Latest Ratios: P/E Ratio 28.1x · EV/EBITDA 16.1x · ROE 21.6%. (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 | $9.1B | $8.2B | $6.2B | $4.9B | $7.1B | $5.3B | $3.7B | $3.3B | $2.5B | $3.8B | $3.2B |
| Enterprise Value | $9.8B | $9.0B | $6.9B | $6.0B | $8.0B | $6.2B | $4.1B | $3.8B | $2.9B | $4.0B | $3.6B |
| P/E Ratio → | 28.05 | 24.55 | 17.83 | 34.44 | 28.46 | 26.90 | 26.19 | 22.26 | 26.42 | 32.46 | 18.47 |
| P/S Ratio | 2.22 | 2.00 | 1.52 | 1.18 | 1.64 | 1.50 | 1.27 | 1.18 | 0.90 | 1.37 | 1.27 |
| P/B Ratio | 5.72 | 5.00 | 3.90 | 3.49 | 4.35 | 3.72 | 3.05 | 2.74 | 2.19 | 3.27 | 3.26 |
| P/FCF | 29.20 | 26.39 | 12.59 | 23.53 | 30.63 | — | 17.59 | 15.51 | 30.74 | 41.69 | 19.84 |
| P/OCF | 19.92 | 18.00 | 10.85 | 16.11 | 21.87 | 79.79 | 11.65 | 10.60 | 16.28 | 25.88 | 14.60 |
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 | — | 2.18 | 1.70 | 1.44 | 1.84 | 1.77 | 1.43 | 1.37 | 1.06 | 1.47 | 1.41 |
| EV / EBITDA | 16.10 | 14.66 | 11.15 | 15.41 | 15.05 | 16.34 | 13.38 | 12.19 | 9.93 | 11.46 | 10.85 |
| EV / EBIT | 18.82 | 21.42 | 13.11 | 20.50 | 19.41 | 20.47 | 17.67 | 15.75 | 14.83 | 14.77 | 13.43 |
| EV / FCF | — | 28.76 | 14.02 | 28.63 | 34.27 | — | 19.72 | 17.99 | 36.17 | 44.59 | 22.05 |
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 | 30.2% | 30.2% | 30.5% | 29.6% | 25.9% | 25.2% | 26.4% | 24.7% | 24.2% | 24.8% | 26.0% |
| Operating Margin | 12.7% | 12.7% | 12.9% | 7.0% | 10.0% | 8.2% | 7.8% | 8.2% | 7.7% | 9.7% | 9.7% |
| Net Profit Margin | 8.5% | 8.5% | 8.5% | 3.4% | 5.8% | 5.6% | 4.9% | 5.3% | 3.4% | 4.2% | 6.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.6% | 21.6% | 23.1% | 9.4% | 16.4% | 14.9% | 11.7% | 12.6% | 8.2% | 10.9% | 17.8% |
| ROA | 10.5% | 10.5% | 10.2% | 4.1% | 7.2% | 6.1% | 4.9% | 5.5% | 3.7% | 4.7% | 7.2% |
| ROIC | 16.8% | 16.8% | 16.4% | 8.8% | 13.4% | 10.7% | 10.1% | 10.4% | 10.6% | 14.6% | 13.6% |
| ROCE | 20.3% | 20.3% | 19.9% | 10.6% | 15.9% | 11.5% | 10.0% | 10.4% | 9.8% | 12.6% | 12.0% |
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 | 0.56 | 0.56 | 0.54 | 0.90 | 0.63 | 0.79 | 0.70 | 0.73 | 0.66 | 0.66 | 0.77 |
| Debt / EBITDA | 1.52 | 1.52 | 1.40 | 3.27 | 1.95 | 2.93 | 2.74 | 2.82 | 2.55 | 2.14 | 2.31 |
| Net Debt / Equity | — | 0.45 | 0.44 | 0.76 | 0.52 | 0.66 | 0.37 | 0.44 | 0.39 | 0.23 | 0.36 |
| Net Debt / EBITDA | 1.21 | 1.21 | 1.13 | 2.75 | 1.60 | 2.47 | 1.44 | 1.68 | 1.49 | 0.74 | 1.09 |
| Debt / FCF | — | 2.37 | 1.42 | 5.10 | 3.64 | — | 2.13 | 2.47 | 5.43 | 2.90 | 2.21 |
| Interest Coverage | 10.31 | 10.31 | 8.98 | 5.16 | 8.66 | 7.10 | 5.69 | 5.98 | 4.47 | 6.12 | 5.96 |
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 | 2.35 | 2.35 | 2.07 | 2.47 | 2.21 | 2.24 | 2.32 | 2.70 | 3.28 | 3.65 | 3.58 |
| Quick Ratio | 1.58 | 1.58 | 1.35 | 1.56 | 1.31 | 1.28 | 1.65 | 1.97 | 2.34 | 2.61 | 2.58 |
| Cash Ratio | 0.26 | 0.26 | 0.20 | 0.28 | 0.23 | 0.23 | 0.60 | 0.69 | 0.77 | 1.22 | 1.14 |
| Asset Turnover | — | 1.22 | 1.22 | 1.20 | 1.22 | 1.02 | 0.98 | 1.00 | 1.09 | 1.06 | 1.05 |
| Inventory Turnover | 5.06 | 5.06 | 4.80 | 4.46 | 4.42 | 3.59 | 4.74 | 5.56 | 5.45 | 4.90 | 5.33 |
| Days Sales Outstanding | — | 79.63 | 75.38 | 72.96 | 65.41 | 75.37 | 80.08 | 82.88 | 79.57 | 70.63 | 64.55 |
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 | 0.6% | 0.6% | 0.8% | 1.0% | 0.6% | 0.8% | 1.0% | 1.0% | 1.4% | 0.9% | 1.1% |
| Payout Ratio | 15.0% | 15.0% | 13.9% | 34.5% | 18.3% | 21.2% | 26.2% | 22.3% | 35.7% | 29.1% | 19.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 4.1% | 5.6% | 2.9% | 3.5% | 3.7% | 3.8% | 4.5% | 3.8% | 3.1% | 5.4% |
| FCF Yield | 3.4% | 3.8% | 7.9% | 4.3% | 3.3% | — | 5.7% | 6.4% | 3.3% | 2.4% | 5.0% |
| Buyback Yield | 2.2% | 2.4% | 1.1% | 7.0% | 0.6% | 0.5% | 1.5% | 1.9% | 4.6% | 0.0% | 1.7% |
| Total Shareholder Yield | 2.7% | 3.0% | 1.9% | 8.0% | 1.2% | 1.3% | 2.5% | 2.9% | 6.0% | 0.9% | 2.7% |
| Shares Outstanding | — | $20M | $20M | $21M | $22M | $21M | $21M | $22M | $22M | $23M | $23M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VMI stock.
Valmont Industries, Inc.'s current P/E ratio is 28.1x. The historical average is 21.9x. This places it at the 87th percentile of its historical range.
Valmont Industries, Inc.'s current EV/EBITDA is 16.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.9x.
Valmont Industries, Inc.'s return on equity (ROE) is 21.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 14.9%.
Based on historical data, Valmont Industries, Inc. is trading at a P/E of 28.1x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Valmont Industries, Inc.'s current dividend yield is 0.56% with a payout ratio of 15.0%.
Valmont Industries, Inc. has 30.2% gross margin and 12.7% operating margin. Operating margin between 10-20% is typical for established companies.
Valmont Industries, Inc.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Earnings volatility from one-off items
Metrics are mathematically derived from official filings.
Premium Multiple with Cyclical Earnings
Valmont trades at 29.3x trailing earnings and 16.8x EV/EBITDA, a premium to peers like Ituran and Primoris, implying expectations of sustained margin recovery despite historical volatility.
The forward P/E of 21.3x suggests the market is pricing in a return to normalized earnings after the 2025Q2 disruption, but the PEG of 1.42 indicates that growth expectations are modest relative to the multiple. Compared to the peer group, Valmont's EV/EBITDA is above the median of ~14.8x, reflecting its diversified industrial franchise but also leaving limited room for disappointment. Investors should monitor whether the premium is justified by consistent cash generation or if it will compress if earnings revert to the sub-10% net margin seen in several quarters.
Margin Stability Masked by One-Offs
Gross margin held between 29.6% and 31.3% over ten quarters, but operating margin swung from 2.8% to 15.1%, indicating that reported profitability is distorted by non-recurring items.
The tight gross margin range suggests effective cost management, yet the operating margin volatility—particularly the 2025Q2 collapse—points to earnings quality issues. Net margin in 2025Q4 spiked to 16.2% due to a $168M gain, which is not sustainable. Adjusting for these one-offs, underlying net margin appears to be in the 8-10% range, which is more consistent with the 2024 quarters. This implies that the market's valuation based on trailing earnings may overstate normalized profitability.
ROIC Recovery After Disruption
ROIC improved from 0.9% in 2025Q2 to 5.1% in 2026Q2, but remains below the 4-5% range seen in 2024, indicating that capital efficiency is recovering but not yet exceeding prior levels.
The 2025Q2 ROIC of 0.9% was an outlier due to the operating loss, while the recent 5.1% is still below the 6-7% ROE levels of early 2024. The improvement is driven by margin recovery rather than asset turnover, which has remained flat at ~0.30. This suggests that Valmont is not generating significantly more revenue per dollar of assets, so any further ROIC gains must come from margin expansion or debt reduction. The company's return on capital is moderate for an industrial, and investors should watch whether it can sustain above 5% without relying on one-off gains.
Working Capital Drag Persists
Cash conversion cycle lengthened from 92 days in 2025Q4 to 101 days in 2026Q2, driven by higher DSO, indicating that working capital management is a persistent drag on cash flow.
DSO rose from 66 to 76 days over the same period, while DIO and DPO remained relatively stable, suggesting that customers are taking longer to pay. This has contributed to the volatile FCF margin, which swung from 16.2% in 2024Q4 to 6.7% in 2026Q1. The CCC of over 100 days is high for an industrial, and it implies that Valmont is tying up significant capital in receivables and inventory. If the company can reduce DSO back to the 60s, it could unlock substantial cash, but the trend suggests the opposite.
Deleveraging Improves Coverage
Debt-to-equity fell from 0.87 to 0.50 over ten quarters, and interest coverage improved to 18.2x in 2026Q2, indicating a more comfortable debt service position.
The reduction in leverage is a positive trend, with D/EBITDA dropping from 8.17 to 5.07 over the same period. However, the 2025Q2 spike in D/EBITDA to 16.71 highlights how earnings volatility can quickly stress leverage metrics. The current interest coverage of 18.2x is strong, but it is based on trailing earnings that include one-off gains; on a normalized basis, coverage would be lower. The company appears to have adequate headroom, but investors should monitor whether the deleveraging trend continues or if debt is re-levered for acquisitions.
Liquidity Buffer Adequate but Cash Declining
Current ratio improved to 2.35 in 2026Q2, but cash fell from $226M to $139M over the past year, indicating that the liquidity cushion is thinning despite stable working capital ratios.
The current and quick ratios remain healthy, suggesting that Valmont can cover short-term obligations without relying on inventory liquidation. However, the decline in cash, combined with a CCC of 101 days, implies that the company is generating less free cash flow relative to its operating needs. The quick ratio of 1.55 indicates that even if receivables collection slows, the company has sufficient liquid assets. Yet, the trend in cash reserves warrants monitoring, especially if capital expenditures continue to rise as they have from 1.5% to 3.9% of revenue.
Misapplied P/E on Distorted Earnings
The trailing P/E of 29.3x is misleading because reported earnings include a $168M one-off gain in 2025Q4 and a loss in 2025Q2, obscuring the true earnings power.
Using a simple P/E on trailing twelve-month earnings overstates the multiple's reliability, as the earnings base is distorted by non-recurring items. A more appropriate metric is EV/EBITDA, which at 16.8x is still elevated but less sensitive to one-off gains and losses. Alternatively, investors should use a normalized earnings figure that excludes the $168M gain and the 2025Q2 loss, which would likely result in a forward P/E closer to the 21x level. This adjustment provides a clearer picture of the company's valuation relative to its sustainable earnings.