企業概要
Vulcan Materials Company (VMC) operates as a leading manufacturer and supplier of construction aggregates throughout the United States, providing essential materials such as crushed stone, sand, gravel, and asphalt for infrastructure projects and highway maintenance. The enterprise functions within the Basic Materials sector, specifically the Building Materials industry, where it plays a critical role in supporting large-scale construction activities and civil engineering works. As of the latest data, the company maintains a substantial market capitalization of $38.21 billion and generates annual revenue totaling $7.94 billion, supported by an employee base of 11,548 individuals. These valuation and revenue figures indicate that Vulcan Materials commands a significant position in the domestic building materials landscape, reflecting its extensive operational footprint and established supply chain network. The scale of the company, evidenced by its multi-billion dollar market cap and nearly $8 billion in trailing twelve-month revenue, underscores its status as a major player capable of influencing pricing dynamics and securing large contracts within the fragmented aggregates market.
財務健全性
The company reported revenue of $7.94 billion over the trailing twelve months, resulting in a net income of $1.08 billion and an EBITDA of $2.31 billion. The substantial gap between the $7.94 billion revenue and the $1.08 billion net income reveals a cost structure where operating expenses, including cost of goods sold, depreciation, and administrative costs, consume approximately 86.4% of total sales, leaving a profit margin of 13.6%. Free cash flow stands at $409.04 million, which provides the firm with financial flexibility to manage capital expenditures, service debt obligations, or return capital to shareholders without relying on external financing. Regarding liquidity and leverage, the balance sheet holds $183.30 million in cash against $4.94 billion in debt, resulting in a debt-to-equity ratio of 57.78, which indicates a leveraged capital structure rather than a conservative one. The current ratio is calculated at 2.69, signaling that the company possesses strong short-term liquidity with current assets covering current liabilities nearly 2.7 times over. Return on Equity (ROE) is 13.0% and Return on Assets (ROA) is 5.8%, metrics that reveal management effectiveness in generating returns from shareholder equity and utilizing the asset base to produce earnings, respectively.
バリュエーション評価
Vulcan Materials Company currently trades with a trailing twelve-month P/E ratio of 35.86 and a forward P/E ratio of 26.93. The notable difference between the trailing and forward P/E ratios implies that the market expects earnings to recover and expand in the future, as the forward multiple is significantly lower than the historical multiple. The price-to-book ratio stands at 4.48, indicating that the market values the company at a substantial premium of over four times its net asset book value, suggesting high investor confidence in intangible assets or future growth potential beyond tangible assets. Alternative valuation metrics include a price-to-sales ratio of 4.81 and an EV/EBITDA of 18.60, which suggest the company is priced aggressively relative to its sales and earnings power compared to traditional industrial peers. The stock's trading range over the past year spans from a 52-week low of $218.87 to a 52-week high of $331.09, providing a reference point for assessing the current valuation level relative to recent volatility. The beta value of 1.09 indicates that the stock's price volatility moves slightly more than the broader market, reflecting a moderate level of sensitivity to general market fluctuations.
Growth & Income
Revenue growth year-over-year stands at 3.2%, while earnings growth year-over-year is recorded at -13.8%. The fact that earnings are declining at a rate significantly faster than revenue growth implies that recent cost pressures or margin compression are outweighing top-line expansion, leading to a temporary decoupling of profitability from sales volume. For income investors, the company offers a dividend yield of 0.7% with a payout ratio of 24.0%, suggesting that the current dividend is highly sustainable given that less than a quarter of earnings is distributed to shareholders. The low payout ratio leaves ample room for the company to retain earnings for reinvestment or to increase the dividend in the future if earnings conditions improve. Overall, the growth and income profile presents a scenario of stable revenue expansion tempered by short-term earnings contraction, supported by a conservative yet leveraged dividend policy that prioritizes capital retention over aggressive shareholder payouts.