VMCVulcan Materials CO

Mining & Quarrying Of Nonmetallic Minerals (no Fuels)

Revenue: $7.9B; 7.1% YoY
Operating margin: 20.4%; 11% YoY
EBITDA: $2.4B; 19% YoY
Market cap: $36.1B
Employees: 11,172; $711K revenue each
Net debt / EBITDA: 1.8×; $4.3B net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
168% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
39% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
23% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$711K · 71st pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 26th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$36.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$15M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.6B	$7.3B	$7.8B	$7.4B	$7.9B	7.1%
Operating income	$1.0B	$951M	$1.4B	$1.4B	$1.6B	19%
Net income	$671M	$576M	$933M	$912M	$1.1B	18%
Operating cash flow	$1.0B	$1.1B	$1.5B	$1.4B	$1.8B	29%
Capex	$451M	$613M	$873M	$604M	$678M	12%
Stock-based comp	$35M	$41M	$63M	$53M	$63M	18%
Buybacks	$0	$0	$200M	$69M	$438M	537%
Dividends	$196M	$213M	$228M	$244M	$260M	6.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $15M · 18
Net: −$15M

Pay vs performance

No pay-versus-performance disclosure yet.