Vulcan Materials (VMC)
Market Price (6/21/2026): $302.94 | Market Cap: $39.6 BilInvestor Relations Sector: Materials | Industry: Construction Materials
Vulcan Materials (VMC)
Market Price (6/21/2026): $302.94Market Cap: $39.6 BilSector: MaterialsIndustry: Construction Materials
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Sustainable Infrastructure, Water Infrastructure, and Sustainable & Green Buildings. Themes include Renewable Energy Equipment, Show more. | Weak multi-year price returns2Y Excs Rtn is -17%, 3Y Excs Rtn is -23% | Key risksVMC key risks include [1] financial and reputational exposure from specific environmental liabilities, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Sustainable Infrastructure, Water Infrastructure, and Sustainable & Green Buildings. Themes include Renewable Energy Equipment, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -17%, 3Y Excs Rtn is -23% |
| Key risksVMC key risks include [1] financial and reputational exposure from specific environmental liabilities, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 6/16/2026
Vulcan Materials (VMC) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Macroeconomic Headwinds - Persistently High Interest Rates and Financing Costs. Despite the Federal Reserve holding interest rates steady at 3.50% to 3.75% through fiscal Q1 2026 (ended March 31, 2026), market expectations for rate cuts have been pushed out to late 2026 or 2027 due to persistent inflation concerns. This prolonged period of elevated borrowing costs can dampen demand for private construction projects, particularly in the residential sector where affordability remains a challenge.
2. Macroeconomic Headwinds - Rising Input Costs and Margin Pressure. The construction materials sector continues to face significant cost pressures. Elevated material prices, influenced by factors such as tariffs on steel and aluminum, and notable volatility in energy costs, particularly a greater than 40% increase in diesel since February in fiscal Q1 2026, are impacting the industry. These rising input costs, coupled with wage growth, contribute to squeezed margins for contractors and can lead to more selective bidding on projects, potentially affecting demand for construction materials.
Show more
Vulcan Materials (VMC) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Macroeconomic Headwinds - Persistently High Interest Rates and Financing Costs. Despite the Federal Reserve holding interest rates steady at 3.50% to 3.75% through fiscal Q1 2026 (ended March 31, 2026), market expectations for rate cuts have been pushed out to late 2026 or 2027 due to persistent inflation concerns. This prolonged period of elevated borrowing costs can dampen demand for private construction projects, particularly in the residential sector where affordability remains a challenge.
2. Macroeconomic Headwinds - Rising Input Costs and Margin Pressure. The construction materials sector continues to face significant cost pressures. Elevated material prices, influenced by factors such as tariffs on steel and aluminum, and notable volatility in energy costs, particularly a greater than 40% increase in diesel since February in fiscal Q1 2026, are impacting the industry. These rising input costs, coupled with wage growth, contribute to squeezed margins for contractors and can lead to more selective bidding on projects, potentially affecting demand for construction materials.
Show more
Updated on 6/16/2026
Vulcan Materials (VMC) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Macroeconomic Headwinds - Persistently High Interest Rates and Financing Costs. Despite the Federal Reserve holding interest rates steady at 3.50% to 3.75% through fiscal Q1 2026 (ended March 31, 2026), market expectations for rate cuts have been pushed out to late 2026 or 2027 due to persistent inflation concerns. This prolonged period of elevated borrowing costs can dampen demand for private construction projects, particularly in the residential sector where affordability remains a challenge.
2. Macroeconomic Headwinds - Rising Input Costs and Margin Pressure. The construction materials sector continues to face significant cost pressures. Elevated material prices, influenced by factors such as tariffs on steel and aluminum, and notable volatility in energy costs, particularly a greater than 40% increase in diesel since February in fiscal Q1 2026, are impacting the industry. These rising input costs, coupled with wage growth, contribute to squeezed margins for contractors and can lead to more selective bidding on projects, potentially affecting demand for construction materials.
3. Muted Market Reaction to Strong Company Performance in Fiscal Q1 2026. Vulcan Materials reported robust fiscal Q1 2026 results (for the quarter ended March 31, 2026, reported April 29, 2026), exceeding analyst expectations with adjusted EPS of $1.35, beating estimates by 19.55% to 22.3%, and total revenues of $1.76 billion, surpassing forecasts. Despite this strong financial performance, the stock's immediate market reaction was notably subdued, with shares edging up only between 0.1% and 1.6%. This indicates that positive company-specific news was insufficient to counteract broader market headwinds or negative investor sentiment during the period.
4. Significant Insider Selling Activity. The President, Thompson S II Baker, executed sales of company stock exceeding $6.5 million within the last six months as of April 29, 2026. Such a substantial amount of insider selling can be perceived by investors as a lack of confidence in the stock's near-term prospects by those with intimate knowledge of the company, contributing to downward pressure on the stock price.
Show less
Vulcan Materials (VMC) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Macroeconomic Headwinds - Persistently High Interest Rates and Financing Costs. Despite the Federal Reserve holding interest rates steady at 3.50% to 3.75% through fiscal Q1 2026 (ended March 31, 2026), market expectations for rate cuts have been pushed out to late 2026 or 2027 due to persistent inflation concerns. This prolonged period of elevated borrowing costs can dampen demand for private construction projects, particularly in the residential sector where affordability remains a challenge.
2. Macroeconomic Headwinds - Rising Input Costs and Margin Pressure. The construction materials sector continues to face significant cost pressures. Elevated material prices, influenced by factors such as tariffs on steel and aluminum, and notable volatility in energy costs, particularly a greater than 40% increase in diesel since February in fiscal Q1 2026, are impacting the industry. These rising input costs, coupled with wage growth, contribute to squeezed margins for contractors and can lead to more selective bidding on projects, potentially affecting demand for construction materials.
3. Muted Market Reaction to Strong Company Performance in Fiscal Q1 2026. Vulcan Materials reported robust fiscal Q1 2026 results (for the quarter ended March 31, 2026, reported April 29, 2026), exceeding analyst expectations with adjusted EPS of $1.35, beating estimates by 19.55% to 22.3%, and total revenues of $1.76 billion, surpassing forecasts. Despite this strong financial performance, the stock's immediate market reaction was notably subdued, with shares edging up only between 0.1% and 1.6%. This indicates that positive company-specific news was insufficient to counteract broader market headwinds or negative investor sentiment during the period.
4. Significant Insider Selling Activity. The President, Thompson S II Baker, executed sales of company stock exceeding $6.5 million within the last six months as of April 29, 2026. Such a substantial amount of insider selling can be perceived by investors as a lack of confidence in the stock's near-term prospects by those with intimate knowledge of the company, contributing to downward pressure on the stock price.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -1.9% change in VMC stock from 2/28/2026 to 6/20/2026 was primarily driven by a -5.7% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 308.80 | 302.84 | -1.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,941 | 8,062 | 1.5% |
| Net Income Margin (%) | 13.6% | 13.8% | 1.8% |
| P/E Multiple | 37.7 | 35.6 | -5.7% |
| Shares Outstanding (Mil) | 131 | 131 | 0.5% |
| Cumulative Contribution | -1.9% |
Market Drivers
2/28/2026 to 6/20/2026| Return | Correlation | |
|---|---|---|
| VMC | -1.9% | |
| Market (SPY) | 9.2% | 51.7% |
| Sector (XLB) | -2.6% | 73.0% |
Fundamental Drivers
The 2.3% change in VMC stock from 11/30/2025 to 6/20/2026 was primarily driven by a 2.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 296.09 | 302.84 | 2.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,882 | 8,062 | 2.3% |
| Net Income Margin (%) | 14.2% | 13.8% | -2.7% |
| P/E Multiple | 35.0 | 35.6 | 1.7% |
| Shares Outstanding (Mil) | 132 | 131 | 1.1% |
| Cumulative Contribution | 2.3% |
Market Drivers
11/30/2025 to 6/20/2026| Return | Correlation | |
|---|---|---|
| VMC | 2.3% | |
| Market (SPY) | 9.9% | 44.1% |
| Sector (XLB) | 17.0% | 61.9% |
Fundamental Drivers
The 15.1% change in VMC stock from 5/31/2025 to 6/20/2026 was primarily driven by a 10.5% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 263.16 | 302.84 | 15.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,507 | 8,062 | 7.4% |
| Net Income Margin (%) | 12.5% | 13.8% | 10.5% |
| P/E Multiple | 37.1 | 35.6 | -4.3% |
| Shares Outstanding (Mil) | 132 | 131 | 1.3% |
| Cumulative Contribution | 15.1% |
Market Drivers
5/31/2025 to 6/20/2026| Return | Correlation | |
|---|---|---|
| VMC | 15.1% | |
| Market (SPY) | 28.1% | 41.7% |
| Sector (XLB) | 22.4% | 60.1% |
Fundamental Drivers
The 58.4% change in VMC stock from 5/31/2023 to 6/20/2026 was primarily driven by a 69.6% change in the company's Net Income Margin (%).| (LTM values as of) | 5312023 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 191.18 | 302.84 | 58.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,424 | 8,062 | 8.6% |
| Net Income Margin (%) | 8.1% | 13.8% | 69.6% |
| P/E Multiple | 42.1 | 35.6 | -15.6% |
| Shares Outstanding (Mil) | 133 | 131 | 1.9% |
| Cumulative Contribution | 58.4% |
Market Drivers
5/31/2023 to 6/20/2026| Return | Correlation | |
|---|---|---|
| VMC | 58.4% | |
| Market (SPY) | 85.7% | 51.4% |
| Sector (XLB) | 46.5% | 58.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VMC Return | 41% | -15% | 31% | 14% | 12% | 4% | 108% |
| Peers Return | 49% | -23% | 63% | 29% | 3% | 1% | 152% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| VMC Win Rate | 83% | 42% | 50% | 50% | 58% | 67% | |
| Peers Win Rate | 72% | 39% | 66% | 58% | 62% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| VMC Max Drawdown | -14% | -32% | -17% | -16% | -20% | -22% | |
| Peers Max Drawdown | -15% | -38% | -17% | -19% | -29% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 6/18/2026 (YTD)
How Low Can It Go
| Event | VMC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -16.6% | -18.8% |
| % Gain to Breakeven | 20.0% | 23.1% |
| Time to Breakeven | 56 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.7% | -9.5% |
| % Gain to Breakeven | 14.5% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.3% | -6.7% |
| % Gain to Breakeven | 15.3% | 7.1% |
| Time to Breakeven | 48 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.6% | -24.5% |
| % Gain to Breakeven | 46.3% | 32.4% |
| Time to Breakeven | 350 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.3% | -33.7% |
| % Gain to Breakeven | 76.3% | 50.9% |
| Time to Breakeven | 196 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.4% | -19.2% |
| % Gain to Breakeven | 34.0% | 23.8% |
| Time to Breakeven | 108 days | 105 days |
In The Past
Vulcan Materials's stock fell -16.6% during the 2025 US Tariff Shock. Such a loss loss requires a 20.0% gain to breakeven.
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Asset Allocation
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| Event | VMC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.6% | -24.5% |
| % Gain to Breakeven | 46.3% | 32.4% |
| Time to Breakeven | 350 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.3% | -33.7% |
| % Gain to Breakeven | 76.3% | 50.9% |
| Time to Breakeven | 196 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.4% | -19.2% |
| % Gain to Breakeven | 34.0% | 23.8% |
| Time to Breakeven | 108 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.4% | -17.9% |
| % Gain to Breakeven | 35.8% | 21.8% |
| Time to Breakeven | 70 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -24.9% | -15.4% |
| % Gain to Breakeven | 33.2% | 18.2% |
| Time to Breakeven | 914 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -55.3% | -53.4% |
| % Gain to Breakeven | 123.5% | 114.4% |
| Time to Breakeven | 2159 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -28.2% | -8.6% |
| % Gain to Breakeven | 39.2% | 9.5% |
| Time to Breakeven | 2921 days | 47 days |
In The Past
Vulcan Materials's stock fell -16.6% during the 2025 US Tariff Shock. Such a loss loss requires a 20.0% 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 Vulcan Materials (VMC)
Vulcan Materials Company (VMC) is a prominent producer and supplier of construction aggregates, primarily operating across the United States. Its core business centers on providing foundational raw materials essential for various infrastructure and construction projects nationwide.
The company's main products and services encompass a broad range of construction materials. This includes crushed stones, sand, gravel, and other aggregates crucial for the construction and maintenance of highways, streets, public works, housing, and commercial and industrial facilities. Additionally, Vulcan Materials produces asphalt mix and ready-mixed concrete, extending its reach into paving activities and the supply of concrete for structural applications, catering to both public sector projects and private commercial and residential developments.
Beyond its primary focus on construction materials, Vulcan Materials also operates a Calcium segment. This segment mines, produces, and sells calcium products for specialized industrial uses, including the animal feed, plastics, and water treatment industries. The company, headquartered in Birmingham, Alabama, maintains a significant operational footprint that primarily serves diverse markets throughout the U.S. construction and industrial sectors.
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Vulcan Materials is like **Nucor**, but for essential construction aggregates and concrete instead of steel.
Vulcan Materials is like **Home Depot** or **Lowe's**, but for bulk infrastructure and large-scale building materials.
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- Construction Aggregates: Crushed stones, sand, and gravel used in the construction and maintenance of infrastructure, housing, and commercial facilities.
- Asphalt Mix: Asphalt material provided for paving and other construction applications.
- Asphalt Paving: Construction services involving the application of asphalt in paving activities.
- Ready-Mixed Concrete: Concrete material supplied for immediate use in various construction projects.
- Calcium Products: Mined and produced calcium products for use in the animal feed, plastics, and water treatment industries.
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Vulcan Materials Company (VMC) primarily sells its products to other companies rather than individuals. Based on the provided company description, Vulcan Materials supplies foundational materials for construction and industrial applications. The company's major customers fall into broad categories within these sectors, as specific customer names are not disclosed in the background information.
The major categories of customers for Vulcan Materials Company are:
- Construction and Infrastructure Contractors: These companies purchase crushed stones, sand, gravel, asphalt mix, and ready-mixed concrete for various projects. This category includes a wide range of businesses involved in the construction and maintenance of highways, streets, and other public works, as well as the construction of residential housing, commercial facilities, and industrial sites.
- Specialty Paving Contractors: Within the construction sector, companies specializing in asphalt construction and paving activities are direct customers for Vulcan's asphalt mix products and services.
- Industrial Manufacturers: For its Calcium segment, Vulcan Materials sells calcium products to companies in specific industrial sectors, including the animal feed industry, plastics manufacturing, and water treatment facilities.
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Ronnie A. Pruitt, Chief Executive Officer
Ronnie A. Pruitt became Chief Executive Officer of Vulcan Materials Company on January 1, 2026. He joined Vulcan in August 2021 as part of the company's acquisition of U.S. Concrete, Inc. Prior to joining Vulcan, he served as President and Chief Executive Officer of U.S. Concrete, where he held various leadership roles, including chief operating officer and senior vice president, since 2015. Mr. Pruitt began his career as an entrepreneur.
Mary Andrews Carlisle, Senior Vice President and Chief Financial Officer
Mary Andrews 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. Before 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 Company's Southern and Gulf Coast Division.
Thompson S. Baker II, President
Thompson S. Baker II is president for Vulcan Materials Company. Prior to his current role, Mr. Baker served as chief operating officer and as senior vice president with management responsibility for several divisions. Before that, he was president and chief executive officer of Patriot Transportation Holding, Inc. and Florida Rock Properties. Mr. Baker also served as president of Vulcan's Florida Rock Division from 2008 to 2010 and spent 24 years in various leadership capacities at Florida Rock Industries, Inc., before its acquisition by Vulcan in 2007.
Stanley G. Bass, Chief Strategy Officer
Stanley G. Bass serves as Chief Strategy Officer for Vulcan Materials Company. He has held various operations and general management assignments since joining the company in 1996. Before his current role, Mr. Bass was senior vice president of the West Region, and he also served as senior vice president of the Central Region and president of the Midsouth and Southwest Divisions.
Jerry F. Perkins, Senior Vice President, Business Development, Commercial Excellence, Land and Logistics
Jerry F. Perkins holds the title of Senior Vice President, Business Development, Commercial Excellence, Land and Logistics. He has a bachelor's degree in accounting from the University of Alabama and a law degree from the University of Alabama School of Law. Mr. Perkins serves on the board of directors for the Birmingham Zoo and the Greater Alabama Council of the Boy Scouts of America.
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The key risks for Vulcan Materials Company (VMC) primarily stem from its deep ties to the cyclical nature of the construction industry and the operational demands of its business. These include:
- Dependence on Construction Industry Cycles and Public Infrastructure Spending: Vulcan Materials' business is highly reliant on activity within the construction industry, which is inherently cyclical and sensitive to economic conditions, interest rates, demographic shifts, and overall financial health. A downturn in construction spending, particularly in the company's key markets, could materially impact its revenue and profitability. Furthermore, a significant portion of the company's products are used in public infrastructure projects (highways, bridges, etc.), making it susceptible to the timing and amount of federal, state, and local government funding for such initiatives. Weak investor confidence can also lead to reduced project starts, directly lowering aggregate consumption.
- Regulatory and Environmental Scrutiny: As a major producer of construction aggregates, asphalt, and concrete, Vulcan Materials operates in an industry subject to extensive and increasing regulatory oversight. This includes environmental regulations concerning climate change, land use, air emissions, water discharges, and waste management. Challenges in securing and maintaining permits for new quarry sites or existing operations, as well as the potential for stricter environmental standards, could lead to increased operational costs, delays, or limitations on expansion.
- Fluctuations in Input Costs and Operational Efficiency: The production of asphalt and concrete is energy-intensive, and the company's operations depend on raw materials and fuel sources such as electricity, natural gas, and diesel. Volatility in the prices of these input costs, including crude oil for asphalt binder, can significantly impact Vulcan Materials' cost of goods sold and, consequently, its profit margins. Maintaining exceptional operational efficiency and cost discipline is crucial for the company to sustain its margin expansion and navigate pricing pressures within a competitive industry landscape.
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Vulcan Materials Company (VMC) operates in several key markets across the United States. The estimated addressable market sizes for their main products and services are as follows:
- Aggregates: The U.S. aggregates market was valued at approximately USD 164.65 billion in 2024. This market is anticipated to reach USD 170.26 billion in 2025 and is projected to grow to USD 222.24 billion by 2033.
- Asphalt Mix: The market size for Asphalt Manufacturing in the U.S. was an estimated USD 36.1 billion in 2024, with a projected increase to USD 36.7 billion in 2025.
- Ready-mixed Concrete: The U.S. ready-mix concrete market was valued at over USD 130 billion in 2024.
- Calcium Products: For calcium products, specifically calcium carbonate which has applications in industries like plastics and construction, the U.S. market size was USD 8.7 billion in 2024.
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For Vulcan Materials Company (VMC), several key drivers are expected to fuel future revenue growth over the next 2-3 years:
- Increased Public Construction Demand and Infrastructure Spending: A significant tailwind for Vulcan Materials is the ongoing robust public construction activity, heavily influenced by the Infrastructure Investment and Jobs Act (IIJA). This multi-year federal funding is expected to continue driving elevated demand for aggregates, particularly for highways, streets, bridges, and other public works through 2026 and 2027. Approximately 60% of the IIJA funds are still to be spent, ensuring a long tail of public strength.
- Strong Aggregates Pricing Power: Vulcan Materials has consistently demonstrated its ability to implement price increases for its aggregates, with management forecasting 4-6% growth in freight-adjusted average selling prices for aggregates in 2026. This pricing discipline is a key component of their strategy to enhance profitability and revenue.
- Strategic Acquisitions and Portfolio Optimization: The company actively pursues strategic bolt-on acquisitions to expand its aggregates reserves and strengthen its market position in high-growth regions. Furthermore, Vulcan Materials engages in portfolio optimization, including divestitures of non-core assets like certain ready-mixed concrete operations, to sharpen its focus on the aggregates-led strategy and deploy capital effectively towards growth projects.
- Operational Efficiencies and Technology Adoption: Investments in "The Vulcan Way of Operating" and "The Vulcan Way of Selling" through technology integration and operational enhancements are anticipated to boost quarry productivity, improve logistics, and refine processing equipment. These initiatives aim to enhance cash gross profit per ton, control costs, and improve overall margins, indirectly supporting top-line growth through improved competitiveness and capacity.
- Improving Private Non-Residential Construction Demand: While public demand leads, Vulcan Materials expects an improving trend in private non-residential construction activity to complement the robust public sector. This diversified demand across both public and private sectors provides revenue resilience amidst cyclical market flows.
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Share Repurchases
- Vulcan Materials engaged in aggressive share repurchases between 2022 and 2025.
- In 2024, the company repurchased $69 million of common stock.
- For the full year 2025, share repurchases amounted to $438 million, including $400.20 million in the quarter ending December 31, 2025.
Share Issuance
- Information regarding significant share issuances for Vulcan Materials Company (VMC), headquartered in Birmingham, Alabama, is not available within the provided search results for the specified timeframe.
Inbound Investments
- No specific large inbound investments made in Vulcan Materials by third-parties were identified in the provided information for the last 3-5 years.
Outbound Investments
- In 2021, Vulcan Materials acquired U.S. Concrete for $1.3 billion, which significantly expanded its aggregates-led business and concrete markets.
- The company acquired Wake Stone in September 2024 and Superior Ready Mix in December 2024, strengthening its presence in North Carolina and California, respectively, through additional aggregates operations, concrete plants, and asphalt facilities.
- Since 2022, Vulcan Materials' capital deployment has included approximately $3 billion in acquisitions.
Capital Expenditures
- Capital expenditures for 2025 totaled $678 million.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 224.58 |
| Mkt Cap | 36.7 |
| Rev LTM | 6,552 |
| Op Inc LTM | 1,487 |
| FCF LTM | 1,034 |
| FCF 3Y Avg | 838 |
| CFO LTM | 1,794 |
| CFO 3Y Avg | 1,593 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.4% |
| Rev Chg 3Y Avg | 2.9% |
| Rev Chg Q | 9.1% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 8.2% |
| Op Inc Chg 3Y Avg | 15.9% |
| Op Mgn LTM | 20.0% |
| Op Mgn 3Y Avg | 19.0% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 22.4% |
| CFO/Rev 3Y Avg | 20.5% |
| FCF/Rev LTM | 8.6% |
| FCF/Rev 3Y Avg | 11.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 36.7 |
| P/S | 3.0 |
| P/Op Inc | 17.3 |
| P/EBIT | 17.1 |
| P/E | 20.3 |
| P/CFO | 14.2 |
| Total Yield | 5.3% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 2.6% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 13.4% |
| 3M Rtn | 11.1% |
| 6M Rtn | 3.5% |
| 12M Rtn | 14.7% |
| 3Y Rtn | 47.1% |
| 1M Excs Rtn | 12.5% |
| 3M Excs Rtn | -3.0% |
| 6M Excs Rtn | -9.2% |
| 12M Excs Rtn | -8.9% |
| 3Y Excs Rtn | -22.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Aggregates | 6,297 | 5,950 | 5,919 | 5,273 | 4,345 |
| Asphalt | 1,294 | 1,246 | 1,141 | 990 | 778 |
| Concrete | 847 | 654 | 1,249 | 1,594 | 767 |
| Aggregates intersegment sales | -497 | -431 | -527 | -550 | -344 |
| Calcium | 8 | 7 | |||
| Total | 7,941 | 7,418 | 7,782 | 7,315 | 5,552 |
| $ Mil | 2002 | 2001 | 2000 | 1998 | 1997 |
|---|---|---|---|---|---|
| Construction Materials | 383 | 400 | 376 | 307 | 229 |
| Chemicals | -74 | -20 | -20 | 69 | 76 |
| Total | 309 | 381 | 356 | 377 | 305 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Aggregates | 14,381 | 14,295 | 11,753 | 11,575 | 10,918 |
| Concrete | 1,013 | 1,066 | 962 | 1,436 | 1,680 |
| Asphalt | 719 | 806 | 613 | 598 | 602 |
| General corporate | 398 | 338 | 268 | 460 | 237 |
| Cash and cash equivalents and restricted cash | 189 | 601 | 949 | 162 | 242 |
| Calcium | 4 | 4 | |||
| Total | 16,700 | 17,105 | 14,546 | 14,235 | 13,683 |
Price Behavior
Price Behavior
| Market Price | $302.84 | |
| Market Cap ($ Bil) | 39.6 | |
| First Trading Date | 01/05/1988 | |
| Distance from 52W High | -8.0% | |
| 50 Days | 200 Days | |
| DMA Price | $284.16 | $290.43 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 6.6% | 4.3% |
| 3M | 1YR | |
| Volatility | 29.9% | 26.1% |
| Downside Capture | 30.31 | 71.19 |
| Upside Capture | 69.57 | 71.89 |
| Correlation (SPY) | 47.3% | 41.2% |
VMC Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.80 | 1.53 | 1.13 | 1.06 | 0.88 | 0.83 |
| Up Beta | 1.29 | 2.04 | 1.55 | 1.56 | 1.34 | 0.87 |
| Down Beta | 2.86 | 3.42 | 1.40 | 1.07 | 0.70 | 0.66 |
| Up Capture | 49% | 54% | 47% | 64% | 60% | 67% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 8 | 20 | 28 | 68 | 139 | 410 |
| Down Capture | 352% | 154% | 128% | 105% | 91% | 98% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 12 | 21 | 35 | 56 | 110 | 339 |
[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 | 17.8% | 26.1% | 0.60 | - |
| Sector ETF (XLB) | 21.2% | 17.5% | 0.94 | 59.8% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 41.5% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 16.5% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -27.0% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 38.1% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 12.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VMC | |
|---|---|---|---|---|
| VMC | 12.6% | 26.2% | 0.45 | - |
| Sector ETF (XLB) | 5.9% | 19.0% | 0.20 | 65.9% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 60.6% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 8.7% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 3.1% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 51.5% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 24.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VMC | |
|---|---|---|---|---|
| VMC | 10.9% | 30.4% | 0.40 | - |
| Sector ETF (XLB) | 10.2% | 20.7% | 0.44 | 62.9% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 54.9% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 2.0% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 14.3% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 48.2% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 17.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 1.6% | 0.0% | -4.9% |
| 2/17/2026 | -7.8% | -5.1% | -18.8% |
| 10/30/2025 | -1.7% | -3.3% | -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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 13 |
| # Negative | 9 | 8 | 11 |
| Median Positive | 2.5% | 4.3% | 6.9% |
| Median Negative | -1.7% | -6.3% | -4.5% |
| Max Positive | 6.9% | 12.4% | 13.7% |
| Max Negative | -7.8% | -8.7% | -18.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 1.6% | 0.0% | -4.9% |
| 2/17/2026 | -7.8% | -5.1% | -18.8% |
| 10/30/2025 | -1.7% | -3.3% | -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% |
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 13 |
| # Negative | 9 | 8 | 11 |
| Median Positive | 2.5% | 4.3% | 6.9% |
| Median Negative | -1.7% | -6.3% | -4.5% |
| Max Positive | 6.9% | 12.4% | 13.7% |
| Max Negative | -7.8% | -8.7% | -18.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/29/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/29/2026 | 10-Q |
| 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 |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 07/29/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | 2.40 Bil | 2.50 Bil | 2.60 Bil | 0 | Affirmed | Guidance: 2.50 Bil for 2026 | |
| 2026 Aggregates Shipments Growth | 1.0% | 2.0% | 3.0% | 0 | Affirmed | Guidance: 2.0% for 2026 | |
| 2026 Freight-adjusted Price Improvement | 0.04 | 0.05 | 0.06 | 0 | Affirmed | Guidance: 0.05 for 2026 | |
| 2026 Asphalt and Concrete Cash Gross Profit | 290.00 Mil | 0 | Affirmed | Guidance: 290.00 Mil for 2026 | |||
| 2026 Selling, Administrative and General Expense | 580.00 Mil | 585.00 Mil | 590.00 Mil | 0 | Affirmed | Guidance: 585.00 Mil for 2026 | |
| 2026 Interest Expense | 225.00 Mil | 0 | Affirmed | Guidance: 225.00 Mil for 2026 | |||
| 2026 Capital Expenditures | 750.00 Mil | 775.00 Mil | 800.00 Mil | 0 | Affirmed | Guidance: 775.00 Mil for 2026 | |
| 2026 Effective Tax Rate | 22.0% | 22.5% | 23.0% | 0 | Affirmed | Guidance: 22.5% for 2026 | |
| 2026 Net Earnings | 1.10 Bil | 1.20 Bil | 1.30 Bil | 0 | Affirmed | Guidance: 1.20 Bil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | 2.40 Bil | 2.50 Bil | 2.60 Bil | 4.2% | Raised | Guidance: 2.40 Bil for 2025 | |
| 2026 Aggregates Shipments Growth | 1.0% | 2.0% | 3.0% | -33.3% | -1.0% | Lowered | Guidance: 3.0% for 2025 |
| 2026 Freight-adjusted Price Improvement | 0.04 | 0.05 | 0.06 | ||||
| 2026 Asphalt and Concrete Cash Gross Profit | 290.00 Mil | ||||||
| 2026 Selling, Administrative and General Expense | 580.00 Mil | 585.00 Mil | 590.00 Mil | ||||
| 2026 Interest Expense | 225.00 Mil | ||||||
| 2026 Capital Expenditures | 750.00 Mil | 775.00 Mil | 800.00 Mil | ||||
| 2026 Effective Tax Rate | 22.0% | 22.5% | 23.0% | ||||
| 2026 Net Earnings | 1.10 Bil | 1.20 Bil | 1.30 Bil | ||||
Insider Activity
Updated 6/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Clement, David P | Senior Vice President | Direct | Sell | 6162026 | 292.29 | 2,212 | 646,545 | 2,547,600 | Form |
| 2 | Anderson, Melissa H | Direct | Sell | 2242026 | 303.72 | 1,137 | Form | |||
| 3 | Baker, Thompson S II | President | As Trustee of Thompson S. Baker II Revocable Trust | Sell | 12152025 | 300.81 | 7,135 | Form | ||
| 4 | Franklin, Denson N Iii | SVP, Gen. Counsel & Secretary | Direct | Sell | 12102025 | 295.00 | 665 | 196,175 | 2,443,780 | Form |
| 5 | Clement, David P | Senior Vice President | Direct | Sell | 11242025 | 288.55 | 2,000 | 577,100 | 240,074 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Clement, David P | Senior Vice President | Direct | Sell | 6162026 | 292.29 | 2,212 | 646,545 | 2,547,600 | Form |
| 2 | Anderson, Melissa H | Direct | Sell | 2242026 | 303.72 | 1,137 | Form | |||
| 3 | Baker, Thompson S II | President | As Trustee of Thompson S. Baker II Revocable Trust | Sell | 12152025 | 300.81 | 7,135 | Form | ||
| 4 | Franklin, Denson N Iii | SVP, Gen. Counsel & Secretary | Direct | Sell | 12102025 | 295.00 | 665 | 196,175 | 2,443,780 | Form |
| 5 | Clement, David P | Senior Vice President | Direct | Sell | 11242025 | 288.55 | 2,000 | 577,100 | 240,074 | Form |
| 6 | Baker, Thompson S II | President | Direct | Sell | 11132025 | 295.63 | 4,853 | 1,434,714 | 12,264,400 | Form |
| 7 | Baker, Thompson S II | President | Direct | Sell | 11122025 | 289.76 | 4,243 | 1,229,452 | 12,020,694 | Form |
| 8 | Hall, Grayson | Direct | Sell | 11122025 | 290.74 | 4,658 | Form | |||
| 9 | Bass, Stanley G | Chief Strategy Officer | Direct | Sell | 11122025 | 288.00 | 3,333 | 959,904 | 7,954,629 | Form |
| 10 | Baker, Thompson S II | President | Direct | Sell | 11062025 | 292.26 | 5,818 | Form | ||
| 11 | Clement, David P | Senior Vice President | Direct | Sell | 9152025 | 298.56 | 698 | 208,395 | 845,522 | Form |
| 12 | Pigg, Randy L | Vice President and Controller | Direct | Sell | 8222025 | 286.56 | 650 | 186,264 | 336,135 | Form |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Construction Materials Resources |
| Construction Europe |
| Aggregates Business |
| Concrete Products |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/20/2026