Latest Ratios: P/E Ratio 22.0x · EV/EBITDA 14.1x · ROE 23.8%. (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 | $2.9B | $3.4B | $3.8B | $1.3B | $800M | $731M | $643M | $508M | $398M | $431M | $422M |
| Enterprise Value | $2.6B | $3.1B | $3.5B | $1.1B | $672M | $629M | $562M | $456M | $331M | $346M | $347M |
| P/E Ratio → | 22.01 | 25.64 | 35.02 | 17.65 | 17.59 | 19.69 | 22.80 | 19.42 | 20.29 | 15.90 | 23.67 |
| P/S Ratio | 7.91 | 9.23 | 11.99 | 4.67 | 3.39 | 3.86 | 4.00 | 3.21 | 2.75 | 2.97 | 3.03 |
| P/B Ratio | 4.68 | 5.45 | 7.65 | 3.34 | 2.49 | 2.63 | 2.64 | 2.34 | 1.78 | 2.10 | 2.35 |
| P/FCF | 28.81 | 33.64 | 38.62 | 22.66 | 21.29 | 28.37 | 15.51 | 25.49 | — | 33.28 | 20.91 |
| P/OCF | 17.86 | 20.86 | 30.22 | 14.25 | 12.42 | 13.13 | 10.98 | 10.80 | 10.27 | 12.57 | 11.15 |
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 | — | 8.25 | 11.13 | 4.02 | 2.84 | 3.32 | 3.49 | 2.88 | 2.29 | 2.39 | 2.49 |
| EV / EBITDA | 14.09 | 16.79 | 23.71 | 10.36 | 8.73 | 9.35 | 10.50 | 9.74 | 8.79 | 8.48 | 8.77 |
| EV / EBIT | 16.34 | 19.47 | 28.30 | 13.25 | 12.26 | 13.55 | 16.36 | 14.66 | 15.16 | 13.73 | 14.79 |
| EV / FCF | — | 30.05 | 35.85 | 19.52 | 17.89 | 24.41 | 13.55 | 22.93 | — | 26.72 | 17.21 |
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 | 48.8% | 48.8% | 45.3% | 36.6% | 29.8% | 31.3% | 29.6% | 26.3% | 21.1% | 23.7% | 23.8% |
| Operating Margin | 42.4% | 42.4% | 39.3% | 30.4% | 23.2% | 24.5% | 21.1% | 18.5% | 13.8% | 16.7% | 16.9% |
| Net Profit Margin | 36.0% | 36.0% | 34.3% | 26.5% | 19.2% | 19.6% | 17.6% | 16.5% | 13.6% | 18.7% | 12.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 23.8% | 23.8% | 24.4% | 20.9% | 15.2% | 14.2% | 12.3% | 11.8% | 9.2% | 14.1% | 10.3% |
| ROA | 21.9% | 21.9% | 22.1% | 18.4% | 13.3% | 12.4% | 10.7% | 10.6% | 8.3% | 12.4% | 8.7% |
| ROIC | 48.5% | 48.5% | 43.0% | 31.7% | 22.3% | 20.6% | 15.5% | 13.6% | 10.9% | 16.1% | 16.6% |
| ROCE | 26.6% | 26.6% | 26.3% | 22.0% | 16.7% | 16.2% | 13.4% | 12.3% | 8.8% | 11.5% | 12.1% |
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 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | 0.02 | 0.02 | 0.03 | 0.05 | 0.07 | 0.05 | 0.04 | 0.07 | — | — | — |
| Net Debt / Equity | — | -0.58 | -0.55 | -0.46 | -0.40 | -0.37 | -0.33 | -0.24 | -0.30 | -0.41 | -0.42 |
| Net Debt / EBITDA | -2.01 | -2.01 | -1.83 | -1.67 | -1.66 | -1.52 | -1.52 | -1.09 | -1.79 | -2.08 | -1.89 |
| Debt / FCF | — | -3.59 | -2.77 | -3.15 | -3.40 | -3.96 | -1.96 | -2.57 | — | -6.57 | -3.70 |
| Interest Coverage | — | — | — | — | 215.68 | 185.67 | 138.39 | 127.64 | 89.76 | 104.50 | 95.45 |
Net cash position: cash ($371M) exceeds total debt ($4M)
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 | 19.27 | 19.27 | 20.92 | 14.58 | 12.23 | 13.45 | 10.70 | 9.80 | 12.73 | 12.61 | 11.53 |
| Quick Ratio | 17.96 | 17.96 | 19.28 | 13.19 | 10.97 | 12.09 | 9.39 | 8.39 | 11.12 | 11.16 | 10.17 |
| Cash Ratio | 15.70 | 15.70 | 16.39 | 10.75 | 8.58 | 9.42 | 7.21 | 5.74 | 8.44 | 9.08 | 8.20 |
| Asset Turnover | — | 0.55 | 0.58 | 0.64 | 0.64 | 0.60 | 0.57 | 0.64 | 0.59 | 0.63 | 0.66 |
| Inventory Turnover | 6.17 | 6.17 | 6.28 | 7.34 | 8.47 | 8.60 | 7.44 | 8.71 | 8.87 | 8.15 | 8.54 |
| Days Sales Outstanding | — | 46.94 | 50.53 | 49.37 | 51.92 | 51.52 | 52.19 | 53.88 | 49.54 | 41.51 | 43.98 |
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 | 0.2% | 0.2% | 0.2% | 0.3% | 0.6% | 0.5% | 0.6% | 0.6% | 0.8% | 0.7% | 0.7% |
| Payout Ratio | 5.1% | 5.1% | 5.3% | 6.1% | 10.0% | 9.8% | 12.8% | 11.6% | 15.4% | 11.1% | 15.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 3.9% | 2.9% | 5.7% | 5.7% | 5.1% | 4.4% | 5.1% | 4.9% | 6.3% | 4.2% |
| FCF Yield | 3.5% | 3.0% | 2.6% | 4.4% | 4.7% | 3.5% | 6.4% | 3.9% | — | 3.0% | 4.8% |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.7% |
| Total Shareholder Yield | 0.3% | 0.3% | 0.2% | 0.4% | 0.7% | 0.6% | 0.6% | 0.7% | 0.9% | 0.8% | 1.4% |
| Shares Outstanding | — | $29M | $29M | $29M | $28M | $28M | $28M | $28M | $28M | $28M | $28M |
Capital allocation inefficiency
According to current market data, USLM trades at a P/E of 22.77, which, while elevated relative to broader industrial peers, appears to be supported by a PEG ratio of 0.63, suggesting that the market may be underestimating the long-term earnings durability of its specialized lime assets.
The valuation premium relative to larger aggregate players like Martin Marietta is likely justified by USLM's superior margin profile and lack of debt. Investors should monitor whether the forward P/E of 20.69 remains sustainable if the current deceleration in revenue growth persists into the next fiscal year.
Based on reported financial statements, USLM's ROIC has fluctuated significantly, peaking at 13.7% in 2025Q3 before moderating to 5.8% in 2026Q1, a trend that highlights the dilutive impact of accumulating idle cash on the company's overall ability to generate returns on its invested capital.
While the core lime operations remain highly profitable, the massive cash balance acts as a drag on ROE and ROIC metrics. Management's inability to deploy this capital into higher-yielding projects or acquisitions may continue to suppress these efficiency ratios compared to more capital-active peers.
As reported in recent quarterly filings, USLM's cash conversion cycle has remained relatively consistent, averaging approximately 90 days, which suggests that the company maintains a stable relationship with its industrial customer base despite the inherent logistical complexities of transporting high-purity lime products across its regional footprint.
The stability in DSO and DIO metrics indicates that the company is not facing significant collection issues or inventory bloat. This operational discipline is critical for maintaining the high free cash flow margins that distinguish USLM from more cyclical construction materials providers.
Based on SEC filings, USLM maintains a current ratio of 20.73 as of 2026Q1, an extraordinary figure that underscores a fortress balance sheet capable of absorbing severe regional economic shocks without the need for external financing or credit facility access.
While this liquidity position provides immense safety, it warrants investigation regarding the opportunity cost of holding such significant non-earning assets. The lack of debt service requirements ensures that the company's cash flow is entirely available for reinvestment or potential shareholder returns, providing a defensive floor during downturns.
Financial analysis suggests that the EV/EBITDA multiple is frequently misapplied to USLM, as it fails to account for the non-discretionary, high-margin royalty income from the Barnett Shale that structurally inflates the company's earnings profile compared to traditional, volume-dependent aggregate producers in the construction materials sector.
Analysts should instead focus on a sum-of-the-parts valuation that separates the industrial lime business from the passive royalty stream. Treating the entire entity as a single-segment construction play obscures the true unit economics of the lime kilns and leads to an inaccurate assessment of the company's cyclical sensitivity.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying USLM stock.
United States Lime & Minerals, Inc.'s current P/E ratio is 22.0x. The historical average is 11.5x. This places it at the 79th percentile of its historical range.
United States Lime & Minerals, Inc.'s current EV/EBITDA is 14.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.5x.
United States Lime & Minerals, Inc.'s return on equity (ROE) is 23.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 12.9%.
Based on historical data, United States Lime & Minerals, Inc. is trading at a P/E of 22.0x. This is at the 79th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
United States Lime & Minerals, Inc.'s current dividend yield is 0.23% with a payout ratio of 5.1%.
United States Lime & Minerals, Inc. has 48.8% gross margin and 42.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
United States Lime & Minerals, Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.