Vulcan Infrastructure & Power Inc. is a US-listed company in the diversified financial services industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $51m, down 14.1% on a year earlier, against growth of 1.6% a quarter earlier. The diluted share count is up 26.1% on a year earlier, which dilutes existing holders.
Our model value for Vulcan Infrastructure & Power is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation
Revenue for the twelve months was $51m, down 14.1% on a year earlier, against growth of 1.6% a quarter earlier. The diluted share count is up 26.1% on a year earlier, which dilutes existing holders.
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.
Vulcan Infrastructure & Power Inc.'s trailing-twelve-month revenue fell 14.1% year on year, with a free-cash-flow margin of -57.9%.
Current signal Earnings running well ahead of cash (high accruals): Over the last 12 months net income exceeded operating cash flow by an amount equal to 52.7% of total assets. Earnings built on accounting accruals rather than cash have historically proved less persistent.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Vulcan Infrastructure & Power Inc.'s latest figures clears our strength thresholds.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Vulcan Infrastructure & Power Inc. at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Vulcan Infrastructure & Power Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 11.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.41 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$0.2 ~$0.3–$0.8 | Left out: out of range vs price (0.14x) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Vulcan Infrastructure & Power Inc. with asset managers, brokers and exchanges 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.
Weak moat
How hard Vulcan Infrastructure & Power's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -35.5% of total assets over 6 years.
Operating margin has been a median -21.9%; its worst year was -236.1%.
Free cash flow was positive in 2 of 6 years, at a median -44.7% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (22 before it).
No analyst estimates are published for Vulcan Infrastructure & Power Inc.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Dec 2024 | −$0.57 | −$0.17 | +70.9% |
| Sept 2024 | −$0.53 | −$0.53 | +0.3% |
| Jun 2024 | −$0.37 | −$0.55 | −48.7% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −36.1%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $59m | $51m | −14.1% |
| P/S multiple | 0.4x | 0.4x | −6.1% |
| Share count | 13m | 16m | −20.7% |
Biggest factor: share count. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| VIP | +51% | −98% | +131% | −77% | −5% | −21% |
| Industry peers (median) | −4% | −80% | −44% | −44% | −18% | −34% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| VIP | 50% | 8% | 50% | 42% | 42% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| VIP | −92% | −99% | −85% | −77% | −69% | −60% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 100% from August 30, 2021 to April 7, 2025. Getting back needed a 292895% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 5, 2026 | −3.9% | +1.2% | −8.6% | — |
| August 14, 2026 | +2.2% | −0.7% | −1.1% | −2.7% |
| March 5, 2026 | +13.5% | −1.9% | +2.3% | −17.3% |
| November 13, 2025 | −16.0% | −1.7% | −16.7% | 0.0% |
| August 13, 2025 | +2.9% | +0.4% | −1.5% | +10.3% |
| May 15, 2025 | +10.7% | +1.1% | +72.8% | +42.7% |
| March 6, 2025 | −1.1% | −1.2% | −12.6% | −21.8% |
| November 7, 2024 | −9.3% | +1.2% | −0.4% | −6.9% |
| October 15, 2024 | +8.6% | −0.3% | +13.5% | +9.0% |
| August 14, 2024 | −11.1% | +2.0% | +16.3% | −0.5% |
| May 1, 2024 | −13.4% | +0.6% | −1.5% | −2.2% |
| April 10, 2024 | −9.2% | −0.3% | −33.0% | −27.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $66.8M |
| FY23 Q4 | $70.4M |
| FY24 Q1 | $74.6M |
| FY24 Q2 | $72.9M |
| FY24 Q3 | $64.4M |
| FY24 Q4 | $59.5M |
| FY25 Q1 | $59.4M |
| FY25 Q2 | $59.2M |
| FY25 Q3 | $62.1M |
| FY25 Q4 | $58.8M |
| FY26 Q1 | $60.4M |
| FY26 Q2 | $50.9M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -38.4% |
| FY23 Q4 | -21.8% |
| FY24 Q1 | -1.9% |
| FY24 Q2 | 7.6% |
| FY24 Q3 | -3.6% |
| FY24 Q4 | -15.4% |
| FY25 Q1 | -20.3% |
| FY25 Q2 | -18.7% |
| FY25 Q3 | -3.5% |
| FY25 Q4 | -1.3% |
| FY26 Q1 | 1.6% |
| FY26 Q2 | -14.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -226.9% |
| FY23 Q4 | -24.0% |
| FY24 Q1 | -17.4% |
| FY24 Q2 | -13.8% |
| FY24 Q3 | -7.2% |
| FY24 Q4 | -19.2% |
| FY25 Q1 | -20.4% |
| FY25 Q2 | -19.8% |
| FY25 Q3 | -10.9% |
| FY25 Q4 | -6.5% |
| FY26 Q1 | -9.9% |
| FY26 Q2 | -24.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -55.5% |
| FY23 Q4 | -36.7% |
| FY24 Q1 | -39.8% |
| FY24 Q2 | -39.9% |
| FY24 Q3 | -50.9% |
| FY24 Q4 | -42.9% |
| FY25 Q1 | -43.9% |
| FY25 Q2 | -49.6% |
| FY25 Q3 | -43.5% |
| FY25 Q4 | -45.6% |
| FY26 Q1 | -53.0% |
| FY26 Q2 | -57.9% |
| Fiscal year | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 20 | 97 | 90 | 70 | 60 | 59 | 51 |
| EBITDA | 2 | 41 | −198 | −3 | 2 | 8 | −3 |
| Operating income | −3 | 33 | −233 | −17 | −11 | −4 | −12 |
| Net income | −3 | −44 | −271 | −30 | −20 | 5 | 0 |
| Diluted EPS | — | −$12.30 | −$63.97 | −$4.43 | −$1.88 | $0.34 | $0.03 |
| Growth (year on year) | |||||||
| Revenue | — | +383.9% | −7.5% | −21.8% | −15.4% | −1.3% | −14.1% |
| EBITDA | — | +>999% | −580.0% | — | — | +296.4% | −292.0% |
| Operating income | — | — | −811.2% | — | — | — | — |
| Margins | |||||||
| EBITDA margin | 9.6% | 42.4% | −220.1% | −4.7% | 3.4% | 13.6% | −5.8% |
| Operating margin | −13.1% | 33.7% | −259.1% | −24.0% | −19.2% | −6.5% | −24.0% |
| Net margin | −16.4% | −45.7% | −301.3% | −41.9% | −33.2% | 9.0% | 1.0% |
| Cash flow | |||||||
| Cash from operations | 1 | 40 | −14 | −12 | −12 | −15 | −20 |
| Stock-based pay | 0 | 4 | 3 | 2 | 2 | 1 | 1 |
| Balance sheet | |||||||
| Cash | 5 | 83 | 15 | 13 | 9 | 20 | 3 |
| Total debt | 5 | 100 | 157 | 72 | 69 | 83 | 39 |
| Net debt (negative = net cash) | −0 | 18 | 142 | 59 | 60 | 64 | 36 |
| Diluted shares | — | 4m | 4m | 7m | 11m | 15m | 16m |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 12 | 15 | 19 | 13 | 15 | 11 | 21 | 3 |
| EBITDA | −1 | 2 | 1 | −0 | 3 | 4 | −2 | −9 |
| Operating income | −5 | −1 | −2 | −3 | 0 | 2 | −5 | −10 |
| Net income | −6 | −4 | −6 | −4 | 12 | 3 | −5 | −10 |
| Diluted EPS | −$0.60 | −$0.30 | −$0.40 | −$0.27 | $0.75 | $0.19 | −$0.29 | −$0.58 |
| Growth (year on year) | ||||||||
| Revenue | −40.8% | −24.7% | −0.5% | −1.5% | +23.2% | −22.6% | +8.3% | −73.7% |
| EBITDA | — | −74.3% | −50.9% | — | — | +84.8% | −354.7% | — |
| Operating income | — | −123.7% | — | — | — | — | — | — |
| Net income | — | −232.8% | — | — | — | — | — | — |
| Diluted EPS | — | −143.5% | — | — | — | — | — | — |
| Margins | ||||||||
| EBITDA margin | −10.1% | 15.2% | 3.9% | −1.5% | 21.7% | 36.3% | −9.1% | −252.3% |
| Operating margin | −37.7% | −8.9% | −12.4% | −26.4% | 2.0% | 14.7% | −21.8% | −284.8% |
| Net margin | −51.6% | −26.4% | −28.9% | −32.0% | 78.6% | 26.3% | −22.0% | −292.4% |
| Cash flow | ||||||||
| Cash from operations | −2 | −4 | −6 | −5 | 0 | −5 | −11 | −4 |
| Stock-based pay | 0 | 0 | 1 | 0 | −0 | 0 | 1 | 0 |
| Last 12 months unless stated | VIP | BMNR | ZNB | YDKG | AMTD | HKD | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $51m | $61m | $28m | $28m | $101m | $136m | $28m |
| Revenue growth, last 12 months | −14.1% | >999% | 225.0% | >999% | 25.8% | 565.7% | 30.9% |
| Revenue growth, 3-year average | −9.1% | 409.8% | — | −32.8% | — | — | −9.1% |
| Revenue growth, latest quarter | −73.7% | >999% | — | — | — | — | 25.1% |
| Gross margin | — | 84.4% | −18.6% | −2.5% | — | — | 25.7% |
| Operating margin | −24.0% | <−999% | −66.0% | −160.1% | — | 0.8% | −148.1% |
| Operating margin, 3-year average | −19.2% | <−999% | — | −354.9% | — | — | −144.9% |
| Net margin | 1.0% | <−999% | −555.2% | −99.7% | 66.4% | 71.3% | −65.5% |
| Cash from operations / revenue | −39.7% | −479.0% | −24.5% | 25.1% | 17.6% | 10.6% | −13.4% |
| Free-cash-flow margin | −57.9% | −481.4% | −58.9% | −7.6% | 16.9% | 10.5% | −30.5% |
| Free-cash-flow margin, 3-year average | −49.1% | −157.5% | — | −113.1% | — | — | −35.7% |
| Stock pay / revenue | 1.9% | 64.5% | 2.3% | 3.3% | — | 0.4% | 2.1% |
| Change in share count | 26.1% | 3.2% | >999% | >999% | — | 61.1% | 18.8% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -14.1% | 36.0% | 11 of 14 |
| Change in growth rate Growth | -15.7pp | +2.3pp | 10 of 14 |
| Operating margin Profitability | -24.0% | -148.1% | 4 of 11 |
| Net margin Profitability | 1.0% | -31.4% | 4 of 14 |
| Stock pay as % of revenue Cash generation | 1.9% | 2.3% | 4 of 8 |
| Change in share count Balance sheet | 26.1% | 26.1% | 6 of 11 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Power and Capacity | $22.1M | 37.5% | ▲ 107.5% |
| Datacenter Hosting | $21.5M | 36.6% | ▼ 28.0% |
| Cryptocurrency Mining | $15.2M | 25.9% | ▼ 20.1% |
From Vulcan Infrastructure & Power Inc.'s 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Graham Capital Management, L.P. | $895,000 | 500K | 32.2% | 0.0% |
| Vanguard Capital Management LLC | $374,590 | 209K | 13.5% | ▲ 72.1% |
| Gsa Capital Partners LLP | $332,000 | 186K | 11.9% | ▼ 25.4% |
| Geode Capital Management, LLC | $225,816 | 126K | 8.1% | ▼ 29.2% |
| Renaissance Technologies LLC | $179,537 | 100K | 6.5% | ▲ 13.6% |
| Vanguard Fiduciary Trust Co | $145,210 | 81K | 5.2% | ▲ 80.7% |
| State Street Corp | $141,500 | 79K | 5.1% | 0.0% |
| Jane Street Group, LLC | $86,411 | 48K | 3.1% | ▲ 85.6% |
| Centiva Capital, LP | $83,067 | 46K | 3.0% | ▲ 24.2% |
| UBS Group AG | $77,204 | 43K | 2.8% | ▼ 13.6% |
| Northern Trust Corp | $55,261 | 31K | 2.0% | ▲ 3.6% |
| Citadel Advisors LLC | $37,347 | 21K | 1.3% | New |
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 Vulcan Infrastructure & Power Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Rogers George Ted Iii Director | September 10, 2026 | Buy | 2,923,976 | $1.71 | $5M |
| Irwin Dale President | September 10, 2026 | Buy | 58,479 | $1.71 | $99,999 |
| Mulvihill Christian Chief Financial Officer | September 10, 2026 | Buy | 58,479 | $1.71 | $99,999 |
| Kovler Jordan Chief Executive Officer | September 10, 2026 | Buy | 58,479 | $1.71 | $99,999 |
| Mulvihill Christian Chief Financial Officer | July 24, 2026 | Sell | 14,738 | $2.45 | $36,108 |
| Kovler Jordan Chief Executive Officer | July 24, 2026 | Sell | 35,721 | $2.45 | $87,516 |
| Irwin Dale President | July 24, 2026 | Sell | 21,154 | $2.45 | $51,827 |
| Irwin Dale President | February 2, 2026 | Sell | 1,979 | $1.28 | $2,533 |
| Irwin Dale President | February 2, 2026 | Sell | 6 | $1.26 | $8 |
| Mulvihill Christian Chief Financial Officer | February 2, 2026 | Sell | 1,953 | $1.28 | $2,500 |
| Mulvihill Christian Chief Financial Officer | February 2, 2026 | Sell | 5 | $1.25 | $6 |
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.
Next expected around January 4, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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