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USLM

United States Lime & Minerals, Inc.

USLM

United States Lime & Minerals, Inc. • NASDAQ
$121.57 ▲ 0.37% (+0.45)
Market Cap $3.48 B
52w High $156.98
52w Low $80.47
Dividend Yield 0.24%
P/E 26.72
Volume 30.33K
Outstanding Shares 28.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $102.016M ▲ $5.927M ▼ $38.782M ▲ 38.016% ▲ $1.35 ▲ $55.753M ▲
Q2-2025 $91.518M ▲ $6.102M ▼ $30.831M ▼ 33.688% ▼ $1.08 ▼ $44.982M ▼
Q1-2025 $91.253M ▲ $6.262M ▲ $34.113M ▲ 37.383% ▲ $1.19 ▲ $46.031M ▲
Q4-2024 $80.062M ▼ $4.352M ▼ $26.99M ▼ 33.711% ▼ $0.94 ▼ $37.131M ▼
Q3-2024 $89.427M $4.976M $33.353M 37.296% $1.17 $44.245M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $349.514M ▲ $652.804M ▲ $50.535M ▲ $602.269M ▲
Q2-2025 $319.91M ▲ $607.422M ▲ $44.131M ▼ $563.291M ▲
Q1-2025 $300.634M ▲ $585.255M ▲ $53.048M ▲ $532.207M ▲
Q4-2024 $278.031M ▲ $543.163M ▲ $45.422M ▼ $497.741M ▲
Q3-2024 $255.022M $521.759M $47.545M $474.214M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $38.782M ▲ $45.941M ▲ $-14.619M ▼ $-1.718M $29.604M ▲ $31.278M ▲
Q2-2025 $30.831M ▼ $34.031M ▼ $-13.037M ▲ $-1.718M ▲ $19.276M ▼ $20.757M ▼
Q1-2025 $34.113M ▲ $39.434M ▲ $-14.848M ▼ $-1.983M ▲ $22.603M ▼ $24.582M ▼
Q4-2024 $26.99M ▼ $38.606M ▼ $-10.831M ▼ $-4.766M ▼ $23.009M ▼ $27.563M ▼
Q3-2024 $33.353M $39.05M $-5.099M $-1.43M $32.521M $33.899M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Lime and Limestone Operations Segment Member
Lime and Limestone Operations Segment Member
 $0 ▲$90.00M ▲$90.00M ▲$100.00M ▲
Others
Others
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Over the past five years, the business has grown steadily and become more profitable. Sales have climbed each year, and profits have risen even faster than revenue, which suggests better pricing, improved mix, and tighter cost control. Margins have expanded at every level, from gross profit down to net income, showing strong operating leverage. Earnings per share have increased meaningfully, indicating that underlying profitability per share is much higher than it was a few years ago. The main risk is that demand is tied to construction and industrial cycles, so results could be sensitive to broader economic slowdowns or swings in energy and input costs.

Balance Sheet

Balance Sheet The balance sheet is a clear strength. Assets and shareholder equity have grown consistently, and cash has built up to a very comfortable level. Debt is minimal, effectively leaving the company in a near debt‑free position, which lowers financial risk and gives management flexibility. The business is effectively funded by its own equity and retained earnings rather than by borrowing. One trade‑off is that holding a large cash balance raises the question of how efficiently that cash will be deployed in the future, whether for projects, acquisitions, or returning capital to shareholders.

Cash Flow

Cash Flow Cash generation has kept pace with, and generally confirmed, the profit growth. Operating cash flow has increased over time and comfortably covers the company’s capital spending needs. Capital expenditures have been steady and manageable, allowing the company to consistently produce positive free cash flow after investment. This means the business can fund expansion and maintenance internally without relying on lenders. The pattern suggests disciplined investment: not starved of capital, but not overly aggressive either. Future large projects or expansions could lift spending, but the current profile looks stable and self‑sustaining.

Competitive Edge

Competitive Edge United States Lime & Minerals operates in a niche but essential corner of the construction materials space and appears to enjoy a solid moat in its core regions. Its plants and quarries are clustered in states like Texas and neighboring areas, where local production and distribution are critical because products are heavy and expensive to ship long distances. Long‑life, high‑purity limestone reserves give it a quality and supply advantage that is difficult and costly for new entrants to replicate. Vertical integration from quarry to finished product supports consistent quality and cost efficiency. Combined with a very strong balance sheet, this positions the company as a reliable, low‑risk supplier. Key vulnerabilities include dependence on regional demand, exposure to construction and industrial activity in its footprint, and the impact of environmental regulations on an energy‑intensive industry.

Innovation and R&D

Innovation and R&D This is not a classic high‑R&D company, but it does innovate through process improvements and capital projects. The focus is on modernizing equipment, improving energy efficiency, and squeezing more output and reliability from existing assets. The new energy‑efficient kiln in Texas is a flagship example: it should help reduce fuel usage per unit of output and potentially support better margins and capacity. The broader industry is exploring technologies like carbon capture and waste‑heat recovery, and while USLM’s direct involvement is not fully detailed, tightening environmental standards could push it further in this direction. Overall, the innovation approach is incremental and operations‑driven rather than disruptive, which fits a capital‑intensive, commodity‑like business but could be tested as decarbonization pressures grow.

Summary

United States Lime & Minerals combines steady growth with rising profitability, underpinned by disciplined operations and strong regional positions. The income statement shows consistent expansion and margin improvement, while the balance sheet is conservative, cash‑rich, and almost entirely unlevered. Cash flows are robust and comfortably fund the company’s ongoing investment needs, leaving room for strategic flexibility. Its moat rests on local dominance in key states, long‑life high‑quality reserves, vertical integration, and a reputation for reliable supply, all in a sector where geography and logistics matter a great deal. Risks center on economic cycles, energy and environmental costs, and the challenge of continuously deploying growing cash balances into value‑creating projects. Overall, it appears to be a quietly strong operator in a basic but essential industry, with future performance likely shaped by how effectively it invests in efficiency, capacity, and environmental readiness.