Vulcan Materials CO
$278.63
−1.55 (−0.55%) · delayed · Nov 13, 2026
Five-year price
52w $237.03 to $331.09
- Market cap
- $35.8B
- Enterprise value
- $39.9B
- P/E
- 34.4×
- 38.1× on 3y avg EPS
- EV / EBIT
- 24.7×
- FCF yield
- 3.2%
- ROIC
- 9.9%
- Debt / equity
- 0.51
- Piotroski F
- 9/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ○ROIC > 12% (5y avg)5y avg ROIC 8.6%
- ○ROE > 15% (5y avg)5y avg ROE 11.0%
- ●Stable operating marginsMargin volatility 2.5% (σ, 5y)
- ●Earnings convert to cashFCF / net income 88% (5y avg)
- ●Growing revenueRevenue CAGR 5y 10.3%
- ●Shrinking share countDiluted shares -0.4% over 5y
Value
0
- ○P/E below 15P/E 34.4
- ○EV/EBIT below 12EV/EBIT 24.7
- ○FCF yield above 6%FCF yield 3.2%
- ○Price below Graham NumberGraham Number $110.09
- ○P/B below 3P/B 4.2
Safety
60
- ○Debt / equity below 0.5D/E 0.51
- ●Debt payable in < 4 yrs of earningsNet debt $4.2B
- ○Interest coverage > 8xCoverage 6.8x
- ●Current ratio > 1.5Current ratio 2.69
- ●Piotroski F-score ≥ 6F-score 9/9
Graham Defensive
71
- ●Adequate size (revenue > $2B)Revenue $7.9B
- ●Strong condition (current ratio ≥ 2)Current ratio 2.69
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 92%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 38.1
- ○P/E × P/B ≤ 22.5Product 159.8
Valuation lab
What do you have to believe?
At $278.63, the market is pricing in about 13.1% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $4.2B · 128M shares · 5y revenue CAGR 10.3%
Intrinsic value
$213.32
Price
$278.63
Premium paid
31%
What the price implies
The market is paying for 13.1% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
62% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,593 | 3,890 | 4,383 | 4,929 | 4,857 | 5,552 | 7,315 | 7,782 | 7,418 | 7,941 |
| Gross profit | 989 | 994 | 1,101 | 1,256 | 1,282 | 1,373 | 1,558 | 1,949 | 2,000 | 2,175 |
| Operating income | 666 | 639 | 748 | 878 | 896 | 1,011 | 951 | 1,427 | 1,365 | 1,620 |
| Operating margin | 18.5% | 16.4% | 17.1% | 17.8% | 18.4% | 18.2% | 13.0% | 18.3% | 18.4% | 20.4% |
| Pre-tax income | 547 | 361 | 623 | 758 | 744 | 874 | 788 | 1,245 | 1,172 | 1,390 |
| Income tax | 125 | (232) | 105 | 135 | 156 | 200 | 193 | 299 | 251 | 308 |
| Net income | 419 | 601 | 516 | 618 | 585 | 671 | 576 | 933 | 912 | 1,077 |
| EPS (diluted) | 3.09 | 4.46 | 3.85 | 4.63 | 4.39 | 5.02 | 4.31 | 6.98 | 6.85 | 8.11 |
| Diluted shares | 136 | 135 | 134 | 133 | 133 | 134 | 134 | 134 | 133 | 133 |
Who owns it