NYSE: VMC
Vulcan Materials
Materials · Mining & Quarrying of Nonmetallic Minerals (No Fuels)
52-week range
$237.03$331.09
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$31.4B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $16.6B |
| FY2017, ended Dec 31, 2017 | $17.0B |
| FY2018, ended Dec 31, 2018 | $13.0B |
| FY2019, ended Dec 31, 2019 | $19.1B |
| FY2020, ended Dec 31, 2020 | $19.7B |
| FY2021, ended Dec 31, 2021 | $27.6B |
| FY2022, ended Dec 31, 2022 | $23.3B |
| FY2023, ended Dec 31, 2023 | $30.0B |
| FY2024, ended Dec 31, 2024 | $34.0B |
| FY2025, ended Dec 31, 2025 | $37.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $31.4B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$8.01B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.59B |
| FY2017, ended Dec 31, 2017 | $3.89B |
| FY2018, ended Dec 31, 2018 | $4.38B |
| FY2019, ended Dec 31, 2019 | $4.93B |
| FY2020, ended Dec 31, 2020 | $4.86B |
| FY2021, ended Dec 31, 2021 | $5.55B |
| FY2022, ended Dec 31, 2022 | $7.32B |
| FY2023, ended Dec 31, 2023 | $7.78B |
| FY2024, ended Dec 31, 2024 | $7.42B |
| FY2025, ended Dec 31, 2025 | $7.94B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $8.01B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $419M | $294M |
| FY2017, ended Dec 31, 2017 | $601M | $185M |
| FY2018, ended Dec 31, 2018 | $516M | $364M |
| FY2019, ended Dec 31, 2019 | $618M | $600M |
| FY2020, ended Dec 31, 2020 | $585M | $708M |
| FY2021, ended Dec 31, 2021 | $671M | $561M |
| FY2022, ended Dec 31, 2022 | $576M | $536M |
| FY2023, ended Dec 31, 2023 | $933M | $664M |
| FY2024, ended Dec 31, 2024 | $912M | $806M |
| FY2025, ended Dec 31, 2025 | $1.08B | $1.14B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.10B | $781M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$107M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $259M |
| FY2017, ended Dec 31, 2017 | $142M |
| FY2018, ended Dec 31, 2018 | $40.0M |
| FY2019, ended Dec 31, 2019 | $272M |
| FY2020, ended Dec 31, 2020 | $1.20B |
| FY2021, ended Dec 31, 2021 | $235M |
| FY2022, ended Dec 31, 2022 | $161M |
| FY2023, ended Dec 31, 2023 | $931M |
| FY2024, ended Dec 31, 2024 | $560M |
| FY2025, ended Dec 31, 2025 | $183M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $107M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$4.68B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.98B |
| FY2017, ended Dec 31, 2017 | $2.85B |
| FY2018, ended Dec 31, 2018 | $2.91B |
| FY2019, ended Dec 31, 2019 | $2.78B |
| FY2020, ended Dec 31, 2020 | $3.29B |
| FY2021, ended Dec 31, 2021 | $3.88B |
| FY2022, ended Dec 31, 2022 | $3.98B |
| FY2023, ended Dec 31, 2023 | $3.88B |
| FY2024, ended Dec 31, 2024 | $5.31B |
| FY2025, ended Dec 31, 2025 | $4.36B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.68B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 3.0% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.128M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 132M |
| FY2017, ended Dec 31, 2017 | 132M |
| FY2018, ended Dec 31, 2018 | 132M |
| FY2019, ended Dec 31, 2019 | 132M |
| FY2020, ended Dec 31, 2020 | 133M |
| FY2021, ended Dec 31, 2021 | 133M |
| FY2022, ended Dec 31, 2022 | 133M |
| FY2023, ended Dec 31, 2023 | 132M |
| FY2024, ended Dec 31, 2024 | 132M |
| FY2025, ended Dec 31, 2025 | 131M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 128M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.10B more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $161M | $20.7M | $0 |
| FY2017, ended Dec 31, 2017 | $60.3M | $26.6M | — |
| FY2018, ended Dec 31, 2018 | $134M | $25.2M | — |
| FY2019, ended Dec 31, 2019 | $2.60M | $31.8M | — |
| FY2020, ended Dec 31, 2020 | $26.1M | $33.0M | — |
| FY2021, ended Dec 31, 2021 | $0 | $34.7M | — |
| FY2022, ended Dec 31, 2022 | $0 | $41.1M | — |
| FY2023, ended Dec 31, 2023 | $200M | $63.2M | — |
| FY2024, ended Dec 31, 2024 | $68.8M | $53.4M | — |
| FY2025, ended Dec 31, 2025 | $438M | $63.1M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.15B | $46.5M | — |
Revenue (TTM)
$8.01B
+1.6% YoY
Net income (TTM)
$1.10B
−1.4% YoY
Cash
$107M
−44.3% YoY
Total debt
$4.68B
+7.3% YoY
Valuation
At current price- Market Cap
- $36.1B
- P/E
- 32.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 4.5×
- Price / Book
- 4.3×
- EV / EBITDA
- 17.4×
Growth
Trailing 12 months- Revenue (TTM)
- $8.01B
- Revenue Growth YoY
- 1.6%
- Revenue CAGR 3Y
- 2.8%
- Revenue CAGR 5Y
- 10.3%
- EPS Growth YoY
- 0.2%
- Net Income Growth YoY
- −1.4%
Profitability
Trailing 12 months- Gross Margin
- 27.5%
- Operating Margin
- 20.3%
- Net Margin
- 13.8%
- FCF Margin
- 9.8%
- Return on Equity
- 12.9%
Earnings
Trailing 12 months- Net Income
- $1.10B
- EPS (diluted)
- $8.43
- EBITDA
- $2.34B
- Operating Income
- $1.62B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $107M
- Total Debt
- $4.68B
- Net Debt
- $4.57B
- Total Assets
- $16.7B
- Total Liabilities
- $8.27B
- Shareholders' Equity
- $8.41B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.51B
- Capital Expenditure
- $733M
- Free Cash Flow
- $781M
Dividends and risk
Last 12 months- Dividend Yield
- 0.7%
- Dividend / Share
- $2.05
- Beta (5Y)
- 1.04
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $8.01B.
Note
Net margin of 13.8% over the last 12 months.
Note
Net debt of $4.57B is 2.0× EBITDA.
Note
Free cash flow of $781M, 9.8% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K75Good news
75Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 19, 2026 · Read the filing on EDGAR
- Revenue rose 7% to $7.94 billion, operating earnings rose 19% and net earnings rose 18% to $1.08 billion, as aggregates prices rose 4.3%.
- Vulcan paid down about $950 million of debt. Debt fell to 1.9 times Adjusted EBITDA from 2.6 times, and share buybacks rose to $438 million.
- For 2026, management expects net earnings of $1.1–1.3 billion, 1–3% higher shipments and 4–6% higher aggregates prices.
- New: Mexico's tax authority says Calica had no right to mine, which could cost about $35 million. Vulcan also plans to sell its California ready-mixed concrete assets.
Business momentum
Strong improvement
“Operating earnings increased $255.1 million, or 19%, to $1,619.6 million”
Outlook
Positive
“As we look to 2026, we are encouraged about the demand backdrop in our markets.”
Financial stress
Low
“At December 31, 2025, our available liquidity was $1,760.2 million, including $183.3 million of unrestricted cash on hand, significantly higher than our liquidity needs.”
Tone against the previous report
More positive
Red flags
- Minor
Other
“Should we be unsuccessful in defending this tax position related to the 2018 audit, we may incur a one-time cash outflow and tax expense of approximately $35 million, which includes $23 million of interest and penalties.”
Positives
Strong profit growth and wider margins
“Net earnings attributable to Vulcan increased 18%, Adjusted EBITDA improved 13%, and Adjusted EBITDA margin expanded 160 basis points.”
Lower debt
“At year-end 2025, total debt to Adjusted EBITDA was 1.9 times (1.8 times on a net debt basis, reflecting $189.4 million of cash on hand).”
Much higher operating cash flow
“Net cash provided by operating activities was $1,813.0 million during 2025, a $403.4 million increase compared to 2024.”
Concerns
Same-store shipments fell slightly
“volume from operations acquired in late 2024 more than offsetting slightly lower year-over-year same-store shipments”
Higher interest costs from 2024 borrowing
“The increase in interest expense was primarily due to a higher debt level resulting from the November 2024 notes issuances.”
Mexico Calica operations still shut down
“Shipments in 2025, 2024 and 2023 were negatively impacted by the absence of tons available from our Mexico operations”
New risks since the previous report
Mexican tax audit challenges Calica's right to mine
“Among other claims, SAT asserts that Calica had no right to mine and has denied its cost of goods sold deduction.”
Tariffs and trade policy may cut customer demand
“Economic pressures on our customers, including the challenges of inflation and the impact of tariffs and other trade measures, may negatively impact our shipment volumes.”
AI use may increase cybersecurity risk
“In addition, the rapid evolution and increased adoption of AI and machine learning technologies may intensify our cybersecurity risks.”
Biggest risks named
- Construction downturn and economic cycles
- Mexico Calica shutdown, NAFTA arbitration and tax audit
- Tariffs, inflation and trade policy uncertainty
- Timing of government infrastructure funding
- Energy, diesel and raw material cost inflation
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −1.5 | |
| Score | 75 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 19, 2026 | 75 | Strong improvement | 1 minor | |
| 10-K | Feb 20, 2025 | 51 | Weakening | 2 medium | |
| 10-K | Feb 22, 2024 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 24, 2023 | 55 | Mixed | 1 medium1 minor | |
| 10-K | Feb 25, 2022 | 67 | Improving | 1 medium | |
| 10-K | Feb 25, 2021 | 62 | Stable | None | |
| 10-K | Feb 26, 2020 | 74 | Strong improvement | None | |
| 10-K | Feb 26, 2019 | 70 | Improving | None | |
| 10-K | Feb 27, 2018 | 57 | Mixed | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR