Valmont Industries (VMI) financial statements
Valmont Industries reported revenue of $4.1B in fiscal 2025, up 5.6% a year over 9 years.
Net income was $350M and the operating margin 10.1%, against 9.7% in 2016.
Free cash flow was $311M, and the company returned $52M in dividends and $198M in net buybacks.
The diluted share count fell 12% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Valmont Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B | $2.7B | $2.8B | $2.8B | $2.9B | $3.5B | $4.3B | $4.2B | $4.1B | $4.1B |
| Cost of revenue | $1.9B | $2.1B | $2.1B | $2.1B | $2.1B | $2.6B | $3.2B | $2.9B | $2.8B | $2.9B |
| Gross profit | $656M | $682M | $668M | $683M | $766M | $884M | $1.1B | $1.2B | $1.2B | $1.2B |
| Research and development | $8M | $12M | $12M | $14M | $21M | $37M | $46M | $55M | $59M | $33M |
| Selling, general and admin | $411M | $415M | $440M | $455M | $523M | $591M | $693M | $768M | $717M | $718M |
| Operating income | $245M | $267M | $212M | $228M | $226M | $287M | $433M | $292M | $525M | $416M |
| Interest expense | $44M | $45M | $44M | $40M | $41M | $43M | $48M | $57M | $59M | $41M |
| Pre-tax income | $220M | $228M | $153M | $200M | $193M | $260M | $364M | $236M | $469M | $378M |
| Income tax | $42M | $106M | $46M | $48M | $50M | $61M | $109M | $90M | $118M | $24M |
| Net income | $173M | $116M | $102M | $146M | $141M | $196M | $251M | $151M | $348M | $350M |
| EPS (diluted) | $7.63 | $5.11 | $4.53 | $6.73 | $6.57 | $9.10 | $11.62 | $6.78 | $17.19 | $16.79 |
| Diluted shares | 23M | 23M | 22M | 22M | 21M | 21M | 22M | 21M | 20M | 20M |
| Gross margin | 26.0% | 24.8% | 24.2% | 24.7% | 26.4% | 25.2% | 25.9% | 29.6% | 30.5% | 30.2% |
| Operating margin | 9.7% | 9.7% | 7.7% | 8.2% | 7.8% | 8.2% | 10.0% | 7.0% | 12.9% | 10.1% |
| Net margin | 6.9% | 4.2% | 3.7% | 5.3% | 4.9% | 5.6% | 5.8% | 3.6% | 8.5% | 8.5% |
Balance sheet
Fiscal years, from Valmont Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $400M | $493M | $313M | $354M | $401M | $177M | $185M | $203M | $164M | $187M |
| Receivables | $439M | $504M | $484M | $480M | $512M | $572M | $604M | $658M | $654M | $590M |
| Inventory | $350M | $421M | $384M | $418M | $449M | $729M | $729M | $658M | $590M | $566M |
| Total current assets | $1.3B | $1.5B | $1.3B | $1.4B | $1.6B | $1.7B | $1.8B | $1.8B | $1.7B | $1.7B |
| Property, plant and equipment | $518M | $519M | $514M | $558M | $598M | $599M | $596M | $617M | $589M | $674M |
| Goodwill | $321M | $338M | $385M | $429M | $430M | $709M | $740M | $633M | $624M | $571M |
| Total assets | $2.4B | $2.6B | $2.6B | $2.8B | $3.0B | $3.4B | $3.6B | $3.5B | $3.3B | $3.4B |
| Total current liabilities | $350M | $403M | $409M | $514M | $673M | $766M | $804M | $723M | $811M | $732M |
| Long-term debt | $755M | $754M | $742M | $765M | $728M | $947M | $871M | $1.1B | $730M | $795M |
| Total liabilities | $1.4B | $1.4B | $1.4B | $1.6B | $1.7B | $2.0B | $1.9B | $2.1B | $1.7B | $1.7B |
| Shareholders' equity | $943M | $1.1B | $1.1B | $1.1B | $1.2B | $1.4B | $1.6B | $1.4B | $1.5B | $1.6B |
| Net debt | $356M | $262M | $429M | $412M | $330M | $775M | $687M | $906M | $566M | $609M |
Cash flow
Fiscal years, from Valmont Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $233M | $133M | $153M | $308M | $316M | $66M | $326M | $307M | $573M | $456M |
| Capital spending | $58M | $55M | $72M | $97M | $107M | $108M | $93M | $97M | $79M | $145M |
| Free cash flow | $175M | $78M | $81M | $210M | $210M | -$42M | $233M | $210M | $493M | $311M |
| Stock-based compensation | $10M | $11M | $10M | $12M | $15M | $29M | $42M | $39M | $30M | $24M |
| Dividends paid | $34M | $34M | $34M | $33M | $37M | $41M | $46M | $50M | $48M | $52M |
| Share buybacks (net) | -$54M | $0 | -$115M | -$63M | -$56M | -$26M | -$40M | -$345M | -$70M | -$198M |
| Net borrowing | -$2M | -$1M | $7,000 | $32M | -$33M | $221M | -$82M | $235M | -$378M | $64M |
| Free cash flow margin | 6.9% | 2.8% | 2.9% | 7.6% | 7.2% | -1.2% | 5.4% | 5.0% | 12.1% | 7.6% |
| Dividends per share | $1.50 | $1.49 | $1.50 | $1.50 | $1.72 | $1.93 | $2.12 | $2.34 | $2.39 | $2.63 |
Questions
What was Valmont Industries's revenue in 2025?
$4.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Valmont Industries generate?
$311M in fiscal 2025 (operating cash flow minus capital spending).
From Valmont Industries's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.