	0.5%	(0.1%)	–	0.2%	6.7%	18.8%	14.0%	17.2%	11.4%	9.2%	12.2%	9.7%	11.8%	22.2%	20.7%	19.6%	18.8%	11.1%	12.1%	10.8%	7.7%	15.1%	20.6%	22.5%	22.2%	18.6%	16.0%
Dividend yield	0.7%	0.7%	0.8%	0.9%	0.7%	0.9%	0.9%	1.1%	0.8%	0.6%	0.4%	0.3%	0.1%	0.1%	1.9%	2.2%	2.7%	2.8%	2.4%	1.6%	1.7%	1.9%	2.1%	2.5%	1.9%	1.8%	2.0%	1.6%	1.8%	2.7%	2.5%	2.6%	2.7%	2.6%	3.3%	3.5%	2.5%	–	–	–	–
Financial health
Current ratio	2.69×	1.83×	3.17×	1.99×	2.21×	2.17×	2.58×	1.79×	2.66×	3.05×	3.07×	2.04×	3.18×	2.26×	2.12×	1.33×	0.86×	0.54×	0.46×	1.50×	2.01×	3.32×	1.93×	2.65×	2.12×	1.21×	1.62×	2.73×	2.35×	2.02×	2.04×	1.59×	2.15×	2.18×	2.11×	1.26×	2.37×	2.97×	2.03×	2.39×	3.08×
Debt / equity	0.51×	0.65×	0.52×	0.56×	0.59×	0.55×	0.50×	0.53×	0.57×	0.43×	0.44×	0.48×	0.64×	0.71×	0.74×	0.61×	0.62×	0.70×	0.97×	0.26×	0.28×	0.30×	0.49×	0.55×	0.60×	0.65×	0.61×	0.07×	0.09×	0.11×	0.13×	0.20×	0.15×	0.35×	0.18×	0.23×	0.10×	0.10×	0.18×	0.15×	0.15×
Effective tax rate	22.1%	21.4%	24.0%	24.5%	22.9%	20.9%	17.8%	16.9%	(64.2%)	22.8%	29.0%	30.7%	660.5%	55.2%	51.0%	46.6%	197.0%	95.5%	30.6%	32.1%	28.4%	30.4%	28.2%	26.1%	31.3%	29.6%	31.8%	31.7%	30.4%	34.0%	35.7%	32.8%	29.6%	30.4%	28.4%	32.9%	33.7%	34.0%	36.2%	40.8%	35.5%
Share count
Diluted shares outstanding	133	133	134	134	134	133	133	134	135	136	135	133	131	130	129	128	119	111	99	100	104	104	103	103	103	102	102	102	103	106	109	110	110	109	114	117	123	124	128	133	140

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$8,116	$7,941	$7,418	$7,782	$7,315	$5,552	$4,857	$4,929	$4,383	$3,890	$3,593	$3,422	$2,994	$2,771	$2,567	$2,565	$2,559	$2,690	$3,651	$3,328	$3,342	$2,895	$2,454	$2,310	$2,648	$2,866	$2,492	$2,356	$1,776	$1,679	$1,569	$1,461	$1,253	$1,134	$1,078	$1,008	$1,105	$1,076	$1,053	$923	$958	$972
Cost of revenue	($5,884)	($5,766)	($5,418)	($5,833)	($5,758)	($4,179)	($3,575)	($3,673)	($3,282)	($2,897)	($2,604)	($2,565)	($2,407)	($2,344)	($2,233)	($2,281)	($2,258)	($2,245)	($2,902)	($2,377)	($2,411)	($2,187)	($1,872)	($1,754)	($2,132)	($2,242)	($1,702)	($1,585)	($1,096)	($1,075)	($1,007)	($934)	($878)	($784)	($726)	($686)	($711)	($682)	($663)	($573)	($641)	($699)
Gross profit	$2,232	$2,175	$2,000	$1,948	$1,558	$1,373	$1,282	$1,256	$1,101	$994	$989	$858	$588	$427	$334	$284	$301	$446	$750	$951	$932	$709	$583	$556	$516	$624	$790	$771	$680	$603	$562	$527	$375	$350	$352	$322	$394	$394	$390	$350	$317	$273
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($1)	($2)	($2)	($2)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($558)	($564)	($531)	($543)	($515)	($418)	($360)	($370)	($333)	($325)	($317)	($287)	($272)	($259)	($259)	($290)	($328)	($322)	($343)	($290)	($264)	($232)	($205)	($179)	($197)	($198)	($217)	($206)	($199)	($190)	($175)	($160)	($125)	($111)	($106)	($127)	($108)	($99)	($96)	($82)	($84)	($78)
Total operating expenses	($589)	($555)	($635)	($521)	($606)	($363)	($386)	($378)	($353)	($354)	($323)	($308)	($49)	($236)	($249)	($220)	($315)	($298)	($501)	($236)	($237)	($232)	–	($179)	($197)	($168)	($449)	($413)	($337)	($320)	($288)	($270)	($232)	($214)	($209)	($237)	($210)	($193)	($182)	($160)	($161)	($147)
Total costs and expenses	($6,473)	($6,322)	($6,053)	($6,354)	($6,364)	($4,541)	($3,961)	($4,052)	($3,635)	($3,251)	($2,927)	($2,872)	($2,456)	($2,580)	($2,483)	($2,501)	($2,573)	($2,542)	($3,402)	($2,613)	($2,647)	($2,418)	($1,872)	($1,933)	($2,329)	($2,410)	($2,151)	($1,998)	($1,433)	($1,395)	($1,294)	($1,204)	($1,110)	($998)	($935)	($922)	($921)	($875)	($845)	($733)	($802)	($846)
Operating income	$1,643	$1,620	$1,364	$1,427	$951	$1,011	$896	$878	$748	$639	$666	$550	$538	$190	$85	$63	($15)	$148	$249	$714	$695	$477	$583	$377	$320	$456	$340	$358	$343	$284	$274	$256	$143	$136	$143	$85	$184	$201	$208	$190	$156	$126
Earnings
EBITDA	$2,368	$2,368	$1,997	$2,044	$1,539	$1,474	$1,292	$1,252	$1,094	$945	$951	$825	$818	$498	$417	$425	$368	$543	$638	$986	$921	$700	$828	$654	$587	$734	$573	$565	$481	$413	$387	$367	$250	$238	$247	$195	$287	$295	–	–	–	–
Interest income	–	$13	$21	$16	$1	$2	$2	$1	$1	$4	$1	$0	$1	$1	$1	$3	$1	$2	$3	$7	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($229)	($240)	($191)	($196)	($169)	($149)	($136)	($130)	($138)	($296)	($134)	($221)	($243)	($203)	($213)	($221)	($182)	($175)	($173)	($48)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,429	$1,390	$1,172	$1,245	$788	$874	$744	$758	$623	$361	$547	$328	$299	($4)	($120)	($154)	($192)	($19)	$75	$668	$703	$480	$376	$311	$258	$324	$312	$352	$375	$300	$286	$258	$146	$125	$131	$74	$179	$201	$206	$180	$157	$123
Income tax expense	($310)	($308)	($251)	($299)	($193)	($200)	($156)	($135)	($105)	$232	($125)	($95)	($92)	$24	$66	$78	$90	$38	($72)	($204)	($226)	($136)	($114)	($88)	($67)	($101)	($92)	($112)	($119)	($91)	($97)	($92)	($48)	($37)	($40)	($21)	($59)	($68)	($70)	($65)	($64)	($44)
Net income	$1,116	$1,077	$912	$933	$576	$671	$584	$618	$516	$601	$419	$221	$205	$24	($53)	($71)	($96)	$30	$1	$451	$468	$389	$287	$195	$170	$223	$220	$240	$256	$209	$189	$166	$98	$88	$94	$53	$120	$129	$136	$116	$93	$71
Per share
Diluted EPS (GAAP)	$8.47	$8.11	$6.85	$6.98	$4.31	$5.02	$4.39	$4.63	$3.85	$4.46	$3.09	$1.64	$1.54	$0.19	($0.41)	($0.55)	($0.75)	$0.25	$0.01	$4.54	$4.71	$3.74	$2.77	$1.90	$1.66	$2.17	$2.16	$2.35	$2.50	$2.03	$1.79	$1.54	$0.89	$0.80	$0.86	$0.46	$1.03	$1.05	$1.10	$0.91	$0.70	$0.51
Basic EPS (GAAP)	$8.51	$8.16	$6.89	$7.02	$4.33	$5.05	$4.41	$4.67	$3.90	$4.54	$3.15	$1.66	$1.56	$0.19	($0.41)	($0.55)	($0.75)	$0.25	$0.01	$4.65	$4.82	$3.81	$2.81	$1.91	$1.67	$2.20	$2.18	$2.38	$2.54	$2.06	$1.79	$1.54	$0.89	$0.80	$0.86	$0.46	$1.04	$1.05	$1.10	$0.91	$0.70	$0.51
Basic shares outstanding	131	132	132	133	133	133	133	132	132	133	133	133	131	130	130	129	128	119	110	97	98	102	102	102	102	101	101	101	101	102	106	108	110	110	109	114	116	123	124	128	133	140
Margins
Gross margin	27.5%	27.4%	27.0%	25.0%	21.3%	24.7%	26.4%	25.5%	25.1%	25.5%	27.5%	25.1%	19.6%	15.4%	13.0%	11.1%	11.8%	16.6%	20.5%	28.6%	27.9%	24.5%	23.7%	24.1%	19.5%	21.8%	31.7%	32.7%	38.3%	35.9%	35.8%	36.1%	29.9%	30.8%	32.7%	32.0%	35.7%	36.6%	37.0%	37.9%	33.1%	28.1%
Operating margin	20.2%	20.4%	18.4%	18.3%	13.0%	18.2%	18.4%	17.8%	17.1%	16.4%	18.5%	16.1%	18.0%	6.9%	3.3%	2.5%	(0.6%)	5.5%	6.8%	21.5%	20.8%	16.5%	23.7%	16.3%	12.1%	15.9%	13.7%	15.2%	19.3%	16.9%	17.5%	17.6%	11.4%	12.0%	13.3%	8.5%	16.6%	18.7%	19.8%	20.6%	16.3%	13.0%
Net margin	13.7%	13.6%	12.3%	12.0%	7.9%	12.1%	12.0%	12.5%	11.8%	15.5%	11.7%	6.5%	6.8%	0.9%	(2.0%)	(2.8%)	(3.8%)	1.1%	0.0%	13.5%	14.0%	13.4%	11.7%	8.4%	6.4%	7.8%	8.8%	10.2%	14.4%	12.5%	12.0%	11.4%	7.8%	7.8%	8.7%	5.2%	10.9%	12.0%	12.9%	12.6%	9.7%	7.3%

Analyst consensus

Buy36 analysts

Bearish · 1 · Hold · 11 · Bullish · 24

Earnings history

	EPS	Estimate
Q3 2024	$2.22	$2.30	Miss
Q4 2024	$2.17	$1.79	Beat
Q1 2025	$1.00	$0.76	Beat
Q2 2025	$2.45	$2.53	Miss
Q3 2025	$2.84	$2.73	Beat
Q4 2025	$1.70	$2.11	Miss
Q1 2026	$1.35	$1.10	Beat
Q2 2026	$2.59	$2.46	Beat

Peers

Company overview

IPO dateJan 2, 1957

CEORonnie A. Pruitt

Employees11,548

SectorBasic Materials

IndustryConstruction Materials

CountryUS

ExchangeNew York Stock Exchange

Websitewww.vulcanmaterials.com

Vulcan Materials Company, alongside its affiliated entities, stands as a prominent producer and distributor of construction aggregates, primarily operating within the United States. The company's activities are organized into four distinct divisions: Aggregates, Asphalt, Concrete, and Calcium. The Aggregates division focuses on providing essential materials like crushed stone, sand, gravel, and other foundational aggregates, along with related services. These products are vital for building and maintaining highways, public infrastructure, residential properties, and various commercial, industrial, and other non-residential structures. Through its Asphalt Mix segment, the firm furnishes asphalt mixture to locations in Alabama, Arizona, California, New Mexico, Tennessee, and Texas, additionally performing asphalt paving work in Alabama, Tennessee, and Texas. The Concrete segment supplies ready-mixed concrete to customers in California, Maryland, New Jersey, New York, Oklahoma, Pennsylvania, Texas, Virginia, and Washington D.C. Lastly, the Calcium division is responsible for mining, manufacturing, and marketing calcium products for use in animal feed, plastics, and water treatment industries. Established in 1909, the corporation, initially known as Virginia Holdco, Inc. before its name change, is headquartered in Birmingham, Alabama.

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