United States Lime & Minerals Inc. (USLM) intrinsic value & 10-year financials
United States Lime & Minerals Inc. (USLM) has a Graham intrinsic value of $155.12 per share. At $106.05 on Oct 17, 2026, the stock trades 32% below that value. Over the last 10 fiscal years revenue grew 11.6% a year to $372.7M, with an average return on invested capital of 26.1%.
- Graham intrinsic value
- $155.12
- Share price (Oct 17, 2026)
- $106.05
- Price vs Graham value
- 32% below
- Market cap
- $3.0B
- Revenue (FY2025)
- $372.7M
- Revenue growth (10-yr CAGR)
- 11.6%
- ROIC (10-yr avg)
- 26.1%
- Free cash flow (FY2025)
- $102.3M
USLM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $372.7M | $134.3M | $4.67 | $102.3M | 42.4% | 51.1% |
| FY2024 | $317.7M | $108.8M | $3.79 | $98.6M | 39.3% | 46.1% |
| FY2023 | $281.3M | $74.5M | $2.61 | $58.0M | 30.4% | 34.0% |
| FY2022 | $236.2M | $45.4M | $1.60 | $37.5M | 23.2% | 24.0% |
| FY2021 | $189.3M | $37.0M | $1.31 | $25.8M | 24.5% | 22.0% |
| FY2020 | $160.7M | $28.2M | $1.00 | $41.4M | 21.1% | 17.2% |
| FY2019 | $158.3M | $26.1M | $0.93 | $19.9M | 18.5% | 15.4% |
| FY2018 | $144.4M | $19.7M | $0.70 | -$15.0M | 13.8% | 13.2% |
| FY2017 | $144.8M | $27.1M | $0.97 | $12.9M | 16.7% | 21.5% |
| FY2016 | $139.3M | $17.8M | $0.64 | $20.2M | 16.9% | 16.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
UNITED STATES LIME & MINERALS INC is a consistent compounder, expanding top-line revenue at 11.6% annually over the past decade.
UNITED STATES LIME & MINERALS INC has earned high returns on invested capital, averaging 26.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
UNITED STATES LIME & MINERALS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, UNITED STATES LIME & MINERALS INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $155.12 per share.