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United States Lime & Minerals Inc (USLM) stock

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NASDAQ: USLM Nasdaq Construction Materials Next results ~February 1, 2027

B Fundamentals grade

United States Lime & Minerals Inc is a US-listed company in the construction materials industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$100

Cash-flow model

Base case. Range ~$79–$130 across our lower- and higher-growth cases (3%–13% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 19% above our base value.

Price used: $118.99, November 2, 2026

United States Lime & Minerals Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 2 selling1 purchase and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds133 adding, 111 cuttingOf 44 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter United States Lime & Minerals files

10-Q filed October 30: United States Lime & Minerals

Rating: Sell to Hold Model value +3.1%

United States Lime & Minerals reported revenue of $381m for the twelve months to September 2026, a 4.5% rise on the year before. That pace has cooled from the 7.0% growth seen a quarter earlier. Profitability also softened, with the free-cash-flow margin slipping to 25.9% from 28.6% a year earlier. Despite this, our model value has edged up, from $96.98 to $99.95 a share. Against a share price of $112, the rating moves from Sell to Hold. At current levels, the market appears to be pricing in cash-flow growth of around 11.5% a year over the next five years, a notably slower rate than the 15.0% annual revenue growth the company has actually delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where United States Lime & Minerals stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $377m, up 7.0% on a year earlier, slower than the 9.5% growth a quarter earlier. Free-cash-flow margin fell to 24.4% from 30.3% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $96.98 a share, against a share price of $113. At that price, our model says the market is pricing in about 12.9% a year of cash-flow growth for five years, close to the 14.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 1, 2027 (estimated)

United States Lime & Minerals Inc's trailing-twelve-month revenue grew 4.5% year on year, with a free-cash-flow margin of 25.9%. Where it stands out: gross margin of 47.6% ranks 1 of 8 construction materials companies we cover. Where it lags: stock pay as % of revenue of 1.9% ranks 7 of 7 construction materials companies we cover.

Our discounted-cash-flow model values the business at ~$100 per share in the base case (~$79–$130 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 4.5% (-2.5pp vs the prior quarter), the 5th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 41.2% of revenue is left as operating profit, against a median of 16.1% for construction materials companies we cover.
  • Strong cash generation. 25.9% of revenue turned into free cash flow, against a median of 8.9% for construction materials companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.4bn.

Things to watch

  • Growth easing. The growth rate is 2.5 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was 74% of net income over the last 12 months.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 1.9% ranks 7 of 7 construction materials companies we cover (median 0.7%).
  • Below peers: change in growth rate. Change in growth rate of -2.5pp ranks 7 of 8 construction materials companies we cover (median -0.4pp).
  • Heavily shorted. 10.5% of the shares available to trade are sold short (8.0 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 4 of the last four quarters.

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$1.32 against an average estimate of $1.48: missed by 10.8%
Revenue
$106m, up 4.1% on a year earlier
Share reaction
+4.5% in the first session after the results on October 30, 2026, against -2.2% for the S&P 500
Next report
October 30, 2026; average EPS estimate $1.30

United States Lime & Minerals' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+6.6%
  • 1 week+8.5%
  • 1 month+7.2%
  • This year-0.5%
  • 1 year+1.7%
  • 5 years+368.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$381M
Operating margin
41.2%
Net margin
35.1%
EPS (TTM, diluted)
$4.65

Growth

Revenue growth
+4.5%
Change in growth rate
−2.5 pts
Share count change
+0.2%

Cash

Free cash flow (TTM)
$98.7M
FCF margin
25.9%
Stock pay % of revenue
1.9%

Earnings

Last results
October 30, 2026
Next results (est.)
February 1, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Insider trade
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

United States Lime & Minerals Inc valuation models and calculator

What the price is pricing in

The share price implies about 13.1% a year of cash-flow growth for five years.That is close to the 15.0% a year revenue growth United States Lime & Minerals has delivered.

  • Priced in13.1%
  • Last 12 months4.5%
  • 3 years a year11.6%
  • 5 years a year15.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($120.61, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$100
Price used
$120.61close November 3, 2026
Implied change
▼ 17%
Uncertainty
Low

How we got here: a discounted-cash-flow model of United States Lime & Minerals Inc's free cash flow after stock-based pay with after-tax interest added back ($97.6M, FY2026 Q3 TTM), growing 13.7% and 8.8% in the next two years (forecasts, guidance and its record), then back to 8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$79–~$130 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of United States Lime & Minerals Inc's free cash flow after stock-based pay ( $97.6M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value United States Lime & Minerals Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.14 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$100 ~$79–$130 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$82 ~$67–$96 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$79 ~$56–$110 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$63 ~$55–$73 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$85 ~$63–$100 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare United States Lime & Minerals Inc with Construction Materials in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −20%
  • Revenue growth 5 points higher ▲ +27%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▼ −8%
  • Discount rate 1 point higher ▼ −12%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $64$82$105$135$175$227
8.5% $53$65$82$104$132$169
10% $46$56$68$85$107$135

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$9.83$13.67$14.01$12.99$17.54$22.30$25.36$27.85$45.77$132.23$119.55$118.99
Market value$275m$381m$391m$364m$493m$629m$719m$791m$1.3bn$3.8bn$3.4bn$3.4bn
+ Net debt (− = net cash)−$60m−$75m−$85m−$67m−$54m−$84m−$105m−$133m−$188m−$278m−$371m−$439m
Enterprise value$216m$306m$306m$297m$439m$545m$613m$658m$1.1bn$3.5bn$3.1bn$3.0bn
Multiples
Price / sales 2.1x2.7x2.7x2.5x3.1x3.9x3.8x3.3x4.6x11.9x9.2x9.0x
Price / earnings 21.4x21.4x14.4x18.5x18.9x22.3x19.4x17.4x17.5x34.9x25.6x25.6x
Price / free cash flow 13.1x18.9x30.2x—24.8x15.2x27.9x21.1x22.5x38.5x33.6x34.7x
EV / EBITDA 6.1x7.7x7.5x7.9x9.4x10.2x9.1x8.5x10.2x23.6x16.7x16.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

72 /100

Strong moat

How hard United States Lime & Minerals's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 17 / 20

    Cash operating profit has been a median 12.8% of total assets over 10 years.

  • Pricing power 4 / 20

    Gross margin has been a median 31.0%, moving by 9.3 percentage points (standard deviation) across 10 years.

  • Durability 16 / 20

    Operating margin has been a median 23.9%; its worst year was 14.6%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 19.3% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 2.5% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.04 +8% $417m +12%
Next $5.70 +13% $473m +13%

Next year's EPS estimate has moved −7.8% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −7.4% on 90 days ago. In the last 30 days, 0 analysts raised United States Lime & Minerals Inc's forecast and 1 cut it.

Consensus EPS forecast United States Lime & Minerals Inc, last 90 days
$5.00 $5.50 $6.00 $6.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.44 Current fiscal year, 60 days ago: $5.44 Current fiscal year, 30 days ago: $5.14 Current fiscal year, 7 days ago: $5.14 Current fiscal year, Now: $5.04 $5.04 Next fiscal year, 90 days ago: $6.18 Next fiscal year, 60 days ago: $6.18 Next fiscal year, 30 days ago: $5.84 Next fiscal year, 7 days ago: $5.84 Next fiscal year, Now: $5.70 $5.70

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.44$6.18
60 days ago $5.44$6.18
30 days ago $5.14$5.84
7 days ago $5.14$5.84
Now $5.04$5.70

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.48 $1.32 −10.8%
Jun 2026 $1.30 $1.20 −7.7%
Mar 2026 $1.20 $1.06 −11.7%
Dec 2025 $1.13 $1.06 −6.2%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows United States Lime & Minerals Inc's revenue by +13.7% next year and +8.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+20.6%, weight 45%) and the company's own record (+8.0%, weight 55%) . How the weights are set.

Analyst recommendations

1 analysts, Oct 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611

Counts of recommendations published by analysts covering United States Lime & Minerals Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.5%
of tradable shares
Days to cover
7.96
at average volume
Short interest, 1 month
+12%
to October 15, 2026
Held by institutions
34%
of shares
Held by insiders
62.6%
of shares
Employees
346
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +1.7%

$116.97 on October 31, 2025 to $118.99

ThenNowEffect
Revenue (last 12 months) $352m $377m +7.0%
Net margin 35.6% 35.7% +0.3%
P/E multiple 26.8x 25.5x −5.1%
Share count 29m 29m −0.1%

Biggest factor: revenue.

Last 3 years +193.5%

$40.55 on November 3, 2023 to $118.99

ThenNowEffect
Revenue (last 12 months) $266m $377m +42.0%
Net margin 23.9% 35.7% +49.5%
P/E multiple 18.2x 25.5x +39.7%
Share count 28m 29m −1.1%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
USLM+14%+10%+64%+189%−10%−1%
Industry peers (median)+42%−22%+54%+18%−2%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
USLM58%42%67%75%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
USLM−27%−22%−14%−19%−36%−30%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 46% from November 26, 2024 to March 10, 2025. Getting back needed a 85% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$97.44 – $139.31
From 52-week high
−14.6%
vs 50-day average
+5.6%
vs 200-day average
+3.6%
Volatility (1 year)
39%
Beta vs S&P 500
1.02

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.0%
After a week
5 up, 6 down
typical move ±11.5%
After a month
7 up, 4 down
typical move ±12.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 30, 2026 +4.5% −2.2% — —
July 29, 2026 −0.7% +0.1% +3.6% +5.3%
April 29, 2026 −17.0% +1.0% −17.5% −12.1%
February 2, 2026 −2.0% −0.4% −10.6% +6.1%
October 29, 2025 −5.1% −1.1% −12.0% −5.8%
July 30, 2025 −11.5% −0.5% −5.2% +12.3%
April 30, 2025 +4.5% +0.7% +3.7% +9.7%
February 3, 2025 +1.6% 0.0% −5.7% −16.8%
October 30, 2024 +5.5% −2.3% +28.3% +43.1%
July 31, 2024 +3.0% +0.2% −16.0% −4.3%
April 30, 2024 +3.8% −1.9% +20.3% +12.0%
February 2, 2024 +0.6% +0.7% +3.4% +10.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How United States Lime & Minerals Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

United States Lime & Minerals Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) United States Lime & Minerals Inc
$250M $300M $350M $400M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $281.3M Revenue (TTM), FY24 Q1: $286.2M Revenue (TTM), FY24 Q2: $288.8M Revenue (TTM), FY24 Q3: $303.4M Revenue (TTM), FY24 Q4: $317.7M Revenue (TTM), FY25 Q1: $337.3M Revenue (TTM), FY25 Q2: $352.3M Revenue (TTM), FY25 Q3: $364.8M Revenue (TTM), FY25 Q4: $372.7M Revenue (TTM), FY26 Q1: $369.3M Revenue (TTM), FY26 Q2: $376.9M Revenue (TTM), FY26 Q3: $381.1M $381.1M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $281.3M
FY24 Q1 $286.2M
FY24 Q2 $288.8M
FY24 Q3 $303.4M
FY24 Q4 $317.7M
FY25 Q1 $337.3M
FY25 Q2 $352.3M
FY25 Q3 $364.8M
FY25 Q4 $372.7M
FY26 Q1 $369.3M
FY26 Q2 $376.9M
FY26 Q3 $381.1M
Revenue growth, TTM YoY United States Lime & Minerals Inc
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 19.1% Revenue growth, TTM YoY, FY24 Q1: 13.6% Revenue growth, TTM YoY, FY24 Q2: 8.8% Revenue growth, TTM YoY, FY24 Q3: 10.7% Revenue growth, TTM YoY, FY24 Q4: 12.9% Revenue growth, TTM YoY, FY25 Q1: 17.8% Revenue growth, TTM YoY, FY25 Q2: 22.0% Revenue growth, TTM YoY, FY25 Q3: 20.3% Revenue growth, TTM YoY, FY25 Q4: 17.3% Revenue growth, TTM YoY, FY26 Q1: 9.5% Revenue growth, TTM YoY, FY26 Q2: 7.0% Revenue growth, TTM YoY, FY26 Q3: 4.5% 4.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 19.1%
FY24 Q1 13.6%
FY24 Q2 8.8%
FY24 Q3 10.7%
FY24 Q4 12.9%
FY25 Q1 17.8%
FY25 Q2 22.0%
FY25 Q3 20.3%
FY25 Q4 17.3%
FY26 Q1 9.5%
FY26 Q2 7.0%
FY26 Q3 4.5%
Operating margin (TTM) United States Lime & Minerals Inc
30% 35% 40% 45% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 30.4% Operating margin (TTM), FY24 Q1: 31.9% Operating margin (TTM), FY24 Q2: 34.1% Operating margin (TTM), FY24 Q3: 37.2% Operating margin (TTM), FY24 Q4: 39.3% Operating margin (TTM), FY25 Q1: 41.2% Operating margin (TTM), FY25 Q2: 41.1% Operating margin (TTM), FY25 Q3: 41.9% Operating margin (TTM), FY25 Q4: 42.4% Operating margin (TTM), FY26 Q1: 41.6% Operating margin (TTM), FY26 Q2: 42.1% Operating margin (TTM), FY26 Q3: 41.2% 41.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 30.4%
FY24 Q1 31.9%
FY24 Q2 34.1%
FY24 Q3 37.2%
FY24 Q4 39.3%
FY25 Q1 41.2%
FY25 Q2 41.1%
FY25 Q3 41.9%
FY25 Q4 42.4%
FY26 Q1 41.6%
FY26 Q2 42.1%
FY26 Q3 41.2%
FCF margin (TTM) United States Lime & Minerals Inc
20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 20.6% FCF margin (TTM), FY24 Q1: 22.1% FCF margin (TTM), FY24 Q2: 24.3% FCF margin (TTM), FY24 Q3: 28.0% FCF margin (TTM), FY24 Q4: 31.0% FCF margin (TTM), FY25 Q1: 30.5% FCF margin (TTM), FY25 Q2: 30.3% FCF margin (TTM), FY25 Q3: 28.6% FCF margin (TTM), FY25 Q4: 27.4% FCF margin (TTM), FY26 Q1: 24.8% FCF margin (TTM), FY26 Q2: 24.4% FCF margin (TTM), FY26 Q3: 25.9% 25.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 20.6%
FY24 Q1 22.1%
FY24 Q2 24.3%
FY24 Q3 28.0%
FY24 Q4 31.0%
FY25 Q1 30.5%
FY25 Q2 30.3%
FY25 Q3 28.6%
FY25 Q4 27.4%
FY26 Q1 24.8%
FY26 Q2 24.4%
FY26 Q3 25.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar United States Lime & Minerals took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $373M
  2. Other income $13.2M · 3.5%
  3. Cost of revenue $190M · 51.1%
  4. Gross profit $182M · 48.9%
  5. Selling, general and admin $24.5M · 6.6%
  6. Operating income $158M · 42.4%
  7. Income tax $36.7M · 9.9%
  8. Net income $134M · 36.0%

Shares of revenue. Source: United States Lime & Minerals's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 117 133 143 139 134 150 131 139 145 144 158 161 189 236 281 318 373 381
Gross profit 29 36 41 33 31 37 29 33 34 30 42 48 59 70 103 144 182 181
EBITDA 34 41 46 39 36 42 35 40 41 38 47 53 67 77 109 149 183 183
Operating income 21 28 33 24 22 27 19 23 24 20 29 34 46 55 85 125 158 157
Net income 14 18 22 16 15 19 13 18 27 20 26 28 37 45 75 109 134 134
Diluted EPS $2.14 $0.56 $0.70 $0.57 $0.53 $0.69 $0.46 $0.64 $0.97 $0.70 $0.93 $1.00 $1.31 $1.60 $2.61 $3.79 $4.67 $4.65
Growth (year on year)
Revenue — +13.0% +7.5% −2.8% −3.4% +12.0% −12.7% +6.5% +4.0% −0.3% +9.6% +1.5% +17.8% +24.8% +19.1% +12.9% +17.3% +4.5%
EBITDA — +19.9% +12.1% −15.1% −8.0% +16.8% −16.8% +12.8% +2.9% −7.8% +24.6% +14.1% +25.9% +14.4% +41.9% +36.5% +22.8% +3.3%
Operating income — +32.0% +17.5% −25.4% −10.7% +26.2% −30.1% +23.0% +3.2% −17.4% +46.2% +15.8% +37.0% +18.0% +55.9% +46.2% +26.4% +2.8%
Net income — +32.0% +23.0% −26.0% −9.9% +30.9% −33.5% +37.8% +52.9% −27.5% +32.4% +8.3% +31.3% +22.6% +64.1% +46.0% +23.4% +2.3%
Diluted EPS — −73.7% +24.2% −17.8% −7.3% +30.5% −33.7% +38.7% +52.4% −27.8% +32.2% +7.8% +30.8% +22.3% +63.1% +45.2% +23.2% +2.1%
Margins
Gross margin 24.5% 27.2% 29.0% 24.1% 23.0% 24.6% 21.9% 23.8% 23.7% 21.1% 26.3% 29.6% 31.3% 29.8% 36.6% 45.3% 48.9% 47.6%
EBITDA margin 29.3% 31.1% 32.5% 28.4% 27.0% 28.2% 26.8% 28.4% 28.2% 26.0% 29.6% 33.3% 35.6% 32.6% 38.8% 46.9% 49.1% 48.1%
Operating margin 17.9% 20.9% 22.8% 17.5% 16.2% 18.2% 14.6% 16.9% 16.7% 13.8% 18.5% 21.1% 24.5% 23.2% 30.4% 39.3% 42.4% 41.2%
Net margin 11.7% 13.6% 15.6% 11.9% 11.1% 12.9% 9.8% 12.7% 18.7% 13.6% 16.5% 17.6% 19.6% 19.2% 26.5% 34.3% 36.0% 35.1%
Free-cash-flow margin 21.2% 18.7% 20.4% 16.9% 18.4% 13.5% 16.1% 14.5% 8.9% −10.4% 12.6% 25.8% 13.6% 15.9% 20.6% 31.0% 27.4% 25.9%
Cash flow
Cash from operations 32 34 39 32 34 32 32 38 34 39 47 59 56 64 92 126 165 169
Capital spending 7 9 9 8 9 12 11 18 21 54 27 17 30 27 34 27 63 70
Free cash flow 25 25 29 23 25 20 21 20 13 −15 20 41 26 38 58 99 102 99
Stock-based pay 1 1 1 1 1 1 1 1 1 1 2 2 2 3 3 5 8 7
Free cash flow after stock pay 24 24 28 22 24 19 20 19 12 −17 18 40 24 35 55 94 94 91
Balance sheet
Cash 16 36 53 30 49 58 60 75 85 67 54 84 105 133 188 278 371 439
Total debt 0 37 33 27 22 17 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −16 0 −20 −3 −28 −42 −60 −75 −85 −67 −54 −84 −105 −133 −188 −278 −371 −439
Diluted shares — 32m 32m 29m 28m 28m 28m 28m 28m 28m 28m 28m 28m 28m 29m 29m 29m 29m
Returned to shareholders
Dividends — — — — — 3 3 3 3 3 33 4 4 5 5 6 7 7
Buybacks 0 0 8 41 0 0 0 3 0 0 0 1 1 1 1 4 3 3
Total returned 0 0 8 41 0 3 3 6 3 3 34 4 4 5 6 9 10 10

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · September 30, 2026
What it owns · $798m
Short-term assets $543mLonger-term assets $255m
What it owes, and who funded it · $798m
Short-term liabilities $24mLonger-term liabilities $40mShareholders' equity $734m
  • Short-term assets cover short-term liabilities $543m of assets due within a year against $24m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $543m short-term assets against $40m of longer-dated liabilities.
  • More cash than debt $439m of cash against $0 of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 0% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt No debt to cover.
  • Operating profit covers interest at least five times over No material interest expense reported.

From United States Lime & Minerals Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$2.6M
Dividends (TTM)
$6.9M
Returned to shareholders
10%
of free cash flow
Buybacks, last 3 fiscal years
$7.5M
Diluted share count
+0.2%
year over year
Total shareholder yield
0.3%
dividends 0.2% + buybacks 0.1% of market value
Dividend payout ratio
5%
of net income paid out
Sales & admin spending
6.4%
of revenue
Days sales outstanding
63 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction materials
Last 12 months unless stated USLM SND TTAM EXP KNF MLM Median
Revenue, last 12 months $381m $387m $1.7bn $2.3bn $3.3bn $6.7bn $2.8bn
Revenue growth, last 12 months 4.5% 26.5% 1.8% 1.7% 12.1% 14.8% 5.0%
Revenue growth, 3-year average 11.6% 8.6% — 2.0% 8.3% 1.1% 5.2%
Revenue growth, latest quarter 4.1% 34.1% — 2.6% 12.6% 21.0% 4.1%
Gross margin 47.6% 13.5% 26.1% 27.0% 17.8% 28.2% 27.2%
Operating margin 41.2% 2.0% 16.1% 31.7% 8.3% 20.6% 18.2%
Operating margin, 3-year average 40.1% −0.1% — 31.6% 9.3% 30.3% 19.7%
Net margin 35.1% 2.7% 11.1% 17.3% 4.2% 36.7% 12.5%
Cash from operations / revenue 44.3% 12.1% 17.8% 27.2% 9.5% 22.7% 18.3%
Free-cash-flow margin 25.9% 8.9% 8.1% 7.3% 1.3% 12.1% 8.5%
Free-cash-flow margin, 3-year average 27.5% 3.5% — 13.5% 1.6% 12.6% 11.3%
Stock pay / revenue 1.9% 0.9% — 0.9% 0.3% 0.7% 0.7%
Change in share count 0.2% 1.6% 4.6% −4.8% 0.1% −1.1% −0.5%

Median of all 8 companies we cover in construction materials. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

8 construction materials companies
Measure Company Peer median Rank
Revenue growth Growth 4.5% 5.6% 5 of 8
Change in growth rate Growth -2.5pp -0.4pp 7 of 8
Gross margin Profitability 47.6% 27.5% 1 of 8
Operating margin Profitability 41.2% 16.1% 1 of 7
Net margin Profitability 35.1% 13.8% 2 of 8
Free-cash-flow margin Cash generation 25.9% 8.9% 1 of 8
Stock pay as % of revenue Cash generation 1.9% 0.7% 7 of 7
Long-term debt as % of assets Balance sheet 0.0% 23.9% 1 of 8
Change in share count Balance sheet 0.2% 0.1% 6 of 8

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$978M
Institutions reporting
231
Shares held vs prior quarter
▲ 6.9%
Positions opened / closed
40 / 45

Top buyers and sellers, Q2 2026: 133 institutions bought and 111 sold ; the biggest buyer was Blackrock, Inc (+803K shares) and the biggest seller T. Rowe Price Investment Management, Inc (−327K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $174M 1.7M 17.8% ▲ 93.0%
Dimensional Fund Advisors LP $79.5M 760K 8.1% ▲ 1.6%
Renaissance Technologies LLC $63.7M 609K 6.5% ▼ 0.9%
First Trust Advisors LP $51.1M 488K 5.2% ▲ 10.5%
Vanguard Capital Management LLC $47.9M 458K 4.9% ▲ 0.3%
Vanguard Portfolio Management LLC $44.4M 424K 4.5% ▲ 28.4%
State Street Corp $43.9M 419K 4.5% ▲ 78.1%
Geode Capital Management, LLC $40.1M 383K 4.1% ▲ 8.1%
Select Equity Group, L.P. $39.8M 381K 4.1% ▼ 6.2%
Mirae Asset Global Etfs Holdings Ltd. $32.9M 314K 3.4% ▲ 8.4%
Royce & Associates LP $23.1M 221K 2.4% ▲ 142.5%
William Blair Investment Management, LLC $17.8M 170K 1.8% ▼ 40.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not United States Lime & Minerals Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $2.2M 1 trade by 1 insider, last 12 months Insider sales History → $2.4M 2 trades by 2 insiders · 0% under pre-set plans
Net ▼ $153,815 net selling
Insider Date Trade Shares Price Value
Candou Holdings Ltd. 10% owner September 9, 2026 Buy 20,000 $110.00 $2.2M
Doumet Antoine M Director September 9, 2026 Sell 20,000 $110.00 $2.2M
Duhe Sandra C Director March 3, 2026 Sell 1,277 $120.45 $153,815

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 1, 2027 estimated from the company's past filing pattern, not announced

  • October 30, 2026
  • July 29, 2026
  • April 29, 2026
  • February 2, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on United States Lime & Minerals Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

United States Lime & Minerals Inc in brief

What does United States Lime & Minerals Inc do?
United States Lime & Minerals Inc is a US-listed company in the construction materials industry. Its financial year ends in December.
What is United States Lime & Minerals Inc's stock ticker?
United States Lime & Minerals Inc trades under the ticker USLM on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is United States Lime & Minerals Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, United States Lime & Minerals Inc reported revenue of $381M, 4.5% higher than a year earlier, according to its SEC filings.
What is United States Lime & Minerals Inc's free cash flow?
United States Lime & Minerals Inc's free-cash-flow margin is 25.9% of revenue over the trailing twelve months, ranking 1 of the 8 construction materials companies we cover.
What is United States Lime & Minerals Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of United States Lime & Minerals Inc's free cash flow after stock-based pay gives ~$100 per share in the base case, and ~$79–$130 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are United States Lime & Minerals Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and Renaissance Technologies LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is United States Lime & Minerals Inc buying back stock, and does it pay a dividend?
United States Lime & Minerals Inc spent $2.6M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.2% over the year.
What is United States Lime & Minerals Inc's market cap?
On November 2, 2026, United States Lime & Minerals Inc's market capitalisation was about $3.4B, with a price-to-earnings ratio of 25.6 and net debt of -$439M. Market figures come from third-party market data and may be delayed.
Does United States Lime & Minerals Inc pay a dividend?
Yes: United States Lime & Minerals Inc paid $6.9M in dividends over the trailing twelve months, a dividend yield of 0.20% and a payout ratio of 5.1%.
How much debt does United States Lime & Minerals Inc have?
United States Lime & Minerals Inc's debt-to-equity ratio is 0.0%, from its latest balance sheet (0.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are United States Lime & Minerals Inc's competitors?
In our Construction Materials peer group, the companies closest to United States Lime & Minerals Inc are Smart Sand, Inc., Titan America SA, Eagle Materials Inc, Knife River Corp and Martin Marietta Materials. The side-by-side comparison below sets their revenue, margins and growth against United States Lime & Minerals Inc's.
Are insiders buying or selling United States Lime & Minerals Inc stock?
Over the last 12 months, United States Lime & Minerals Inc's directors and officers reported 1 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is United States Lime & Minerals Inc's next earnings date?
Around February 1, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — United States Lime & Minerals Inc announces its own schedule.