VMI
NYSE · Industrials · Conglomerates · US
Research · Oct 29, 2026
Electric Transmission Shifts Toward Regional Grid Investment
CenterPoint, AEP and FirstEnergy say large loads used up spare transmission capacity, so new spending targets regional grid work as suppliers book into 2027-2029.
Research · Sep 3, 2026
[VMI] Valmont Industries Thesis 2026: Irrigation Cycle Drives Infrastructure Steel Capital Return
Valmont Industries, Inc. (NYSE: VMI) FY2025 revenue ~$4.05-4.25B (+0-5%) with adj. EPS ~$17.00-18.50 reflecting continued post-2024 ~$2.90-3.05B aggregate Infrastructure revenue (~71%+ aggregate revenue mix; selected primary US Utility Steel + Lighting + Coatings + Telecom + Solar Tracking + selected various aggregate Engineered Support Structures) + selected continued post-2024 ~$1.15-1.20B aggregate Agriculture revenue (~28% aggregate revenue mix; selected primary US + selected various aggregate Brazil + selected various aggregate International irrigation pivot systems) under continued President + CEO Avner Applbaum since June 2023 (~2-year tenure as Valmont Industries CEO; selected post-June 2023 succeeded Stephen Kaniewski retirement). One of the largest US specialty Infrastructure steel + irrigation manufacturers. Founded 1946 as Valley Manufacturing by Robert Daugherty in Valley Nebraska (~79-year heritage); selected post-1968 NYSE listing; selected post-2014 Convert Italia + post-2018 Walpar + post-2021 HR Products acquisitions; selected post-June 2023 Avner Applbaum CEO appointment. Headquartered in Omaha Nebraska; ~10,000-11,000+ employees globally with ~$4.05-4.25B revenue. Two primary business segments: Infrastructure (~71%+ ~$2.90-3.05B), Agriculture (~28% ~$1.15-1.20B). Geographic mix: US ~70%+ + Brazil + selected various aggregate Latin America + Europe + Asia Pacific + selected various international ~30%. Irrigation cycle (Agriculture pivot systems): ~$1.15-1.20B Agriculture revenue; selected primary US + Brazil + International irrigation pivot systems; ~50%+ aggregate global mechanized irrigation market share; ~10-12K aggregate annual pivot system deliveries. Infrastructure steel cycle (Utility + Lighting + Coatings + Solar Tracking): ~$2.90-3.05B Infrastructure revenue; selected primary US Utility Steel + Lighting + Coatings + Telecom + Solar Tracking + Engineered Support Structures; ~+5-8% aggregate Infrastructure revenue growth; selected continued post-2024 hyperscale data center load growth tailwind for Utility Steel. President + CEO Avner Applbaum since June 2023 (~2-year tenure); CFO Tom Liguori. Capital return: ~$2.40 annual dividend FY2025 (~30-year continuous dividend track post-1990s); ~$200-300M aggregate FY2024-2025 buyback program (~$100-200M aggregate FY2025); aggregate capital return ~$145-245M FY2025; net leverage ratio ~1.5-2.0x; investment-grade Baa3/BBB credit rating. FY2026 thesis: Irrigation cycle (Agriculture pivot systems) + Infrastructure steel cycle (Utility + Lighting + Coatings + Solar Tracking) + ~$2.40 annual dividend + ~30-year continuous dividend track + ~$145-280M aggregate annual capital return + selected hyperscale data center load growth tailwind. Risks: Lindsay + Reinke + T-L Irrigation competition, Quanta Services + MasTec + Sterling Infrastructure + Hubbell competition, Nextracker + Array Technologies + Soltec + GameChange Solar competition, US farm income + commodity pricing, sustained ~1.5-2.0x net leverage.
Research · Aug 25, 2026
Farm Equipment Splits as Crop Growers Defer and Ranchers Buy
Deere, AGCO, CNH and Ridley told July-August 2026 calls that fertiliser and diesel costs froze crop-grower equipment budgets while beef-funded livestock customers kept spending.