Tearsheet

Vulcan Materials (VMC)

Market Price (3/13/2026): $265.52 | Market Cap: $34.9 Bil
Sector: Materials | Industry: Construction Materials

Vulcan Materials (VMC)

Market Price (3/13/2026): $265.52
Market Cap: $34.9 Bil
Sector: Materials
Industry: Construction Materials

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

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%	Weak multi-year price returns 2Y Excs Rtn is -33%, 3Y Excs Rtn is -18%	Key risks VMC key risks include [1] financial and reputational exposure from specific environmental liabilities, Show more.
1	Low stock price volatility Vol 12M is 26%
2	Megatrend and thematic drivers Megatrends include Sustainable Infrastructure, Water Infrastructure, and Sustainable & Green Buildings. Themes include Renewable Energy Equipment, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
1	Low stock price volatility Vol 12M is 26%
2	Megatrend and thematic drivers Megatrends include Sustainable Infrastructure, Water Infrastructure, and Sustainable & Green Buildings. Themes include Renewable Energy Equipment, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -33%, 3Y Excs Rtn is -18%
4	Key risks VMC key risks include [1] financial and reputational exposure from specific environmental liabilities, Show more.

Valuation, Metrics & Events

	3/13/26	2025	2024	2023	2022
Share Price CYE	$265.52	$285.22	$257.23	$227.01	$175.11
Market Cap CYE ($ Bil)	34.9	37.5	34.0	30.1	23.3
Total Debt ($ Bil)	4.9	4.9	5.8	4.4	4.5
Total Cash ($ Bil)	0.2	0.2	0.6	0.9	0.2
Enterprise Value ($ Bil)	39.6	42.4	39.8	34.5	27.8
Valuation Ratios
P/S TTM	4.4	4.7	4.6	3.9	3.2
P/EBIT TTM	21.4	23.0	25.0	20.9	24.3
P/E TTM	32.4	34.8	37.3	32.3	40.5
P/FCF TTM	30.7	33.0	42.2	45.4	43.5
Sector Ratios
P/S TTM (Sector)	1.8	1.6	1.4	1.4	1.2
P/EBIT TTM (Sector)	6.7	5.8	7.0	7.0	5.5
P/E TTM (Sector)	-0.4	-0.5	6.2	8.6	5.2
P/FCF TTM (Sector)	9.3	7.8	8.0	5.7	2.8

	3/13/26	2025	2024
Share Price CYE	$265.52	$285.22	$257.23
Market Cap CYE ($ Bil)	34.9	37.5	34.0
Total Debt ($ Bil)	4.9	4.9	5.8
Total Cash ($ Bil)	0.2	0.2	0.6
Enterprise Value ($ Bil)	39.6	42.4	39.8
Valuation Ratios
P/S TTM	4.4	4.7	4.6
P/EBIT TTM	21.4	23.0	25.0
P/E TTM	32.4	34.8	37.3
P/FCF TTM	30.7	33.0	42.2
Sector Ratios
P/S TTM (Sector)	1.8	1.6	1.4
P/EBIT TTM (Sector)	6.7	5.8	7.0
P/E TTM (Sector)	-0.4	-0.5	6.2
P/FCF TTM (Sector)	9.3	7.8	8.0

	VMC	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	7.9
Rev Chg Q	3.2%	7.2%
Rev Chg LTM	7.1%	6.6%
Rev Chg 3Y Avg	2.9%	5.7%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	1.6
CFO LTM ($ Bil)	1.8
Net Inc LTM ($ Bil)	1.1
Op Mgn LTM	19.7%	18.7%
CFO/Rev LTM	22.8%	20.9%
Net Inc Mgn	13.6%	12.8%
VALUATION	HIGH
P/S	4.4	3.2
P/CFO	19.2	15.2
P/FCF	30.7	19.8
P/E	32.4	24.0
STABILITY	GOOD
Debt/Equity	0.14	0.22
Cash/Assets	0.01	0.07

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Metric	Value	Date	Source
Aggregates Shipments	64.7 million tons	9302025	Link
Aggregates Cash Gross Profit Per Ton	11.84	9302025	Link
Trailing-Twelve Months Aggregates Cash Gross Profit Per Ton	11.51	9302025	Link
Asphalt Segment Cash Gross Profit	84 million	9302025	Link
Concrete Segment Cash Gross Profit	31 million	9302025	Link
Number of Active Aggregates Operations	423	12312024	Link
Annual Aggregates Shipped	220 million tons	12312024	Link

Recent
2/17/2026	Earnings Release	Rev: $1.0 Bil (A) vs. $1.0 Bil (E) EPS: 1.70 (A) vs. $2.11 (E)
3/09/2026	Dividend	Amount: $0.52 Payment On: 3/23/2026
Upcoming
4/29/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $1.28 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Vulcan Materials (VMC) stock has lost about 10% since 11/30/2025 because of the following key factors:

1. Vulcan Materials' Q4 2025 earnings and revenue fell short of analyst expectations, triggering an immediate stock decline.

On February 17, 2026, Vulcan Materials reported adjusted earnings per share (EPS) of $1.70, missing consensus estimates by $0.43, a 20.2% shortfall. Concurrently, revenue of $1.91 billion missed expectations by $40 million, representing a 1.9% miss. This financial disappointment led to an approximate 7% drop in the company's stock price in after-hours trading on the day of the announcement.

2. The company provided 2026 adjusted EBITDA guidance that was below analyst consensus.

Management issued 2026 adjusted EBITDA guidance in the range of $2.4 billion to $2.6 billion, with a midpoint of $2.5 billion. This forecast was below the average analyst estimate of $2.65 billion, contributing to a cautious outlook from investors regarding future profitability.

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Stock Movement Drivers

Fundamental Drivers

The -11.1% change in VMC stock from 11/30/2025 to 3/12/2026 was primarily driven by a -8.1% change in the company's P/E Multiple.

(LTM values as of)	11302025	3122026	Change
Stock Price ($)	296.68	263.81	-11.1%
Change Contribution By:
Total Revenues ($ Mil)	7,882	7,941	0.7%
Net Income Margin (%)	14.2%	13.6%	-4.4%
P/E Multiple	35.0	32.2	-8.1%
Shares Outstanding (Mil)	132	131	0.5%
Cumulative Contribution			-11.1%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/12/2026

	Return	Correlation
VMC	-11.1%
Market (SPY)	-2.5%	38.3%
Sector (XLB)	11.1%	54.5%

Fundamental Drivers

The -9.1% change in VMC stock from 8/31/2025 to 3/12/2026 was primarily driven by a -20.2% change in the company's P/E Multiple.

(LTM values as of)	8312025	3122026	Change
Stock Price ($)	290.11	263.81	-9.1%
Change Contribution By:
Total Revenues ($ Mil)	7,595	7,941	4.6%
Net Income Margin (%)	12.5%	13.6%	8.3%
P/E Multiple	40.3	32.2	-20.2%
Shares Outstanding (Mil)	132	131	0.6%
Cumulative Contribution			-9.1%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/12/2026

	Return	Correlation
VMC	-9.1%
Market (SPY)	3.5%	35.2%
Sector (XLB)	8.2%	52.4%

Fundamental Drivers

The 7.7% change in VMC stock from 2/28/2025 to 3/12/2026 was primarily driven by a 10.3% change in the company's Net Income Margin (%).

(LTM values as of)	2282025	3122026	Change
Stock Price ($)	245.02	263.81	7.7%
Change Contribution By:
Total Revenues ($ Mil)	7,418	7,941	7.1%
Net Income Margin (%)	12.3%	13.6%	10.3%
P/E Multiple	35.5	32.2	-9.4%
Shares Outstanding (Mil)	132	131	0.7%
Cumulative Contribution			7.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/12/2026

	Return	Correlation
VMC	7.7%
Market (SPY)	13.1%	46.7%
Sector (XLB)	13.6%	58.0%

Fundamental Drivers

The 49.5% change in VMC stock from 2/28/2023 to 3/12/2026 was primarily driven by a 72.3% change in the company's Net Income Margin (%).

(LTM values as of)	2282023	3122026	Change
Stock Price ($)	176.45	263.81	49.5%
Change Contribution By:
Total Revenues ($ Mil)	7,315	7,941	8.6%
Net Income Margin (%)	7.9%	13.6%	72.3%
P/E Multiple	40.8	32.2	-21.0%
Shares Outstanding (Mil)	133	131	1.2%
Cumulative Contribution			49.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/12/2026

	Return	Correlation
VMC	49.5%
Market (SPY)	74.3%	52.1%
Sector (XLB)	28.1%	57.3%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
VMC Return	41%	-15%	31%	14%	12%	-6%	87%
Peers Return	49%	-23%	63%	29%	3%	-3%	140%
S&P 500 Return	27%	-19%	24%	23%	16%	-1%	80%
Monthly Win Rates [3]
VMC Win Rate	83%	42%	50%	50%	58%	67%
Peers Win Rate	72%	39%	66%	58%	62%	33%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
VMC Max Drawdown	-2%	-32%	-8%	-3%	-14%	-6%
Peers Max Drawdown	-3%	-37%	-4%	-4%	-22%	-8%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-2%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: MLM, CRH, EXP, KNF. See VMC Returns vs. Peers.
[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 3/12/2026 (YTD)

How Low Can It Go

Unique Key	Event	VMC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-32.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	48.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	363 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-48.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	93.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	204 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-40.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	67.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	291 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-72.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	257.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	2,681 days	1,480 days

Compare to MLM, CRH, EXP, KNF

In The Past

Vulcan Materials's stock fell -32.8% during the 2022 Inflation Shock from a high on 1/4/2022. A -32.8% loss requires a 48.8% gain to breakeven.

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About Vulcan Materials (VMC)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Vulcan Materials Company, together with its subsidiaries, produces and supplies construction aggregates primarily in the United States. It operates through four segments: Aggregates, Asphalt, Concrete, and Calcium. The Aggregates segment provides crushed stones, sand and gravel, sand, and other aggregates; and related products and services that are applied in construction and maintenance of highways, streets, and other public works, as well as in the construction of housing and commercial, industrial, and other nonresidential facilities. The Asphalt Mix segment offers asphalt mix in Alabama, Arizona, California, New Mexico, Tennessee, and Texas, as well as engages in the asphalt construction paving activity in Alabama, Tennessee, and Texas. The Concrete segment provides ready-mixed concrete in California, Maryland, New Jersey, New York, Oklahoma, Pennsylvania, Texas and Virginia, and Washington D.C. The Calcium segment mines, produces, and sells calcium products for the animal feed, plastics, and water treatment industries. The company was formerly known as Virginia Holdco, Inc. and changed its name to Vulcan Materials Company. Vulcan Materials Company was founded in 1909 and is headquartered in Birmingham, Alabama.

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Here are 1-3 brief analogies for Vulcan Materials (VMC):

The **ExxonMobil** of rocks and sand, providing the essential bulk aggregates (like crushed stone and gravel) that literally build our roads, bridges, and buildings.
Like the **U.S. Steel** of raw construction materials, supplying the foundational crushed stone, sand, and gravel that underpins all infrastructure projects.
The **Sysco** of construction aggregates, acting as the primary B2B supplier of essential foundational materials for builders and infrastructure projects.

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Crushed Stone: Used as a base material in construction projects, concrete, and asphalt production.
Sand and Gravel: Natural aggregates essential for concrete, asphalt, and various construction fills.
Asphalt Mix: A pavement material primarily used in road construction and repair.
Ready-Mixed Concrete: Concrete batched and mixed for delivery to construction sites.

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Vulcan Materials (symbol: VMC) primarily sells its products to other companies (B2B) within the construction industry. The company is the largest producer of construction aggregates (crushed stone, sand, and gravel) in the United States, and also produces asphalt mix and ready-mixed concrete. Vulcan Materials has a highly diversified and fragmented customer base, and according to their annual reports (10-K), no single customer accounts for 10% or more of their net sales. Therefore, it is not possible to list specific "major customer companies" by name and symbol. Instead, their customers fall into broad categories of businesses:

Heavy Highway and Infrastructure Contractors: These companies are engaged in large-scale public works projects, including the construction and maintenance of roads, highways, bridges, airports, ports, and other essential infrastructure. They are significant consumers of aggregates, asphalt, and ready-mixed concrete.
Commercial Construction Contractors and Developers: This category includes businesses involved in building commercial structures such as office buildings, retail centers, industrial parks, warehouses, hospitals, and other institutional facilities.
Residential Construction Companies: Homebuilders and developers who construct single-family homes, multi-family housing units, and residential communities, utilizing aggregates and concrete for foundations, driveways, and community infrastructure.

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J. Thomas Hill, Chairman and Chief Executive Officer

Mr. Hill was elected Chairman of the Board for Vulcan Materials Company in December 2015, and President and Chief Executive Officer in July 2014. He has been with Vulcan for more than 25 years, serving in a variety of operations and general management assignments since first joining the Company in 1979 as an operations trainee. Prior to being named CEO, Mr. Hill was executive vice president and chief operating officer. He also served as president of Vulcan's former Florida Rock Division and Southwest Division. From 1990 to 1996, he worked for Redlands Stone Products in sales and operations management before rejoining Vulcan in 1996 as vice president and general manager of the Southwest Division. Effective January 1, 2026, Mr. Hill will transition to the role of Executive Chairman of the Board.

Ronnie A. Pruitt, Chief Operating Officer (Incoming Chief Executive Officer effective January 1, 2026)

Mr. Pruitt will become Chief Executive Officer of Vulcan Materials Company, effective January 1, 2026. He currently serves as Chief Operating Officer, a role he has held since August 2023. Mr. Pruitt joined Vulcan as part of the Company's August 2021 acquisition of U.S. Concrete, Inc. Prior to his current position at Vulcan, he served as President and Chief Executive Officer of U.S. Concrete. He joined U.S. Concrete in 2015 and held various leadership roles there, including chief operating officer and senior vice president. Mr. Pruitt is a veteran of the building materials industry with over three decades of experience.

Mary Andrews Carlisle, Senior Vice President and Chief Financial Officer

Ms. Carlisle is Senior Vice President and Chief Financial Officer for Vulcan Materials Company. She joined Vulcan in May 2006 and has held various leadership roles within the Company's accounting and finance departments. Prior to her current position, Ms. Carlisle was vice president of finance and also served as vice president of financial planning, analysis and reporting, vice president of business development, and vice president of finance for the Southern and Gulf Coast Division.

Thompson S. Baker II, President

Mr. Baker serves as President of Vulcan Materials Company.

Stanley G. Bass, Chief Strategy Officer

Mr. Bass is Chief Strategy Officer for Vulcan Materials Company and has served in this role since February 2016. He joined the Company in 1996 and has held a variety of operations and general management assignments. Prior to his current position, Mr. Bass was senior vice president of the West Region, and also served as senior vice president of the Central Region and president of the Midsouth and Southwest Divisions.

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The key risks to Vulcan Materials' business are primarily linked to its dependence on the cyclical construction industry, vulnerability to weather conditions, and exposure to stringent regulatory and environmental challenges.

Economic Sensitivity and Dependence on Construction Industry Cycles: Vulcan Materials' business growth is highly susceptible to overall economic conditions and the cyclical nature of the construction industry. A decline in construction activity, whether due to economic downturns or reductions in public funding for infrastructure projects, directly impacts the demand for aggregates and can significantly reduce the company's revenues and profitability. For example, a poor residential market in 2009 led to a 26.3% decline in Vulcan Materials' total revenue.
Weather-Related Disruptions and Seasonality: As Vulcan Materials' products are primarily used in outdoor public and private construction projects, its operations are significantly affected by weather conditions and the inherent seasonality of the construction business. Adverse weather can create substantial headwinds, impacting production and sales volumes, which can lead to variability in quarterly financial results. Poor weather conditions in Q3 FY24 created significant headwinds for the company.
Regulatory Hurdles, Environmental Liabilities, and Legal Challenges: Operating in a heavily regulated industry, Vulcan Materials faces ongoing risks from changes in legal requirements and governmental policies, particularly those related to environmental matters such as emissions, land use, and water quality. The company also faces potential financial and reputational risks from environmental liabilities, including involvement in Superfund sites, and legal proceedings. Legal and Regulatory is identified as a top risk category for the company.

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Vulcan Materials Company's main products and their addressable market sizes in the U.S. are as follows:

Construction Aggregates (crushed stone, sand, and gravel): The U.S. construction aggregate market was valued at USD 75 billion in 2024 and is projected to reach USD 151 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 6.57% from 2025 to 2035.
Asphalt: The asphalt manufacturing industry in the U.S. is expected to reach USD 36.7 billion in revenue in 2025, reflecting a 1.7% increase from 2024. The market has grown at a CAGR of 2.9% between 2020 and 2025.
Ready-Mixed Concrete: The ready-mix concrete market size in the U.S. was over USD 130 billion in 2024 and is anticipated to grow at a CAGR of more than 8% from 2025 to 2034. Additionally, the U.S. ready-mix concrete market is projected to reach an estimated value of USD 475.30 billion by 2032.

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Vulcan Materials (VMC) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic pricing, increased shipment volumes, and a favorable demand environment in key construction sectors.

The anticipated drivers are:

Pricing Increases: Vulcan Materials anticipates continued mid-single-digit growth in pricing, supported by a healthy overall pricing environment in its markets. Management expects this trend to contribute to another year of earnings growth in 2026.
Growth in Shipments (Volume): The company projects modest growth in aggregate shipments. For the full year 2025, shipments are expected to increase by approximately 3% year-over-year. Organic shipments are also forecasted to return to growth in 2026.
Strong Public Construction Activity: Continued strength in public construction is a significant driver, largely fueled by ongoing infrastructure investments. Approximately 60% of the funds from the Infrastructure Investment and Jobs Act (IIJA) are yet to be spent, indicating a sustained tailwind for public projects.
Improving Private Nonresidential Construction: Vulcan Materials expects an improving outlook for private nonresidential construction. This includes robust activity in sectors such as data centers, with nearly 80% of proposed data center projects located within 30 miles of a Vulcan operation, positioning the company to capitalize on this demand.

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Share Repurchases

Vulcan Materials returned $294 million to shareholders through dividends and share repurchases for the trailing twelve months ending September 30, 2025.
In the first quarter of 2025, the company made $38 million in stock repurchases.

Share Issuance

No significant share issuance information was found within the last 3-5 years.

Inbound Investments

No large inbound investments by third-parties like strategic partners or private equity firms were identified in the last 3-5 years.

Outbound Investments

Vulcan Materials deployed $2,068 million for strategic acquisitions in the trailing twelve months ending September 30, 2025.
The company acquired Superior Ready Mix in December 2024 and Wake Stone in September 2024.
In June 2021, Vulcan Materials acquired U.S. Concrete for $1.29 billion.

Capital Expenditures

Capital expenditures for maintenance and growth projects totaled $235 million in the third quarter of 2025.
Year-to-date capital expenditures through the third quarter of 2025 were $442 million, with a full-year 2025 expectation of approximately $700 million.
The primary focus of capital expenditures is for maintenance and growth projects, including greenfields.

Interactive Breakdown

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Better Bets vs. Vulcan Materials (VMC)

INDUSTRY: Construction Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for VMC: 2.9% | 4.4x)

CRH (5.0% | 1.8x)

CRH

JHX (4.9% | 2.6x)

James Hardie Industries

EXP (3.3% | 2.6x)

Eagle Materials

KNF (7.5% | 1.4x)

Knife River

TGLS (11.2% | 2.1x)

Tecnoglass

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VMC: 2.9% | 22.1x)

CRH (5.0% | 12.5x)

CRH

JHX (4.9% | 16.0x)

James Hardie Industries

EXP (3.3% | 10.5x)

Eagle Materials

KNF (7.5% | 15.5x)

Knife River

USLM (16.5% | 21.2x)

United States Lime & Minerals

Higher Rev Chg LTM (Value for VMC: 7.1%)

USLM (17.3%)

United States Lime & Minerals

JHX (12.6%)

James Hardie Industries

TGLS (10.5%)

Tecnoglass

KNF (8.5%)

Knife River

MLM (7.8%)

Martin Marietta Materials

Higher Rev Chg 3Y Avg (Value for VMC: 2.9%)

USLM (16.5%)

United States Lime & Minerals

KNF (7.5%)

Knife River

CRH (5.0%)

CRH

JHX (4.9%)

James Hardie Industries

EXP (3.3%)

Eagle Materials

Higher Op Mgn LTM (Value for VMC: 19.7%)

USLM (42.4%)

United States Lime & Minerals

EXP (24.6%)

Eagle Materials

TGLS (24.0%)

Tecnoglass

MLM (23.2%)

Martin Marietta Materials

Higher CFO/Rev LTM (Value for VMC: 22.8%)

USLM (44.3%)

United States Lime & Minerals

MLM (27.3%)

Martin Marietta Materials

EXP (25.0%)

Eagle Materials

Higher FCF/Rev LTM (Value for VMC: 14.3%)

USLM (27.4%)

United States Lime & Minerals

MLM (14.9%)

Martin Marietta Materials

Higher Total Yield (Value for VMC: 3.9%)

TGLS (9.1%)

Tecnoglass

EXP (7.5%)

Eagle Materials

SMID (6.7%)

Smith-Midland

CRH (6.0%)

CRH

USLM (4.1%)

United States Lime & Minerals

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for VMC: 2.9% | 4.4x)

FCX (4.5% | 3.3x)

Freeport-McMoRan

CRH (5.0% | 1.8x)

CRH

SW (55.1% | 0.7x)

Smurfit WestRock

IP (9.2% | 0.8x)

International Paper

IAG (47.7% | 4.3x)

Iamgold

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VMC: 2.9% | 22.1x)

SCCO (10.5% | 21.8x)

Southern Copper

NEM (26.2% | 11.3x)

Newmont

AEM (28.1% | 17.3x)

Agnico Eagle Mines

FCX (4.5% | 13.1x)

Freeport-McMoRan

B (16.0% | 9.3x)

Barrick Mining

Higher Rev Chg LTM (Value for VMC: 7.1%)

AU (61.8%)

Anglogold Ashanti

AEM (43.7%)

Agnico Eagle Mines

B (31.2%)

Barrick Mining

NEM (21.3%)

Newmont

SCCO (17.4%)

Southern Copper

Higher Rev Chg 3Y Avg (Value for VMC: 2.9%)

AEM (28.1%)

Agnico Eagle Mines

NEM (26.2%)

Newmont

SCCO (10.5%)

Southern Copper

FCX (4.5%)

Freeport-McMoRan

ECL (4.3%)

Ecolab

Higher Op Mgn LTM (Value for VMC: 19.7%)

AEM (53.0%)

Agnico Eagle Mines

SCCO (52.2%)

Southern Copper

NEM (48.6%)

Newmont

LIN (27.2%)

Linde

FCX (25.1%)

Freeport-McMoRan

Higher CFO/Rev LTM (Value for VMC: 22.8%)

AEM (57.2%)

Agnico Eagle Mines

NEM (45.6%)

Newmont

B (45.3%)

Barrick Mining

SCCO (35.4%)

Southern Copper

LIN (30.5%)

Linde

Higher FCF/Rev LTM (Value for VMC: 14.3%)

AEM (35.8%)

Agnico Eagle Mines

NEM (32.2%)

Newmont

SCCO (25.5%)

Southern Copper

B (22.8%)

Barrick Mining

LIN (15.0%)

Linde

Higher Total Yield (Value for VMC: 3.9%)

NEM (6.6%)

Newmont

AEM (4.7%)

Agnico Eagle Mines

SCCO (4.5%)

Southern Copper

SHW (4.3%)

Sherwin-Williams

LIN (4.3%)

Linde

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for VMC: 2.9% | 4.4x)

AMZN (11.7% | 3.1x)

Amazon.com

BRK-B (27.0% | 2.6x)

Berkshire Hathaway

WMT (5.4% | 1.4x)

Walmart

JPM (12.8% | 4.2x)

JPMorgan Chase

COST (6.7% | 1.6x)

Costco Wholesale

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VMC: 2.9% | 22.1x)

MSFT (14.4% | 20.9x)

Microsoft

META (19.9% | 19.3x)

Meta Platforms

V (11.1% | 21.2x)

Visa

MRK (3.2% | 13.0x)

Merck

PM (8.6% | 17.9x)

Philip Morris International

Higher Rev Chg LTM (Value for VMC: 7.1%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for VMC: 2.9%)

NVDA (101.8%)

NVIDIA

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

AAPL (4.1%)

Apple

Higher Op Mgn LTM (Value for VMC: 19.7%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

META (41.4%)

Meta Platforms

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for VMC: 22.8%)

META (57.6%)

Meta Platforms

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

Higher FCF/Rev LTM (Value for VMC: 14.3%)

NVDA (44.8%)

NVIDIA

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

META (22.9%)

Meta Platforms

GOOGL (18.2%)

Alphabet

Higher Total Yield (Value for VMC: 3.9%)

JPM (7.4%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

MSFT (4.8%)

Microsoft

META (4.1%)

Meta Platforms

GOOGL (3.9%)

Alphabet

Best Bets in Materials

What You Pay

P/EBIT (Value for VMC: 21.3x)

RGLD (36.0x)

Royal Gold

SCCO (21.3x)

Southern Copper

USLM (21.2x)

United States Lime & Minerals

CF (8.9x)

CF Industries

NEU (9.2x)

NewMarket

NEM (10.8x)

Newmont

EXP (10.0x)

Eagle Materials

SMG (9.2x)

Scotts Miracle Gro

B (8.1x)

Barrick Mining

CBT (5.9x)

Cabot

P/E (Value for VMC: 32.2x)

RGLD (46.6x)

Royal Gold

SCCO (35.2x)

Southern Copper

USLM (24.9x)

United States Lime & Minerals

CF (14.6x)

CF Industries

NEU (13.1x)

NewMarket

NEM (17.6x)

Newmont

EXP (13.8x)

Eagle Materials

SMG (38.5x)

Scotts Miracle Gro

B (15.0x)

Barrick Mining

CBT (11.7x)

Cabot

What You Get

Rev Chg 3Y Avg (Value for VMC: 2.9%)

RGLD (20.8%)

Royal Gold

SCCO (10.5%)

Southern Copper

USLM (16.5%)

United States Lime & Minerals

CF (-10.6%)

CF Industries

NEU (-0.4%)

NewMarket

NEM (26.2%)

Newmont

EXP (3.3%)

Eagle Materials

SMG (-4.6%)

Scotts Miracle Gro

B (16.0%)

Barrick Mining

CBT (-5.7%)

Cabot

Rev Chg LTM (Value for VMC: 7.1%)

RGLD (43.2%)

Royal Gold

SCCO (17.4%)

Southern Copper

USLM (17.3%)

United States Lime & Minerals

CF (19.3%)

CF Industries

NEU (-2.2%)

NewMarket

NEM (21.3%)

Newmont

EXP (1.4%)

Eagle Materials

SMG (-4.5%)

Scotts Miracle Gro

B (31.2%)

Barrick Mining

CBT (-9.6%)

Cabot

Rev Chg Q (Value for VMC: 3.2%)

RGLD (85.3%)

Royal Gold

SCCO (39.0%)

Southern Copper

USLM (9.8%)

United States Lime & Minerals

CF (22.8%)

CF Industries

NEU (-2.9%)

NewMarket

NEM (20.6%)

Newmont

EXP (-0.4%)

Eagle Materials

SMG (-3.3%)

Scotts Miracle Gro

B (64.5%)

Barrick Mining

CBT (-11.1%)

Cabot

FCF/Rev 3Y Avg (Value for VMC: 11.2%)

RGLD (27.8%)

Royal Gold

SCCO (27.0%)

Southern Copper

USLM (26.4%)

United States Lime & Minerals

CF (23.5%)

CF Industries

NEU (18.1%)

NewMarket

NEM (16.3%)

Newmont

EXP (15.1%)

Eagle Materials

SMG (13.2%)

Scotts Miracle Gro

B (12.9%)

Barrick Mining

CBT (10.7%)

Cabot

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	VMC Stock Falls -15% In 9-day Losing Spree On JPMorgan Downgrade To Neutral	03/13/2026
2	VMC Stock Falls -13% In 8-day Spree On JP Morgan Downgrade, Weaker Guidance	03/12/2026
3	VMC Stock Falls -14% In 8-day Spree On JPMorgan Downgrade To Neutral	03/12/2026
4	VMC Stock Falls -11% In 7-Day Spree On JPMorgan Downgrade To Neutral	03/11/2026
5	VMC Stock Falls -12% In 7-Day Spree On JPMorgan Downgrade	03/11/2026
6	ARTICLES
7	Between James Hardie Industries and Vulcan Materials, Which Stock Looks Set to Break Out?	03/10/2026
8	VMC Stock Falls -11% In A 6-day Losing Spree On JPMorgan Downgrade	03/10/2026
9	Large Cap Stocks Trading At 52-Week High	10/01/2025
10	S&P 500 Stocks Trading At 52-Week High	09/11/2025
11	Mid Cap Stocks Trading At 52-Week High	08/13/2025

	Title
0	DASHBOARDS
1	VMC Stock Falls -15% In 9-day Losing Spree On JPMorgan Downgrade To Neutral
2	VMC Stock Falls -13% In 8-day Spree On JP Morgan Downgrade, Weaker Guidance
3	VMC Stock Falls -14% In 8-day Spree On JPMorgan Downgrade To Neutral
4	VMC Stock Falls -11% In 7-Day Spree On JPMorgan Downgrade To Neutral
5	VMC Stock Falls -12% In 7-Day Spree On JPMorgan Downgrade
6	ARTICLES
7	Between James Hardie Industries and Vulcan Materials, Which Stock Looks Set to Break Out?
8	VMC Stock Falls -11% In A 6-day Losing Spree On JPMorgan Downgrade
9	Large Cap Stocks Trading At 52-Week High
10	S&P 500 Stocks Trading At 52-Week High
11	Mid Cap Stocks Trading At 52-Week High

Trade Ideas

Select ideas related to VMC.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
IP_1312026_Insider_Buying_45D_2Buy_200K	01312026	IP	International Paper	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	9.1%	9.1%	0.0%
B_1302026_Quality_Momentum_RoomToRun_10%	01302026	B	Barrick Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	11.7%	11.7%	-4.0%
AMR_12312025_Insider_Buying_45D_2Buy_200K	12312025	AMR	Alpha Metallurgical Resources	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	-18.6%	-18.6%	-18.6%
EMN_12262025_Dip_Buyer_ValueBuy	12262025	EMN	Eastman Chemical	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	18.9%	18.9%	0.0%
AMCR_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	AMCR	Amcor	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	19.2%	19.2%	-0.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LWLG	Lightwave Logic	0.9	41.0%	118.5%
WOOF	Petco Health and Wellness	0.9	34.6%	14.9%
ACDC	ProFrac	1.2	18.8%	78.9%
CE	Celanese	6.5	14.7%	41.0%
LXU	LSB Industries	1.1	14.4%	81.6%
KOS	Kosmos Energy	1.1	13.4%	151.3%
CF	CF Industries	21.9	13.2%	76.8%
FLY	Firefly Aerospace	2.2	12.8%	3.8%
BLDP	Ballard Power Systems	0.7	12.6%	-4.7%
LYB	LyondellBasell Industries	23.9	10.3%	73.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIV	Apartment Investment & Management	0.4	-35.4%	-53.5%
RHLD	Resolute Management	1.0	-25.1%	-44.2%
NTSK	Netskope	2.3	-21.3%	-45.6%
PSNL	Personalis	0.6	-17.1%	-17.2%
AAOI	Applied Optoelectronics	6.7	-16.4%	204.6%
IOVA	Iovance Biotherapeutics	1.5	-15.9%	49.1%
XMTR	Xometry	1.8	-14.7%	-39.3%
KMTS	Kestra Medical Technologies	1.0	-14.1%	-28.3%
GRPN	Groupon	0.4	-12.8%	-45.1%
ADPT	Adaptive Biotechnologies	1.9	-12.4%	-23.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
DAWN	Day One Biopharmaceuticals	2.2	66.4%	128.2%
LWLG	Lightwave Logic	0.9	61.3%	118.5%
QURE	uniQure	1.0	59.1%	-29.2%
HIMS	Hims & Hers Health	5.4	50.1%	-26.6%
XENE	Xenon Pharmaceuticals	4.6	37.7%	29.2%
SLDB	Solid Biosciences	0.7	37.4%	36.7%
OCGN	Ocugen	0.7	34.5%	73.3%
WOOF	Petco Health and Wellness	0.9	31.8%	14.9%
ACDC	ProFrac	1.2	31.1%	78.9%
DNTH	Dianthus Therapeutics	3.0	30.8%	94.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AIV	Apartment Investment & Management	0.4	-36.6%	-53.5%
OLMA	Olema Pharmaceuticals	1.3	-33.9%	-40.4%
RHLD	Resolute Management	1.0	-32.8%	-44.2%
FWRD	Forward Air	0.5	-30.6%	-33.7%
CDRE	Cadre	1.3	-29.0%	-21.6%
FICO	Fair Isaac	25.9	-25.9%	-35.3%
GPGI	GPGI	1.9	-23.8%	-9.0%
PSNL	Personalis	0.6	-23.0%	-17.2%
GRPN	Groupon	0.4	-22.0%	-45.1%
ADPT	Adaptive Biotechnologies	1.9	-21.8%	-23.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
FSLY	Fastly	3.6	166.4%	137.9%
AAOI	Applied Optoelectronics	6.7	119.0%	204.6%
SOC	Sable Offshore	1.7	114.1%	93.5%
LWLG	Lightwave Logic	0.9	98.3%	118.5%
AXTI	AXT	2.0	91.9%	185.8%
CRCL	Circle Internet	26.2	91.1%	44.0%
DAWN	Day One Biopharmaceuticals	2.2	86.3%	128.2%
ACHC	Acadia Healthcare	2.2	76.8%	70.2%
ACLX	Arcellx	6.5	70.0%	75.3%
PVLA	Palvella Therapeutics	1.5	68.6%	30.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
GRAL	GRAIL	1.6	-57.2%	-48.2%
AIV	Apartment Investment & Management	0.4	-53.6%	-53.5%
MNKD	MannKind	0.9	-51.6%	-50.3%
CWH	Camping World	0.4	-50.2%	-34.0%
EOSE	Eos Energy Enterprises	1.7	-49.9%	-46.6%
XMTR	Xometry	1.8	-47.4%	-39.3%
FWRD	Forward Air	0.5	-44.9%	-33.7%
RHLD	Resolute Management	1.0	-43.3%	-44.2%
AMWD	American Woodmark	0.6	-43.1%	-27.4%
ULCC	Frontier	0.8	-43.0%	-27.8%

Peer Comparisons

Peers to compare with:

Financials

	VMC	MLM	CRH	EXP	KNF	Median
Name	Vulcan M.	Martin M.	CRH	Eagle Ma.	Knife Ri.
Mkt Price	263.81	587.37	99.73	186.43	78.25	186.43
Mkt Cap	34.7	35.5	66.8	5.9	4.4	34.7
Rev LTM	7,941	6,543	37,447	2,300	3,146	6,543
Op Inc LTM	1,567	1,516	5,323	565	286	1,516
FCF LTM	1,135	978	2,912	232	-70	978
FCF 3Y Avg	869	820	2,841	342	97	820
CFO LTM	1,813	1,785	5,625	575	278	1,785
CFO 3Y Avg	1,586	1,591	5,210	562	312	1,586

Growth & Margins

	VMC	MLM	CRH	EXP	KNF	Median
Name	Vulcan M.	Martin M.	CRH	Eagle Ma.	Knife Ri.
Rev Chg LTM	7.1%	7.8%	5.3%	1.4%	8.5%	7.1%
Rev Chg 3Y Avg	2.9%	2.2%	5.0%	3.3%	7.5%	3.3%
Rev Chg Q	3.2%	8.6%	6.2%	-0.4%	14.9%	6.2%
QoQ Delta Rev Chg LTM	0.7%	1.9%	1.5%	-0.1%	3.2%	1.5%
Op Mgn LTM	19.7%	23.2%	14.2%	24.6%	9.1%	19.7%
Op Mgn 3Y Avg	18.8%	22.6%	13.6%	26.8%	10.2%	18.8%
QoQ Delta Op Mgn LTM	-0.4%	19.5%	0.2%	-0.9%	0.4%	0.2%
CFO/Rev LTM	22.8%	27.3%	15.0%	25.0%	8.9%	22.8%
CFO/Rev 3Y Avg	20.5%	25.8%	14.5%	24.7%	10.6%	20.5%
FCF/Rev LTM	14.3%	14.9%	7.8%	10.1%	-2.2%	10.1%
FCF/Rev 3Y Avg	11.2%	13.3%	7.9%	15.1%	3.5%	11.2%

Valuation

	VMC	MLM	CRH	EXP	KNF	Median
Name	Vulcan M.	Martin M.	CRH	Eagle Ma.	Knife Ri.
Mkt Cap	34.7	35.5	66.8	5.9	4.4	34.7
P/S	4.4	5.4	1.8	2.6	1.4	2.6
P/EBIT	21.3	23.4	11.9	10.0	15.0	15.0
P/E	32.2	31.3	17.8	13.8	28.2	28.2
P/CFO	19.1	19.9	11.9	10.3	15.9	15.9
Total Yield	3.9%	3.2%	6.0%	7.5%	3.5%	3.9%
Dividend Yield	0.7%	0.0%	0.4%	0.3%	0.0%	0.3%
FCF Yield 3Y Avg	2.5%	2.5%	4.6%	4.7%	2.2%	2.5%
D/E	0.1	0.2	0.3	0.3	0.3	0.3
Net D/E	0.1	0.2	0.2	0.2	0.2	0.2

Returns

	VMC	MLM	CRH	EXP	KNF	Median
Name	Vulcan M.	Martin M.	CRH	Eagle Ma.	Knife Ri.
1M Rtn	-20.0%	-16.9%	-22.5%	-19.0%	-1.9%	-19.0%
3M Rtn	-11.7%	-7.0%	-21.2%	-17.2%	-0.3%	-11.7%
6M Rtn	-12.2%	-6.7%	-12.3%	-21.3%	-3.0%	-12.2%
12M Rtn	17.0%	27.1%	3.2%	-10.6%	-12.3%	3.2%
3Y Rtn	62.6%	79.0%	108.5%	41.3%	98.6%	79.0%
1M Excs Rtn	-17.6%	-14.6%	-20.1%	-16.6%	0.5%	-16.6%
3M Excs Rtn	-8.2%	-3.0%	-18.1%	-12.8%	6.4%	-8.2%
6M Excs Rtn	-13.8%	-8.2%	-13.5%	-22.8%	-4.2%	-13.5%
12M Excs Rtn	-3.4%	5.6%	-14.3%	-33.0%	-32.1%	-14.3%
3Y Excs Rtn	-17.7%	-2.5%	39.4%	-38.9%	28.6%	-2.5%

Comparison Analyses

	Title
0	How Does Vulcan Materials Stock Stack Up Against Its Peers?
1	Why MLM With 17% Upside May Beat VMC?
2	Vulcan Materials vs. Armstrong World Industries: Both Seem Similar Bets
3	Vulcan Materials vs. Veeva Systems: With Return Forecast Of 90%, Veeva Systems Is A Better Bet
4	Vulcan Materials vs. Ameren: With Return Forecast Of 16%, Vulcan Materials Is A Better Bet
5	Vulcan Materials vs. Autodesk: With Return Forecast Of 14%, Vulcan Materials Is A Better Bet
6	Vulcan Materials vs. Intuitive Surgical: With Return Forecast Of 57%, Intuitive Surgical Is A Better Bet
7	Vulcan Materials vs. Edwards Lifesciences: With Return Forecast Of 23%-27%, Both Seem Like Good Bets
8	Vulcan Materials vs. Boston Scientific: With Return Forecast Of 23%, Vulcan Materials Is A Better Bet
9	Vulcan Materials vs. Verisk Analytics: Similar Income, But Vulcan Materials Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/19/2026	2/19/2026	2/20/2025	2/22/2024	2/24/2023	2/25/2022	2/25/2021
Key Financials
Total Revenue	7,941	7,941	7,418	7,782	7,315	5,552	4,857
EBITDA	2,358	2,358	1,981	2,044	1,531	1,473	1,264
Operating Income	1,567	1,567	1,399	1,379	1,009	895	892
Net Income	1,077	1,077	912	933	576	671	584
EPS	8.16	8.16	6.89	7.02	4.33	5.05	4.41
Growth Rates
Total Revenue Growth	7.1%	7.1%	-4.7%	6.4%	31.8%	14.3%	-1.5%
EBITDA Growth	19.0%	19.0%	-3.1%	33.6%	3.9%	16.5%	0.1%
Operating Income Growth	12.0%	12.0%	1.4%	36.8%	12.7%	0.4%	4.5%
Net Income Growth	18.1%	18.1%	-2.3%	62.1%	-14.2%	14.8%	-5.4%
Margins
EBITDA Margin	29.7%	29.7%	26.7%	26.3%	20.9%	26.5%	26.0%
Operating Income Margin	19.7%	19.7%	18.9%	17.7%	13.8%	16.1%	18.4%
Net Income Margin	13.6%	13.6%	12.3%	12.0%	7.9%	12.1%	12.0%
Cash & Debt
Total Cash	183	183	560	931	161	235	1,197
Total Debt	4,885	4,885	5,829	4,385	4,524	4,522	3,687
Net Debt / (Cash)	4,701	4,701	5,269	3,454	4,363	4,288	2,490
Cash Flows
Net Cash from Operations	1,813	1,813	1,410	1,537	1,148	1,012	1,070
Free Cash from Operations	1,135	1,135	806	664	536	561	708
Returns to Shareholders
Dividends	260	260	244	228	213	196	180
Share Repurchases	438	438	69	200	-0	-0	26

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/19/2026	10/30/2025	7/31/2025	4/30/2025	2/20/2025	10/30/2024	8/7/2024	5/2/2024	2/22/2024	10/27/2023	8/4/2023	5/5/2023
Key Financials Quarterly
Total Revenue	1,913	2,292	2,102	1,635	1,854	2,004	2,014	1,546	1,834	2,186	2,113	1,649
Ebitda	553	735	659	410	562	494	602	324	528	574	606	337
Operating Income	336	543	470	219	353	424	450	172	316	443	434	186
Net Income	252	375	321	129	294	208	308	103	227	276	309	121
EPS	1.92	2.84	2.43	0.97	2.22	1.57	2.33	0.78	1.71	2.08	2.32	0.91
Key Financials TTM
Total Revenue TTM	7,941	7,882	7,595	7,507	7,418	7,398	7,580	7,679	7,782	7,680	7,582	7,424
Ebitda TTM	2,358	2,366	2,125	2,068	1,981	1,947	2,027	2,031	2,044	1,854	1,738	1,578
Operating Income TTM	1,567	1,585	1,466	1,446	1,399	1,362	1,382	1,366	1,379	1,272	1,179	1,050
Net Income TTM	1,077	1,118	951	938	912	846	915	915	933	825	726	604
Growth Rates Quarterly
Total Revenue Growth	3.2%	14.4%	4.4%	5.8%	1.1%	-8.3%	-4.7%	-6.3%	5.9%	4.7%	8.1%	7.0%
EBITDA Growth	-1.5%	48.8%	9.5%	26.8%	6.4%	-13.9%	-0.7%	-4.0%	56.4%	25.3%	35.9%	16.4%
Operating Income Growth	-5.0%	28.1%	4.4%	27.1%	11.6%	-4.4%	3.5%	-7.1%	51.2%	26.8%	42.1%	28.4%
Net Income Growth	-14.2%	80.6%	4.2%	25.5%	29.2%	-24.9%	-0.2%	-14.9%	90.5%	56.1%	64.8%	31.5%
Margins Quarterly
EBITDA Margin	28.9%	32.1%	31.3%	25.1%	30.3%	24.7%	29.9%	20.9%	28.8%	26.2%	28.7%	20.4%
Operating Income Margin	17.6%	23.7%	22.3%	13.4%	19.1%	21.1%	22.3%	11.1%	17.3%	20.3%	20.6%	11.2%
Net Income Margin	13.2%	16.4%	15.3%	7.9%	15.8%	10.4%	15.3%	6.6%	12.4%	12.6%	14.6%	7.3%
Cash & Debt
Total Cash	183	191	347	181	560	433	111	292	931	340	166	140
Total Debt	4,885	4,867	5,446	5,464	5,829	3,833	3,935	3,839	4,385	4,391	4,411	4,423
Net Debt / (Cash)	4,701	4,676	5,098	5,283	5,269	3,400	3,824	3,547	3,454	4,051	4,245	4,284
Cash Flows Quarterly
FCF from Operations	543	677	342	252	440	595	201	173	482	548	286	221
Cash Flows TTM
FCF from Operations TTM	1,813	1,710	1,628	1,488	1,410	1,451	1,404	1,489	1,537	1,455	1,330	1,194
Returns to Shareholders Quarterly
Dividends	64	65	65	66	61	61	61	62	57	57	57	57
Share Repurchases	400	-0	-0	38	-0	-0	50	19	150	-0	50	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	13.8%	22.0%	18.3%	8.5%	15.1%	19.2%	20.6%	8.4%	13.8%	19.7%	19.0%	9.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	16.0%	16.7%	14.5%	13.9%	13.4%	15.8%	15.4%	16.0%	16.6%	14.6%	12.8%	11.3%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Aggregates	5,950	5,919	5,273	4,345	3,944
Asphalt	1,246	1,141	990	778	793
Concrete	654	1,249	1,594	767	384
Aggregates intersegment sales	-431	-527	-550	-344	-271
Calcium			8	7	8
Total	7,418	7,782	7,315	5,552	4,857

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Aggregates	14,295	11,753	11,575	10,918	9,459
Concrete	1,066	962	1,436	1,680	306
Asphalt	806	613	598	602	573
Cash and cash equivalents and restricted cash	601	949	162	242	1,198
General corporate	338	268	460	237	148
Calcium			4	4	3
Total	17,105	14,546	14,235	13,683	11,687

Price Behavior

Price Behavior

Market Price	$263.81
Market Cap ($ Bil)	34.8
First Trading Date	01/05/1988
Distance from 52W High	-20.0%
	50 Days	200 Days
DMA Price	$301.21	$287.87
DMA Trend	up	up
Distance from DMA	-12.4%	-8.4%
	3M	1YR
Volatility	32.7%	25.7%
Downside Capture	115.51	81.75
Upside Capture	60.62	82.27
Correlation (SPY)	37.2%	48.1%

VMC Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.13	0.85	1.01	0.71	0.63	0.83
Up Beta	3.13	2.30	2.10	1.19	0.66	0.84
Down Beta	-1.09	0.55	0.60	0.41	0.43	0.65
Up Capture	-20%	82%	102%	70%	73%	78%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	15	27	40	75	147	421
Down Capture	-67%	29%	78%	72%	77%	97%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	6	14	21	49	103	329

[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 VMC
VMC	18.3%	25.7%	0.62	-
Sector ETF (XLB)	18.2%	20.6%	0.71	59.6%
Equity (SPY)	21.0%	18.9%	0.87	48.2%
Gold (GLD)	74.9%	26.2%	2.12	5.9%
Commodities (DBC)	19.3%	17.2%	0.89	1.9%
Real Estate (VNQ)	5.7%	16.3%	0.16	47.1%
Bitcoin (BTCUSD)	-16.1%	44.2%	-0.27	22.8%

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 VMC
VMC	10.4%	25.9%	0.38	-
Sector ETF (XLB)	7.7%	18.9%	0.31	65.7%
Equity (SPY)	13.2%	17.0%	0.61	59.9%
Gold (GLD)	24.2%	17.3%	1.14	5.5%
Commodities (DBC)	10.9%	19.0%	0.46	8.5%
Real Estate (VNQ)	5.0%	18.8%	0.17	50.6%
Bitcoin (BTCUSD)	7.3%	56.8%	0.35	24.2%

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 VMC
VMC	10.8%	30.1%	0.40	-
Sector ETF (XLB)	10.9%	20.6%	0.47	62.3%
Equity (SPY)	14.7%	17.9%	0.70	55.0%
Gold (GLD)	14.6%	15.6%	0.77	0.2%
Commodities (DBC)	8.8%	17.6%	0.41	16.7%
Real Estate (VNQ)	5.5%	20.7%	0.23	48.1%
Bitcoin (BTCUSD)	66.7%	66.8%	1.06	17.0%

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

Short Interest

Short Interest: As Of Date	2272026
Short Interest: Shares Quantity	3.8 Mil
Short Interest: % Change Since 2152026	-4.4%
Average Daily Volume	1.5 Mil
Days-to-Cover Short Interest	2.6 days
Basic Shares Quantity	131.4 Mil
Short % of Basic Shares	2.9%

Returns Analyses

	Title
0	How Low Can Vulcan Materials Stock Really Go?
1	Vulcan Materials Stock Return Comparison

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/17/2026	-7.8%	-5.1%
10/30/2025	-1.7%	-3.2%	-0.9%
7/31/2025	0.7%	3.2%	6.9%
4/30/2025	6.9%	8.9%	8.3%
2/18/2025	0.9%	-7.0%	-12.4%
10/30/2024	6.4%	5.2%	10.5%
8/6/2024	-4.4%	-6.0%	-8.6%
5/2/2024	1.8%	3.2%	-1.4%
...
SUMMARY STATS
# Positive	14	15	14
# Negative	11	10	10
Median Positive	3.7%	4.7%	7.3%
Median Negative	-4.4%	-6.8%	-3.8%
Max Positive	6.9%	12.4%	13.7%
Max Negative	-7.8%	-11.4%	-36.6%

	Forward Returns
2/17/2026	-7.8%	-5.1%
10/30/2025	-1.7%	-3.2%	-0.9%
7/31/2025	0.7%	3.2%	6.9%
4/30/2025	6.9%	8.9%	8.3%
2/18/2025	0.9%	-7.0%	-12.4%
10/30/2024	6.4%	5.2%	10.5%
8/6/2024	-4.4%	-6.0%	-8.6%
5/2/2024	1.8%	3.2%	-1.4%
2/16/2024	5.2%	6.1%	11.3%
10/26/2023	-4.6%	0.2%	4.3%
8/3/2023	1.4%	0.1%	-2.0%
5/4/2023	6.5%	9.8%	13.7%
2/16/2023	-5.2%	-6.6%	-17.4%
11/2/2022	-1.1%	4.7%	11.8%
8/4/2022	2.5%	5.0%	0.2%
5/4/2022	4.8%	-8.7%	-4.5%
2/16/2022	1.4%	-7.3%	-3.0%
11/4/2021	-0.5%	2.7%	-1.7%
8/4/2021	-0.7%	3.6%	3.0%
5/4/2021	5.3%	6.2%	0.7%
2/16/2021	-1.2%	-1.5%	2.7%
11/5/2020	0.8%	3.9%	7.7%
8/4/2020	5.8%	12.4%	4.3%
5/6/2020	-7.2%	-8.6%	12.0%
2/18/2020	-6.7%	-11.4%	-36.6%
SUMMARY STATS
# Positive	14	15	14
# Negative	11	10	10
Median Positive	3.7%	4.7%	7.3%
Median Negative	-4.4%	-6.8%	-3.8%
Max Positive	6.9%	12.4%	13.7%
Max Negative	-7.8%	-11.4%	-36.6%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/19/2026	10-K
09/30/2025	10/30/2025	10-Q
06/30/2025	07/31/2025	10-Q
03/31/2025	04/30/2025	10-Q
12/31/2024	02/20/2025	10-K
09/30/2024	10/30/2024	10-Q
06/30/2024	08/07/2024	10-Q
03/31/2024	05/02/2024	10-Q
12/31/2023	02/22/2024	10-K
09/30/2023	10/27/2023	10-Q
06/30/2023	08/04/2023	10-Q
03/31/2023	05/05/2023	10-Q
12/31/2022	02/24/2023	10-K
09/30/2022	11/03/2022	10-Q
06/30/2022	08/05/2022	10-Q
03/31/2022	05/05/2022	10-Q

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Baker, Thompson S Ii	President	As Trustee of Thompson S. Baker II Revocable Trust	Sell	12152025	300.81	7,135			Form
2	Franklin, Denson N Iii	SVP, Gen. Counsel & Secretary	Direct	Sell	12102025	295.00	665	196,175	2,443,780	Form
3	Clement, David P	Senior Vice President	Direct	Sell	11242025	288.55	2,000	577,100	240,074	Form
4	Baker, Thompson S Ii	President	Direct	Sell	11132025	295.63	4,853	1,434,714	12,264,400	Form
5	Baker, Thompson S Ii	President	Direct	Sell	11122025	289.76	4,243	1,229,452	12,020,694	Form

VMC Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing VMC?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What VMC Makes & Who Pays

TTM figures based on

VMC Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Vulcan Materials (VMC)

Market Price (3/13/2026): $265.52 | Market Cap: $34.9 BilSector: Materials | Industry: Construction Materials

Vulcan Materials (VMC)

Market Price (3/13/2026): $265.52Market Cap: $34.9 BilSector: MaterialsIndustry: Construction Materials

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

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Vulcan Materials (VMC)

Interactive Breakdown

Better Bets vs. Vulcan Materials (VMC)

INDUSTRY: Construction Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for VMC: 2.9% | 4.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VMC: 2.9% | 22.1x)

Higher Rev Chg LTM (Value for VMC: 7.1%)

Higher Rev Chg 3Y Avg (Value for VMC: 2.9%)

Higher Op Mgn LTM (Value for VMC: 19.7%)

Higher CFO/Rev LTM (Value for VMC: 22.8%)

Higher FCF/Rev LTM (Value for VMC: 14.3%)

Higher Total Yield (Value for VMC: 3.9%)

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for VMC: 2.9% | 4.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VMC: 2.9% | 22.1x)

Higher Rev Chg LTM (Value for VMC: 7.1%)

Higher Rev Chg 3Y Avg (Value for VMC: 2.9%)

Higher Op Mgn LTM (Value for VMC: 19.7%)

Higher CFO/Rev LTM (Value for VMC: 22.8%)

Higher FCF/Rev LTM (Value for VMC: 14.3%)

Higher Total Yield (Value for VMC: 3.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for VMC: 2.9% | 4.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VMC: 2.9% | 22.1x)

Higher Rev Chg LTM (Value for VMC: 7.1%)

Higher Rev Chg 3Y Avg (Value for VMC: 2.9%)

Higher Op Mgn LTM (Value for VMC: 19.7%)

Higher CFO/Rev LTM (Value for VMC: 22.8%)

Higher FCF/Rev LTM (Value for VMC: 14.3%)

Higher Total Yield (Value for VMC: 3.9%)

Best Bets in Materials

P/EBIT (Value for VMC: 21.3x)

P/E (Value for VMC: 32.2x)

Rev Chg 3Y Avg (Value for VMC: 2.9%)

Rev Chg LTM (Value for VMC: 7.1%)

Rev Chg Q (Value for VMC: 3.2%)

FCF/Rev 3Y Avg (Value for VMC: 11.2%)

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Market Price (3/13/2026): $265.52 | Market Cap: $34.9 Bil
Sector: Materials | Industry: Construction Materials

Market Price (3/13/2026): $265.52
Market Cap: $34.9 Bil
Sector: Materials
Industry: Construction Materials