Vulcan Materials Co. (VMC) intrinsic value & 10-year financials

Vulcan Materials Co. (VMC) has a Graham intrinsic value of $171.42 per share. At $257.63 on Oct 17, 2026, the stock trades 50% above that value. Over the last 10 fiscal years revenue grew 9.2% a year to $7.9B, with an average return on invested capital of 8.5%.

Graham intrinsic value
$171.42
Share price (Oct 17, 2026)
$257.63
Price vs Graham value
50% above
Market cap
$34.2B
Revenue (FY2025)
$7.9B
Revenue growth (10-yr CAGR)
9.2%
ROIC (10-yr avg)
8.5%
Free cash flow (FY2025)
$1.1B

VMC 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $7.9B $1.1B $8.11 $1.1B 20.4% 9.5%
FY2024 $7.4B $911.9M $6.85 $806.1M 18.4% 8.8%
FY2023 $7.8B $933.2M $6.98 $664.2M 18.3% 9.7%
FY2022 $7.3B $575.6M $4.31 $535.6M 13.0% 6.4%
FY2021 $5.6B $670.8M $5.02 $560.6M 18.2% 8.0%
FY2020 $4.9B $584.5M $4.39 $708.2M 18.4% 8.3%
FY2019 $4.9B $617.7M $4.63 $600.0M 17.8% 8.7%
FY2018 $4.4B $515.8M $3.85 $363.7M 17.1% 7.9%
FY2017 $3.9B $601.2M $4.46 $185.1M 16.6% 9.3%
FY2016 $3.6B $419.5M $3.09 $294.4M 18.9% 8.3%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Vulcan Materials Company is a consistent compounder, expanding top-line revenue at 9.2% annually over the past decade.

Vulcan Materials Company returns on capital have been average, hovering around 8.5% ROIC over the decade.

Over the decade, Vulcan Materials Company shows that the company has leveraged its balance sheet to sustain operations.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Vulcan Materials Company is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $171.42 per share.

VMC stock: frequently asked questions

What is the intrinsic value of Vulcan Materials Co. (VMC) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 8.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, VMC's intrinsic value is about $171.42 per share.

Is VMC stock undervalued?

At $257.63 (close on Oct 17, 2026), VMC trades 50% above its Graham value of $171.42. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

How fast has Vulcan Materials Co. grown?

Revenue went from $3.6B in fiscal 2016 to $7.9B in fiscal 2025, a compound annual growth rate of 9.2%. Net income was $1.1B in fiscal 2025.

Does Vulcan Materials Co. generate free cash flow?

Vulcan Materials Co. generated $1.1B of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 10 of the last 10 reported years.

What is VMC's return on invested capital?

Average ROIC over the last 10 fiscal years was 8.5%, and average return on equity was 11.0%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this VMC data come from?

From Vulcan Materials Co.'s annual 10-K filings on SEC EDGAR. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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