Vulcan Materials Company (VMC) is the largest supplier of construction aggregates in the United States, specializing in crushed stone, sand, and gravel . The company also produces aggregates-intensive downstream products such as asphalt mix and ready-mixed concrete . VMC operates primarily in the U.S., with additional operations in the Bahamas, Canada, Honduras, Mexico, and the U.S. Virgin Islands . The company's business is organized into four segments: Aggregates, Asphalt, Concrete, and Calcium .
- Aggregates - Supplies crushed stone, sand, and gravel for various construction projects, including public infrastructure and private residential and nonresidential buildings, serving as the primary focus and largest revenue contributor .
- Asphalt - Produces and sells asphalt mix, heavily relying on the Aggregates segment for raw materials .
- Concrete - Produces and sells ready-mixed concrete, also dependent on the Aggregates segment for raw materials .
- Calcium - Involves operations that contribute less than one percent to total revenues and gross profit .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
J. Thomas Hill ExecutiveBoard | Chairman and CEO | Board Member at Regions Financial Corporation | Over 30 years at VMC; became CEO in July 2014 and Chairman in January 2016. Extensive experience in aggregates industry and leadership roles across VMC's divisions. | View Report → |
Denson N. Franklin III Executive | Senior Vice President, General Counsel, and Secretary | None | Senior Vice President and General Counsel since 2024. Provides legal oversight and governance expertise. | |
Mary Andrews Carlisle Executive | Senior Vice President and CFO | None | Joined VMC in 2006; appointed CFO in September 2022. Extensive experience in corporate finance, business development, and operational initiatives. | |
Randy L. Pigg Executive | Vice President, Controller, and Principal Accounting Officer | None | Joined VMC in 2014; promoted to current role in April 2018. Oversees accounting and financial reporting functions. | |
Ronnie A. Pruitt Executive | Chief Operating Officer | None | Joined VMC via U.S. Concrete acquisition in 2021; promoted to COO in September 2023. Former CEO of U.S. Concrete. Responsible for profitability and operational improvements. | |
Stanley G. Bass Executive | Chief Strategy Officer | None | Over 20 years at VMC; became Chief Strategy Officer in March 2021. Previously served as Chief Growth Officer and held senior leadership roles in multiple regions. | |
Thompson S. Baker II Executive | President | None | Joined VMC in 2017; previously CEO of FRP Holdings. Promoted to President in September 2023. Leads enterprise-wide strategic initiatives and supports senior leadership. | |
Cynthia L. Hostetler Board | Director | Director at Resideo Technologies, Inc. and TriLinc Global Impact Fund, LLC | Director since 2014. Former Head of Investment Funds at OPIC. Expertise in finance, investment, and risk assessment. | |
David P. Steiner Board | Director | Board Member at FedEx Corporation | Director since 2017. Former CEO of Waste Management, Inc. Expertise in logistics, operations, and governance. | |
George Willis Board | Director | Board Member at JM Huber Corporation | Director since 2020. Former President of U.S. Operations at UPS. Expertise in logistics, transportation, and operations. | |
James T. Prokopanko Board | Director | Director at Regions Financial Corporation and Xcel Energy Inc. | Director since 2009. Former CEO of The Mosaic Company. Expertise in mineral extraction, leadership, and management. | |
Kathleen L. Quirk Board | Director | President and Director of Freeport-McMoRan Inc. | Director since 2017. Extensive experience in mining, finance, and corporate development. | |
Lydia H. Kennard Board | Director | President and CEO of KDG Construction Consulting and Quality Engineering Solutions | Director since 2022. Former Executive Director of Los Angeles World Airports. Expertise in infrastructure, urban planning, and governance. | |
Melissa H. Anderson Board | Director | Senior Vice President, Chief People Officer at Albemarle Corporation | Director since 2019. Extensive expertise in human resources, talent transformation, and executive compensation. | |
O. B. Grayson Hall, Jr. Board | Director | Board Member at Alabama Power Company | Director since 2014. Former Executive Chairman of Regions Financial Corporation. Expertise in banking, finance, and cybersecurity. | |
Richard T. O'Brien Board | Director | Director at Xcel Energy Inc. and Ma'aden | Director since 2008. Former CEO of Newmont Mining. Expertise in mining, finance, and environmental issues. | |
Thomas A. Fanning Board | Director | Chair of Cybersecurity & Infrastructure Security Agency Advisory Committee | Director since 2015. Former CEO of Southern Company. Expertise in energy policy, cybersecurity, and national security. |
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Given the significant impact of unfavorable weather on your shipments and operating efficiencies in the first half , and the continued weather disruptions in July and early Q3 , how confident are you in achieving your full-year guidance, especially considering the reliance on dry shipping days in the remaining months?
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With aggregate shipments expected to decline between 4% and 7% for the full year , and unit freight-adjusted cash cost of sales increasing high single digits , what specific actions are you taking to manage costs and protect margins in the face of lower volumes and rising costs?
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You mentioned that growth in single-family demand is slower than expected, and that warehouse activity in private nonresidential construction is a headwind ; how do you plan to offset these challenges, and what is your strategy to capture growth in other segments like manufacturing and data centers?
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With increased competition from international materials companies looking to grow their U.S. exposure , are you seeing pressure on acquisition valuations, and how does this impact your ability to execute on meaningful acquisitions while maintaining discipline?
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Despite raising mid-year prices , you maintained your aggregates price increase guidance of 10% to 12% ; what factors are limiting further price increases, and how are you balancing pricing with potential impacts on demand in a competitive market?
Research analysts who have asked questions during Vulcan Materials earnings calls.
Angel Castillo Malpica
Morgan Stanley
5 questions for VMC
Garik Shmois
Loop Capital Markets
5 questions for VMC
Kathryn Thompson
Thompson Research Group
5 questions for VMC
Keith Hughes
Truist Financial Corporation
5 questions for VMC
Michael Dudas
Vertical Research Partners
5 questions for VMC
Trey Grooms
Stephens Inc.
5 questions for VMC
Andrew Maser
Stifel Financial Corp.
3 questions for VMC
Asher Sohnen
Citigroup Inc.
3 questions for VMC
David Macgregor
Longbow Research
3 questions for VMC
Jerry Revich
Goldman Sachs Group Inc.
3 questions for VMC
Michael Feniger
Bank of America
3 questions for VMC
Philip Ng
Jefferies
3 questions for VMC
Steven Fisher
UBS
3 questions for VMC
Timna Tanners
Wolfe Research
3 questions for VMC
Adam Thalhimer
Thompson, Davis & Company, Inc.
2 questions for VMC
Anthony Pettinari
Citigroup Inc.
2 questions for VMC
Ivan Yi
Wolfe Research, LLC
2 questions for VMC
Jesse Barone
Jefferies Financial Group Inc.
2 questions for VMC
Michael Dahl
RBC Capital Markets
2 questions for VMC
Tyler Brown
Raymond James Financial, Inc.
2 questions for VMC
Adrian Huerta
JPMorgan Chase & Co.
1 question for VMC
Brent Thielman
D.A. Davidson
1 question for VMC
Jean Veliz
D.A. Davidson Companies
1 question for VMC
Joe Nolan
Longbow Research
1 question for VMC
Patrick Brown
Raymond James
1 question for VMC
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
This company is one of the ten largest aggregates producers in the U.S. aggregates industry, which is highly fragmented. The ten largest producers collectively accounted for approximately 33% of the total U.S. aggregates production in 2023. | |
This company is among the ten largest aggregates producers in the U.S., a market where the largest producers collectively hold about 33% of the total production. | |
Heidelberg Materials AG | This company is listed as one of the ten largest aggregates producers in the U.S., operating in a fragmented industry with significant opportunities for consolidation. |
Holcim Ltd. | This company is one of the ten largest aggregates producers in the U.S., where the industry is fragmented and dominated by a mix of small companies and a few large players. |
Knife River Corp. | This company is identified as one of the ten largest aggregates producers in the U.S., contributing to the 33% market share held by the top ten producers. |
This company is a major competitor and one of the ten largest aggregates producers in the U.S., operating in a fragmented industry with opportunities for growth through acquisitions. | |
This company is among the ten largest aggregates producers in the U.S., part of a fragmented industry where the top ten producers hold a combined market share of 33%. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Superior Ready Mix Concrete, L.P. | 2024 | Vulcan Materials Company completed the acquisition with an announcement on December 11, 2024, as part of its aggregates-led growth strategy in Southern California. The deal enhances its portfolio by acquiring six aggregates operations, two asphalt plants, and thirteen ready-mixed concrete locations, with an expected closing by year-end subject to customary conditions (no deal value disclosed). |
Wake Stone Corporation | 2024 | Vulcan Materials Company agreed to acquire Wake Stone Corporation, a leading pure-play aggregates supplier, as announced on September 26, 2024, to advance its growth strategy in high-growth U.S. regions. The deal, expected to close in Q4 2024, provides over 60 years of quality hard rock reserves and is supported by a $2.0 billion two-year delayed draw term loan facility. |
Recent press releases and 8-K filings for VMC.
- Vulcan Materials reported Q3 adjusted EPS of $2.84, revenue of $2.29 billion, and net income of $374.9 million.
- Aggregates shipments rose about 12% to 64.7 million tons, with aggregates revenue of $1.79 billion and gross profit of $612.1 million.
- Freight-adjusted average sales price climbed to $22.01 /ton, lifting freight-adjusted revenues 15.9% to $1.42 billion, and expanding gross margin by 250 bps to 34.2%.
- Management reiterated 2025 adjusted EBITDA guidance of $2.35–$2.45 billion and now anticipates mid-single-digit shipment growth.
- Management cited strength in public construction and expects an improving private nonresidential outlook into 2026.
- Q3 2025 revenues of $2.29 billion (+14%), aggregates cash gross profit per ton of $11.84 (+9%), adjusted EBITDA of $735 million (+27%) and margin expansions to 34.2% and 32.1%, respectively.
- Year-to-date through Q3, generated $1.71 billion of operating cash flow, maintained a 1.9× Debt/TTM EBITDA ratio, invested $655 million in maintenance and growth, deployed $2.07 billion on strategic acquisitions, and returned $294 million to shareholders.
- 2025 guidance raised to $2.35 – 2.45 billion of adjusted EBITDA (≈17% growth at midpoint), with full-year aggregates shipments expected to grow ~3%.
- Preliminary 2026 outlook projects modest volume growth, mid-single-digit pricing gains, cost benefits from operational execution, and continued improvement in aggregates cash gross profit per ton.
- Adjusted EBITDA of $735 million, up 27% year-over-year, with adjusted EBITDA margin expanding 310 bps; aggregate shipments rose 12% in Q3 and 3% year-to-date, while cash gross profit per ton grew 9% in the quarter.
- Public construction demand remains robust with trailing 12-month contract awards up 17% in Vulcan’s footprint; private non-residential activity is improving, though single-family housing stays weak.
- Full-year shipments are guided to increase ~3%, with adjusted EBITDA forecast at $2.35 billion–$2.45 billion, implying a 17% increase at the midpoint.
- Ronnie Pruitt assumes the role of COO, and the company completed the divestiture of asphalt and construction services assets to redeploy capital into growth opportunities.
- Adjusted EBITDA of $735 million, up 27% year-over-year, with aggregate shipments rising 12% in Q3 and 3% YTD, and aggregates cash gross profit per ton up 9% in the quarter.
- Mix-adjusted pricing increased 5% in Q3 (7% YTD) despite acquisition-related drag, while freight-adjusted unit cash costs fell 2%, driven by Vulcan Way of Operating efficiencies.
- Full-year guidance raised: shipments expected to grow ~3%, with adjusted EBITDA projected at $2.35–$2.45 billion, a 17% increase at midpoint.
- Public construction demand remains strong (+17% trailing 12-month awards), private non-residential activity is improving (data centers ~60 million sq ft under construction), while single-family housing stays weak.
- Management transition: COO Ronnie Pruitt will succeed Tom Hill as CEO effective January 2026.
- Strong Q3 performance: Adjusted EBITDA of $735 million, up 27% YoY; aggregate shipments rose 12% in Q3 and 3% YTD; aggregate cash gross profit per ton increased 9% while freight-adjusted unit costs fell 2% YoY.
- Pricing and cash flow strength: Mix-adjusted aggregate pricing grew 5% in Q3 (7% YTD); adjusted EBITDA margin expanded 310 bps; trailing-12-month free cash flow rose 31% to over $1 billion, funding over $2 billion in acquisitions and ~$300 million returned to shareholders; full-year shipments are expected to increase ~3%, with adjusted EBITDA of $2.35–2.45 billion.
- Portfolio focus: Completed divestiture of asphalt and construction services assets in October to concentrate on core aggregates and redeploy proceeds into growth opportunities.
- Leadership transition: Ronnie Pruitt will succeed Tom Hill as CEO effective January 2026, with Mary Andrews Carlisle continuing as CFO, ensuring continuity in the Vulcan Way operating and selling disciplines.
- Vulcan Materials reported Q3 2025 revenue of $2.29 billion and net earnings of $375 million (diluted EPS $2.83).
- Achieved $735 million of Adjusted EBITDA with a margin of 32.1%, up 310 bps year-over-year.
- Aggregates segment gross profit rose 23% to $612 million with margin expanding 250 bps to 34.2%; shipments increased 12% to 64.7 million tons and cash gross profit per ton was $11.84.
- Year-to-date operating cash flow was $1.3 billion, capital expenditures totaled $235 million, dividends returned $65 million, and $550 million of commercial paper was paid down, yielding a total debt to Adjusted EBITDA ratio of 1.9x (1.8x net).
- Full-year 2025 Adjusted EBITDA is forecast at $2.35–$2.45 billion (17% growth at midpoint), with similar aggregates shipment growth; Ronnie Pruitt will become CEO on January 1, 2026.
- Vulcan reported $2.292 B in Q3 revenues (+14%) and net earnings of $375 M (+80% YoY), with adjusted EBITDA of $735 M (+27%).
- Year-to-date revenues reached $6.029 B (+8%), adjusted EBITDA climbed 20% to $1.806 B and margin expanded 290 bps.
- Aggregates shipments rose 12% to 64.7 M tons, with freight-adjusted sales price per ton at $22.01 and cash gross profit per ton up 12% to $11.84.
- Nine-month operating cash flow was $1.3 B (+31%), net debt/TTM EBITDA fell to 1.8×, and $550 M of commercial paper was repaid.
- Ronnie Pruitt was named Chief Executive Officer effective January 1, 2026, and the company reiterated 2025 adjusted EBITDA guidance of $2.35–2.45 B (~17% growth at midpoint).
- Gross margin of 25%, below competitors, limits its ability to invest in marketing and R&D
- Sluggish tons shipped point to weak customer adoption of its solutions
- Despite profitability, stagnant sales and rising costs may hinder future growth
- Market sentiment is uneasy due to political factors, though a Fed rate cut is expected in Q3 or Q4 to support markets later in the year.
- Vulcan Materials is highlighted as a top pick for nearshoring and US infrastructure build-out, leveraging its localized operations and strong pricing power on its primary input, quarry rock.
- The company acts as a hedge against inflation, having managed cost and pricing to deliver consistent unit margin growth over time.
- Trading at 31× forward earnings versus the S&P’s ~22×, Vulcan’s oligopoly position and 10-year track record of compounding unit and margin expansion underpin its valuation premium.
- Generated $660 million of adjusted EBITDA in Q2, up 9% YoY, and reaffirmed full-year guidance of $2.35 billion–$2.55 billion.
- Despite record Southeast rainfall, expanded margins by 260 bps and grew aggregates cash gross profit per ton by 13% YTD; freight-adjusted ASPs rose 5% and mix-adjusted ASPs 8%.
- Private nonresidential starts and data center projects are rebounding, public highway contract awards are up 20%, and bookings/backlogs are accelerating to support H2 volume growth.
- Delivered strong cash generation with $1 billion+ free cash flow TTM, reinvested $207 million in capex YTD, returned $169 million to shareholders, and ended Q2 with net debt/EBITDA of 2.1×.