United States Lime & Minerals, Inc. (USLM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+18.1%

$140.51

vs $118.99 price

Levered DCF

$140.41

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

34.94

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	25.53×	34.84×	17.65×	17.59×	19.69×	22.8×	19.42×	20.29×
P/B	5.44×	7.63×	3.34×	2.49×	2.63×	2.64×	2.34×	1.78×
P/S	9.2×	11.95×	4.67×	3.38×	3.86×	4×	3.2×	2.75×
EV / EBITDA	15.6×	21.94×	9.66×	8.5×	9.29×	10.4×	9.33×	8.39×
Gross margin	48.8%	45.3%	36.6%	29.8%	31.3%	29.6%	26.3%	21.1%
Operating margin	42.4%	39.3%	30.4%	23.2%	24.5%	21.1%	18.5%	13.8%
Net margin	36.0%	34.3%	26.5%	19.2%	19.6%	17.6%	16.5%	13.6%
Current ratio	19.27×	20.92×	14.58×	12.23×	13.45×	10.7×	9.8×	12.73×
Debt / equity	0.01×	0.01×	0.01×	0.02×	0.01×	0.01×	0.01×	0×
Interest coverage	0×	0×	0×	215.68×	185.67×	136.57×	119.86×	82.31×
Dividend yield	0.2%	0.2%	0.3%	0.6%	0.5%	0.6%	6.5%	0.8%
Payout ratio	5.1%	5.3%	6.1%	10.0%	9.8%	12.8%	126.9%	15.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.3%	21.9%	19.0%	14.1%	13.3%	11.6%	12.0%	8.8%
Return on invested capital	18.8%	18.9%	16.1%	12.4%	12.1%	10.4%	10.3%	7.7%
Return on assets	19.7%	20.0%	16.9%	12.4%	11.7%	10.1%	10.5%	8.0%
Free cash flow yield	3.0%	2.6%	4.4%	4.7%	3.5%	6.4%	3.9%	-3.8%
Earnings yield	3.9%	2.9%	5.7%	5.7%	5.1%	4.4%	5.1%	4.9%
Enterprise value	$3.1B	$3.5B	$1.1B	$671.4M	$628.6M	$561.6M	$456M	$330.6M
Net debt / EBITDA	-1.87×	-1.7×	-1.56×	-1.62×	-1.51×	-1.51×	-1.05×	-1.71×
Cash conversion cycle (days)	78	90	84	78	79	86	82	76