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Friday 6 November 2026
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Vulcan Materials Company
VMC Basic Materials Building Materials
Vulcan Materials Company’s revenue for fiscal 2025 (year ended December 2025) was $7.9 billion, up 7.06% from fiscal 2024.
- Revenue
- −4.67%
- EPS
- −1.02%
- Free cash flow
- −54.2%
- Total debt
- +0.11%
Quarter to September 2026, against a year earlier
284.69
13.00
−4.37%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 3,593 | 3,890 | 4,383 | 4,929 | 4,857 | 5,552 | 7,315 | 7,782 | 7,418 | 7,941 | 8,009 | +9.2% | 8,038 | 8,510 | 9,096 | +4.6% | |
| Gross margin, % | 27.53 | 25.54 | 25.12 | 25.48 | 26.39 | 24.74 | 21.29 | 25.04 | 26.96 | 27.38 | 27.48 | (0.2) pt | ||||||
| EBT | 547 | 361 | 623 | 758 | 744 | 874 | 788 | 1,245 | 1,172 | 1,390 | 1,412 | +10.9% | ||||||
| EBT margin, % | 15.23 | 9.29 | 14.22 | 15.37 | 15.31 | 15.74 | 10.77 | 16.00 | 15.80 | 17.51 | 17.63 | +2.3 pt | ||||||
| Net income | 419 | 601 | 516 | 618 | 585 | 670 | 577 | 935 | 913 | 1,078 | 1,106 | +11.1% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 26.97 | 29.36 | 33.11 | 37.26 | 36.63 | 41.81 | 55.00 | 58.51 | 56.07 | 60.16 | 62.04 | +9.3% | |||||
| Earnings | 3.15 | 4.54 | 3.90 | 4.67 | 4.41 | 5.05 | 4.33 | 7.02 | 6.89 | 8.16 | 8.49 | +11.2% | ||||||
| Cash flow | 4.84 | 4.87 | 6.29 | 7.44 | 8.07 | 7.62 | 8.63 | 11.55 | 10.65 | 13.73 | 11.73 | +12.3% | ||||||
| Capex | (2.45) | (3.35) | (3.38) | (2.73) | (2.64) | (1.77) | (4.31) | (5.85) | (4.15) | (4.95) | (5.52) | +8.1% | ||||||
| Free cash flow | 2.39 | 1.52 | 2.91 | 4.71 | 5.43 | 5.85 | 4.32 | 5.71 | 6.51 | 8.78 | 6.21 | +15.6% | ||||||
| Book value | 34.33 | 37.50 | 39.30 | 42.49 | 45.45 | 49.46 | 52.27 | 56.45 | 61.55 | 64.76 | 65.31 | +7.3% | ||||||
| Shares, m | 133 | 133 | 132 | 132 | 133 | 133 | 133 | 133 | 132 | 132 | 130 | (0.1%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 41.97 | 29.05 | 25.33 | 30.83 | 33.71 | 41.11 | 40.67 | 31.85 | 37.28 | 34.95 | 33.53 | 34.7 | |||||
| P/S | 4.62 | 4.49 | 2.98 | 3.86 | 4.05 | 4.97 | 3.20 | 3.82 | 4.59 | 4.74 | 4.59 | 4.1 | ||||||
| P/B | 3.63 | 3.52 | 2.51 | 3.39 | 3.26 | 4.20 | 3.37 | 3.96 | 4.18 | 4.40 | 4.36 | 3.6 | ||||||
| EV/Sales | 5.10 | 5.19 | 3.61 | 4.37 | 4.48 | 5.62 | 3.71 | 4.20 | 5.22 | 5.27 | 5.11 | 4.7 | ||||||
| EV/FCF | 57.65 | 100.48 | 40.98 | 34.62 | 30.23 | 40.16 | 47.25 | 43.05 | 45.00 | 36.07 | 51.07 | 47.5 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 645 | 645 | 833 | 984 | 1,070 | 1,012 | 1,148 | 1,537 | 1,410 | 1,813 | 1,514 | +12.2% | |||||
| Capex | (327) | (444) | (447) | (361) | (351) | (235) | (574) | (778) | (549) | (654) | (712) | +8.0% | ||||||
| Free cash flow | 318 | 201 | 386 | 623 | 720 | 777 | 574 | 759 | 861 | 1,159 | 802 | +15.5% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 765 | 737 | 477 | 844 | 1,229 | 927 | 945 | 1,727 | 1,027 | 1,612 | 623 | +8.6% | |||||
| Net debt | 1,715 | 2,708 | 2,735 | 2,510 | 2,090 | 3,639 | 3,714 | 2,929 | 4,707 | 4,173 | 4,193 | +10.4% | ||||||
| Shareholders’ equity | 4,572 | 4,969 | 5,203 | 5,622 | 6,027 | 6,568 | 6,952 | 7,508 | 8,143 | 8,549 | 8,431 | +7.2% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 5.00 | 6.69 | 5.33 | 6.03 | 5.23 | 5.29 | 4.12 | 6.48 | 5.76 | 6.37 | 6.55 | +1.4 pt | |||||
| ROIC | 6.62 | 5.20 | 5.89 | 6.74 | 6.90 | 6.19 | 5.57 | 8.55 | 6.64 | 7.96 | 8.04 | +1.3 pt | ||||||
| ROE | 9.29 | 12.60 | 10.14 | 11.41 | 10.04 | 10.65 | 8.51 | 12.91 | 11.65 | 12.90 | 12.84 | +3.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 7,149 | 8,287 | 8,782 | 9,173 | 8,431 | 11,912 | 11,397 | 10,382 | 11,436 | 11,172 | — | +5.1% | |||||
| Revenue/emp, $m | 0.50 | 0.47 | 0.50 | 0.54 | 0.58 | 0.47 | 0.64 | 0.75 | 0.65 | 0.71 | — | +3.9% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Aggregates | 6,297 | 79.30% |
|---|---|---|
| Asphalt | 1,294 | 16.30% |
| Concrete | 847 | 10.66% |
| Gross margin | 27.38% | |
| Operating margin | 20.40% | |
| Pre-tax margin | 17.51% |
Vulcan Materials Company vs peers in Building Materials (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CRH CRH PLC | $63.5B | 18.1× | 17.1× | +2.95% (above 0%: growing) | −20.18% (below 0%: shrinking) | −19.84% (below 0%: shrinking) | 38.79% | 18.03% | Compare |
| MLM Martin Marietta Materials, Inc. | $37.5B | 13.9× | 36.6× | +28.33% (above 0%: growing) | −42.59% (below 0%: shrinking) | +18.01% (above 0%: growing) | 27.48% | 18.49% | Compare |
| VMC Vulcan Materials Company | $36.6B | 33.5× | 32.4× | −4.67% (below 0%: shrinking) | −1.02% (below 0%: shrinking) | −54.16% (below 0%: shrinking) | 30.47% | 24.01% | |
| AMRZ Amrize Ltd | $23.3B | 19.0× | 17.9× | +2.20% (above 0%: growing) | +3.49% (above 0%: growing) | −35.58% (below 0%: shrinking) | 28.67% | 20.95% | Compare |
| JHX James Hardie Industries PLC. | $16.6B | 115× | 23.7× | +63.86% (above 0%: growing) | +20.00% (above 0%: growing) | +145.13% (above 0%: growing) | 37.21% | 14.76% | Compare |
| CX Cemex S.A.B. de C.V. | $16.2B | 23.8× | 11.9× | +8.13% (above 0%: growing) | +56.61% (above 0%: growing) | +1,454.19% (above 0%: growing) | 35.47% | 14.77% | Compare |
| EXP Eagle Materials Inc | $5.8B | 15.7× | 15.3× | +2.17% (above 0%: growing) | −14.27% (below 0%: shrinking) | −15.63% (below 0%: shrinking) | 26.77% | 23.65% | Compare |
| USLM United States Lime & Minerals, Inc. | $3.4B | 25.6× | 24.3× | +4.09% (above 0%: growing) | −1.48% (below 0%: shrinking) | +22.36% (above 0%: growing) | 47.81% | 42.10% | Compare |
| KNF Knife River Corporation | $3.3B | 24.3× | 22.6× | +5.97% (above 0%: growing) | −3.99% (below 0%: shrinking) | −27.51% (below 0%: shrinking) | 22.55% | 16.79% | Compare |
| Median of peers | $16.4B | 21.4× | 20.3× | +5.03% | −2.73% | +1.19% | 32.07% | 18.26% |
From the latest earnings call
- CEO Ronnie Pruitt said higher aggregates prices more than offset diesel costs per ton, while shipments fell against a prior-year quarter aided by favorable weather.
- Pruitt said large projects were supporting nonresidential demand, while housing affordability and interest rates were limiting residential construction.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
97.69%
Held by the ten largest
50.65%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 16.84m | 13.00% | −71.01k |
| BlackRock | 9.72m | 7.50% | −239.59k |
| State Farm | 9.52m | 7.35% | 0.00 |
| State Street | 6.15m | 4.74% | +344.93k |
| Principal Financial | 5.47m | 4.22% | −1.18m |
| JPMorgan Chase | 5.06m | 3.90% | −712.62k |
| Fidelity (FMR) | 3.67m | 2.83% | −5.08k |
| Geode Capital Management | 3.45m | 2.66% | −16.59k |
| Franklin Templeton | 3.31m | 2.55% | −10.69k |
| TCI FUND MANAGEMENT LTD | 2.45m | 1.89% | +2.45m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 24 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 14.70m | 21.80m | 200.02 |
| 2024 | 12.86m | 23.94m | 127.02 |
| 2023 | 13.53m | 30.45m | 157.05 |
| 2022 | 10.08m | 9.72m | 125.10 |
| 2021 | 10.42m | 20.19m | 146.95 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
Vulcan Materials Company (VMC) Latest News
29 Oct
28 Oct
8 Oct
VMC metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Vulcan Materials produces and sells construction aggregates: crushed stone, sand and gravel used to build and maintain infrastructure and buildings. Customers use these materials as foundations for roads, runways, parking lots and railroads, and as ingredients in asphalt and concrete. Aggregates also have uses in water filtration and erosion control.
The company operates primarily in the United States. Its materials go into public projects such as highways, bridges, airports and water systems, as well as private construction including homes, factories, offices and data centers. It serves contractors and other customers directly and manages shipments for nearly half of its products. Materials reach customers by truck, rail, barge and ship.