Loading…
Largest US producer of construction aggregates — crushed stone, sand and gravel — for infrastructure and building projects.
Largest US producer of construction aggregates — crushed stone, sand and gravel — for infrastructure and building projects.
Sells aggregates by the ton from quarries mostly close to customers, since stone is costly to haul, with ships from its large Mexican quarry supplying distant coastal markets. Prices have tended to rise each year. Asphalt and concrete plants use its own stone and add a smaller layer of income.
Moat: narrow (regulatory licence, distribution, scale). Quarry sites are geographically fixed and permit-constrained, limiting new local supply.
Headquarters: Birmingham, Alabama, US · Founded: 1909 · Employees: 11,548
Size Vulcan Materials (VMC) is a United States Materials company (Construction Materials) with a market value of $36.3B, the 316th largest of 3,117 United States companies the cockpit tracks. Shares closed at $282.72 on 6 Nov 2026.
Performance Over six months the shares fell 0.1%, against -12.2% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 9 in its peer set.
Growth Revenue grew 1.6% over the last twelve months (peer median +4.7%); the operating margin is 20.7% (peer median 14.4%).
Valuation It trades at 29.5× forward earnings against a peer median of 18.3× (most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.4 points above its cost of capital (9.3% WACC).
Credit Vulcan Materials has 7 bonds outstanding ($3.98B), rated BBB+ by the agencies and trading like A at a weighted spread of 76 bp.
Short interest Short interest is 3.3% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.01B | $7.94B | $7.42B | $7.78B | $7.32B |
| Revenue growth | — | +7% | -5% | +6% | — |
| Gross profit | $2.20B | $2.17B | $2.00B | $1.95B | $1.56B |
| EBITDA | $2.37B | $2.36B | $2.12B | $2.02B | $1.69B |
| Net income | $1.10B | $1.08B | $912M | $933M | $576M |
| Free cash flow | $781M | $1.14B | $806M | $664M | $536M |
| Capital expenditure | $733M | $678M | $604M | $873M | $613M |
| Total debt | $5.32B | $4.94B | $5.90B | $4.46B | $4.63B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Vulcan Materials VMC | $36.3B | 0% | +2% | 21% | 29.5× | 18.7% |
| Martin Marietta Materials MLM | $36.8B | -12% | +9% | 20% | 28.8× | 23.2% |
| CRH CRH | $63.1B | -16% | +6% | 14% | 16.0× | 11.0% |
| Eagle Materials EXP | $5.71B | -12% | +2% | 22% | 16.1× | 9.7% |
| Amrize AMRZ | $22.9B | -21% | +4% | 16% | 17.2× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VMC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.8% | +13.4% | 4th highest of 9 |
| 6-month return | -0.1% | -12.2% | 2nd highest of 9 |
| Distance from 52-week high | -14.3% | -27.2% | 3rd highest of 9 |
| Revenue growth (TTM) | +1.6% | +4.7% | 4th lowest of 9 |
| Operating margin | 20.7% | 14.4% | highest of 9 |
| Forward P/E | 29.5× | 18.3× | most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 18.7% | 4.7% | 3rd most demanding of 9 |
| Growth delivered (Del g) | +10.3% | +4.4% | 2nd highest of 9 |
| Hurdle (Req g minus delivered) | +8.4 pp | +5.5 pp | 4th most demanding of 9 |
| ROIC minus cost of capital | +0.4 pp | -0.7 pp | 3rd highest of 9 |
| EV / EBITDA | 17.5× | 10.5× | 2nd most expensive of 8 |
| Net debt / EBITDA | 2.2× | 2.1× | 4th most indebted of 9 |
| Bond spread | 76 bp | 85 bp | tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vulcan Materials VMC | United States | $36.3B | 0% | +2% | 21% | 29.5× | 18.7% | +10.3% |
| Martin Marietta Materials MLM | United States | $36.8B | -12% | +9% | 20% | 28.8× | 23.2% | +5.4% |
| Heidelberg Materials HEI.DE | Germany | $34.3B | -5% | 0% | 15% | 13.5× | 4.9% | +4.0% |
| Holcim HOLN.SW | Switzerland | $48.4B | -3% | -26% | 16% | 19.5× | 1.4% | -7.4% |
| Amrize AMRZ | United States | $22.9B | -21% | +4% | 16% | 17.2× | -0.1% | +3.3% |
| CRH CRH | United States | $63.1B | -16% | +6% | 14% | 16.0× | 11.0% | +6.3% |
| Cemex SAB de CV Sponsored ADR CX | United States | $16.6B | -18% | +10% | 13% | 11.2× | 4.4% | +4.7% |
| James Hardie Industries JHX | United States | $16.2B | +33% | +43% | 14% | 21.0× | 26.1% | +10.7% |
| Anhui Conch Cement 600585.SS | China | $13.9B | -12% | -8% | 4% | 19.4× | -7.7% | -14.1% |
Vulcan Materials has 7 bonds outstanding with $3.98B face value. The agencies rate it BBB+; its bonds trade like A. Weighted yield 5.68%, a spread of 76 bp over government bonds.