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Vulcan Materials Co VMC

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Cost Spikes Overshadow Vulcan's Momentum in Q2; Shares Pricey Despite Double EBITDA Forecast by 2025

Analyst Note

| Kristoffer Inton |

Underlying demand continued to look strong in Vulcan’s second quarter, with aggregates volume up 4% and prices up 3% over the prior-year quarter, even as unfavorable weather delayed some shipments. However, a spike in energy costs overshadowed the continued strength in end markets, as higher oil prices resulted in higher diesel and liquid asphalt expenses. So even as revenue excluding freight and delivery was up 4% companywide, adjusted EBITDA sat roughly flat at $406 million.

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Company Profile

Business Description

Vulcan Materials is the United States' largest producer of construction aggregates (crushed stone, sand, and gravel). Its largest markets include Texas, California, Virginia, Tennessee, Georgia, Florida, North Carolina, and Alabama. In 2020, Vulcan sold 208 million tons of aggregates, 12 million tons of asphalt mix, and 3 million cubic yards of ready-mix. As of Dec. 31, 2019, the company had more than 16 billion tons of aggregates reserves.

1200 Urban Center Drive
Birmingham, AL, 35242
T +1 205 298-3000
Sector Basic Materials
Industry Building Materials
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 8,847