United States Lime & Minerals, Inc. (USLM) 10-Year Financial Performance & Capital Metrics

USLM • • Industrial / General

Basic MaterialsConstruction MaterialsAggregates & Heavy Construction MaterialsLime & Specialty Minerals

AboutUnited States Lime & Minerals, Inc. manufactures and supplies lime and limestone products in the United States. It extracts limestone from open-pit quarries and an underground mine, and processes it as pulverized limestone, quicklime, hydrated lime, and lime slurry. The company supplies its products primarily to the construction customers, including highway, road, and building contractors; industrial customers, such as paper and glass manufacturers; environmental customers comprising municipal sanitation and water treatment facilities, and flue gas treatment processes; steel producers; oil and gas services companies; roof shingle manufacturers; and poultry and cattle feed producers. It also has various royalty interests and non-operating working interests with respect to oil and gas rights in natural gas wells located in Johnson County, Texas in the Barnett Shale Formation. The company was incorporated in 1950 and is headquartered in Dallas, Texas.Show more

Revenue $318M +12.9%
EBITDA $149M +36.5%
Net Income $109M +46.0%
EPS (Diluted) 3.79 +45.2%
Gross Margin 45.32% +23.9%
EBITDA Margin 46.93% +20.8%
Operating Margin 39.32% +29.5%
Net Margin 34.26% +29.3%
ROE 24.44% +17.0%
ROIC 43.04% +35.7%
Debt/Equity 0.01 -27.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 20.2%
✓Strong 5Y profit CAGR of 33.1%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 31.0% free cash flow margin
✓Strong 5Y sales CAGR of 15.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.81%

5Y14.95%

3Y18.85%

TTM20.27%

Profit (Net Income) CAGR

10Y18.84%

5Y33.1%

3Y43.22%

TTM32.24%

EPS CAGR

10Y18.57%

5Y32.44%

3Y42.49%

TTM32.27%

ROCE

10Y Avg14.98%

5Y Avg18.91%

3Y Avg21.67%

Latest26.32%

Peer Comparison

Lime & Specialty Minerals

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
USLMUnited States Lime & Minerals, Inc.	3.76B	131.28	34.64	12.94%	35.83%	21.7%	2.62%	0.01
FEAM5E Advanced Materials Inc.	86.52M	3.68	-0.93		-412.26%	-48.82%		0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	130.84M	139.28M	144.84M	144.44M	158.28M	160.7M	189.25M	236.15M	281.33M	317.72M
Revenue Growth %	-0.13%	0.06%	0.04%	-0%	0.1%	0.02%	0.18%	0.25%	0.19%	0.13%
Cost of Goods Sold+	102.12M	106.19M	110.46M	113.95M	116.6M	113.12M	130M	165.81M	178.46M	173.74M
COGS % of Revenue	0.78%	0.76%	0.76%	0.79%	0.74%	0.7%	0.69%	0.7%	0.63%	0.55%
Gross Profit+	28.71M	33.09M	34.38M	30.49M	41.68M	47.59M	59.26M	70.34M	102.87M	143.98M
Gross Margin %	0.22%	0.24%	0.24%	0.21%	0.26%	0.3%	0.31%	0.3%	0.37%	0.45%
Gross Profit Growth %	-0.22%	0.15%	0.04%	-0.11%	0.37%	0.14%	0.25%	0.19%	0.46%	0.4%
Operating Expenses+	9.63M	9.61M	10.15M	10.48M	12.43M	13.72M	12.84M	15.56M	17.45M	19.06M
OpEx % of Revenue	0.07%	0.07%	0.07%	0.07%	0.08%	0.09%	0.07%	0.07%	0.06%	0.06%
Selling, General & Admin	9.63M	9.61M	10.15M	10.48M	11.5M	12.17M	12.84M	15.56M	17.45M	19.06M
SG&A % of Revenue	0.07%	0.07%	0.07%	0.07%	0.07%	0.08%	0.07%	0.07%	0.06%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	930K	1.55M	0	0	0	0
Operating Income+	19.09M	23.48M	24.23M	20M	29.25M	33.87M	46.42M	54.78M	85.42M	124.92M
Operating Margin %	0.15%	0.17%	0.17%	0.14%	0.18%	0.21%	0.25%	0.23%	0.3%	0.39%
Operating Income Growth %	-0.3%	0.23%	0.03%	-0.17%	0.46%	0.16%	0.37%	0.18%	0.56%	0.46%
EBITDA+	35.12M	39.62M	40.78M	37.6M	46.86M	53.48M	67.31M	76.98M	109.25M	149.09M
EBITDA Margin %	0.27%	0.28%	0.28%	0.26%	0.3%	0.33%	0.36%	0.33%	0.39%	0.47%
EBITDA Growth %	-0.17%	0.13%	0.03%	-0.08%	0.25%	0.14%	0.26%	0.14%	0.42%	0.36%
D&A (Non-Cash Add-back)	16.03M	16.14M	16.55M	17.6M	17.62M	19.61M	20.9M	22.2M	23.83M	24.17M
EBIT	19.09M	23.48M	25.18M	21.81M	31.14M	34.32M	46.42M	54.78M	85.42M	124.92M
Net Interest Income+	-1.6M	138K	716K	1.57M	1.65M	203K	101K	1.78M	0	0
Interest Income	0	384K	957K	1.81M	1.9M	451K	351K	2.03M	0	0
Interest Expense	1.04M	246K	241K	243K	244K	248K	250K	254K	0	0
Other Income/Expense	-1.6M	138K	716K	1.57M	1.65M	203K	101K	1.78M	7.94M	11.46M
Pretax Income+	17.48M	23.62M	24.94M	21.57M	30.9M	34.07M	46.52M	56.56M	93.36M	136.38M
Pretax Margin %	0.13%	0.17%	0.17%	0.15%	0.2%	0.21%	0.25%	0.24%	0.33%	0.43%
Income Tax+	4.59M	5.86M	-2.21M	1.88M	4.84M	5.85M	9.47M	11.13M	18.81M	27.54M
Effective Tax Rate %	0.74%	0.75%	1.09%	0.91%	0.84%	0.83%	0.8%	0.8%	0.8%	0.8%
Net Income+	12.89M	17.75M	27.15M	19.68M	26.06M	28.22M	37.05M	45.43M	74.55M	108.84M
Net Margin %	0.1%	0.13%	0.19%	0.14%	0.16%	0.18%	0.2%	0.19%	0.26%	0.34%
Net Income Growth %	-0.33%	0.38%	0.53%	-0.27%	0.32%	0.08%	0.31%	0.23%	0.64%	0.46%
Net Income (Continuing)	12.89M	17.75M	27.15M	19.68M	26.06M	28.22M	37.05M	45.43M	74.55M	108.84M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.46	0.64	0.97	0.70	0.93	1.00	1.31	1.60	2.61	3.79
EPS Growth %	-0.33%	0.39%	0.52%	-0.28%	0.33%	0.08%	0.31%	0.22%	0.63%	0.45%
EPS (Basic)	0.46	0.64	0.97	0.70	0.93	1.00	1.31	1.60	2.61	3.81
Diluted Shares Outstanding	28.02M	27.86M	27.94M	28.01M	28.11M	28.2M	28.34M	28.4M	28.53M	28.69M
Basic Shares Outstanding	28.01M	27.84M	27.93M	28.04M	28.08M	28.22M	28.32M	28.39M	28.54M	28.59M
Dividend Payout Ratio	0.22%	0.16%	0.11%	0.15%	0.12%	0.13%	0.1%	0.1%	0.06%	0.05%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	91.96M	105.04M	118.02M	101.36M	92.73M	124M	150.43M	189.99M	254.97M	354.78M
Cash & Short-Term Investments	59.93M	74.71M	85M	67.22M	54.26M	83.56M	105.36M	133.38M	187.96M	278.03M
Cash Only	59.93M	74.71M	85M	67.22M	54.26M	83.56M	105.36M	133.38M	187.96M	278.03M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	15.89M	16.78M	16.47M	19.6M	23.36M	22.98M	26.71M	33.59M	38.05M	43.98M
Days Sales Outstanding	44.33	43.98	41.51	49.54	53.88	52.19	51.52	51.92	49.37	50.53
Inventory	14.73M	12.43M	13.55M	12.85M	13.39M	15.21M	15.12M	19.58M	24.31M	27.69M
Days Inventory Outstanding	52.64	42.74	44.76	41.15	41.91	49.08	42.44	43.1	49.73	58.16
Other Current Assets	286K	75K	3M	1.69M	1.72M	2.25M	0	0	4.64M	5.08M
Total Non-Current Assets+	104.54M	105.12M	110.43M	143.31M	155.79M	155.9M	165.77M	177.78M	185.63M	188.38M
Property, Plant & Equipment	104.38M	104.98M	109.72M	142.76M	153.88M	154.69M	165.32M	177.34M	185.07M	187.75M
Fixed Asset Turnover	1.25x	1.33x	1.32x	1.01x	1.03x	1.04x	1.14x	1.33x	1.52x	1.69x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	160K	142K	416K	220K	423K	415K	450K	440K	565K	635K
Total Assets+	196.5M	210.16M	228.45M	244.67M	248.52M	279.9M	316.2M	367.77M	440.6M	543.16M
Asset Turnover	0.67x	0.66x	0.63x	0.59x	0.64x	0.57x	0.60x	0.64x	0.64x	0.58x
Asset Growth %	-0.02%	0.07%	0.09%	0.07%	0.02%	0.13%	0.13%	0.16%	0.2%	0.23%
Total Current Liabilities+	8.74M	9.11M	9.36M	7.96M	9.46M	11.59M	11.19M	15.54M	17.49M	16.96M
Accounts Payable	6.02M	5.59M	6.26M	4.57M	4.43M	4.59M	5.43M	7.72M	7.4M	8.82M
Days Payables Outstanding	21.52	19.2	20.69	14.64	13.87	14.82	15.25	17.01	15.14	18.53
Short-Term Debt	0	0	0	0	1.29M	1.19M	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	309K	0	70K	3.73M	4.82M	0	0	3.12M	6.54M
Current Ratio	10.52x	11.53x	12.61x	12.73x	9.80x	10.70x	13.45x	12.23x	14.58x	20.92x
Quick Ratio	8.83x	10.17x	11.16x	11.12x	8.39x	9.39x	12.09x	10.97x	13.19x	19.28x
Cash Conversion Cycle	75.44	67.51	65.58	76.05	81.92	86.45	78.71	78.02	83.95	90.16
Total Non-Current Liabilities+	21.13M	21.41M	13.84M	13.74M	21.93M	25.12M	26.8M	31.15M	30.01M	28.46M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	1.87M	1.03M	2.31M	4.13M	3.92M	3.44M
Deferred Tax Liabilities	19.18M	19.83M	12.37M	12.37M	18.7M	22.33M	23.05M	25.58M	24.66M	23.66M
Other Non-Current Liabilities	1.95M	1.58M	1.46M	1.38M	1.36M	1.76M	1.44M	1.44M	1.43M	1.36M
Total Liabilities	29.87M	30.52M	23.19M	21.7M	31.39M	36.7M	37.99M	46.68M	47.5M	45.42M
Total Debt+	0	0	0	0	3.16M	2.22M	3.21M	5.54M	5.5M	5.04M
Net Debt	-59.93M	-74.71M	-85M	-67.22M	-51.1M	-81.34M	-102.14M	-127.84M	-182.46M	-272.99M
Debt / Equity	-	-	-	-	0.01x	0.01x	0.01x	0.02x	0.01x	0.01x
Debt / EBITDA	-	-	-	-	0.07x	0.04x	0.05x	0.07x	0.05x	0.03x
Net Debt / EBITDA	-1.71x	-1.89x	-2.08x	-1.79x	-1.09x	-1.52x	-1.52x	-1.66x	-1.67x	-1.83x
Interest Coverage	18.42x	95.45x	100.53x	82.31x	119.86x	136.57x	185.67x	215.68x	-	-
Total Equity+	166.63M	179.64M	205.25M	222.97M	217.13M	243.19M	278.21M	321.09M	393.1M	497.74M
Equity Growth %	0.08%	0.08%	0.14%	0.09%	-0.03%	0.12%	0.14%	0.15%	0.22%	0.27%
Book Value per Share	5.95	6.45	7.35	7.96	7.73	8.62	9.82	11.31	13.78	17.35
Total Shareholders' Equity	166.63M	179.64M	205.25M	222.97M	217.13M	243.19M	278.21M	321.09M	393.1M	497.74M
Common Stock	655K	657K	659K	661K	663K	666K	669K	671K	674K	2.97M
Retained Earnings	194.8M	209.77M	233.91M	250.57M	243.57M	268.19M	301.61M	342.5M	412.5M	515.62M
Treasury Stock	-50.47M	-53.4M	-53.7M	-54.12M	-54.56M	-55.12M	-55.85M	-56.62M	-57.89M	-61.4M
Accumulated OCI	-167.31M	-223K	86K	-13K	-1K	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	32.49M	37.85M	34.28M	38.73M	47.01M	58.58M	55.69M	64.36M	92.26M	126.02M
Operating CF Margin %	0.25%	0.27%	0.24%	0.27%	0.3%	0.36%	0.29%	0.27%	0.33%	0.4%
Operating CF Growth %	0.02%	0.16%	-0.09%	0.13%	0.21%	0.25%	-0.05%	0.16%	0.43%	0.37%
Net Income	12.89M	17.75M	27.15M	19.68M	26.06M	28.22M	37.05M	45.43M	74.55M	108.84M
Depreciation & Amortization	249K	210K	209K	18.23M	18.56M	21.62M	20.9M	22.2M	23.83M	24.17M
Stock-Based Compensation	1.2M	1.04M	1.41M	1.49M	1.52M	1.92M	2.24M	2.64M	3.18M	4.89M
Deferred Taxes	-227K	648K	-7.61M	20K	0	4.31M	1.52M	2.53M	-923K	-1M
Other Non-Cash Items	15.85M	16.57M	16.73M	14K	5.12M	5K	16K	-310K	380K	76K
Working Capital Changes	2.54M	1.63M	-3.6M	-700K	-4.25M	2.5M	-6.03M	-8.12M	-8.76M	-10.96M
Change in Receivables	1.55M	-892K	308K	-3.13M	-3.35M	1.11M	-3.74M	-6.44M	0	-5.93M
Change in Inventory	-1.29M	2.29M	-1.11M	700K	-542K	-1.39M	94K	-4.29M	0	-3.37M
Change in Payables	198K	532K	-2.72M	1.81M	0	2.47M	0	2.7M	0	-1.01M
Cash from Investing+	-11.06M	-17.51M	-20.75M	-53.16M	-26.54M	-25.19M	-29.63M	-31.15M	-31.96M	-26.86M
Capital Expenditures	-11.46M	-17.66M	-21.34M	-53.76M	-27.1M	-17.13M	-29.91M	-26.82M	-34.25M	-27.41M
CapEx % of Revenue	0.09%	0.13%	0.15%	0.37%	0.17%	0.11%	0.16%	0.11%	0.12%	0.09%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	449K	208K	592K	605K	558K	331K	285K	1.29M	2.29M	556K
Cash from Financing+	-19.84M	-5.55M	-3.25M	-3.36M	-33.43M	-4.08M	-4.27M	-5.18M	-5.71M	-9.1M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2.8M	-2.78M	-3.01M	-3.02M	-33.06M	-3.6M	-3.62M	-4.54M	-4.55M	-5.72M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	28K	155K	73K	73K	75K	81K	84K	120K	113K	130K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	21.04M	20.18M	12.95M	-15.03M	19.91M	41.44M	25.77M	37.55M	58.01M	98.61M
FCF Margin %	0.16%	0.14%	0.09%	-0.1%	0.13%	0.26%	0.14%	0.16%	0.21%	0.31%
FCF Growth %	0.04%	-0.04%	-0.36%	-2.16%	2.33%	1.08%	-0.38%	0.46%	0.54%	0.7%
FCF per Share	0.75	0.72	0.46	-0.54	0.71	1.47	0.91	1.32	2.03	3.44
FCF Conversion (FCF/Net Income)	2.52x	2.13x	1.26x	1.97x	1.80x	2.08x	1.50x	1.42x	1.24x	1.16x
Interest Paid	0	0	0	0	150K	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.02%	10.25%	14.11%	9.19%	11.84%	12.26%	14.21%	15.16%	20.88%	24.44%
Return on Invested Capital (ROIC)	13.03%	16.64%	16.14%	10.87%	13.63%	15.49%	20.6%	22.25%	31.73%	43.04%
Gross Margin	21.95%	23.76%	23.74%	21.11%	26.33%	29.61%	31.31%	29.79%	36.56%	45.32%
Net Margin	9.85%	12.75%	18.74%	13.63%	16.46%	17.56%	19.57%	19.24%	26.5%	34.26%
Debt / Equity	-	-	-	-	0.01x	0.01x	0.01x	0.02x	0.01x	0.01x
Interest Coverage	18.42x	95.45x	100.53x	82.31x	119.86x	136.57x	185.67x	215.68x	-	-
FCF Conversion	2.52x	2.13x	1.26x	1.97x	1.80x	2.08x	1.50x	1.42x	1.24x	1.16x
Revenue Growth	-12.68%	6.45%	3.99%	-0.28%	9.58%	1.53%	17.77%	24.78%	19.13%	12.94%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Lime and Limestone Operations Member	-	-	-	-	-	-	187.37M	233.42M	-	317.72M
Lime and Limestone Operations Member Growth	-	-	-	-	-	-	-	24.58%	-	-
Others	-	-	-	-	-	-	-	-	1.13M	-
Others Growth	-	-	-	-	-	-	-	-	-	-
Other	-	-	-	-	-	-	1.89M	2.73M	-	-
Other Growth	-	-	-	-	-	-	-	44.39%	-	-
Lime And Limestone Operations	128.39M	137.19M	142.61M	-	156.98M	159.71M	-	-	-	-
Lime And Limestone Operations Growth	-	6.85%	3.95%	-	-	1.74%	-	-	-	-
All Others	-	-	-	-	1.3M	997K	-	-	-	-
All Others Growth	-	-	-	-	-	-23.07%	-	-	-	-
Mineral	-	-	-	141.92M	-	-	-	-	-	-
Mineral Growth	-	-	-	-	-	-	-	-	-	-
Oil And Gas	-	-	-	2.51M	-	-	-	-	-	-
Oil And Gas Growth	-	-	-	-	-	-	-	-	-	-
Natural Gas Interests	2.45M	2.09M	2.23M	-	-	-	-	-	-	-
Natural Gas Interests Growth	-	-14.51%	6.69%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Other	-	-	-	-	-	-	1.89M	2.73M	-	-
Other Growth	-	-	-	-	-	-	-	44.39%	-	-

Frequently Asked Questions

Valuation & Price

United States Lime & Minerals, Inc. (USLM) has a price-to-earnings (P/E) ratio of 34.6x. This suggests investors expect higher future growth.

Growth & Financials

United States Lime & Minerals, Inc. (USLM) reported $364.8M in revenue for fiscal year 2024. This represents a 156% increase from $142.6M in 2011.

United States Lime & Minerals, Inc. (USLM) grew revenue by 12.9% over the past year. This is steady growth.

Yes, United States Lime & Minerals, Inc. (USLM) is profitable, generating $130.7M in net income for fiscal year 2024 (34.3% net margin).

Dividend & Returns

Yes, United States Lime & Minerals, Inc. (USLM) pays a dividend with a yield of 0.15%. This makes it attractive for income-focused investors.

United States Lime & Minerals, Inc. (USLM) has a return on equity (ROE) of 24.4%. This is excellent, indicating efficient use of shareholder capital.

United States Lime & Minerals, Inc. (USLM) generated $104.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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