Monday 2 November 2026 Export VMI’s income statement to Excel — free account

Valmont Industries, Inc.

Valmont Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.1 billion, up 0.71% from fiscal 2024.

Revenue: +5.53%
EPS: +25.3%
Free cash flow: −16.6%
Total debt: +3.51%

Quarter to September 2026, against a year earlier

427.28 5.18 +1.23%

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Market cap: $8.1B
P/E: 15.7×
Fwd P/E: 18.2×
Dividend yield: 0.70%
F-score: 6/9
Altman Z: 6.04
Beneish M: −2.71
Dividend safety: 90/100

Overview Business Profile Segments Filings

Valmont Industries, Inc. (VMI) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Infrastructure	3,099	75.51%
Agriculture	1,021	24.87%
Gross margin		30.21%
Operating margin		10.13%
Pre-tax margin		9.20%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Product sales	3,671 89.44%	3,661 89.83%	3,773 90.38%	3,955 91.03%	3,160 90.23%	2,595 89.62%	2,434 87.97%	2,437 88.40%	2,447 89.12%	2,256 89.46%
Service sales	434 10.56%	414 10.17%	402 9.62%	390 8.97%	342 9.77%	301 10.38%	333 12.03%	320 11.60%	299 10.88%	266 10.54%
Also reported: a second breakdown of the same revenue
Utility	1,511 36.82%	1,368 33.58%	1,292 30.94%	1,217 28.01%	—	—	—	—	—	—
Irrigation Equipment and Parts	920 22.41%	979 24.02%	1,062 25.44%	1,220 28.08%	919 26.25%	573 19.79%	—	—	—	—
Lighting and Transportation	830 20.23%	884 21.70%	916 21.95%	908 20.89%	826 23.59%	797 27.54%	—	—	—	—
Coatings	353 8.60%	344 8.44%	345 8.27%	341 7.86%	299 8.54%	270 9.31%	—	—	—	—
Telecommunications	314 7.65%	251 6.15%	252 6.04%	320 7.37%	239 6.81%	186 6.43%	—	—	—	—
Technology Products and Services	94 2.30%	98 2.40%	113 2.70%	115 2.65%	98 2.79%	67 2.32%	—	—	—	—
Solar	81 1.99%	151 3.72%	194 4.65%	123 2.83%	63 1.80%	206 7.13%	—	—	—	—
Other	—	—	—	100 2.31%	123 3.51%	—	—	—	—	—
Transmission, Distribution and Substation	—	—	—	—	935 26.71%	796 27.48%	—	—	—	—
Revenue	4,104	4,075	4,175	4,345	3,502	2,895	2,767	2,757	2,746	2,522

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Product sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Service sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Infrastructure	3,099 75.51%	3,009 73.83%	3,010 72.10%	2,928 67.39%	2,372 67.74%	2,142 73.97%	—	—	—	—	—	—	—	—	—	—	—
Agriculture	1,021 24.87%	1,084 26.59%	1,182 28.32%	1,347 30.99%	1,017 29.05%	640 22.11%	579 20.91%	625 22.66%	644 23.47%	568 22.52%	612 23.38%	846 27.10%	971 29.38%	751 24.78%	666 25.02%	443 21.81%	362 19.64%
Other Segments	—	—	—	100 2.31%	123 3.51%	120 4.15%	—	—	—	83 3.30%	104 3.96%	10 0.32%	52 1.56%	329 10.85%	332 12.47%	199 9.77%	69 3.72%
Engineered Support Structures	—	—	—	—	—	—	1,002 36.22%	967 35.09%	912 33.22%	891 35.34%	882 33.67%	810 25.93%	800 24.22%	—	—	—	—
Utility Support Structures	—	—	—	—	—	—	886 32.01%	855 31.02%	856 31.18%	736 29.17%	782 29.84%	825 26.42%	962 29.12%	874 28.83%	625 23.48%	475 23.37%	701 37.99%
Coatings	—	—	—	—	—	—	301 10.87%	287 10.40%	257 9.35%	244 9.67%	302 11.55%	334 10.69%	358 10.82%	335 11.04%	327 12.30%	238 11.72%	116 6.27%
Material reconciling items [member]	—	—	—	—	—	—	—	—	76 2.78%	—	—	—	—	—	—	—	—
Energy and Mining	—	—	—	—	—	—	—	—	—	—	—	444 14.22%	340 10.29%	—	—	—	—
Engineered Infrastructure Products	—	—	—	—	—	—	—	—	—	—	—	—	—	932 30.75%	840 31.54%	677 33.33%	597 32.38%
Other, not broken out	—	—	—	—	—	—	—	23 0.84%	—	—	—	—	—	—	—	—	—
Eliminations	—	—	—	(30) (0.69%)	—	—	—	—	—	—	(63) (2.40%)	(146) (4.68%)	(178) (5.40%)	(189) (6.25%)	(128) (4.82%)	—	—
Revenue	4,104	4,075	4,175	4,345	3,502	2,895	2,767	2,757	2,746	2,522	2,619	3,123	3,304	3,030	2,661	2,032	1,844

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Infrastructure	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Agriculture	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other Segments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Coatings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Utility Support Structures	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Engineered Support Structures	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Material reconciling items [member]	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
LIFO Adjustment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Energy and Mining	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Engineered Infrastructure Products	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Unallocated Amount to Segment [Member] (Deprecated 2013-01-31)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
North America	3,006 73.25%	2,902 71.21%	2,890 69.22%	2,975 68.47%	2,248 64.20%	1,941 67.04%	—	—	—	—	—	—	—	—	—	—	—
International	1,098 26.75%	1,173 28.79%	1,285 30.78%	1,370 31.53%	1,254 35.80%	954 32.96%	—	—	—	—	—	—	—	—	—	—	—
China	—	—	—	—	—	—	—	—	—	—	—	—	—	135 4.47%	148 5.57%	121 5.97%	119 6.43%
France	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	100 4.90%	76 4.11%
Also reported: a second breakdown of the same revenue
United States	2,957 72.05%	2,856 70.09%	2,861 68.53%	2,966 68.25%	2,260 64.55%	1,919 66.28%	1,873 67.69%	1,771 64.25%	1,703 62.01%	1,535 60.88%	1,587 60.59%	1,808 57.90%	2,078 62.88%	1,871 61.75%	1,474 55.38%	1,089 53.57%	1,298 70.38%
Other	706 17.19%	708 17.37%	689 16.51%	733 16.87%	620 17.71%	500 17.28%	471 17.01%	568 20.59%	585 21.32%	571 22.65%	586 22.36%	729 23.33%	734 22.21%	524 17.31%	548 20.59%	392 19.30%	278 15.08%
Australia	282 6.88%	310 7.61%	313 7.50%	292 6.72%	298 8.50%	252 8.71%	255 9.23%	326 11.81%	357 13.00%	315 12.51%	348 13.29%	440 14.07%	493 14.91%	499 16.47%	491 18.46%	274 13.46%	16 0.89%
Brazil	159 3.88%	201 4.93%	311 7.46%	354 8.16%	200 5.72%	104 3.58%	78 2.82%	—	—	—	—	—	—	—	—	—	—
Denmark	—	—	—	—	123 3.51%	120 4.15%	90 3.26%	93 3.36%	101 3.67%	100 3.95%	99 3.77%	146 4.69%	0 0.00%	—	—	—	—
Other, not broken out	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	57 2.80%	57 3.11%
Revenue	4,104	4,075	4,175	4,345	3,502	2,895	2,767	2,757	2,746	2,522	2,619	3,123	3,304	3,030	2,661	2,032	1,844

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Agriculture backlog	Q2 FY2026	$91.3M	$114.1M	−19.98%
Infrastructure backlog	Q3 FY2026	$1.8B	$1.6B	+10.61%
Remaining performance obligations	Q3 FY2026	$329,000.00	$329,000.00	0.00%
Total backlog	Q3 FY2026	$2.0B	$1.7B	+16.06%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020
Agriculture backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Infrastructure backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.