United States Lime & Minerals (USLM)


Market Price (8/11/2026): $120.32 | Market Cap: $3.5 BilSector: Materials | Industry: Construction Materials

United States Lime & Minerals (USLM)


Market Price (8/11/2026): $120.32
Market Cap: $3.5 Bil
Sector: Materials
Industry: Construction Materials

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%

Low stock price volatility
Vol 12M is 40%

Megatrend and thematic drivers
Megatrends include Water Infrastructure, and Sustainable Resource Management. Themes include Water Treatment & Delivery, Wastewater Management, Show more.

Key risks
USLM key risks include [1] heavy reliance on cyclical industries such as construction, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
2 Low stock price volatility
Vol 12M is 40%
3 Megatrend and thematic drivers
Megatrends include Water Infrastructure, and Sustainable Resource Management. Themes include Water Treatment & Delivery, Wastewater Management, Show more.
4 Key risks
USLM key risks include [1] heavy reliance on cyclical industries such as construction, Show more.

USLM in ETFs

Weight = USLM's share of each fund

IWM0.04%
IJR0.07%
SLYG0.10%
IJT0.10%
IWO0.08%
DFAS0.07%
IJS0.04%
SLYV0.04%
+8 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/5/2026

United States Lime & Minerals (USLM) stock has gained about 10% since 4/30/2026 because of the following key factors:

1. Solid Fiscal Q2 2026 Financial Performance.

United States Lime & Minerals reported strong year-over-year growth for its fiscal Q2 2026, which ended June 30, 2026, despite missing some analyst estimates. Revenue increased by 8.3% to $99.1 million compared to $91.5 million in fiscal Q2 2025. Net income also rose by 11.9% to $34.5 million, up from $30.8 million in the same period last year. This demonstrates sustained operational strength and profitability, contributing to investor confidence.

2. Robust Demand from Key End Markets.

The company experienced increased sales volumes, particularly from its construction and steel customers, which were primary drivers of the revenue growth in fiscal Q2 2026. This strong demand is supported by broader macroeconomic trends, including significant infrastructure investments and a growing need for industrial minerals in various sectors, such as the increasing development of data center projects, which the CEO highlighted as a factor expected to continue supporting strong construction demand.

Show more
Updated on 8/5/2026

United States Lime & Minerals (USLM) stock has gained about 10% since 4/30/2026 because of the following key factors:

1. Solid Fiscal Q2 2026 Financial Performance.

United States Lime & Minerals reported strong year-over-year growth for its fiscal Q2 2026, which ended June 30, 2026, despite missing some analyst estimates. Revenue increased by 8.3% to $99.1 million compared to $91.5 million in fiscal Q2 2025. Net income also rose by 11.9% to $34.5 million, up from $30.8 million in the same period last year. This demonstrates sustained operational strength and profitability, contributing to investor confidence.

2. Robust Demand from Key End Markets.

The company experienced increased sales volumes, particularly from its construction and steel customers, which were primary drivers of the revenue growth in fiscal Q2 2026. This strong demand is supported by broader macroeconomic trends, including significant infrastructure investments and a growing need for industrial minerals in various sectors, such as the increasing development of data center projects, which the CEO highlighted as a factor expected to continue supporting strong construction demand.

3. Anticipation of New Texas Kiln Operation.

A significant company-specific catalyst for the stock's positive trend is the expected commercial operation of a new kiln at the company's Texas facility during summer 2026. This expansion project, with an estimated total construction cost of approximately $65 million and $57.7 million already incurred by June 30, 2026, is anticipated to enhance production capacity, positioning USLM to meet the strong and growing demand for its lime and limestone products.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 11.8% change in USLM stock from 4/30/2026 to 8/10/2026 was primarily driven by a 8.8% change in the company's P/E Multiple.
(LTM values as of)43020268102026Change
Stock Price ($)107.61120.3111.8%
Change Contribution By: 
Total Revenues ($ Mil)3693772.1%
Net Income Margin (%)35.4%35.7%0.7%
P/E Multiple23.625.78.8%
Shares Outstanding (Mil)2929-0.1%
Cumulative Contribution11.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/10/2026
ReturnCorrelation
USLM11.8% 
Market (SPY)7.6%35.0%
Sector (XLB)3.3%56.4%

Fundamental Drivers

The -0.1% change in USLM stock from 1/31/2026 to 8/10/2026 was primarily driven by a -2.7% change in the company's P/E Multiple.
(LTM values as of)13120268102026Change
Stock Price ($)120.39120.31-0.1%
Change Contribution By: 
Total Revenues ($ Mil)3653773.3%
Net Income Margin (%)35.8%35.7%-0.5%
P/E Multiple26.425.7-2.7%
Shares Outstanding (Mil)2929-0.2%
Cumulative Contribution-0.1%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/10/2026
ReturnCorrelation
USLM-0.1% 
Market (SPY)12.0%33.2%
Sector (XLB)8.4%38.4%

Fundamental Drivers

The 21.1% change in USLM stock from 7/31/2025 to 8/10/2026 was primarily driven by a 13.0% change in the company's P/E Multiple.
(LTM values as of)73120258102026Change
Stock Price ($)99.36120.3121.1%
Change Contribution By: 
Total Revenues ($ Mil)3523777.0%
Net Income Margin (%)35.6%35.7%0.3%
P/E Multiple22.725.713.0%
Shares Outstanding (Mil)2929-0.2%
Cumulative Contribution21.1%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/10/2026
ReturnCorrelation
USLM21.1% 
Market (SPY)23.3%40.5%
Sector (XLB)23.0%44.5%

Fundamental Drivers

The 194.9% change in USLM stock from 7/31/2023 to 8/10/2026 was primarily driven by a 66.9% change in the company's Net Income Margin (%).
(LTM values as of)73120238102026Change
Stock Price ($)40.80120.31194.9%
Change Contribution By: 
Total Revenues ($ Mil)25237749.6%
Net Income Margin (%)21.4%35.7%66.9%
P/E Multiple21.525.719.3%
Shares Outstanding (Mil)2829-0.9%
Cumulative Contribution194.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/10/2026
ReturnCorrelation
USLM194.9% 
Market (SPY)74.8%46.8%
Sector (XLB)31.0%44.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
USLM Return14%10%64%189%-10%0%438%
Peers Return46%-28%66%11%4%4%111%
S&P 500 Return27%-19%24%23%16%13%107%

Monthly Win Rates [3]
USLM Win Rate58%42%67%75%42%62% 
Peers Win Rate73%35%65%58%62%57% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
USLM Max Drawdown-27%-22%-14%-19%-36%-30% 
Peers Max Drawdown-14%-40%-18%-20%-29%-27% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: JHX, CRH, VMC, MLM, EXP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/10/2026 (YTD)

How Low Can It Go

EventUSLMS&P 500
2025 US Tariff Shock
  % Loss-17.6%-18.8%
  % Gain to Breakeven21.3%23.1%
  Time to Breakeven65 days79 days
2023 SVB Regional Banking Crisis
  % Loss-11.1%-6.7%
  % Gain to Breakeven12.5%7.1%
  Time to Breakeven45 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-21.1%-24.5%
  % Gain to Breakeven26.7%32.4%
  Time to Breakeven34 days427 days
2020 COVID-19 Crash
  % Loss-26.9%-33.7%
  % Gain to Breakeven36.8%50.9%
  Time to Breakeven28 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-10.9%-19.2%
  % Gain to Breakeven12.3%23.8%
  Time to Breakeven97 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-14.8%-12.2%
  % Gain to Breakeven17.3%13.9%
  Time to Breakeven62 days62 days

Compare to JHX, CRH, VMC, MLM, EXP

In The Past

United States Lime & Minerals's stock fell -17.6% during the 2025 US Tariff Shock. Such a loss loss requires a 21.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventUSLMS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-21.1%-24.5%
  % Gain to Breakeven26.7%32.4%
  Time to Breakeven34 days427 days
2020 COVID-19 Crash
  % Loss-26.9%-33.7%
  % Gain to Breakeven36.8%50.9%
  Time to Breakeven28 days140 days
2014-2016 Oil Price Collapse
  % Loss-26.1%-6.8%
  % Gain to Breakeven35.4%7.3%
  Time to Breakeven293 days15 days
2008-2009 Global Financial Crisis
  % Loss-36.3%-53.4%
  % Gain to Breakeven56.9%114.4%
  Time to Breakeven20 days1085 days

Compare to JHX, CRH, VMC, MLM, EXP

In The Past

United States Lime & Minerals's stock fell -17.6% during the 2025 US Tariff Shock. Such a loss loss requires a 21.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About United States Lime & Minerals (USLM)

```html

United States Lime & Minerals, Inc. (USLM) is a manufacturer and supplier of various lime and limestone products. The company sources limestone from its open-pit quarries and an underground mine, processing it into essential materials such as pulverized limestone, quicklime, hydrated lime, and lime slurry.

These processed products serve a broad and diverse customer base across multiple industries. USLM supplies its products to the construction sector for highways, roads, and buildings; industrial customers including paper and glass manufacturers, and roof shingle producers; and environmental facilities for municipal sanitation, water treatment, and flue gas processes. Additionally, the company provides products to steel producers, oil and gas services companies, and the agricultural sector for poultry and cattle feed. USLM also holds royalty and non-operating working interests in natural gas wells located in the Barnett Shale Formation in Johnson County, Texas, offering a supplementary revenue stream.

```

AI Analysis | Feedback

Here are a few analogies to describe United States Lime & Minerals (USLM):

  • Like Vulcan Materials, but focused on lime and limestone products instead of aggregates.
  • A specialized version of Cemex, providing foundational lime and limestone materials for various industries.

AI Analysis | Feedback

  • Pulverized Limestone: Limestone that has been crushed and ground into a fine powder, used in various construction and industrial applications.
  • Quicklime: A high-calcium lime produced by heating limestone, primarily used in steel production, environmental applications, and construction.
  • Hydrated Lime: A white powder created by adding water to quicklime, utilized in environmental treatment, construction, and industrial processes.
  • Lime Slurry: A mixture of lime and water, often used in water treatment, pH adjustment, and other industrial applications.
  • Oil and Gas Royalty Interests: Revenue generated from royalty and non-operating working interests in natural gas wells located in the Barnett Shale Formation.

AI Analysis | Feedback

Major Customers of United States Lime & Minerals (USLM)

United States Lime & Minerals (USLM) sells its products primarily to other companies.

The provided company description does not list the names of specific customer companies. Instead, it identifies major customer categories, which include:

  • Construction customers, such as highway, road, and building contractors.
  • Industrial customers, including paper and glass manufacturers.
  • Environmental customers, comprising municipal sanitation and water treatment facilities, and flue gas treatment processes.
  • Steel producers.
  • Oil and gas services companies.
  • Roof shingle manufacturers.
  • Poultry and cattle feed producers.

AI Analysis | Feedback

null

AI Analysis | Feedback

Timothy W. Byrne, President & Chief Executive Officer

Mr. Byrne rejoined United States Lime & Minerals, Inc. as President and Chief Executive Officer in December 2000, positions he had previously held from 1997 to 1998. He has served various other roles within the company, including Senior Vice President, Chief Financial Officer, and Vice President of Finance and Administration from 1990 to 1998. Prior to rejoining in 2000, Mr. Byrne was president of Rainmaker Interactive, Inc., an Internet services and communications company focused on strategy, marketing, and technology. He also previously served as a Partner at a consulting and accounting firm in Washington, D.C. Mr. Byrne is a past president of the National Lime Association.

Michael L. Wiedemer, Vice President & Chief Financial Officer

Mr. Wiedemer has served as Vice President and Chief Financial Officer of United States Lime & Minerals, Inc. since September 18, 2017. In this capacity, he is responsible for the company's overall financial strategy and management, overseeing aspects such as accounting, financial planning and analysis, treasury, tax, and investor relations. Prior to this role, he served as Corporate Controller for TearLab Corporation.

Nathan M. O'Neill, Vice President of Production

Mr. O'Neill joined United States Lime & Minerals, Inc. in 2008 as the Quality Control Manager of Arkansas Lime Company. He then served as the Vice President and Plant Manager of Arkansas Lime Company from 2012, with responsibility for all on-site operations, including major capital projects and customer interfacing. Mr. O'Neill was promoted to Vice President – Production in February 2023. His career in the lime industry began at Linwood Mining as a quality control chemist.

Timothy Wade Stone, Vice President of Sales & Marketing

Mr. Stone holds the position of Vice President of Sales & Marketing at United States Lime & Minerals, Inc.

M. Michael Owens, Secretary & Treasurer

Mr. Owens has served as Secretary and Treasurer at United States Lime & Minerals, Inc. since August 9, 2002. He also previously held the positions of Chief Financial Officer and Vice President from August 9, 2002, to September 18, 2017, and served as Principal Accounting Officer for the company. Additionally, Mr. Owens served as Chief Financial Officer, Principal Accounting Officer, Vice President, Secretary, and Treasurer of IonSpec Corporation. Before joining United States Lime & Minerals Inc., he was Vice President of Finance at Sunshine Mining and Refining Company, a silver mining company, where he held various financial and accounting officer positions from 1983 to 2002. Mr. Owens possesses over 25 years of financial and accounting experience.

AI Analysis | Feedback

Key Risks for United States Lime & Minerals (USLM)

Key Risks to the Business of United States Lime & Minerals (USLM)

  1. Exposure to Cyclical End Markets: A significant portion of United States Lime & Minerals' revenue is derived from industries highly sensitive to economic fluctuations, including construction (highway, road, building contractors, roof shingle manufacturers), steel production, and oil and gas services companies. Downturns or reduced activity in these sectors can lead to decreased demand for their pulverized limestone, quicklime, hydrated lime, and lime slurry products, thereby impacting sales volumes and profitability.
  2. Volatility of Energy Costs: The manufacturing process for lime is energy-intensive. Significant fluctuations or increases in energy costs, particularly natural gas which is a primary fuel source for lime kilns, can directly impact the company's operating expenses and compress profit margins for its core lime and limestone products.
  3. Natural Gas Price Volatility Affecting Royalty Income: United States Lime & Minerals holds various royalty and non-operating working interests in natural gas wells in the Barnett Shale Formation. Fluctuations in natural gas commodity prices directly influence the revenue generated from these interests, introducing an element of volatility to the company's overall income.

AI Analysis | Feedback

The global energy transition away from fossil fuels, driven by climate change concerns, advancements in renewable energy technologies, and increasing regulatory and investor pressure, represents a clear emerging threat to the long-term value and profitability of the company's oil and gas royalty and non-operating working interests.

AI Analysis | Feedback

United States Lime & Minerals (USLM) operates within several addressable markets in the United States, primarily for its lime and limestone products. The key markets and their estimated sizes are as follows:

U.S. Lime Market

The overall U.S. lime market, which includes quicklime, hydrated lime, pulverized lime, and lime slurry, was valued at approximately USD 2.3 billion in 2024. This market is projected to grow to USD 3.4 billion by 2032, demonstrating a Compound Annual Growth Rate (CAGR) of 5.1% from 2025 to 2032. Another estimate places the U.S. lime market at USD 2.21 billion in 2025, with a projection to reach USD 3.13 billion by 2034, growing at a CAGR of 3.94% from 2026 to 2034. The market is significantly driven by demand from the construction, steel manufacturing, environmental sciences, and agriculture sectors.

U.S. Quicklime Market

Quicklime constitutes the largest segment within the U.S. lime market, holding a 68.3% share in 2025. The U.S. quicklime market was valued at USD 2.6 billion in 2024 and is forecast to reach USD 3.7 billion by 2035, with a CAGR of 3.0% in value. The demand for quicklime is substantial in industrial and environmental applications, including steel manufacturing, where it's crucial for impurity removal.

U.S. Hydrated Lime Market

The U.S. hydrated lime market is estimated to be valued at USD 970.2 million in 2025. It is anticipated to grow to USD 1.5 billion by 2035, at a CAGR of 4.2% over the forecast period of 2025 to 2035. This segment is expected to experience growth due to factors such as tightening federal water quality mandates.

U.S. Pulverized Limestone Market (Limestone Products)

The broader U.S. limestone market, which includes products like pulverized limestone, was estimated at USD 9.30 billion in 2023. This market is projected to reach USD 19.57 billion by 2033, growing at a CAGR of 7.72% from 2023 to 2033. The building & construction sector accounted for the largest share of this market in 2023, with over 81% of the revenue, driven by limestone's durability, weather resistance, and versatility. The limestone powder market, a component of this, is also seeing significant activity, with North America contributing substantially to its growth.

U.S. Lime Slurry Market

Specific market sizing for lime slurry as a standalone product is not readily available, but it is a product type included in the overall U.S. lime market.

AI Analysis | Feedback

United States Lime & Minerals (USLM) is expected to experience future revenue growth over the next two to three years driven by several key factors:

  1. Strong Demand from Construction and Infrastructure Projects: The company anticipates continued robust demand from its construction customers, including highway, road, and building contractors, with particular emphasis on significant projects such as large data centers. This broad demand for construction and infrastructure is a primary driver for its lime and limestone products.
  2. Increased Average Selling Prices: United States Lime & Minerals has demonstrated pricing power, with higher average selling prices for its core lime and limestone products contributing significantly to revenue growth and margin expansion.
  3. Growth in Sales Volumes: Alongside price increases, the company expects to see growth in sales volumes, fueled by strong market demand across its diverse customer base, including the construction, environmental, and steel sectors.
  4. Rising Demand from Environmental Applications: The increasing focus on environmental sustainability is leading to growing demand for lime and limestone products used in municipal sanitation, water treatment facilities, and flue gas desulfurization processes.
  5. Strategic Capacity Expansion and Modernization Initiatives: To meet anticipated demand, USLM is undertaking strategic modernization and expansion efforts in its operations, particularly in regions such as Texas, Arkansas, and Oklahoma, which are expected to bolster its competitive standing and market reach. These initiatives aim to enhance production capacity and operational efficiency.

AI Analysis | Feedback

Share Repurchases
  • United States Lime & Minerals has engaged in quarterly share buybacks, totaling approximately $2.66 million in 2025, $3.50 million in 2024, $1.23 million in 2023, $0.76 million in 2022, and $0.73 million in 2021.
  • The company performs modest and occasional share repurchases.
Share Issuance
  • The number of shares outstanding for United States Lime & Minerals has remained relatively stable, generally around 28-29 million shares between 2020 and 2025.
  • A 5:1 stock split occurred on July 15, 2024.
Capital Expenditures
  • The company confirmed an annual capital expenditure budget of approximately $22 million, primarily allocated to operational modernization and equipment upgrades, including a significant investment in a new kiln in Texas.
  • In the first quarter of 2025, capital investments were easily funded by robust cash generation, including a budgeted $65 million for a new vertical kiln at the Texas Lime Company subsidiary.
  • For the full fiscal year 2024, investing cash flow, which encompasses capital expenditures, was -$26.86 million.

Better Bets vs. United States Lime & Minerals (USLM)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

USLMJHXCRHVMCMLMEXPMedian
NameUnited S.James Ha.CRH Vulcan M.Martin M.Eagle Ma. 
Mkt Price120.3130.43100.60285.34549.54210.98165.64
Mkt Cap3.517.767.137.033.06.525.3
Rev LTM3775,41038,6328,1166,6882,3256,049
Op Inc LTM1597925,4281,6111,4175401,104
FCF LTM923522,7661,027810171581
FCF 3Y Avg903792,535889753308566
CFO LTM1637275,4191,8041,5196321,123
CFO 3Y Avg1388005,0601,6121,5315801,165

Growth & Margins

USLMJHXCRHVMCMLMEXPMedian
NameUnited S.James Ha.CRH Vulcan M.Martin M.Eagle Ma. 
Rev Chg LTM7.0%42.9%6.3%6.9%14.8%1.7%6.9%
Rev Chg 3Y Avg12.6%14.9%7.2%2.3%1.7%2.0%4.7%
Rev Chg Q8.3%63.9%5.6%2.5%21.0%2.6%7.0%
QoQ Delta Rev Chg LTM2.1%11.9%1.5%0.7%5.3%0.7%1.8%
Op Inc Chg LTM9.6%-0.3%6.7%9.9%1,868.1%-9.0%8.2%
Op Inc Chg 3Y Avg29.9%0.4%-12.1%11.1%620.1%-3.9%5.7%
Op Mgn LTM42.1%14.6%14.1%19.8%21.2%23.2%20.5%
Op Mgn 3Y Avg39.1%19.8%13.8%19.1%22.3%25.7%21.0%
QoQ Delta Op Mgn LTM0.5%-0.3%0.1%-0.2%-1.5%-1.2%-0.2%
CFO/Rev LTM43.1%13.4%14.0%22.2%22.7%27.2%22.5%
CFO/Rev 3Y Avg40.3%18.8%13.8%20.7%25.3%25.3%23.0%
FCF/Rev LTM24.4%6.5%7.2%12.7%12.1%7.3%9.7%
FCF/Rev 3Y Avg26.3%8.9%6.9%11.4%12.4%13.5%11.9%

Valuation

USLMJHXCRHVMCMLMEXPMedian
NameUnited S.James Ha.CRH Vulcan M.Martin M.Eagle Ma. 
Mkt Cap3.517.767.137.033.06.525.3
P/S9.23.31.74.64.92.83.9
P/Op Inc21.722.312.423.023.312.122.0
P/EBIT21.733.411.222.323.611.422.0
P/E25.7121.217.633.213.416.221.6
P/CFO21.224.312.420.521.710.320.9
Total Yield4.1%0.8%6.4%3.7%8.1%6.7%5.3%
Dividend Yield0.2%0.0%0.7%0.7%0.6%0.5%0.6%
FCF Yield 3Y Avg2.5%2.9%4.2%2.5%2.2%4.4%2.7%
D/E0.00.30.30.10.20.30.2
Net D/E-0.10.20.30.10.20.20.2

Returns

USLMJHXCRHVMCMLMEXPMedian
NameUnited S.James Ha.CRH Vulcan M.Martin M.Eagle Ma. 
1M Rtn19.0%22.8%-3.9%-3.4%-4.9%0.6%-1.4%
3M Rtn9.7%49.0%-10.3%1.1%-6.1%3.1%2.1%
6M Rtn11.8%30.0%-20.1%-12.5%-20.8%-6.8%-9.7%
12M Rtn7.5%7.9%-6.7%0.3%-9.6%-5.9%-2.8%
3Y Rtn182.0%1.3%85.9%30.3%22.7%16.5%26.5%
1M Excs Rtn16.7%20.4%-6.3%-5.7%-7.2%-1.8%-3.7%
3M Excs Rtn4.6%40.3%-16.0%-4.0%-11.6%-4.4%-4.2%
6M Excs Rtn-0.9%16.9%-32.1%-23.4%-32.0%-18.2%-20.8%
12M Excs Rtn-8.9%-12.5%-26.9%-20.4%-30.3%-27.8%-23.6%
3Y Excs Rtn117.2%-59.1%9.8%-43.2%-49.0%-57.9%-46.1%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Lime and limestone operations373318281236187
Other    2
Total373318281236189


Operating Income by Segment
$ Mil20232022202120202019
Lime and limestone operations8553463631
Other-011-2-1
Total8555463429


Net Income by Segment
$ Mil202520242023
Lime and limestone operations13410975
Total13410975


Assets by Segment
$ Mil20232022202120202019
Lime and limestone operations247229205191186
Other1931391118861
Total441368316279247


Price Behavior

Price Behavior
Market Price$120.31 
Market Cap ($ Bil)3.5 
First Trading Date03/26/1990 
Distance from 52W High-13.7% 
   50 Days200 Days
DMA Price$108.26$117.83
DMA Trenddowndown
Distance from DMA11.1%2.1%
 3M1YR
Volatility35.7%39.8%
Downside Capture80.58150.65
Upside Capture105.03124.39
Correlation (SPY)35.9%40.4%
USLM Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta0.200.700.801.031.261.21
Up Beta-2.23-0.50-0.570.340.911.13
Down Beta1.121.531.681.541.110.96
Up Capture102%63%84%85%147%351%
Bmk +ve Days11223567138427
Stock +ve Days13233465131393
Down Capture22%81%90%125%134%106%
Bmk -ve Days11212859114326
Stock -ve Days9202961120358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with USLM
USLM13.4%40.1%0.41-
Sector ETF (XLB)22.8%17.8%1.0044.1%
Equity (SPY)23.4%12.8%1.3740.4%
Gold (GLD)28.7%28.4%0.8820.7%
Commodities (DBC)37.2%20.1%1.46-16.7%
Real Estate (VNQ)12.4%13.8%0.6021.3%
Bitcoin (BTCUSD)-44.9%43.0%-1.2730.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with USLM
USLM34.2%36.4%0.89-
Sector ETF (XLB)7.1%19.1%0.2642.3%
Equity (SPY)13.5%17.2%0.6143.8%
Gold (GLD)18.9%18.6%0.838.0%
Commodities (DBC)9.2%19.6%0.367.8%
Real Estate (VNQ)2.1%18.9%0.0130.6%
Bitcoin (BTCUSD)10.6%52.9%0.3919.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with USLM
USLM26.7%36.6%0.75-
Sector ETF (XLB)10.3%20.7%0.4447.4%
Equity (SPY)15.4%17.9%0.7347.1%
Gold (GLD)12.1%16.2%0.614.6%
Commodities (DBC)7.7%18.1%0.3413.1%
Real Estate (VNQ)4.6%20.7%0.1839.3%
Bitcoin (BTCUSD)58.3%66.2%0.9814.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity0.9 Mil
Short Interest: % Change Since 6302026-0.8%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest4.6 days
Basic Shares Quantity28.7 Mil
Short % of Basic Shares3.0%

Earnings Returns History

Updated 8/7/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2026-0.1%4.3% 
4/29/2026-16.0%-16.6%-11.1%
2/2/2026-4.4%-12.8%3.5%
10/29/2025-4.0%-11.1%-7.8%
7/30/2025-10.7%-4.3%13.3%
4/30/20254.8%4.0%10.0%
2/3/20251.7%-5.6%-16.7%
10/30/20245.3%28.2%42.9%
...
SUMMARY STATS   
# Positive121516
# Negative1297
Median Positive3.2%4.3%10.6%
Median Negative-2.4%-8.6%-7.6%
Max Positive6.3%28.2%42.9%
Max Negative-16.0%-18.6%-16.7%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2026-0.1%4.3% 
4/29/2026-16.0%-16.6%-11.1%
2/2/2026-4.4%-12.8%3.5%
10/29/2025-4.0%-11.1%-7.8%
7/30/2025-10.7%-4.3%13.3%
4/30/20254.8%4.0%10.0%
2/3/20251.7%-5.6%-16.7%
10/30/20245.3%28.2%42.9%
7/31/2024-0.1%-18.6%-7.3%
4/30/20243.4%19.9%11.6%
2/2/20241.1%4.0%11.2%
10/31/2023-2.7%-0.2%7.2%
8/2/20232.0%4.4%5.5%
5/4/20233.5%2.4%15.5%
2/3/20231.9%2.2%3.5%
10/26/2022-0.1%6.8%15.3%
7/27/2022-8.0%-8.6%-4.2%
4/27/20223.2%2.5%6.6%
1/31/2022-1.9%-4.9%-7.6%
10/27/20212.2%7.9%5.7%
7/28/2021-0.6%0.4%3.4%
4/28/2021-2.1%1.7%-2.0%
1/29/20216.3%7.5%18.8%
10/28/20203.2%4.6%18.1%
SUMMARY STATS   
# Positive121516
# Negative1297
Median Positive3.2%4.3%10.6%
Median Negative-2.4%-8.6%-7.6%
Max Positive6.3%28.2%42.9%
Max Negative-16.0%-18.6%-16.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/30/202610-Q
03/31/202604/30/202610-Q
12/31/202502/26/202610-K
09/30/202510/30/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/27/202510-K
09/30/202410/31/202410-Q
06/30/202408/02/202410-Q
03/31/202405/01/202410-Q
12/31/202302/29/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202210/27/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/30/202610-Q
03/31/202604/30/202610-Q
12/31/202502/26/202610-K
09/30/202510/30/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/27/202510-K
09/30/202410/31/202410-Q
06/30/202408/02/202410-Q
03/31/202405/01/202410-Q
12/31/202302/29/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202210/27/202210-Q
06/30/202207/28/202210-Q
03/31/202204/28/202210-Q
12/31/202103/10/202210-K
09/30/202110/28/202110-Q
06/30/202107/30/202110-Q
03/31/202104/29/202110-Q
12/31/202002/26/202110-K
09/30/202010/30/202010-Q
06/30/202007/31/202010-Q
03/31/202004/30/202010-Q
12/31/201902/28/202010-K
09/30/201911/01/201910-Q

Insider Activity

Updated 5/4/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Duhe, Sandra C DirectSell3042026120.451,277153,815271,494Form
2Byrne, Timothy WPresident & CEODirectSell9052025119.5012,1001,445,89610,328,236Form
3Byrne, Timothy WPresident & CEODirectSell9052025121.0527,4253,319,72411,927,040Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Duhe, Sandra C DirectSell3042026120.451,277153,815271,494Form
2Byrne, Timothy WPresident & CEODirectSell9052025119.5012,1001,445,89610,328,236Form
3Byrne, Timothy WPresident & CEODirectSell9052025121.0527,4253,319,72411,927,040Form
Core Cache Last Updated: 8/10/2026