Vulcan Materials Company
- Open
- 266.19
- Day high
- 267.45
- Day low
- 262.39
- Prev close
- 263.93
- Volume
- 40K
- Mkt cap
- $34.0B
- P/E (TTM)
- 30.9
- EPS (TTM)
- $8.50
- P/B
- 4.0
- P/S
- 4.2
- Yield
- 0.59%
- Per share
- $1.56
- ▼Insiders net selling -$5.1M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions mixed (13F)
Vulcan Materials Company (VMC) is a Basic Materials company listed on NYSE. The stock is down 8% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4). Drillr has 1 published research article covering VMC.
Vulcan Materials Company (VMC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VMC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $2.46 | $2.59 | +5.3% | $2.2B | +0.7% |
| Apr 29, 2026 | $1.10 | $1.35 | +22.7% | $1.8B | +7.1% |
| Feb 17, 2026 | $2.11 | $1.70 | -19.4% | $1.9B | -2.3% |
| Oct 30, 2025 | $2.73 | $2.84 | +4.0% | $2.3B | +0.7% |
| Jul 31, 2025 | $2.53 | $2.45 | -3.2% | $2.1B | -4.6% |
| Apr 30, 2025 | $0.76 | $1.00 | +30.9% | $1.6B | -1.2% |
| Feb 18, 2025 | $1.79 | $2.17 | +21.2% | $1.9B | +2.3% |
| May 2, 2024 | $0.98 | $0.80 | -18.0% | $1.5B | +2.0% |
| Feb 16, 2024 | $1.39 | $1.46 | +5.1% | $1.8B | -0.2% |
| Oct 26, 2023 | $2.30 | $2.29 | -0.3% | $2.2B | +0.0% |
| Aug 3, 2023 | $1.91 | $2.29 | +20.1% | $2.1B | +2.6% |
| May 4, 2023 | $0.61 | $0.95 | +55.0% | $1.6B | +3.5% |
VMC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 25, 2026 | Hill J Thomasdirector | Sell | 542 | $277.09 |
| Aug 25, 2026 | Hill J Thomasdirector | Sell | 5,696 | $275.49 |
| Aug 25, 2026 | Hill J Thomasdirector | Sell | 3,762 | $276.51 |
| Aug 25, 2026 | Hill J Thomasdirector | Sell | 4,000 | $276.70 |
| Aug 14, 2026 | Hill J Thomasdirector | Option | 24,800 | $164.38 |
| Aug 14, 2026 | Hill J Thomasdirector | Tax | 18,882 | $287.79 |
| Aug 14, 2026 | Hill J Thomasdirector | Option | 27,000 | $133.95 |
| Aug 14, 2026 | Hill J Thomasdirector | Option | 21,670 | $180.52 |
| Aug 14, 2026 | Hill J Thomasdirector | Tax | 17,176 | $287.79 |
| Aug 14, 2026 | Hill J Thomasdirector | Option | 22,400 | $185.31 |
| Aug 14, 2026 | Hill J Thomasdirector | Option | 26,100 | $113.16 |
| Aug 14, 2026 | Hill J Thomasdirector | Tax | 17,287 | $287.79 |
| Aug 14, 2026 | Hill J Thomasdirector | Tax | 18,969 | $287.79 |
| Aug 14, 2026 | Hill J Thomasdirector | Tax | 17,962 | $287.79 |
| Aug 10, 2026 | Clement David Pofficer: Senior Vice President | Sell | 2,000 | $285.10 |
Source: VMC SEC Form 4 filings, latest Aug 25, 2026. For informational purposes only — not investment advice.
See the full VMC insider & 13F page →Vulcan Materials Company company profile
Overview
Vulcan Materials Company (NYSE:VMC) is a leading producer of construction aggregates in the United States, founded in 1909 and headquartered in Birmingham, Alabama. The company went public in 1957 and has grown to become one of the nation's largest suppliers of crushed stone, sand, gravel, and related construction materials. Vulcan operates primarily across the southeastern and southwestern United States, serving construction projects ranging from highways and residential developments to commercial buildings and infrastructure projects. The company has built its market position through both organic growth and strategic acquisitions, recently deploying over $2 billion in value-creating acquisitions to expand its geographic footprint and production capacity.
Business
Vulcan Materials operates in the construction materials industry, which provides the basic building blocks for infrastructure and construction projects. The company's business is organized into four main segments that collectively supply materials essential for building America's infrastructure. The Aggregates segment represents the core of Vulcan's business, accounting for approximately 75-80% of total revenues. This segment produces crushed stone, sand, gravel, and other aggregates through quarrying and mining operations. These materials are fundamental components used in concrete production, asphalt paving, road construction, and as base materials for building foundations. Aggregates are heavy, low-value-per-ton materials that are expensive to transport, making proximity to end markets crucial for profitability. The Asphalt Mix segment contributes roughly 15-20% of revenues and produces hot-mix asphalt used for road paving and maintenance. This segment operates in Alabama, Arizona, California, New Mexico, Tennessee, and Texas, and also provides asphalt construction and paving services in Alabama, Tennessee, and Texas. The asphalt business is closely tied to highway construction and maintenance cycles. The Concrete segment generates approximately 5-10% of revenues by producing ready-mixed concrete in California, Maryland, New Jersey, New York, Oklahoma, Pennsylvania, Texas, Virginia, and Washington D.C. Ready-mixed concrete is delivered fresh to construction sites and must be used quickly, requiring local production facilities near demand centers. The Calcium segment is the smallest division, mining and producing calcium carbonate products for specialized industrial applications including animal feed, plastics manufacturing, and water treatment. This segment serves niche markets with higher-value specialty products compared to the commodity-oriented aggregates business.
Revenue model
Vulcan Materials generates revenue primarily through the sale of construction materials at market-based prices, operating essentially as a commodity producer with local market dynamics. The company's revenue model is straightforward: it extracts raw materials from quarries and mines, processes them into construction-ready products, and sells them to contractors, ready-mix concrete producers, asphalt plants, and other construction industry participants. The aggregates business operates on high-volume, relatively low-margin economics where transportation costs create natural geographic monopolies around quarry locations. Customers typically include general contractors working on highway projects, residential developers, commercial construction companies, and other material processors. Pricing follows local supply-demand dynamics, with the company implementing annual price increases and mid-year adjustments based on market conditions. Several factors significantly influence Vulcan's profitability margins. Positive margin drivers include infrastructure spending cycles driven by government programs like the Infrastructure Investment and Jobs Act (IIJA), population growth in Vulcan's key markets (particularly the Sunbelt states), and the company's operational efficiency improvements through technology implementation and the "Vulcan Way of Operating" discipline. Strong public infrastructure demand provides pricing power, while operational leverage allows fixed costs to be spread over higher volumes. Negative margin pressures come from energy cost inflation (diesel fuel for equipment and transportation), labor cost increases, weather disruptions that reduce shipping days and volumes, and economic downturns that particularly impact private construction demand. The cyclical nature of construction markets means residential and commercial construction can decline sharply during economic stress, though public infrastructure spending tends to be more stable. Transportation costs also limit geographic expansion opportunities and can squeeze margins when fuel prices rise significantly. The company's downstream asphalt and concrete operations provide some integration benefits and margin enhancement, but these segments are more operationally complex and capital-intensive than the core aggregates business.
Competitive moat
Vulcan Materials possesses a moderate to strong economic moat primarily derived from the geographic and logistical characteristics of the aggregates business. The company's competitive advantages stem from several structural factors that create barriers to entry and sustainable competitive positioning. The most significant moat factor is location proximity and transportation economics. Aggregates are heavy, low-value materials where transportation costs can easily exceed the material cost itself. This creates natural geographic monopolies around quarry locations, typically serving markets within a 25-50 mile radius. Once established, competitors face significant challenges in serving the same markets due to transportation disadvantages. Vulcan's strategically located quarries in high-growth Sunbelt markets provide durable competitive positioning. Regulatory barriers and permitting requirements strengthen the moat considerably. Opening new quarries requires extensive environmental permitting, zoning approvals, and community acceptance processes that can take years or decades to complete. Existing operations have grandfathered rights that new entrants cannot easily replicate. Additionally, suitable limestone and aggregate deposits are geologically limited, creating natural resource scarcity in certain markets. Scale advantages provide operational leverage and purchasing power benefits. Vulcan's size allows for investment in advanced quarry automation technology, bulk purchasing of equipment and supplies, and the ability to serve large infrastructure projects that smaller competitors cannot handle. The company's "Vulcan Way of Operating" standardizes best practices across locations, driving efficiency improvements. However, the moat faces several potential competitive threats. Economic downturns can severely impact demand, particularly from private construction markets. Alternative materials or construction methods could reduce aggregate consumption over time. Railroad and barge transportation can allow distant producers to compete in certain markets, though this remains limited by infrastructure availability. Additionally, environmental regulations could restrict expansion or force costly operational changes. The moat strength varies by geographic market, being strongest in fast-growing metropolitan areas with limited alternative supply sources and weakest in markets with multiple nearby quarries or good transportation access for distant suppliers. Overall, Vulcan's moat is solid but not impregnable, requiring continued investment in operational efficiency and strategic positioning to maintain competitive advantages.
Risks & safety
Vulcan Materials demonstrates a moderate margin of safety with solid financial fundamentals but elevated valuation metrics that warrant caution. **Cash and Debt Position:** - Current cash and short-term investments: $181 million (Q1 2025) - Current ratio: 2.42, indicating strong short-term liquidity - Debt-to-equity ratio: 0.67, representing moderate leverage levels - Free cash flow generation: $84 million (Q1 2025), $806 million (FY 2024) - No immediate solvency concerns given strong operating cash flow generation **Valuation Metrics:** - P/E ratio: 59.9 (Q1 2025), indicating expensive valuation relative to current earnings - EV/EBITDA: 22.1 (Q1 2025), elevated compared to historical norms - Price-to-book ratio: 3.8, suggesting premium valuation - Graham number suggests potential overvaluation at current price levels **Other Considerations:** - Cyclical business model creates earnings volatility risk - Capital-intensive operations require ongoing reinvestment - Weather and seasonal factors can impact quarterly results - Exposure to construction cycle downturns, particularly private markets - Strong market position in growing Sunbelt regions provides some downside protection
Recent development
Over the past few years, Vulcan Materials has executed a two-pronged growth strategy focused on "enhancing core" operations and "expanding reach" through strategic acquisitions. The company has deployed over $2 billion in value-creating acquisitions, including recent bolt-on acquisitions in Alabama and Texas, and the announced acquisition of Wake Stone Corporation in the fast-growing Raleigh-Durham-Chapel Hill region of North Carolina. The company has significantly advanced its operational efficiency initiatives through technology implementation and standardized processes. Vulcan is implementing plant automation across its top 120 operations, with technology currently deployed in 25-30% of facilities and expecting full implementation by early 2026. These investments are generating double-digit throughput improvements and operational cost reductions. The "Vulcan Way of Operating" and "Vulcan Way of Selling" disciplines have been institutionalized across the organization to drive consistent performance improvements. Pricing strategy evolution has been a key focus, with the company successfully implementing both annual price increases and mid-year price adjustments. Freight-adjusted pricing has improved consistently, with 11% increases in Q4 2024 and 7% improvement in Q1 2025. The company has demonstrated pricing discipline across different market conditions and geographic regions. Market positioning improvements include expanding presence in high-growth markets, particularly data center construction and manufacturing/industrial projects. The company has identified 12 major industrial projects totaling 8.5 million tons of demand and is well-positioned to benefit from ongoing Infrastructure Investment and Jobs Act (IIJA) spending, with two-thirds of highway dollars yet to be deployed. The downstream integration strategy has been enhanced, with asphalt and concrete operations expected to contribute approximately $360 million in cash gross profit, providing margin enhancement and customer relationship benefits beyond the core aggregates business.
VMC company profile · for informational purposes only — not investment advice.
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