At a glance
Vulcan Materials Company is worth $37.11B, about 36 times its fiscal 2025 earnings. Revenue grew 7.1% to $7.94B in fiscal 2025, with 13.6% kept as profit; over 5 years it has grown 10.3% a year. It pays a 0.71% dividend yield, raised every year for at least 9 years, and returned $1.85B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +0.6% over the past year with dividends reinvested and +9.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.4% in the 2020 crash (S&P 500: 33.7%) and 32.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 12 months after the lows.
The business in plain English
Vulcan Materials is the largest US supplier of construction aggregates: crushed stone, sand and gravel. These go into highways, bridges, homes, offices, data centers and water systems. Vulcan also makes asphalt mix and ready-mixed concrete, which use large amounts of aggregates. It sells mainly to the US construction industry, including contractors on government-funded infrastructure. Fiscal 2025 revenue was $7.94 billion, with net income of $1.08 billion.
Aggregates are the core. In 2025 Vulcan ran 425 active aggregates sites, plus 71 asphalt and 76 concrete plants. Rock is heavy for its price, so long truck trips can cost more than the stone. That keeps each quarry's market local, and strict zoning and permitting rules near cities make new quarries hard to open, raising the value of existing sites. Vulcan reported 16.6 billion tons of proven and probable reserves (rock it has tested and expects to mine profitably). Aggregates gross profit per ton rose from $7.40 in 2023 to $8.66 in 2025.
Revenue is concentrated in a few states. The top five (California, Texas, Georgia, Tennessee and Virginia) produced 63% of 2025 revenue, and the top ten produced 90%. Vulcan also has quarries in Canada, Mexico and Honduras, but production at its Calica site in Mexico and Puerto Cortés site in Honduras was halted as of the February 2026 annual report.
Price history
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VMC +0.6% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.18B, down 4.7% from a year earlier, and net income was $362.3M (-3.4%).
- For fiscal 2025, revenue was $7.94B (+7.1% year over year; +10.3% a year from FY2020 to FY2025) with a 13.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.3% good |
|---|---|
| Operating margin | 20.4% good |
| Free cash flow margin | 14.3% good |
| Return on equity (FY2025) | 12.6% watch |
| Return on assets (FY2025) | 6.4% watch |
| Net cash (cash minus debt) | $-4.26B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.86B | $584.5M | $708.2M |
| FY2021 | $5.55B | $670.8M | $560.6M |
| FY2022 | $7.32B | $575.6M | $535.6M |
| FY2023 | $7.78B | $933.2M | $664.2M |
| FY2024 | $7.42B | $911.9M | $806.1M |
| FY2025 | $7.94B | $1.08B | $1.14B |
Valuation snapshot
| Market value | $37.11B |
|---|---|
| P/E ratio | 35.7 |
| Dividend yield | 0.71% |
Rank among 1514 US companies
Market value at each year end
Vulcan Materials’s market value went from $16.56B at the end of 2016 to $37.11B on Nov 2, 2026, about 2.2 times as much; since the end of 2025 it is down 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $37.11B | -1.5% |
| 2025 | $37.69B | +10.9% |
| 2024 | $33.97B | +12.6% |
| 2023 | $30.16B | +29.6% |
| 2022 | $23.27B | -15.5% |
| 2021 | $27.55B | +40.2% |
| 2020 | $19.65B | +3.1% |
| 2019 | $19.06B | +46.1% |
| 2018 | $13.05B | -23.2% |
| 2017 | $16.98B | +2.6% |
| 2016 | $16.56B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VMC price data to Nov 2, 2026 | +2.0% | +0.6% | +12.6% | +9.3% | +11.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.0% |
| 2025 | +11.7% |
| 2024 | +14.1% |
| 2023 | +30.8% |
| 2022 | -14.9% |
| 2021 | +42.5% |
| 2020 | +4.2% |
| 2019 | +47.1% |
| 2018 | -22.3% |
| 2017 | +3.4% |
| 2016 | +32.7% |
| 2015 | +45.1% |
| 2014 | +11.0% |
| 2013 | +14.3% |
| 2012 | +32.4% |
| 2011 | -9.5% |
| 2010 | -13.8% |
| 2009 | -21.7% |
| 2008 | -9.3% |
| 2007 | -10.4% |
| 2006 | +35.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 61% over that stretch · deepest drop along the way 61%, back to its old high 71.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.3% over that stretch · deepest drop along the way 43.4%, back to its old high 6.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.4% over that stretch · deepest drop along the way 32.5%, back to its old high 11.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 6 sales ($5.1M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 21, 2026 | J Thomas Hill Director | sell | $1.6M |
| Aug 21, 2026 | J Thomas Hill Director | sell | $1.1M |
| Aug 21, 2026 | J Thomas Hill Director | sell | $1.0M |
| Jun 15, 2026 | David P Clement Senior Vice President | sell | $647K |
| Aug 7, 2026 | David P Clement Senior Vice President | sell | $570K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.54% | Mar 31, 2026 |
| BlackRock, Inc. | 6.8% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.4% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 5.1% | Mar 31, 2025 |
| PRINCIPAL GLOBAL INVESTORS | 4.8% | Mar 31, 2026 |
| JPMORGAN CHASE & CO | 4.4% | Mar 31, 2026 |
ETFs with the most weight in VMC
| SUPP TCW Transform Supply Chain ETF | 6% |
| PKB Invesco Building & Construction ETF | 5.2% |
| RSPM Invesco S&P 500 Equal Weight Materials ETF | 4.46% |
| RSHO Tema American Reshoring ETF | 4.42% |
| XLB Materials Select Sector SPDR Fund | 4.39% |
| PAVE Global X US Infrastructure Development ETF | 2.72% |
| FMAT Fidelity MSCI Materials Index ETF | 2.65% |
| VAW Vanguard Materials ETF | 2.41% |
What could go wrong
- Mexico shutdown and other foreign risks. Mexico's government ordered a halt to Vulcan's underwater quarrying, and production at its Calica site was stopped as of the February 2026 annual report. Tariffs, permit changes or property seizures abroad add risk.
- New quarries are hard to permit. Rock is costly to truck, so quarries must sit near growing cities. New sites take years to develop, and local opposition makes new or expanded quarries harder to permit, which could limit growth.
- Construction slumps, especially in top states. Sales depend on US construction, which swings with interest rates, jobs and the economy. With 63% of 2025 revenue from five states, a slump in California or Texas could do outsized damage.
- Uncertain government infrastructure funding. Roads, bridges and other public projects use Vulcan's products. The 2021 federal infrastructure law set a five-year highway program, but future federal, state and local funding amounts and timing are uncertain.
- Growth depends on acquisitions. Vulcan has grown mainly by acquisition: more than 30 deals in the decade to 2025. Deals can be costly or hard to integrate; after late-2024 purchases, its return on money invested dipped in 2025.
- Recycled materials can replace new stone. Recycled concrete and asphalt are increasingly used in place of new aggregates, especially in cities. Wider use could significantly cut demand for Vulcan's core product.
Recent events
- Item 1.04
- Quarterly results released
- Executive or board change
- Quarterly results released
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
Vulcan's dividend is small but rising. It has increased for at least nine straight years through fiscal 2025, and dividends per share grew from $1.36 in 2020 to $1.96 in 2025, about 7.6% a year. Dividends used about 24% of 2025 earnings and 23% of free cash flow (cash left after capital spending). The yield was only 0.73% as of October 30, 2026, so returns depend mostly on share price growth, not income. Vulcan spent $707 million on buybacks from fiscal 2021 to 2025, and its share count fell 3.3% from October 2021 to October 2026.
The stock has fallen hard in downturns. It dropped 61% from October 2007 to March 2009 and did not regain that peak until February 2015. It fell 43% in the 2020 COVID crash, recovering in about six months, and 33% in 2022, recovering in about a year. Single stocks carry more risk than diversified funds, where other holdings cushion one company's setbacks.
Questions investors ask
How does Vulcan Materials make money?
Vulcan makes money mainly by quarrying and selling construction aggregates (crushed stone, sand and gravel) to the US construction industry, including government-funded road and bridge work. It also sells asphalt mix and ready-mixed concrete, usually made with its own aggregates. Fiscal 2025 revenue was $7.94 billion and net income was $1.08 billion. A key gauge is profit per ton: aggregates gross profit per ton rose from $7.40 in 2023 to $8.66 in 2025. Its top five states produced 63% of 2025 revenue.
Does Vulcan Materials raise its dividend every year?
Yes. Vulcan has raised its dividend for at least nine consecutive years through fiscal 2025, and the streak may be longer. Dividends per share rose from $1.36 in 2020 to $1.96 in 2025, about 7.6% a year. Dividends used about 24% of 2025 earnings and 23% of free cash flow (cash left after capital spending), a modest share. The yield was 0.73% as of October 30, 2026, which is low for income-focused investors.
How did Vulcan Materials stock do in past market crashes?
Vulcan shares fell sharply in the 2008, 2020 and 2022 downturns but recovered each time. In the 2008 financial crisis they dropped 61% from October 2007 to March 2009 and did not regain their peak until February 2015. In the 2020 COVID crash they fell 43% and recovered in about six months. In the 2022 bear market they fell 33% and took about a year to recover. The deepest drop in about 21 years of price history through October 30, 2026, was 76%.
How much debt does Vulcan Materials have?
Vulcan had $4.37 billion of total debt and $107 million of cash and investments as of September 30, 2026, or about $4.26 billion of net debt. On the same date, shareholders' equity (assets minus liabilities) was $8.41 billion and total assets were $16.70 billion. Fiscal 2025 free cash flow was $1.14 billion. The 10-K warns that weaker credit ratings or tighter capital markets could raise borrowing costs, which matters in a business that needs heavy spending on equipment.
Which ETFs hold Vulcan Materials stock?
Vulcan is held by many ETFs, including materials, construction and infrastructure funds. Those where it carries a larger weight include TCW Transform Supply Chain ETF (SUPP), Invesco Building & Construction ETF (PKB), Invesco S&P 500 Equal Weight Materials ETF (RSPM), Tema American Reshoring ETF (RSHO) and the Materials Select Sector SPDR Fund (XLB). It is a smaller slice of Global X US Infrastructure Development ETF (PAVE), Fidelity MSCI Materials Index ETF (FMAT) and Vanguard Materials ETF (VAW). Fund weights change over time.