Latest Ratios: P/E Ratio 37.3x · EV/EBITDA 19.1x · ROE 13.0%. (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 | $39.3B | $37.6B | $34.2B | $30.4B | $23.4B | $27.7B | $19.8B | $19.2B | $13.2B | $17.3B | $17.0B |
| Enterprise Value | $44.6B | $42.9B | $39.5B | $33.8B | $27.8B | $32.0B | $22.3B | $22.1B | $16.1B | $20.0B | $18.7B |
| P/E Ratio → | 37.34 | 35.13 | 37.55 | 32.52 | 40.63 | 41.35 | 33.78 | 31.10 | 25.66 | 28.78 | 40.50 |
| P/S Ratio | 4.96 | 4.74 | 4.62 | 3.90 | 3.20 | 4.99 | 4.07 | 3.90 | 3.02 | 4.45 | 4.73 |
| P/B Ratio | 4.68 | 4.40 | 4.20 | 4.04 | 3.37 | 4.22 | 3.28 | 3.42 | 2.54 | 3.48 | 3.72 |
| P/FCF | 34.65 | 33.15 | 42.47 | 45.70 | 43.68 | 49.43 | 27.91 | 32.01 | 36.38 | 93.53 | 57.72 |
| P/OCF | 21.70 | 20.76 | 24.29 | 19.75 | 20.38 | 27.39 | 18.46 | 19.52 | 15.89 | 26.86 | 26.36 |
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 | — | 5.40 | 5.33 | 4.34 | 3.79 | 5.76 | 4.58 | 4.48 | 3.67 | 5.15 | 5.21 |
| EV / EBITDA | 19.13 | 18.39 | 19.93 | 16.65 | 18.20 | 21.91 | 17.22 | 17.66 | 14.72 | 21.19 | 19.69 |
| EV / EBIT | 28.00 | 23.42 | 28.98 | 23.46 | 29.00 | 31.28 | 25.29 | 24.90 | 21.15 | 30.49 | 27.47 |
| EV / FCF | — | 37.75 | 49.01 | 50.90 | 51.82 | 57.08 | 31.42 | 36.84 | 44.28 | 108.19 | 63.57 |
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 | 27.3% | 27.3% | 27.0% | 25.0% | 21.3% | 24.7% | 26.4% | 25.5% | 25.1% | 25.5% | 27.5% |
| Operating Margin | 20.1% | 20.1% | 18.4% | 18.3% | 13.0% | 18.2% | 18.4% | 17.8% | 17.1% | 16.4% | 18.5% |
| Net Profit Margin | 13.6% | 13.6% | 12.3% | 12.0% | 7.9% | 12.1% | 12.0% | 12.5% | 11.8% | 15.5% | 11.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.0% | 13.0% | 11.7% | 12.9% | 8.5% | 10.7% | 10.0% | 11.4% | 10.1% | 12.6% | 9.3% |
| ROA | 6.4% | 6.4% | 5.8% | 6.5% | 4.1% | 5.3% | 5.2% | 6.0% | 5.3% | 6.7% | 5.0% |
| ROIC | 8.8% | 8.8% | 8.4% | 9.6% | 6.4% | 7.8% | 7.9% | 7.9% | 7.1% | 6.9% | 8.0% |
| ROCE | 10.1% | 10.1% | 9.2% | 10.6% | 7.3% | 8.6% | 8.6% | 9.1% | 8.2% | 7.5% | 8.3% |
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 | 0.63 | 0.63 | 0.72 | 0.58 | 0.65 | 0.69 | 0.61 | 0.56 | 0.56 | 0.57 | 0.43 |
| Debt / EBITDA | 2.32 | 2.32 | 2.94 | 2.16 | 2.97 | 3.10 | 2.85 | 2.53 | 2.66 | 3.02 | 2.09 |
| Net Debt / Equity | — | 0.61 | 0.65 | 0.46 | 0.63 | 0.65 | 0.41 | 0.52 | 0.55 | 0.55 | 0.38 |
| Net Debt / EBITDA | 2.24 | 2.24 | 2.66 | 1.70 | 2.86 | 2.94 | 1.93 | 2.32 | 2.63 | 2.87 | 1.81 |
| Debt / FCF | — | 4.60 | 6.54 | 5.20 | 8.15 | 7.65 | 3.52 | 4.83 | 7.90 | 14.66 | 5.85 |
| Interest Coverage | 3.92 | 3.92 | 7.13 | 7.35 | 5.66 | 6.85 | 6.47 | 6.82 | 5.52 | 2.22 | 5.08 |
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 | 2.69 | 2.69 | 1.83 | 3.17 | 1.99 | 2.20 | 2.17 | 2.58 | 1.79 | 2.66 | 3.01 |
| Quick Ratio | 1.97 | 1.97 | 1.28 | 2.39 | 1.38 | 1.52 | 1.74 | 1.72 | 1.08 | 1.80 | 2.08 |
| Cash Ratio | 0.19 | 0.19 | 0.45 | 1.17 | 0.17 | 0.31 | 1.14 | 0.51 | 0.07 | 0.32 | 0.70 |
| Asset Turnover | — | 0.48 | 0.43 | 0.53 | 0.51 | 0.41 | 0.42 | 0.46 | 0.45 | 0.41 | 0.42 |
| Inventory Turnover | 8.47 | 8.47 | 7.95 | 9.48 | 9.94 | 8.02 | 7.97 | 8.01 | 7.64 | 7.54 | 7.53 |
| Days Sales Outstanding | — | 40.84 | 43.91 | 41.73 | 52.16 | 55.14 | 41.81 | 42.22 | 45.04 | 55.20 | 49.97 |
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% | 0.7% | 0.7% | 0.8% | 0.9% | 0.7% | 0.9% | 0.9% | 1.1% | 0.8% | 0.6% |
| Payout Ratio | 24.0% | 24.0% | 26.8% | 24.5% | 36.9% | 29.3% | 30.8% | 26.5% | 28.7% | 22.0% | 25.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 2.8% | 2.7% | 3.1% | 2.5% | 2.4% | 3.0% | 3.2% | 3.9% | 3.5% | 2.5% |
| FCF Yield | 2.9% | 3.0% | 2.4% | 2.2% | 2.3% | 2.0% | 3.6% | 3.1% | 2.7% | 1.1% | 1.7% |
| Buyback Yield | 1.1% | 1.2% | 0.2% | 0.7% | 0.1% | 0.1% | 0.1% | 0.0% | 1.0% | 0.3% | 1.0% |
| Total Shareholder Yield | 1.8% | 1.9% | 0.9% | 1.4% | 1.0% | 0.8% | 1.0% | 0.9% | 2.1% | 1.1% | 1.6% |
| Shares Outstanding | — | $132M | $133M | $134M | $134M | $134M | $133M | $133M | $134M | $135M | $136M |
Geographic concentration and seasonality
With a TTM P/E of 38.34 and an EV/EBITDA of 19.58, VMC trades at a significant premium to broader industrial peers, suggesting that investors are pricing in the long-term scarcity value of its permitted US aggregates reserves rather than near-term cyclical earnings growth.
The forward P/E of 33.70 implies that the market expects sustained margin expansion or volume growth from infrastructure spending to justify current levels. This valuation appears to bake in a 'monopoly premium' for its Sunbelt footprint, which may leave the stock vulnerable to any deceleration in public infrastructure lettings.
Based on reported figures, VMC's ROIC has fluctuated between 1.2% and 3.0% over the last ten quarters, indicating that the company's massive investment in property, plant, and equipment currently outpaces the immediate incremental returns generated by its core aggregates and downstream operations.
The low ROIC relative to peers like CRH suggests that the heavy capital requirements for quarry maintenance and recent acquisitions are currently diluting overall capital efficiency. Investors should monitor whether the integration of U.S. Concrete can eventually drive higher throughput and improve these returns as the asset base matures.
As indicated by the quarterly data, VMC's cash conversion cycle remains highly seasonal, peaking at 73 days in 2025Q1, which highlights the operational friction of managing inventory and receivables across diverse, weather-sensitive construction markets in the Sunbelt and beyond.
The fluctuation in DSO and DIO suggests that the company's working capital efficiency is heavily dictated by the timing of large-scale public projects rather than internal process improvements. This lumpy cash cycle warrants careful monitoring, as it can mask underlying demand trends during the slower winter months.
According to the latest financial statements, VMC maintains a current ratio of 2.59, providing a comfortable liquidity cushion that appears sufficient to navigate the inherent seasonal cash outflows associated with the company's capital-intensive mining and construction materials business model.
The quick ratio of 1.89 further underscores a healthy liquidity position, suggesting that the company is not overly reliant on inventory liquidation to meet short-term obligations. This balance sheet strength provides the flexibility needed to pursue bolt-on acquisitions even during periods of cyclical construction downturns.
The P/E ratio is frequently misapplied to VMC, as it obscures the significant non-cash depreciation charges inherent in quarry depletion and asset-heavy infrastructure, which often artificially depress reported earnings and make the company appear more expensive than its cash-generative capacity would suggest.
Analysts should prioritize EV/EBITDA or P/FCF to better capture the true earning power of the aggregates business, as these metrics account for the capital-intensive nature of the firm. Relying solely on P/E risks misinterpreting the company's valuation by ignoring the long-term value of its finite, permitted mineral reserves.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VMC stock.
Vulcan Materials Company's current P/E ratio is 37.3x. The historical average is 28.2x. This places it at the 75th percentile of its historical range.
Vulcan Materials Company's current EV/EBITDA is 19.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.7x.
Vulcan Materials Company's return on equity (ROE) is 13.0%. The historical average is 10.8%.
Based on historical data, Vulcan Materials Company is trading at a P/E of 37.3x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Vulcan Materials Company's current dividend yield is 0.65% with a payout ratio of 24.0%.
Vulcan Materials Company has 27.3% gross margin and 20.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Vulcan Materials Company's Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.