USLM vs VMC: United States Lime & Minerals and Vulcan Materials compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Vulcan Materials is the larger company, worth $30.2B, about 10.0 times United States Lime & Minerals.
- United States Lime & Minerals grew revenue faster over the last year (+8.3% vs +7.4%).
- United States Lime & Minerals keeps more of each dollar of revenue as operating profit (42.1% vs 20.6%).
- On earnings, United States Lime & Minerals is the cheaper stock (23.2x vs 27.6x).
- United States Lime & Minerals's price assumes faster free cash flow growth: about 10% a year, against 9% for Vulcan Materials (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | USLM | VMC |
|---|---|---|
| Market cap | $3.0B | $30.2B |
| Share price | $108.58 | $244.13 |
| Revenue (last fiscal year) | $373M | $7.9B |
| Free cash flow (last fiscal year) | $102M | $1.1B |
| Revenue growth, last year | +8.3% | +7.4% |
| Revenue growth per year, last 5 fiscal years | +18.5% | +9.4% |
| Operating margin | 42.1% | 20.6% |
| Net margin | 35.7% | 13.8% |
| Return on equity | 19.3% | 13.2% |
| P/E (trailing) | 23.2x | 27.6x |
| Price / free cash flow | 29.5x | 26.6x |
| EV / EBITDA | 13.3x | 14.7x |
| FCF growth the price implies | 10.1% | 8.7% |
| Dividend yield | 0.23% | 0.85% |
| Debt / equity | 0.07x | 0.97x |
| Fundamental grade | B | B |
| Superinvestors holding it | 0 | 8 |
| Insider purchases, last 12 months | 1 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
United States Lime & Minerals
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $189M | $26M | 24.5% |
| 2022 | $236M | $38M | 23.2% |
| 2023 | $281M | $58M | 30.4% |
| 2024 | $318M | $99M | 39.3% |
| 2025 | $373M | $102M | 42.4% |
Vulcan Materials
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.6B | $561M | 18.2% |
| 2022 | $7.3B | $536M | 13.0% |
| 2023 | $7.8B | $664M | 18.3% |
| 2024 | $7.4B | $806M | 18.4% |
| 2025 | $7.9B | $1.1B | 20.4% |
Where the revenue comes from
United States Lime & Minerals · by products, 2018
Lime and limestone operations$142M98%
Natural gas interests$3M2%
Vulcan Materials · by segments, 2025
Aggregates$5.8B73%
Asphalt$1.3B16%
Concrete$847M11%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open USLM in InvestinglyQuestions
Which is bigger, United States Lime & Minerals or Vulcan Materials?
Vulcan Materials (VMC), at $30.2B against $3.0B.
Is USLM or VMC cheaper?
By trailing P/E, United States Lime & Minerals (23.2x) is cheaper than Vulcan Materials (27.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, USLM or VMC?
United States Lime & Minerals: revenue grew +8.3% over the last year, against +7.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.