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Vulcan Materials Company (VMC) stock

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NYSE: VMC NYSE Construction Materials Next results ~February 16, 2027

C+ Fundamentals grade

Vulcan Materials Company 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 ~$68–$150 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 64% below it.

Price used: $289.14, November 2, 2026

Vulcan Materials Company 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.

  • Insiders0 buying, 7 selling0 purchases and 18 sales by directors and officers, last 12 monthsInsider trades
  • Funds508 adding, 460 cuttingOf 80 active managers that changed their stake, 41 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Vulcan Materials files

10-Q filed October 29: Vulcan Materials

Model value −14.4%

Revenue for the twelve months to September 2026 was $8.01bn, up 1.6% on a year earlier, slower than the 6.9% growth a quarter earlier. Free-cash-flow margin fell to 9.8% from 13.4% a year earlier. Our model value falls from $119 to $102 a share, against a share price of $281. The rating stays Sell. At that price, our model says the market is pricing in about 17.7% a year of cash-flow growth for five years, faster than the 7.6% a year revenue growth it has delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Vulcan Materials

Vulcan Materials grew revenue 1.6% year-on-year to $8.01bn for the twelve months to June 2026, a marked slowdown from the 6.9% pace seen a quarter earlier. Free-cash-flow margin also weakened, slipping to 9.8% from 13.4% a year ago. These trends have pulled the fundamentals grade down from C+ to C. Our model value remains broadly unchanged at $119 a share, well below the current price of $285, and the rating stays at Sell. At that valuation, the market appears to be pricing in cash-flow growth of around 17.6% a year over the next five years, considerably faster than the 7.6% annual revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Vulcan Materials stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $8.12bn, up 6.9% on a year earlier, slower than 7.4% a quarter earlier. Free-cash-flow margin fell to 12.7% from 14.5% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $99.07 a share, against a share price of $262. At that price, our model says the market is pricing in about 19.3% a year of cash-flow growth for five years, faster than the 7.9% 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 16, 2027 (estimated)

Vulcan Materials Company's trailing-twelve-month revenue grew 1.6% year on year, with a free-cash-flow margin of 9.8%. Where it stands out: change in share count of -1.7% ranks 2 of 8 construction materials companies we cover. Where it lags: revenue growth of 1.6% ranks 8 of 8 construction materials companies we cover.

Our discounted-cash-flow model values the business at ~$100 per share in the base case (~$68–$150 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 25.9% while net income fell 1.4%: a 25pp divergence.

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

  • Shrinking share count. Diluted shares fell 1.7% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $289.14 is 64% above our value per share of $100.
  • Growth slowing. The growth rate is 5.3 points lower than a quarter earlier.
  • Insiders selling. 7 insiders sold $15M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 71% of net income over the last 12 months.
  • Below peers: revenue growth. Revenue growth of 1.6% ranks 8 of 8 construction materials companies we cover (median 5.6%).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 5.9% over 90 days.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$2.83 against an average estimate of $2.82: beat by 0.4%
Revenue
$2.18bn, down 4.7% on a year earlier
Share reaction
+6.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
adjusted EBITDA $2.4bn to $2.6bn (full year)
Next report
October 29, 2026; average EPS estimate $2.11

Vulcan Materials' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.8%
  • 1 week+10.6%
  • 1 month+19.0%
  • This year+2.0%
  • 1 year+0.6%
  • 5 years+54.3%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$8B
Operating margin
20.3%
Net margin
13.8%
EPS (TTM, diluted)
$8.44

Growth

Revenue growth
+1.6%
Change in growth rate
−5.3 pts
Share count change
−1.7%

Cash

Free cash flow (TTM)
$781M
FCF margin
9.8%
Stock pay % of revenue
0.6%

Earnings

Last results
October 29, 2026
Next results (est.)
February 16, 2027

News & updates

Updated October 31, 2026

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

  1. Results
  2. Leadership
  3. Insider trade
  4. Results
  5. Guidance
  6. Announcement

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

Vulcan Materials Company valuation models and calculator

What the price is pricing in

The share price implies about 17.7% a year of cash-flow growth for five years.That is faster than the 7.6% a year revenue growth Vulcan Materials has delivered.

  • Priced in17.7%
  • Last 12 months1.6%
  • 3 years a year1.4%
  • 5 years a year7.6%

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 ($284.58, 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
$284.58close November 3, 2026
Implied change
▼ 64%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Vulcan Materials Company's free cash flow after stock-based pay with after-tax interest added back ($1B, FY2026 Q3 TTM), growing 4.1% and 3.5% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$68–~$150 ; that spread sets a 25% 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 Vulcan Materials Company's free cash flow after stock-based pay ( $1B, 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 Vulcan Materials Company as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.97 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 ~$68–$150 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$180 ~$150–$200 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$85 ~$61–$120 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$89 ~$77–$110 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. ~$110 ~$85–$180 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Vulcan Materials Company 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 ▼ −35%
  • Revenue growth 5 points higher ▲ +47%
  • Free-cash-flow margin 1 point lower ▼ −12%
  • Last year's free-cash-flow margin change, if it persists ▼ −30%
  • Discount rate 1 point higher ▼ −20%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $80$121$175$247$341$463
8.5% $52$82$122$173$240$326
10% $36$59$90$129$180$245

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$86.65$115.00$118.94$92.44$136.01$141.65$199.85$170.14$222.46$253.88$283.59$289.14
Market value$11.7bn$15.6bn$16.0bn$12.4bn$18.1bn$18.9bn$26.7bn$22.7bn$29.7bn$33.8bn$37.6bn$37.8bn
+ Net debt (− = net cash)$1.7bn$1.7bn$2.7bn$2.9bn$2.6bn$2.2bn$3.7bn$5.3bn$3.0bn$4.8bn$4.3bn$4.6bn
Enterprise value$13.4bn$17.4bn$18.8bn$15.3bn$20.7bn$21.0bn$30.4bn$28.0bn$32.8bn$38.6bn$41.9bn$42.4bn
Multiples
Price / sales 3.4x4.3x4.1x2.8x3.7x3.9x4.8x3.1x3.8x4.6x4.7x4.7x
Price / earnings 52.9x37.2x26.7x24.0x29.4x32.3x39.8x39.5x31.9x37.1x35.0x34.3x
Price / free cash flow 50.8x53.0x86.7x34.0x30.2x26.6x47.6x42.4x44.8x41.9x33.1x48.4x
EV / EBITDA 16.3x18.3x19.9x13.9x16.5x16.3x20.6x18.2x16.0x19.3x17.7x18.1x

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

64 /100

Moderate moat

How hard Vulcan Materials'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 7 / 20

    Net income has been a median 5.5% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 26.0%, moving by 1.7 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 18.0%; its worst year was 13.5%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 9.8% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 2.0% over five years; stock-based pay has been a median 0.7% 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 $8.83 +10% $8.0bn +1%
Next $10.15 +15% $8.5bn +6%

Next year's EPS estimate has moved −5.9% in 90 days, across 22 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −3.4% on 90 days ago. In the last 30 days, 0 analysts raised Vulcan Materials Company's forecast and 8 cut it.

Consensus EPS forecast Vulcan Materials Company, last 90 days
$8.50 $9.00 $9.50 $10.00 $10.50 $11.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $9.14 Current fiscal year, 60 days ago: $9.16 Current fiscal year, 30 days ago: $9.12 Current fiscal year, 7 days ago: $8.83 Current fiscal year, Now: $8.83 $8.83 Next fiscal year, 90 days ago: $10.79 Next fiscal year, 60 days ago: $10.78 Next fiscal year, 30 days ago: $10.59 Next fiscal year, 7 days ago: $10.22 Next fiscal year, Now: $10.15 $10.15

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $9.14$10.79
60 days ago $9.16$10.78
30 days ago $9.12$10.59
7 days ago $8.83$10.22
Now $8.83$10.15

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.82 $2.83 +0.4%
Jun 2026 $2.47 $2.59 +4.9%
Mar 2026 $1.10 $1.35 +22.3%
Dec 2025 $2.11 $1.70 −19.5%

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

Management guidance

Earnings release, July 29, 2026
  • Adjusted EBITDA full year $2.4bn to $2.6bn Non-GAAP Maintained
    “Our aggregates business is executing well, and we reiterate our full-year outlook to deliver between $2.4 and $2.6 billion of Adjusted EBITDA.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Vulcan Materials Company's revenue by +4.1% next year and +3.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.1%, weight 68%) and the company's own record (+2.0%, weight 32%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy1667%
Hold625%
Sell28%

Monthly trend

  1. Oct 2026214624
  2. Sep 2026214724
  3. Aug 2026214724
  4. Jul 2026213723

Counts of recommendations published by analysts covering Vulcan Materials Company, 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
3.8%
of tradable shares
Days to cover
3.34
at average volume
Short interest, 1 month
−23%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.2%
of shares
Employees
11,548
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 +0.6%

$287.35 on October 31, 2025 to $289.14

ThenNowEffect
Revenue (last 12 months) $7.6bn $8.1bn +6.9%
Net margin 12.5% 13.7% +9.8%
P/E multiple 40.2x 34.1x −15.1%
Share count 133m 132m +1.1%

Biggest factor: p/e multiple.

Last 3 years +42.3%

$203.20 on November 3, 2023 to $289.14

ThenNowEffect
Revenue (last 12 months) $7.6bn $8.1bn +7.0%
Net margin 9.6% 13.7% +43.6%
P/E multiple 37.4x 34.1x −8.9%
Share count 134m 132m +1.6%

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
VMC+41%−15%+31%+14%+12%+2%
Industry peers (median)+42%−22%+64%+22%−13%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VMC83%42%50%50%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VMC−14%−33%−17%−16%−20%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 49% from September 26, 2019 to March 18, 2020. Getting back needed a 97% gain, reached on October 8, 2020, 204 days after the low.

Price behaviour

52-week range
$240.83 – $328.48
From 52-week high
−12.0%
vs 50-day average
+13.0%
vs 200-day average
+3.5%
Volatility (1 year)
29%
Beta vs S&P 500
0.78

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 ±4.5%
After a week
6 up, 5 down
typical move ±5.2%
After a month
4 up, 7 down
typical move ±8.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +6.1% −2.1% — —
July 29, 2026 −6.0% +0.1% −0.6% −4.9%
April 29, 2026 +3.5% +1.0% +1.5% −2.7%
February 17, 2026 −8.6% +0.7% −3.0% −21.2%
October 30, 2025 −1.9% −0.8% −2.9% −0.9%
July 31, 2025 +0.8% −2.0% +3.4% +6.9%
April 30, 2025 +7.5% +0.7% +8.4% +8.2%
February 18, 2025 −2.0% +0.5% −7.6% −10.7%
October 30, 2024 +5.5% −2.3% +12.1% +11.2%
August 6, 2024 −6.3% +0.2% −5.3% −9.6%
May 2, 2024 +1.8% +2.2% +4.2% −2.7%
February 16, 2024 +3.7% −1.0% +7.7% +11.1%

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 Vulcan Materials Company’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.

Vulcan Materials Company in five measures

Fundamentals grade C+
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) Vulcan Materials Company
$7.2B $7.4B $7.6B $7.8B $8B $8.2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $7.8B Revenue (TTM), FY24 Q1: $7.7B Revenue (TTM), FY24 Q2: $7.6B Revenue (TTM), FY24 Q3: $7.4B Revenue (TTM), FY24 Q4: $7.4B Revenue (TTM), FY25 Q1: $7.5B Revenue (TTM), FY25 Q2: $7.6B Revenue (TTM), FY25 Q3: $7.9B Revenue (TTM), FY25 Q4: $7.9B Revenue (TTM), FY26 Q1: $8.1B Revenue (TTM), FY26 Q2: $8.1B Revenue (TTM), FY26 Q3: $8B $8B

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

View chart data
Period Revenue (TTM)
FY23 Q4 $7.8B
FY24 Q1 $7.7B
FY24 Q2 $7.6B
FY24 Q3 $7.4B
FY24 Q4 $7.4B
FY25 Q1 $7.5B
FY25 Q2 $7.6B
FY25 Q3 $7.9B
FY25 Q4 $7.9B
FY26 Q1 $8.1B
FY26 Q2 $8.1B
FY26 Q3 $8B
Revenue growth, TTM YoY Vulcan Materials Company
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 6.4% Revenue growth, TTM YoY, FY24 Q1: 3.4% Revenue growth, TTM YoY, FY24 Q2: -0.0% Revenue growth, TTM YoY, FY24 Q3: -3.7% Revenue growth, TTM YoY, FY24 Q4: -4.7% Revenue growth, TTM YoY, FY25 Q1: -2.2% Revenue growth, TTM YoY, FY25 Q2: 0.2% Revenue growth, TTM YoY, FY25 Q3: 6.5% Revenue growth, TTM YoY, FY25 Q4: 7.1% Revenue growth, TTM YoY, FY26 Q1: 7.4% Revenue growth, TTM YoY, FY26 Q2: 6.9% Revenue growth, TTM YoY, FY26 Q3: 1.6% 1.6%

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

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 6.4%
FY24 Q1 3.4%
FY24 Q2 -0.0%
FY24 Q3 -3.7%
FY24 Q4 -4.7%
FY25 Q1 -2.2%
FY25 Q2 0.2%
FY25 Q3 6.5%
FY25 Q4 7.1%
FY26 Q1 7.4%
FY26 Q2 6.9%
FY26 Q3 1.6%
Operating margin (TTM) Vulcan Materials Company
18% 19% 20% 21% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 18.3% Operating margin (TTM), FY24 Q1: 18.4% Operating margin (TTM), FY24 Q2: 18.7% Operating margin (TTM), FY24 Q3: 18.0% Operating margin (TTM), FY24 Q4: 18.4% Operating margin (TTM), FY25 Q1: 18.9% Operating margin (TTM), FY25 Q2: 18.9% Operating margin (TTM), FY25 Q3: 20.8% Operating margin (TTM), FY25 Q4: 20.4% Operating margin (TTM), FY26 Q1: 20.6% Operating margin (TTM), FY26 Q2: 20.2% Operating margin (TTM), FY26 Q3: 20.3% 20.3%

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

View chart data
Period Operating margin (TTM)
FY23 Q4 18.3%
FY24 Q1 18.4%
FY24 Q2 18.7%
FY24 Q3 18.0%
FY24 Q4 18.4%
FY25 Q1 18.9%
FY25 Q2 18.9%
FY25 Q3 20.8%
FY25 Q4 20.4%
FY26 Q1 20.6%
FY26 Q2 20.2%
FY26 Q3 20.3%
FCF margin (TTM) Vulcan Materials Company
6% 8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 8.5% FCF margin (TTM), FY24 Q1: 8.6% FCF margin (TTM), FY24 Q2: 7.1% FCF margin (TTM), FY24 Q3: 10.9% FCF margin (TTM), FY24 Q4: 10.9% FCF margin (TTM), FY25 Q1: 11.6% FCF margin (TTM), FY25 Q2: 14.5% FCF margin (TTM), FY25 Q3: 13.4% FCF margin (TTM), FY25 Q4: 14.3% FCF margin (TTM), FY26 Q1: 13.8% FCF margin (TTM), FY26 Q2: 12.7% FCF margin (TTM), FY26 Q3: 9.8% 9.8%

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

View chart data
Period FCF margin (TTM)
FY23 Q4 8.5%
FY24 Q1 8.6%
FY24 Q2 7.1%
FY24 Q3 10.9%
FY24 Q4 10.9%
FY25 Q1 11.6%
FY25 Q2 14.5%
FY25 Q3 13.4%
FY25 Q4 14.3%
FY26 Q1 13.8%
FY26 Q2 12.7%
FY26 Q3 9.8%

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 Vulcan Materials 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 $7.9B
  2. Cost of revenue $5.8B · 72.6%
  3. Gross profit $2.2B · 27.4%
  4. Selling, general and admin $564M · 7.1%
  5. Operating income $1.6B · 20.4%
  6. Income tax $308M · 3.9%
  7. Interest and other $235M · 3.0%
  8. Net income $1.1B · 13.6%

Shares of revenue. Source: Vulcan Materials's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

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 2,690 2,559 2,565 2,567 2,771 2,994 3,422 3,593 3,890 4,383 4,929 4,857 5,552 7,315 7,782 7,418 7,941 8,009
Gross profit 446 301 284 334 427 588 858 989 994 1,101 1,256 1,282 1,373 1,558 1,949 2,000 2,175 2,201
EBITDA 543 368 425 417 498 818 825 951 945 1,094 1,252 1,293 1,474 1,539 2,044 1,997 2,368 2,339
Operating income 148 −15 63 85 190 538 550 666 639 748 878 896 1,011 951 1,427 1,365 1,620 1,624
Net income 30 −96 −71 −53 24 205 221 419 601 516 618 585 671 576 933 912 1,077 1,103
Diluted EPS $0.25 −$0.75 −$0.55 −$0.41 $0.19 $1.54 $1.64 $3.09 $4.46 $3.85 $4.63 $4.39 $5.02 $4.31 $6.98 $6.85 $8.11 $8.44
Growth (year on year)
Revenue −26.3% −4.9% +0.2% +0.1% +7.9% +8.1% +14.3% +5.0% +8.3% +12.7% +12.5% −1.5% +14.3% +31.8% +6.4% −4.7% +7.1% +1.6%
EBITDA −14.9% −32.3% +15.7% −2.0% +19.4% +64.3% +0.9% +15.3% −0.6% +15.8% +14.5% +3.2% +14.0% +4.4% +32.8% −2.3% +18.6% −1.3%
Operating income −40.4% −109.8% — +33.6% +124.6% +182.6% +2.2% +21.1% −4.0% +17.0% +17.4% +2.1% +12.9% −5.9% +50.0% −4.4% +18.7% −1.0%
Net income — — — — — — +7.9% +89.7% +43.3% −14.2% +19.8% −5.4% +14.8% −14.2% +62.1% −2.3% +18.1% −1.4%
Diluted EPS — — — — — — +6.5% +88.4% +44.3% −13.7% +20.3% −5.2% +14.4% −14.1% +61.9% −1.9% +18.4% +0.3%
Margins
Gross margin 16.6% 11.8% 11.1% 13.0% 15.4% 19.6% 25.1% 27.5% 25.5% 25.1% 25.5% 26.4% 24.7% 21.3% 25.0% 27.0% 27.4% 27.5%
EBITDA margin 20.2% 14.4% 16.6% 16.2% 18.0% 27.3% 24.1% 26.5% 24.3% 25.0% 25.4% 26.6% 26.5% 21.0% 26.3% 26.9% 29.8% 29.2%
Operating margin 5.5% −0.6% 2.5% 3.3% 6.9% 18.0% 16.1% 18.5% 16.4% 17.1% 17.8% 18.4% 18.2% 13.0% 18.3% 18.4% 20.4% 20.3%
Net margin 1.1% −3.8% −2.8% −2.0% 0.9% 6.8% 6.5% 11.7% 15.5% 11.8% 12.5% 12.0% 12.1% 7.9% 12.0% 12.3% 13.6% 13.8%
Free-cash-flow margin 12.8% 4.5% 2.7% 5.7% 2.9% 1.2% 6.7% 8.2% 4.8% 8.3% 12.2% 14.6% 10.1% 7.3% 8.5% 10.9% 14.3% 9.8%
Cash flow
Cash from operations 453 203 169 238 356 261 520 645 645 833 984 1,070 1,012 1,148 1,537 1,410 1,813 1,514
Capital spending 110 86 99 93 275 225 289 350 460 469 384 362 451 613 873 604 678 733
Free cash flow 343 116 70 145 81 36 230 294 185 364 600 708 561 536 664 806 1,135 781
Stock-based pay 23 21 18 17 22 24 18 21 27 25 32 33 35 41 63 53 63 47
Free cash flow after stock pay 320 96 52 128 59 12 212 274 158 338 568 675 526 495 601 753 1,072 735
Balance sheet
Cash 22 48 156 275 194 141 284 259 142 40 272 1,197 235 161 931 560 183 107
Total debt 2,738 2,718 2,815 2,677 2,522 1,985 2,004 2,004 2,882 2,912 2,846 3,358 3,950 5,476 3,942 5,391 4,441 4,681
Net debt (negative = net cash) 2,716 2,671 2,660 2,402 2,329 1,844 1,720 1,745 2,740 2,872 2,575 2,161 3,715 5,314 3,010 4,831 4,257 4,574
Diluted shares 119m 128m 129m 130m 131m 133m 135m 136m 135m 134m 133m 133m 134m 134m 134m 133m 133m 131m
Returned to shareholders
Dividends 171 128 98 5 5 29 53 106 132 148 164 180 196 213 228 244 260 267
Buybacks 0 — — — 0 0 21 161 60 134 3 26 0 0 200 69 438 1,150
Total returned 171 128 98 5 5 29 75 268 193 282 167 206 196 213 428 313 698 1,417

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

4 of 7 checks passed · September 30, 2026
What it owns · $16.7bn
Short-term assets $2.1bnLonger-term assets $14.6bn
What it owes, and who funded it · $16.7bn
Short-term liabilities $1.5bnLonger-term liabilities $6.8bnShareholders' equity $8.4bn
  • Short-term assets cover short-term liabilities $2.1bn of assets due within a year against $1.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.1bn short-term assets against $6.8bn of longer-dated liabilities.
  • More cash than debt $107m of cash against $4.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 52% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 59% to 52% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.5bn of operating cash flow against $4.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.6bn against $226m of interest.

From Vulcan Materials Company'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)
$1.2B
Dividends (TTM)
$267M
Returned to shareholders
181%
of free cash flow
Buybacks, last 3 fiscal years
$707M
Diluted share count
−1.7%
year over year
Total shareholder yield
3.8%
dividends 0.7% + buybacks 3.1% of market value
Dividend payout ratio
24%
of net income paid out
Sales & admin spending
6.9%
of revenue

Competitors: side by side with peers

Closest by revenue in construction materials
Last 12 months unless stated VMC MLM KNF EXP TTAM CRH Median
Revenue, last 12 months $8.0bn $6.7bn $3.3bn $2.3bn $1.7bn $39.0bn $2.8bn
Revenue growth, last 12 months 1.6% 14.8% 12.1% 1.7% 1.8% 5.6% 5.0%
Revenue growth, 3-year average 1.4% 1.1% 8.3% 2.0% — — 5.2%
Revenue growth, latest quarter −4.7% 21.0% 12.6% 2.6% — 3.0% 4.1%
Gross margin 27.5% 28.2% 17.8% 27.0% 26.1% 36.2% 27.2%
Operating margin 20.3% 20.6% 8.3% 31.7% 16.1% 13.7% 18.2%
Operating margin, 3-year average 19.7% 30.3% 9.3% 31.6% — 13.5% 19.7%
Net margin 13.8% 36.7% 4.2% 17.3% 11.1% 9.2% 12.5%
Cash from operations / revenue 18.9% 22.7% 9.5% 27.2% 17.8% 13.3% 18.3%
Free-cash-flow margin 9.8% 12.1% 1.3% 7.3% 8.1% 6.5% 8.5%
Free-cash-flow margin, 3-year average 11.3% 12.6% 1.6% 13.5% — 6.8% 11.3%
Stock pay / revenue 0.6% 0.7% 0.3% 0.9% — 0.4% 0.7%
Change in share count −1.7% −1.1% 0.1% −4.8% 4.6% −1.4% −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 1.6% 5.6% 8 of 8
Change in growth rate Growth -5.3pp -0.4pp 8 of 8
Gross margin Profitability 27.5% 27.5% 4 of 8
Operating margin Profitability 20.3% 16.1% 3 of 7
Net margin Profitability 13.8% 13.8% 4 of 8
Free-cash-flow margin Cash generation 9.8% 8.9% 3 of 8
Stock pay as % of revenue Cash generation 0.6% 0.7% 3 of 7
Long-term debt as % of assets Balance sheet 23.7% 23.9% 4 of 8
Change in share count Balance sheet -1.7% 0.1% 2 of 8

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

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Aggregates $5.8B 73.0% ▲ 5.1%
Asphalt $1.3B 16.3% ▲ 3.9%
Concrete $847M 10.7% ▲ 29.5%
Products and services
Line of business Revenue YoY
Revenue Excluding Freight Delivery $6.9B ▲ 7.8%
Services $314M ▲ 13.8%
Cargo and Freight -$1B —

These categories overlap or exclude eliminations, so shares aren't shown.

From Vulcan Materials Company's 10-K filed February 19, 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.

Who owns it

Funds buying and selling
Reported value
$37.8B
Institutions reporting
1,061
Shares held vs prior quarter
▲ 3.8%
Positions opened / closed
122 / 93

Top buyers and sellers, Q2 2026: 508 institutions bought and 460 sold ; the biggest buyer was TCI Fund Management Ltd (+2.4M shares) and the biggest seller Principal Financial Group Inc (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.9B 9.7M 7.6% ▼ 2.4%
State Farm Mutual Automobile Insurance Co $2.8B 9.5M 7.4% 0.0%
Vanguard Capital Management LLC $2.5B 8.5M 6.6% ▼ 0.7%
Vanguard Portfolio Management LLC $2.1B 7.0M 5.5% ▼ 0.2%
State Street Corp $1.8B 6.1M 4.8% ▲ 5.9%
Principal Financial Group Inc $1.6B 5.5M 4.3% ▼ 17.7%
Jpmorgan Chase & Co $1.5B 5.1M 4.1% ▼ 12.4%
FMR LLC $1.1B 3.7M 2.9% ▼ 0.1%
Geode Capital Management, LLC $1B 3.4M 2.7% ▼ 0.5%
TCI Fund Management Ltd $722M 2.4M 1.9% New
Bank Of America Corp $689M 2.3M 1.8% ▲ 3.5%
Clearbridge Investments, LLC $678M 2.3M 1.8% ▼ 1.2%

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 Materials Company's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $15M 18 trades by 7 insiders · 0% under pre-set plans
Net ▼ $15M net selling
Insider Date Trade Shares Price Value
Hill J Thomas Director August 21, 2026 Sell 3,762 $276.51 $1M
Hill J Thomas Director August 21, 2026 Sell 542 $277.09 $150,183
Hill J Thomas Director August 21, 2026 Sell 4,000 $276.70 $1.1M
Hill J Thomas Director August 21, 2026 Sell 5,696 $275.49 $1.6M
Clement David P Senior Vice President August 7, 2026 Sell 2,000 $285.10 $570,200
Clement David P Senior Vice President June 15, 2026 Sell 2,212 $292.29 $646,545
Anderson Melissa H. Director February 20, 2026 Sell 1,137 $303.72 $345,330
Baker Thompson S Ii President December 11, 2025 Sell 7,135 $300.81 $2.1M
Franklin Denson N. Iii SVP, Gen. Counsel & Secretary December 10, 2025 Sell 665 $295.00 $196,175
Clement David P Senior Vice President November 19, 2025 Sell 1,000 $287.10 $287,100
Clement David P Senior Vice President November 19, 2025 Sell 1,000 $290.00 $290,000
Baker Thompson S Ii President November 12, 2025 Sell 2,053 $296.50 $608,714

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.

Trades by members of Congress

All 12 trades and filings

No trades in Vulcan Materials Company disclosed in the last 12 months; 12 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded June 6, 2025, filed September 12, 2025
  • Val T. Hoyle(D-OR 4):Purchase, $1,001 - $15,000, traded October 29, 2024, filed September 12, 2025
  • Marjorie Taylor Greene(R-GA 14):Purchase, $1,001 - $15,000, traded May 18, 2021, filed June 17, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 16, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 29, 2026
  • April 29, 2026
  • February 17, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Vulcan Materials Company 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.

Vulcan Materials Company in brief

What does Vulcan Materials Company do?
Vulcan Materials Company is a US-listed company in the construction materials industry. Its financial year ends in December.
What is Vulcan Materials Company's stock ticker?
Vulcan Materials Company trades under the ticker VMC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Vulcan Materials Company's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Vulcan Materials Company reported revenue of $8B, 1.6% higher than a year earlier, according to its SEC filings.
What is Vulcan Materials Company's free cash flow?
Vulcan Materials Company's free-cash-flow margin is 9.8% of revenue over the trailing twelve months, ranking 3 of the 8 construction materials companies we cover.
What is Vulcan Materials Company's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Vulcan Materials Company's free cash flow after stock-based pay gives ~$100 per share in the base case, and ~$68–$150 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Vulcan Materials Company's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Farm Mutual Automobile Insurance Co and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Vulcan Materials Company buying back stock, and does it pay a dividend?
Vulcan Materials Company spent $1.2B on share repurchases over the trailing twelve months, and its diluted share count fell 1.7% over the year.
What is Vulcan Materials Company's market cap?
On November 2, 2026, Vulcan Materials Company's market capitalisation was about $37.8B, with a price-to-earnings ratio of 34.3 and net debt of $4.6B. Market figures come from third-party market data and may be delayed.
Does Vulcan Materials Company pay a dividend?
Yes: Vulcan Materials Company paid $267M in dividends over the trailing twelve months, a dividend yield of 0.72% and a payout ratio of 24.2%.
How much debt does Vulcan Materials Company have?
Vulcan Materials Company's debt-to-equity ratio is 51.9%, from its latest balance sheet (58.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Vulcan Materials Company's competitors?
In our Construction Materials peer group, the companies closest to Vulcan Materials Company are Martin Marietta Materials, Knife River Corp, Eagle Materials Inc, Titan America SA and CRH plc. The side-by-side comparison below sets their revenue, margins and growth against Vulcan Materials Company's.
Are insiders buying or selling Vulcan Materials Company stock?
Over the last 12 months, Vulcan Materials Company's directors and officers reported 0 open-market purchases and 18 sales on Form 4. The insider trading page charts every trade.
When is Vulcan Materials Company's next earnings date?
Around February 16, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Vulcan Materials Company announces its own schedule.