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Vulcan Materials Company
S&P 500
$33.1B
Market Cap
35.2
P/E
2.47
PEG
9.1%
ROCE
13.0%
ROE
0.58
D/E
19.7%
OPM
-23.1%
% from 52W High
26
α RS
🔍 VMC is showing a high-conviction setup because it matches 6 of 39 tracked screener presets and fcf_machines preset's Backtest win rate is 57.2% over 90 days. Net: Partial signal stack, not a recommendation. ? Conviction Backtest
Sources
Conviction 6/39 · Backtest win rate 57.2%
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Currency-adjusted total returns for VMC including FX impact
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📈 Price History
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About

Vulcan Materials Company produces and supplies construction aggregates in the United States. It operates through three segments: Aggregates, Asphalt, and Concrete. The company provides crushed stone, sand and gravel, sand, and other aggregates for use in construction and maintenance of highways, streets, and other public works, as well as in the construction of housing and commercial, industrial, and other nonresidential facilities; aggregates that are used as ballast for construction and maintenance of railroad tracks; riprap and jetty stones for use in erosion control along roads and waterways; asphalt mix; asphalt construction paving services; and ready-mixed concrete products. The company was formerly known as Virginia Holdco, Inc. and changed its name to Vulcan Materials Company. Vulcan Materials Company was founded in 1909 and is headquartered in Birmingham, Alabama.

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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 170.6K $46.5M 0.07% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$2.16B
+2.6% YoY
Gross Profit
$626M
+0.2% YoY
Adjusted EBITDA
$654M
-0.9% YoY
Net Income
$323M
+0.6% YoY
What Went Right
  • Aggregates cash gross profit per ton rose to $12.02 from $11.88, with mix-adjusted pricing up 5%.
  • Q2 adjusted EBITDA of $654M was roughly flat versus $660M despite about $40M of energy headwinds.
  • Completed California concrete and USVI divestitures and the Brannan Sand & Gravel acquisition while keeping net debt/EBITDA at 1.7x.
What to Watch
  • Energy and diesel costs remain sticky; aggregates freight-adjusted unit cash costs rose 7% including diesel, or 3% excluding diesel.
  • Wet weather disrupted Texas and Southeast shipments, keeping aggregate volume growth to just 1%.
  • Mexico arbitration tribunal found NAFTA violations but awarded only immaterial damages; residential and warehousing demand also remain weak.
Management Guidance
  • Reaffirmed full-year 2026 adjusted EBITDA guidance of $2.4B-$2.6B.
  • Maintained full-year capex guidance of $750M-$800M.
  • Now expects full-year SAG of roughly $570M-$575M, $10M-$15M below the initial $580M-$590M range.
  • Expects to exit 2026 at the high end of 4-6% pricing growth as costs decelerate.
  • No specific next-quarter revenue guidance was provided.
Investor Lens
The thesis is modestly stronger after this call: pricing power is offsetting energy-led cost inflation, and aggregates cash gross profit per ton continues to compound. The balance sheet supports an active M&A pipeline, while public demand visibility is supported by double-digit highway and infrastructure award growth in Vulcan markets. The main offsets are sticky diesel costs, weather variability, and a disappointing Mexico arbitration award, but none of these changes the medium-term margin expansion story.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Q2 adjusted EBITDA $654M, aggregates cash gross profit per ton topped $12.
Revenue
Q2 total revenues were $2,156M, up about 2.6% from $2,102M a year ago. Aggregates shipments rose 1% to 59.9 million tons, with freight-adjusted price up 4% reported and 5% mix-adjusted. Non-aggregates results included asphalt and concrete before the California ready-mix divestiture closed in June.
Profitability
Net earnings attributable to Vulcan were $323M versus $321M, with diluted EPS from continuing operations of $2.47. Adjusted EBITDA came in at $654M, roughly flat versus $660M despite about $40M of energy headwinds. Trailing-twelve-month ROIC improved 20 basis points to 16.1%.
Margins
Gross profit was $626M versus $625M, and adjusted EBITDA margin was 30.3% versus 31.4%. Aggregates cash gross profit per ton rose $0.14 to $12.02. Aggregates unit cash costs increased 7% including diesel, or 3% excluding diesel, as pricing and operating efficiencies offset part of the inflation.
Balance Sheet
At quarter end, cash was about $300M and net debt to adjusted EBITDA was 1.7x. The company paid down around $200M of commercial paper, returned $318M to shareholders in Q2 through $250M of buybacks and $68M of dividends, and invested $176M in capex. Full-year capex remains guided at $750M-$800M.
Key Risks
Management flagged sticky diesel and energy costs and weather-related volume disruption, particularly in Texas and the Southeast. The Mexico NAFTA arbitration found clear violations but awarded only immaterial damages, which Vulcan called disconcerting. Residential construction and warehousing remain weak, adding uncertainty to the light non-res recovery.
Outlook
Vulcan reiterated full-year 2026 adjusted EBITDA of $2.4B-$2.6B and expects to exit the year at the high end of 4-6% pricing growth. It views a continuing resolution for federal highway funding as manageable given substantial IIJA carryover and healthy state budgets.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-29
Q2 adjusted EBITDA matched prior year at $654M despite energy headwinds, with higher pricing and operational efficiencies offsetting inflation. Full-year guidance is reaffirmed, supported by strong public infrastructure demand and strategic acquisitions.
Q1 2026 Q1 2026 2026-04-29
Delivered strong Q1 results with 9% adjusted EBITDA growth and 5% higher aggregate shipments, supported by robust public and private demand. Diesel cost headwinds are expected to peak in Q2, but pricing actions and operational efficiencies are set to sustain full-year guidance.
Q4 2025 Q4 2025 2026-02-17
Delivered 13% Adjusted EBITDA growth and strong cash generation in 2025, with robust aggregates profitability and disciplined cost control. 2026 guidance calls for continued margin expansion, 1–3% aggregate volume growth, and 4–6% price increases, supported by public infrastructure and data center demand.
Q3 2025 Q3 2025 2025-10-30
Q3 2025 saw strong margin and profit growth, with adjusted EBITDA up 27% year-over-year and robust public and private non-residential demand offsetting weak residential markets. Full-year guidance was raised, and efficiency gains plus portfolio reshaping position the company for continued growth into 2026.
Q2 2025 Q2 2025 2025-07-31
Strong Q2 results with adjusted EBITDA up 9% and robust margin expansion, despite weather-driven volume declines. Public infrastructure and data center demand are accelerating, supporting a reaffirmed full-year EBITDA outlook and strong cash generation.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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Information Sources:
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