Vulcan Materials CO（VMC）の決算・業績分析
Vulcan Materials COの2025年有価証券報告書をAI分析。売上高$7.9B(+7.1%)。営業利益$1.6B。Materials。
目次
Vulcan Materials COの2025年度 業績サマリー
Vulcan Materials CO（証券コード: VMC）の2025年度決算・業績分析。売上高は$7.9B（前年比+7.1%）。営業利益は$1.6B（前年比+18.7%）。純利益は$1.1B（前年比+18.1%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
Vulcan Materials COの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue surged to $7.3B (+31.8% YoY) in FY2024, driven by strong demand in construction materials (XBRL).
- Operating income declined 5.9% YoY to $951M, while net income fell 14.2% YoY to $576M (XBRL).
- Net debt stood at $2.9B (1.9x EBITDA), with cash reserves of $931M (XBRL).
- 5-year revenue CAGR of 12.2% highlights sustained growth, but FY2024 net income CAGR dipped to +12.6% (XBRL).
Vulcan Materials COの売上高変化の要因
- •FY2024 revenue of $7.3B reflects a 31.8% YoY increase, with historical growth of 12.2% CAGR over five years (XBRL). Revenue expanded from $4.4B in FY2020 to $7.8B projected for FY2025 (Historical Time Series). While aggregates, asphalt, and concrete segments drive revenue, FY2024 operating income declined 5.9% YoY to $951M, and net income fell 14.2% YoY to $576M (XBRL). The 5-year net income CAGR of 12.6% suggests resilience despite FY2024 declines (XBRL).
Vulcan Materials COの営業利益変化の要因
- •Gross margin remained stable at 21.3%, but operating margin dipped to 13.0% (-5.9% YoY) and net margin to 7.9% (-14.2% YoY) (XBRL). EBITDA of $1.5B (21.0% margin) highlights strong cash generation despite declining net income. Operating income fell from $1.0B in FY2023 to $951M in FY2024, while net income dropped from $671M in FY2023 to $576M (Historical Time Series).
Vulcan Materials COの事業リスクと対応
Economic/political risks tied to construction cycles and infrastructure funding (10-K).
International operations risks from political instability, trade policies, and expropriation (10-K).
Intense local market competition and substitution by recycled materials (10-K).
Challenges securing aggregates reserves and permits due to community resistance (10-K).
Dependency on federal/state infrastructure funding timing and amounts (10-K).
Regulatory risks including FCPA compliance, trade policy changes (e.g., USMCA), and permitting challenges (10-K).
Contingent liability from the Hewitt Landfill Environmental Matter (10-K).
Vulcan Materials COの今後の見通し・業績予想
Vulcan Materials COの事業内容
Vulcan Materials Company is the largest U.S. supplier of construction aggregates (crushed stone, sand, gravel) and produces downstream products like asphalt mix and ready-mixed concrete (10-K). With 423 aggregates facilities, 70 asphalt plants, and 74 concrete facilities, the company leverages scale, 16.5 billion tons of proven reserves, and strategic locations in high-growth regions (10-K). Key customers include construction industries for infrastructure, housing, and commercial projects, with top ten states accounting for 89% of FY2024 revenue (10-K). Competitive advantages include high barriers to entry in aggregates and operational efficiency (10-K).
Vulcan Materials COのAI業績分析レポート（2024年度）
Vulcan Materials CO (VMC) FY2024 Annual Report Analysis
Highlights
Business Overview
Vulcan Materials Company is the largest U.S. supplier of construction aggregates (crushed stone, sand, gravel) and produces downstream products like asphalt mix and ready-mixed concrete (10-K). With 423 aggregates facilities, 70 asphalt plants, and 74 concrete facilities, the company leverages scale, 16.5 billion tons of proven reserves, and strategic locations in high-growth regions (10-K). Key customers include construction industries for infrastructure, housing, and commercial projects, with top ten states accounting for 89% of FY2024 revenue (10-K). Competitive advantages include high barriers to entry in aggregates and operational efficiency (10-K).
Revenue Analysis
FY2024 revenue of $7.3B reflects a 31.8% YoY increase, with historical growth of 12.2% CAGR over five years (XBRL). Revenue expanded from $4.4B in FY2020 to $7.8B projected for FY2025 (Historical Time Series). While aggregates, asphalt, and concrete segments drive revenue, FY2024 operating income declined 5.9% YoY to $951M, and net income fell 14.2% YoY to $576M (XBRL). The 5-year net income CAGR of 12.6% suggests resilience despite FY2024 declines (XBRL).
Profitability Analysis
Gross margin remained stable at 21.3%, but operating margin dipped to 13.0% (-5.9% YoY) and net margin to 7.9% (-14.2% YoY) (XBRL). EBITDA of $1.5B (21.0% margin) highlights strong cash generation despite declining net income. Operating income fell from $1.0B in FY2023 to $951M in FY2024, while net income dropped from $671M in FY2023 to $576M (Historical Time Series).
Balance Sheet Analysis
Equity ratio of 52.6% and debt-to-equity (D/E) ratio of 0.94x indicate moderate leverage (XBRL). Current ratio of 3.17x reflects strong liquidity, with $931M in cash and $7.5B in total equity (XBRL). Long-term debt of $3.9B and net debt of $2.9B (1.9x EBITDA) suggest manageable leverage despite capital-intensive operations (XBRL). Total assets grew from $9.8B in FY2020 to $14.5B in FY2025 (Historical Time Series).
Cash Flow Analysis
Operating cash flow of $1.1B supported $536M in free cash flow (FCF), after $613M in CapEx (XBRL). Investing cash flow of -$1.1B reflects capital expenditures, while financing cash flow of -$175M included $213M in dividends paid (XBRL). CapEx intensity of 8.4% and CapEx/D&A ratio of 1.04x highlight reinvestment in operations (XBRL).
Working Capital Analysis
N/A
Risks
Outlook
Management guidance is not explicitly provided in the 10-K, but historical trends suggest continued growth. FY2025 revenue is projected to reach $7.8B (+6.8% YoY), with operating income expected to rise to $1.4B (+47.4% YoY) (Historical Time Series). Long-term debt of $3.9B and net debt of $2.9B (1.9x EBITDA) indicate manageable leverage, though capital-intensive operations and infrastructure funding dependency remain key challenges (XBRL).
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