At a glance
United States Lime & Minerals Inc is worth $3.14B, about 23 times its fiscal 2025 earnings. Revenue grew 17.3% to $372.7M in fiscal 2025, with 36.0% kept as profit; over 5 years it has grown 18.3% a year. It pays a 0.22% dividend yield, and returned $34.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −15.2% over the past year with dividends reinvested and +35.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 26.9% in the 2020 crash (S&P 500: 33.7%) and 21.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 1 month after the lows.
The business in plain English
United States Lime & Minerals, incorporated in 1950 and based in Dallas, digs limestone from open-pit quarries and underground mines. Some is sold as crushed stone, mostly for construction. The rest is processed into higher-value products: pulverized limestone (dried and finely ground), quicklime (limestone heated to very high temperatures in kilns), hydrated lime (quicklime mixed with water) and lime slurry (lime suspended in water).
Customers include highway and building contractors, paper and glass makers, water treatment plants, utilities and other industries that scrub smokestack emissions, steel producers, roof shingle makers, poultry producers and oil and gas service companies. About 675 customers bought from it in 2025, and none made up more than 10% of sales. The company says its profits are very sensitive to sales volumes, prices and costs.
Plants are in Arkansas, Colorado, Louisiana, Missouri, Oklahoma and Texas. Products move by truck and rail, generally within about 400 miles of each plant, and almost all 2025 sales went to customers in those states plus Iowa, Kansas and Tennessee. Sales usually peak in the second and third quarters, and bad weather hurts construction demand and open-pit quarrying. Revenue was $372.7 million in fiscal 2025, though filings give no clean split by product or region. The company also owns interests in natural gas wells in Texas's Barnett Shale.
Price history
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USLM -15.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $106.2M, up 4.1% from a year earlier, and net income was $38.0M (-1.9%).
- For fiscal 2025, revenue was $372.7M (+17.3% year over year; +18.3% a year from FY2020 to FY2025) with a 36% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +18.3% good |
|---|---|
| Operating margin | 42.4% good |
| Free cash flow margin | 27.4% good |
| Return on equity (FY2025) | 21.3% good |
| Return on assets (FY2025) | 19.7% good |
| Net cash (cash minus debt) | $439.2M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $160.7M | $28.2M | $41.4M |
| FY2021 | $189.3M | $37.0M | $25.8M |
| FY2022 | $236.2M | $45.4M | $37.5M |
| FY2023 | $281.3M | $74.5M | $58.0M |
| FY2024 | $317.7M | $108.8M | $98.6M |
| FY2025 | $372.7M | $134.3M | $102.3M |
Valuation snapshot
| Market value | $3.14B |
|---|---|
| P/E ratio | 23.4 |
| Dividend yield | 0.22% |
Rank among 1514 US companies
Market value at each year end
United States Lime & Minerals’s market value went from $421.5M at the end of 2016 to $3.14B on Oct 28, 2026, about 7.4 times as much; since the end of 2025 it is down 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.14B | -8.6% |
| 2025 | $3.43B | -9.7% |
| 2024 | $3.80B | +189.1% |
| 2023 | $1.31B | +64.4% |
| 2022 | $798.6M | +9.4% |
| 2021 | $730.1M | +13.7% |
| 2020 | $641.9M | +26.7% |
| 2019 | $506.8M | +27.5% |
| 2018 | $397.4M | -7.6% |
| 2017 | $430.0M | +2.0% |
| 2016 | $421.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| USLM price data to Oct 28, 2026 | -8.6% | -15.2% | +42.0% | +35.3% | +24.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -8.6% |
| 2025 | -9.6% |
| 2024 | +188.9% |
| 2023 | +64.3% |
| 2022 | +9.8% |
| 2021 | +13.7% |
| 2020 | +27.2% |
| 2019 | +35.1% |
| 2018 | -7.2% |
| 2017 | +2.5% |
| 2016 | +39.0% |
| 2015 | -23.9% |
| 2014 | +20.1% |
| 2013 | +29.8% |
| 2012 | -21.6% |
| 2011 | +42.7% |
| 2010 | +22.0% |
| 2009 | +44.2% |
| 2008 | -21.1% |
| 2007 | +0.7% |
| 2006 | +13.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 47.3% over that stretch · deepest drop along the way 59%, back to its old high 4.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 25.1% over that stretch · deepest drop along the way 26.9%, back to its old high 0.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.1% over that stretch · deepest drop along the way 21.6%, back to its old high 1.1 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (16 read): 1 open-market purchases ($2.2M) and 2 sales ($2.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 9, 2026 | Antoine M Doumet Director | sell | $2.2M |
| Sep 9, 2026 | Candou Holdings Ltd. 10% owner | buy | $2.2M |
| Mar 3, 2026 | Sandra C Duhe Director | sell | $154K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 5.6% | Jun 30, 2026 |
| THRIVENT FINANCIAL FOR LUTHERANS | 1.7% | Sep 30, 2024 |
ETFs with the most weight in USLM
| PKB Invesco Building & Construction ETF | 2.81% |
| JSML Janus Henderson Small Cap Growth Alpha ETF | 1.7% |
| FSGS First Trust SMID Growth Strength ETF | 0.88% |
| OSCV Opus Small Cap Value ETF | 0.7% |
| IFRA iShares U.S. Infrastructure ETF | 0.58% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.38% |
| JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 0.35% |
| PAVE Global X US Infrastructure Development ETF | 0.28% |
What could go wrong
- Coal plant closures and cyclical customers. Demand from utility customers has fallen as the US relies less on coal-fired power. Construction, steel and oil and gas customers cut orders at times, and data center construction may not keep growing.
- Higher lime prices invite new rivals. The industry is regional, and most rivals are large private companies. The company says higher lime prices have left its markets more exposed to new entrants and multinational competitors, which could pressure prices.
- Small changes in volume or cost hit profits. The company says its profits are very sensitive to sales volumes, prices and costs. Making quicklime means heating stone to very high temperatures, so rising energy, labor or parts costs can squeeze margins.
- Delivered-price quotes depend on freight estimates. Some customers get quotes that include delivery. The company has to estimate future trucking and rail costs, and if actual costs run higher, its profit on those sales shrinks.
- Mine accidents, breakdowns and severe weather. Poor rock conditions, accidents, equipment failures, strikes, and storms, floods or freezes can halt production or shipments. Insurance may not cover every loss, and some losses could be large.
- Permits, environmental rules and reclamation costs. The company needs operating permits and must follow environmental and mine safety rules. Tougher rules, trouble renewing permits, and duties to restore land after mining could raise costs.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
The company pays a small but growing dividend. Regular dividends per share, adjusted for the 2024 stock split, rose from $0.128 in fiscal 2020 to $0.24 in fiscal 2025, about 13.4% a year, though the run of consecutive increases is just two years. Dividends used only 5.1% of fiscal 2025 earnings and 6.7% of free cash flow (cash left after capital spending). Still, the yield was 0.22% as of October 28, 2026, so the income is minimal. Buybacks totaled $9.0 million over fiscal 2021–2025, yet the share count rose 1.4% between October 2021 and July 2026.
The shares have dropped sharply in downturns but recovered quickly. They fell 59% from June 2008 to March 2009 and regained that peak by July 2009. They fell 26.9% in the 2020 COVID crash and 21.6% in the 2022 bear market, recovering in about a month each time, though past rebounds offer no guarantee. Single stocks carry more risk than diversified funds.
Questions investors ask
How does United States Lime & Minerals make money?
It mines limestone and turns it into lime and limestone products for industry and construction. Its main quarries and mines are in Texas, Arkansas, Oklahoma and Missouri. Some stone is sold crushed. The rest is ground or heated in kilns to make quicklime and hydrated lime. About 675 customers in construction, steel, paper, glass, water treatment, emissions control, agriculture and oil and gas services bought its products in 2025. Fiscal 2025 revenue was $372.7 million and net income was $134.3 million.
Does USLM raise its dividend every year?
No, but it raised it in both fiscal 2024 and fiscal 2025. Regular dividends per share, adjusted for the 2024 5-for-1 stock split, were $0.128 in fiscal 2020 and 2021, $0.16 in 2022 and 2023, $0.20 in 2024 and $0.24 in 2025. That works out to about 13.4% growth a year. The payout is tiny compared with profits, at 5.1% of fiscal 2025 earnings, and the yield was 0.22% as of October 28, 2026.
Does United States Lime & Minerals have any debt?
No. As of June 30, 2026, the company reported no debt and $402.6 million in cash and investments, against $747.4 million in total assets. That gives it room to pay for expansion and plant upgrades without borrowing. The trade-off is that cash usually earns less than an operating business, and shareholder payouts have been modest: $25.3 million in dividends and $9.0 million in buybacks over fiscal 2021–2025.
What is USLM's P/E ratio?
About 23.4 as of October 28, 2026, based on fiscal 2025 diluted earnings of $4.67 per share. The P/E (price-to-earnings) ratio shows how much investors pay for each dollar of yearly profit. Earnings per share rose from $1.00 in fiscal 2020, but growth has slowed. Revenue grew 17.3% in fiscal 2025. In the quarter ended June 30, 2026, revenue rose 8.3% and net income rose 11.9% from a year earlier. The market value was about $3.1 billion.
How has USLM stock performed over the long run?
Strongly over long periods, with sharp drops along the way. As of October 28, 2026, the share price had risen about 24.6% a year over 10 years and 35.3% a year over five years. It rose 188.9% in 2024, then fell 9.6% in 2025 and 8.6% in 2026 through October 28. Its worst decline was 59%, during the 2008 financial crisis. Its deepest drop in the three years to October 28, 2026 was 45.9%.