VMIVALMONT INDUSTRIES INC

Fabricated Structural Metal Products

Revenue: $4.1B; 0.7% YoY
Operating margin: 10.1%; 21% YoY
EBITDA: $504M; 19% YoY
Market cap: $8.1B
Employees: 10,791; $380K revenue each
Net debt / EBITDA: 1.3×; $674M net debt
AI in 10-K: 2.2; mentions per 10K words

Takeover score 0 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
130% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
55% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$380K · 41st pct
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 58th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.5B	$4.3B	$4.2B	$4.1B	$4.1B	0.7%
Operating income	$287M	$433M	$292M	$525M	$416M	21%
Net income	$196M	$251M	$151M	$348M	$350M	0.6%
Operating cash flow	$66M	$326M	$307M	$573M	$456M	20%
Capex	$108M	$93M	$97M	$79M	$145M	83%
Stock-based comp	$29M	$42M	$39M	$30M	$24M	19%
Buybacks	$26M	$40M	$345M	$70M	$198M	183%
Dividends	$41M	$46M	$50M	$48M	$52M	8.5%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $101K · 1
Open-market sells, 12 mo: $9M · 7
Net: −$9M

Pay vs performance

No pay-versus-performance disclosure yet.