Latest Ratios: P/E Ratio 33.2x · EV/EBITDA 18.3x · ROE 13.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $36.7B | $37.6B | $34.2B | $30.4B | $23.4B | $27.7B | $19.8B | $19.2B | $13.2B | $17.3B | $17.0B |
| Enterprise Value | $41.9B | $42.9B | $39.5B | $33.8B | $27.8B | $32.0B | $22.3B | $22.1B | $16.1B | $20.0B | $18.7B |
| P/E Ratio → | 33.19 | 35.13 | 37.55 | 32.52 | 40.63 | 41.35 | 33.78 | 31.10 | 25.66 | 28.78 | 40.50 |
| P/S Ratio | 4.58 | 4.74 | 4.62 | 3.90 | 3.20 | 4.99 | 4.07 | 3.90 | 3.02 | 4.45 | 4.73 |
| P/B Ratio | 4.36 | 4.40 | 4.20 | 4.04 | 3.37 | 4.22 | 3.28 | 3.42 | 2.54 | 3.48 | 3.72 |
| P/FCF | 46.96 | 33.15 | 42.47 | 45.70 | 43.68 | 49.43 | 27.91 | 32.01 | 36.38 | 93.53 | 57.72 |
| P/OCF | 20.23 | 20.76 | 24.29 | 19.75 | 20.38 | 27.39 | 18.46 | 19.52 | 15.89 | 26.86 | 26.36 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.40 | 5.33 | 4.34 | 3.79 | 5.76 | 4.58 | 4.48 | 3.67 | 5.15 | 5.21 |
| EV / EBITDA | 18.30 | 18.31 | 19.79 | 16.54 | 18.20 | 22.39 | 17.22 | 17.66 | 14.72 | 21.19 | 19.69 |
| EV / EBIT | 26.33 | 23.42 | 28.98 | 23.46 | 29.00 | 31.28 | 25.29 | 24.90 | 21.15 | 30.49 | 27.47 |
| EV / FCF | — | 37.75 | 49.01 | 50.90 | 51.82 | 57.08 | 31.42 | 36.84 | 44.28 | 108.19 | 63.57 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.3% | 27.3% | 27.0% | 25.0% | 21.3% | 24.7% | 26.4% | 25.5% | 25.1% | 25.5% | 27.5% |
| Operating Margin | 20.1% | 20.1% | 18.4% | 18.3% | 13.0% | 18.2% | 18.4% | 17.8% | 17.1% | 16.4% | 18.5% |
| Net Profit Margin | 13.6% | 13.6% | 12.3% | 12.0% | 7.9% | 12.1% | 12.0% | 12.5% | 11.8% | 15.5% | 11.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.0% | 13.0% | 11.7% | 12.9% | 8.5% | 10.7% | 10.0% | 11.4% | 10.1% | 12.6% | 9.3% |
| ROA | 6.4% | 6.4% | 5.8% | 6.5% | 4.1% | 5.3% | 5.2% | 6.0% | 5.3% | 6.7% | 5.0% |
| ROIC | 8.8% | 8.8% | 8.4% | 9.6% | 6.4% | 7.8% | 7.9% | 7.9% | 7.1% | 6.9% | 8.0% |
| ROCE | 10.1% | 10.1% | 9.2% | 10.6% | 7.3% | 8.6% | 8.6% | 9.1% | 8.2% | 7.5% | 8.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.63 | 0.63 | 0.72 | 0.58 | 0.65 | 0.69 | 0.61 | 0.56 | 0.56 | 0.57 | 0.43 |
| Debt / EBITDA | 2.31 | 2.31 | 2.92 | 2.14 | 2.97 | 3.16 | 2.85 | 2.53 | 2.66 | 3.02 | 2.09 |
| Net Debt / Equity | — | 0.61 | 0.65 | 0.46 | 0.63 | 0.65 | 0.41 | 0.52 | 0.55 | 0.55 | 0.38 |
| Net Debt / EBITDA | 2.23 | 2.23 | 2.64 | 1.69 | 2.86 | 3.00 | 1.93 | 2.32 | 2.63 | 2.87 | 1.81 |
| Debt / FCF | — | 4.60 | 6.54 | 5.20 | 8.15 | 7.65 | 3.52 | 4.83 | 7.90 | 14.66 | 5.85 |
| Interest Coverage | 3.92 | 3.92 | 7.13 | 7.35 | 5.66 | 6.85 | 6.47 | 6.82 | 5.52 | 2.22 | 5.08 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.69 | 2.69 | 1.83 | 3.17 | 1.99 | 2.20 | 2.17 | 2.58 | 1.79 | 2.66 | 3.01 |
| Quick Ratio | 1.97 | 1.97 | 1.28 | 2.39 | 1.38 | 1.52 | 1.74 | 1.72 | 1.08 | 1.80 | 2.08 |
| Cash Ratio | 0.19 | 0.19 | 0.45 | 1.17 | 0.17 | 0.31 | 1.14 | 0.51 | 0.07 | 0.32 | 0.70 |
| Asset Turnover | — | 0.48 | 0.43 | 0.53 | 0.51 | 0.41 | 0.42 | 0.46 | 0.45 | 0.41 | 0.42 |
| Inventory Turnover | 8.47 | 8.47 | 7.95 | 9.48 | 9.94 | 8.02 | 7.97 | 8.01 | 7.64 | 7.54 | 7.53 |
| Days Sales Outstanding | — | 40.84 | 43.91 | 41.73 | 52.16 | 55.14 | 41.81 | 42.22 | 45.04 | 55.20 | 49.97 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.7% | 0.7% | 0.8% | 0.9% | 0.7% | 0.9% | 0.9% | 1.1% | 0.8% | 0.6% |
| Payout Ratio | 24.0% | 24.0% | 26.8% | 24.5% | 36.9% | 29.3% | 30.8% | 26.5% | 28.7% | 22.0% | 25.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 2.8% | 2.7% | 3.1% | 2.5% | 2.4% | 3.0% | 3.2% | 3.9% | 3.5% | 2.5% |
| FCF Yield | 2.1% | 3.0% | 2.4% | 2.2% | 2.3% | 2.0% | 3.6% | 3.1% | 2.7% | 1.1% | 1.7% |
| Buyback Yield | 1.2% | 1.2% | 0.2% | 0.7% | 0.1% | 0.1% | 0.1% | 0.0% | 1.0% | 0.3% | 1.0% |
| Total Shareholder Yield | 1.9% | 1.9% | 0.9% | 1.4% | 1.0% | 0.8% | 1.0% | 0.9% | 2.1% | 1.1% | 1.6% |
| Shares Outstanding | — | $132M | $133M | $134M | $134M | $134M | $133M | $133M | $134M | $135M | $136M |
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying VMC stock.
Vulcan Materials Company's current P/E ratio is 33.2x. The historical average is 28.2x. This places it at the 67th percentile of its historical range.
Vulcan Materials Company's current EV/EBITDA is 18.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.7x.
Vulcan Materials Company's return on equity (ROE) is 13.0%. The historical average is 10.8%.
Based on historical data, Vulcan Materials Company is trading at a P/E of 33.2x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Vulcan Materials Company's current dividend yield is 0.70% with a payout ratio of 24.0%.
Vulcan Materials Company has 27.3% gross margin and 20.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Vulcan Materials Company's Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Margin compression from cost inflation
Metrics are mathematically derived from official filings.
Premium Multiples Price Reserve Scarcity Not Near-Term Earnings
According to reported figures, VMC trades at 35.16 trailing P/E and 18.14 EV/EBITDA, a premium to CRH's 17.32 P/E and USLM's 25.57, implying investors are paying for reserve scarcity and non-discretionary infrastructure demand rather than current earnings momentum.
The forward P/E of 32.50 and PEG of 2.69 suggest the market is capitalizing growth well beyond recent quarterly EPS volatility, which warrants caution given the Q2 2026 EPS shortfall against consensus. Relative to MLM at 28.08 P/E, VMC's multiple appears elevated but broadly in line with its closest pure-play aggregates peer, so the premium may be sector-consistent rather than idiosyncratic. A 0.7% dividend yield provides little valuation support, leaving the multiple dependent on sustained earnings recovery.
Operating Gains Only Partly Reach Net Earnings
As reported in the financial statements, VMC's operating margin rose from 16.8% in 2026Q1 to 24.0% in 2026Q3, while net margin reached 16.6%, indicating operating gains are only partly flowing through to bottom-line earnings.
The gap between operating and net margin in recent quarters suggests interest, tax, or non-operating items are absorbing a meaningful share of operating gains, and this spread should be decomposed before treating 24% as durable earning power. Gross margin recovery to 30.5% is encouraging, but the swing from 22.3% in 2025Q1 implies meaningful seasonal and weather-driven sensitivity. Analysts should treat the 2025Q3 peak as a cyclical high rather than a run-rate.
Returns Oscillate Without a Compounding Trend
Based on EDBL-reported figures, VMC's ROIC ranged from 1.3% to 3.0% across ten quarters, with 2026Q3 at 2.9%, a level that appears low for a business with such strong operating margins.
Low ROIC relative to operating margin suggests heavy capital employed in reserves, goodwill of roughly $3.8B, and acquisition-related asset bases that dilute returns. Compared with USLM's 48.5% and CRH's 10.7%, VMC's capital efficiency appears structurally weaker, which may indicate the asset base is growing faster than earnings. Investors should monitor whether reserve development and acquired assets eventually translate into higher returns on invested capital.
Debt Load Rising Against Volatile Coverage Metrics
According to reported quarterly figures, VMC's debt-to-EBITDA moved between 5.61 and 13.24, with 2026Q3 at 7.46 and interest coverage at 10.17, suggesting debt service is comfortable on recent operating income but leverage remains volatile.
The swing in debt-to-EBITDA reflects both debt accumulation from acquisitions and the seasonality of trailing earnings, making the metric less reliable as a point-in-time measure. Reported debt-to-equity of 0.49 to 0.72 compares with MLM's 0.53, and the 0.63% figure in the snapshot appears to be a unit inconsistency warranting verification before drawing leverage conclusions. Refinancing exposure should be assessed against the rising debt base.
Liquidity Buffer Thins as Cash Declines
As reported in the financial statements, VMC's cash balance fell to $106.6M in 2026Q3 from $559.7M in 2024Q4, while the current ratio compressed from 2.69 to 1.43, implying a narrower liquidity cushion.
The current ratio remains above 1.0, but the decline from peak liquidity suggests reliance on operating cash generation and available credit rather than balance sheet reserves. A quick ratio of 0.96 in the latest quarter implies inventory and receivables carry substantial weight in covering near-term obligations. Under severe stress, a seasonal revenue dip combined with acquisition funding needs could tighten this position further.
Misapplied Metric: Trailing P/E Overstates Cyclical Earnings
Based on reported quarterly EPS swinging from $0.97 in 2025Q1 to $2.83 in 2025Q3, trailing P/E of 35.16 may misrepresent VMC's normalized earning power because it captures a seasonal trough-to-peak range rather than a stable run-rate.
For a seasonal, weather-exposed aggregates producer with lumpy acquisition-driven revenue, trailing P/E can look inflated in weak quarters and deflated in strong ones, so the multiple is most useful when paired with EV/EBITDA on normalized or full-cycle earnings. Free cash flow yield and gross profit per ton would better isolate pricing power from freight pass-through and working capital timing. Investors should treat single-period multiples as directional rather than decisive.