At a glance
Valmont Industries, Inc. is worth $8.32B, about 26 times its fiscal 2025 earnings. Revenue grew 0.7% to $4.10B in fiscal 2025, with 8.5% kept as profit; over 5 years it has grown 7.2% a year. It pays a 0.69% dividend yield, and returned $917.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +4.8% over the past year with dividends reinvested and +14.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.1% in the 2020 crash (S&P 500: 33.7%) and 17.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 1 month after the lows.
The business in plain English
Valmont Industries, founded in 1946 and based in Omaha, Nebraska, makes the structures that hold up power lines, streetlights, traffic signals and cell antennas, plus the irrigation machines farmers use to water crops. It reports two segments, Infrastructure and Agriculture. Revenue was $4.10 billion in the fiscal year ended December 27, 2025.
Infrastructure brought in about 75% of revenue. Its largest product line is utility structures made of steel, concrete and composites for power transmission lines and substations. That line brought in $1.51 billion, or 36.8% of total revenue. Lighting and transportation poles, traffic structures and highway barriers added 20.2%. Coatings added 8.6%; this is mainly hot-dip galvanizing, which means dipping steel in molten zinc to stop rust. Wireless towers and cell-site parts added 7.6%, and renewable energy products such as solar trackers 2.0%. Customers include electric utilities, government agencies, wireless carriers and solar developers. Many contracts are won through competitive bids, often by the lowest qualified bidder.
Agriculture brought in about 25%. Under the Valley brand, it sells center pivot and linear irrigation machines, which are long wheeled sprinkler lines that move across fields. It also sells spare parts, tubing and precision-farming technology. Irrigation equipment and parts made up 22.4% of total revenue, and technology products and services 2.3%. Demand here follows farm income, while infrastructure sales depend heavily on utility and government spending.
Price history
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VMI +4.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Utility Product Line | $1.51B | 36.8% |
| Irrigation Equipment And Parts Excluding Technology | $919.9M | 22.4% |
| Lighting And Transportation | $830.3M | 20.2% |
| Coatings | $353.0M | 8.6% |
| Telecommunications | $313.9M | 7.6% |
| Technology Products And Services | $94.5M | 2.3% |
| Renewable Energy | $81.5M | 2% |
By business segment
| Infrastructure | $3.10B | 75.5% |
| Agriculture | $1.02B | 24.9% |
Latest results
- In Q3 FY2026 (ended Sep 26, 2026), revenue was $1.10B, up 5.5% from a year earlier, and net income was $121.1M (+22.2%).
- For fiscal 2025, revenue was $4.10B (+0.7% year over year; +7.2% a year from FY2020 to FY2025) with a 8.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.2% good |
|---|---|
| Operating margin | 10.1% watch |
| Free cash flow margin | 7.6% watch |
| Return on equity (FY2025) | 21.5% good |
| Return on assets (FY2025) | 10.4% good |
| Net cash (cash minus debt) | $-634.2M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.90B | $140.7M | $209.6M |
| FY2021 | $3.50B | $195.6M | $-41.9M |
| FY2022 | $4.35B | $250.9M | $233.0M |
| FY2023 | $4.17B | $150.8M | $210.0M |
| FY2024 | $4.08B | $348.3M | $493.2M |
| FY2025 | $4.10B | $350.3M | $311.4M |
Valuation snapshot
| Market value | $8.32B |
|---|---|
| P/E ratio | 25.9 |
| Dividend yield | 0.69% |
Rank among 1514 US companies
Market value at each year end
Valmont Industries’s market value went from $3.17B at the end of 2016 to $8.32B on Oct 28, 2026, about 2.6 times as much; since the end of 2025 it is up 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.32B | +5.0% |
| 2025 | $7.93B | +29.0% |
| 2024 | $6.14B | +26.0% |
| 2023 | $4.88B | -30.8% |
| 2022 | $7.05B | +32.7% |
| 2021 | $5.32B | +43.0% |
| 2020 | $3.72B | +15.3% |
| 2019 | $3.22B | +31.6% |
| 2018 | $2.45B | -34.5% |
| 2017 | $3.74B | +17.9% |
| 2016 | $3.17B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VMI price data to Oct 28, 2026 | +8.6% | +4.8% | +33.1% | +14.2% | +14.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.6% |
| 2025 | +32.2% |
| 2024 | +32.5% |
| 2023 | -28.8% |
| 2022 | +33.1% |
| 2021 | +44.4% |
| 2020 | +18.6% |
| 2019 | +36.5% |
| 2018 | -32.3% |
| 2017 | +18.9% |
| 2016 | +34.4% |
| 2015 | -15.4% |
| 2014 | -14.0% |
| 2013 | +9.9% |
| 2012 | +51.5% |
| 2011 | +3.1% |
| 2010 | +14.1% |
| 2009 | +28.9% |
| 2008 | -30.7% |
| 2007 | +61.5% |
| 2006 | +67.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 53.3% over that stretch · deepest drop along the way 67.9%, back to its old high 39.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.6% over that stretch · deepest drop along the way 44.1%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 14.3% over that stretch · deepest drop along the way 17.6%, back to its old high 1.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($101K) and 7 sales ($9.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 24, 2026 | Mogens C Bay Director | sell | $3.7M |
| Apr 24, 2026 | Mogens C Bay Director | sell | $2.5M |
| Apr 24, 2026 | Mogens C Bay Director | sell | $980K |
| Apr 24, 2026 | Mogens C Bay Director | sell | $739K |
| Apr 24, 2026 | Mogens C Bay Director | sell | $716K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.09% | Mar 31, 2026 |
| Neuberger Berman Group LLC | 4.8% | Mar 31, 2025 |
ETFs with the most weight in VMI
| LOPP Gabelli Love Our Planet & People ETF | 2.89% |
| CTEX ProShares S&P Kensho Cleantech ETF | 2.71% |
| CSMD Congress SMid Growth ETF | 2.59% |
| NBSM Neuberger Berman Small-Mid Cap ETF | 2.58% |
| AIEQ Amplify AI Powered Equity ETF | 2.52% |
| CNRG SPDR S&P Kensho Clean Power ETF | 2.3% |
| FIW First Trust Water ETF | 1.76% |
| PHO Invesco Water Resources ETF | 1.7% |
What could go wrong
- Heavy reliance on electric utility spending. Sales to the U.S. electric utility industry were about $1.5 billion in fiscal 2025. Utilities can delay orders because of unfavorable regulation, a slow economy or financing limits, likely cutting sales and profits.
- Farm income swings hit irrigation sales. Irrigation demand falls when crop prices, yields, subsidies or exports drop. Drought, limits on water use and uncertain farm policy can also delay purchases. Agriculture sales have leveled off since fiscal 2022.
- Steel, zinc and energy costs squeeze margins. Steel is a major cost, and galvanizing uses large amounts of zinc and natural gas. Selling prices generally lag rising costs, and some infrastructure contracts are fixed-price, so cost spikes can cut profits.
- Tariffs and changing trade rules. Changes to U.S. trade and tariff laws, including Section 232 tariffs on steel and aluminum, could raise costs and hurt results. Valmont imports some steel and aluminum components and products.
- Hard to match factory capacity to demand. Valmont has been investing in flexible production capacity to meet growing utility demand. If demand swings unexpectedly, the company could struggle to manage that capacity, which it says could hurt the business.
- Cyclical wireless carrier spending. Sales of telecom products have historically been cyclical. Wireless carriers can cut spending on new capacity to protect cash flow, and industry consolidation can disrupt their network building plans.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Executive or board change
- Change of auditor
- Executive or board change
- Quarterly results released
For income and retirement investors
Valmont pays a small but growing dividend. Regular dividends rose from $1.80 a share in fiscal 2020 to $2.72 in fiscal 2025, about 8.6% a year. However, the dividend was held flat in fiscal 2024, so the streak of increases is one year. Dividends used about 15% of fiscal 2025 earnings and 16.9% of free cash flow, which is the cash left after capital spending. The yield was just 0.69% as of October 28, 2026. Buybacks are larger: $680 million over fiscal 2021–2025, versus $238 million in dividends. Shares outstanding fell 10.1% from February 2022 to October 2026.
The shares have fallen hard in past downturns. They dropped 67.9% in the 2008 financial crisis and took about 40 months to recover. They fell 44.1% in the 2020 COVID crash and recovered in about 7.6 months. In the 2022 bear market, they rose 14.3% between the broad market's January peak and its October low. Single stocks like Valmont carry more risk than diversified funds.
Questions investors ask
How does Valmont Industries make money?
Valmont makes money mainly by making and selling support structures and irrigation equipment. Its Infrastructure segment brought in about 75% of fiscal 2025 revenue. It makes poles and structures for power lines, substations, streetlights, traffic signals and cell sites, plus solar trackers and galvanizing services. Its Agriculture segment, about 25%, sells Valley center pivot irrigation machines, parts and precision-farming technology. Utility structures were the largest product line: $1.51 billion, or 36.8% of the $4.10 billion total for the year ended December 27, 2025.
Is Valmont's revenue growing?
Yes, but unevenly. Revenue grew about 7.2% a year from fiscal 2020 to fiscal 2025, but most of that came early. It peaked at $4.35 billion in fiscal 2022, slipped to $4.08 billion in fiscal 2024, and rose 0.7% to $4.10 billion in fiscal 2025. In the quarter ended September 26, 2026, revenue rose 5.5% from a year earlier to $1.10 billion, and net income rose 22.2% to $121 million.
Does Valmont raise its dividend every year?
Not every year. The regular dividend rose each year from $1.80 a share in fiscal 2020 to $2.40 in fiscal 2023. It stayed at $2.40 in fiscal 2024, then rose to $2.72 in fiscal 2025. That works out to about 8.6% a year over five years. The payout is modest: dividends used about 15% of fiscal 2025 earnings, and the yield was 0.69% as of October 28, 2026. Valmont has spent more on share buybacks than on dividends.
How much debt does Valmont have?
Valmont had about $756 million of total debt and $122 million of cash and investments as of September 26, 2026. That left net debt (debt minus cash) of about $634 million. That compares with shareholders' equity of about $1.76 billion and total assets of about $3.54 billion. Valmont generated $311 million of free cash flow, the cash left after capital spending, in fiscal 2025. Debt adds risk if a downturn in utility, farm or telecom spending cuts that cash flow.
How has Valmont stock performed over the long term?
Based on the share price, Valmont returned about 14.2% a year over both the five and 10 years to October 28, 2026, but with deep drops along the way. The stock fell 32.3% in 2018 and 28.8% in 2023. In the 2008 financial crisis, it dropped 67.9% from peak to low. Over the year to October 28, 2026, it returned 4.8%. On that date it traded at about 25.9 times fiscal 2025 earnings per share, a figure known as the P/E ratio.