Vulcan Materials Company (VMC) 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

-21.1%

$227.92

vs $288.82 price

Levered DCF

$170.33

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.99

Safe zone

Rating

B+

Overall 3 / 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	35×	37.33×	32.34×	40.44×	41.1×	33.63×	30.83×	25.33×
P/B	4.41×	4.19×	4.03×	3.36×	4.21×	3.26×	3.39×	2.51×
P/S	4.74×	4.59×	3.88×	3.18×	4.96×	4.05×	3.86×	2.98×
EV / EBITDA	16.62×	19.69×	16.35×	18.07×	22.09×	17.35×	17.39×	14.4×
Gross margin	27.3%	27.0%	25.0%	21.3%	24.7%	26.4%	25.5%	25.1%
Operating margin	20.1%	18.4%	18.3%	13.0%	18.2%	18.4%	17.8%	17.1%
Net margin	13.6%	12.3%	12.0%	7.9%	12.1%	12.0%	12.5%	11.8%
Current ratio	2.69×	1.83×	3.17×	1.99×	2.2×	2.17×	2.58×	1.79×
Debt / equity	0.63×	0.72×	0.59×	0.65×	0.69×	0.61×	0.56×	0.56×
Interest coverage	3.41×	7.14×	7.28×	5.62×	6.77×	6.59×	6.74×	5.42×
Dividend yield	0.7%	0.7%	0.8%	0.9%	0.7%	0.9%	0.9%	1.1%
Payout ratio	24.0%	26.8%	24.5%	36.9%	29.3%	30.8%	26.5%	28.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.7%	11.2%	12.5%	8.3%	10.2%	9.7%	11.0%	9.9%
Return on invested capital	8.0%	6.6%	7.9%	5.4%	6.0%	6.3%	7.1%	6.6%
Return on assets	6.5%	5.3%	6.4%	4.0%	4.9%	5.0%	5.8%	5.2%
Free cash flow yield	3.0%	2.4%	2.2%	2.3%	2.0%	3.6%	3.1%	2.8%
Earnings yield	2.9%	2.7%	3.1%	2.5%	2.4%	3.0%	3.2%	3.9%
Enterprise value	$42.9B	$39.3B	$33.6B	$27.7B	$31.9B	$22.2B	$22B	$16B
Net debt / EBITDA	2.03×	2.64×	1.68×	2.85×	2.97×	1.95×	2.3×	2.59×
Cash conversion cycle (days)	56	62	56	60	69	60	61	69