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VMC

Vulcan Materials Company

VMC

Vulcan Materials Company • NYSE
$297.24 ▲ 0.73% (+2.16)
Market Cap $39.27 B
52w High $311.74
52w Low $215.08
Dividend Yield 1.96%
P/E 35.09
Volume 297.90K
Outstanding Shares 132.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.283B ▲ $145.2M ▼ $379.2M ▲ 16.611% ▲ $2.86 ▲ $973.1M ▲
Q2-2025 $2.102B ▲ $154.2M ▲ $320.9M ▲ 15.264% ▲ $2.43 ▲ $658.8M ▲
Q1-2025 $1.635B ▼ $138.9M ▲ $128.9M ▼ 7.886% ▼ $0.97 ▼ $410.2M ▼
Q4-2024 $1.854B ▼ $136.2M ▼ $293.7M ▲ 15.844% ▲ $2.22 ▲ $561.6M ▲
Q3-2024 $2.004B $228.1M $207.6M 10.36% $1.57 $494M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $191.3M ▼ $16.979B ▲ $8.221B ▼ $8.734B ▲
Q2-2025 $347.4M ▲ $16.975B ▲ $8.545B ▼ $8.407B ▲
Q1-2025 $181.3M ▼ $16.712B ▼ $8.554B ▼ $8.134B ▲
Q4-2024 $559.7M ▲ $17.105B ▲ $8.962B ▲ $8.119B ▲
Q3-2024 $433.2M $14.352B $6.459B $7.869B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $375.1M ▲ $676.8M ▲ $-214M ▼ $-618.6M ▼ $-155.8M ▼ $454.8M ▲
Q2-2025 $320.8M ▲ $341.7M ▲ $-110.4M ▲ $-73.2M ▲ $158.1M ▲ $238.8M ▲
Q1-2025 $129.4M ▼ $251.5M ▼ $-126.5M ▲ $-532.9M ▼ $-407.9M ▼ $83.5M ▼
Q4-2024 $293.5M ▲ $440.1M ▼ $-2.173B ▼ $1.899B ▲ $166.5M ▼ $277.6M ▼
Q3-2024 $208.4M $595M $-108M $-164.3M $322.7M $498.2M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Aggregates
Aggregates
 $3.09Bn ▲$1.34Bn ▼$1.65Bn ▲$1.79Bn ▲
Asphalt
Asphalt
 $680.00M ▲$210.00M ▼$370.00M ▲$420.00M ▲
Concrete
Concrete
 $330.00M ▲$180.00M ▼$220.00M ▲$240.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Vulcan’s income statement shows a business that has grown meaningfully over the last five years, with only a modest step back most recently. Sales have climbed strongly from early in the period, and profits have generally grown faster than sales, indicating better pricing, efficiency, or both. Operating and EBITDA margins have improved over time, suggesting good cost control and scale benefits. Net income and earnings per share have risen over the multi‑year period, even though the most recent year is slightly softer than the prior peak. Overall, this looks like a mature, cyclical business that has steadily improved its profitability through the cycle rather than chasing rapid, volatile growth.

Balance Sheet

Balance Sheet The balance sheet has expanded, reflecting acquisitions, investment, and the rising scale of the business. Total assets have moved up steadily, while shareholder equity has also grown, which signals that retained earnings are being built over time. Debt has increased faster than equity, especially in the most recent year, pointing to a higher but still manageable leverage profile for a capital‑intensive business. Cash levels move around year to year, but the company is not sitting on unusually large cash reserves, which means it relies on operating cash flow and credit markets to fund growth. In short, the balance sheet supports ongoing operations and expansion, but the upward trend in debt is a risk to keep an eye on if conditions in construction weaken.

Cash Flow

Cash Flow Vulcan’s cash flow generation is a major strength. Operating cash flow has generally trended higher in line with earnings, and it has consistently covered both capital spending and dividends with room to spare. Free cash flow has been positive every year in this period, which is notable given the heavy investment required in quarries, plants, and equipment. Capital spending has risen over time, showing a willingness to reinvest for growth, efficiency, and possibly acquisitions rather than simply harvesting cash. Overall, the profile is one of a steady cash generator capable of funding its own investment program, though rising capex and debt mean discipline must remain tight.

Competitive Edge

Competitive Edge Vulcan holds a very strong position as the largest producer of construction aggregates in the United States, which gives it meaningful scale benefits. Its quarries are located close to major metropolitan areas, which is a critical advantage in a business where transportation costs can make or break profitability. High regulatory and permitting barriers make it difficult for new competitors to open quarries, effectively protecting Vulcan’s existing network. Vertical integration into asphalt and ready‑mixed concrete broadens its product set and allows the company to capture more value along the construction materials chain. The flip side is that Vulcan remains tied to the inherently cyclical construction and infrastructure markets, so even a strong moat cannot fully shield it from economic downturns or delays in public spending.

Innovation and R&D

Innovation and R&D Innovation at Vulcan is less about laboratory research and more about process, technology, and product evolution. The company is investing in digital tools and data analytics—under initiatives like VulcanX and its modernized sales platforms—to improve pricing, customer service, fleet utilization, and logistics. Use of artificial intelligence for predictive maintenance, quality control, and supply chain optimization can lower downtime and costs in a very asset‑heavy operation. On the product side, the acquisition of U.S. Concrete and a push into lower‑carbon, more sustainable concrete mixes help differentiate Vulcan from purely commodity competitors and align it with evolving environmental regulations and customer preferences. Future innovation is likely to stay focused on sustainability, digitalization, and disciplined acquisitions rather than truly disruptive new materials.

Summary

Vulcan Materials presents the profile of a market leader in a slow‑to‑moderate growth, cyclical industry that has steadily improved its profitability and cash generation. Earnings and cash flow trends over the last several years are positive, even with a small recent step down from peak levels, and the company has used its scale and cost advantages to widen margins. The balance sheet is generally sound but more leveraged than earlier in the period, reflecting acquisitions and investment, which increases sensitivity to interest rates and downturns. Strong competitive barriers—location of quarries, regulation, and vertical integration—combine with ongoing digital and sustainability initiatives to reinforce its position. The main opportunities revolve around public infrastructure spending, growth in sustainable construction, and further efficiency gains, while the key risks remain economic cyclicality, regulatory and environmental pressures, and a rising debt load in a capital‑intensive business.

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October 10, 2025 · 4:30 PM UTC

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