Does VULCAN MATERIALS COMPANY have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores VULCAN MATERIALS COMPANY (VMC) 58.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 42, returns on capital 71, balance-sheet safety 39, capital discipline 82.

Is VMC stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $128.62 per share versus a recent price of $288.33 — 124% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has VMC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 58.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

VULCAN MATERIALS COMPANY

VMC · Materials · $37.7B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power42

Median gross margin 25.5% over 10y, very stable.

Returns on capital71

Median ROIC 13.4%, above the 9% hurdle in 100% of years.

Balance-sheet safety39

Net debt/EBITDA n/ax, interest coverage 7x.

Capital discipline82

Owner earnings +11.8%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

124% above value

Owner earnings (normalized): $933.2M
Est. intrinsic value / share: $128.62
Recent price: $288.33
Discount to value: 124% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

VULCAN MATERIALS COMPANY booked $7.9B of revenue in FY2025 in the Materials sector and kept 27.4% of it as gross profit — a moderate-margin business by that measure. After every other cost, 13.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $3.3B (FY2007) to $7.9B (FY2025) — about 5.0% a year compounded over 18 years.

It earned 15.1% on invested capital in FY2025, with a median of 11.9% across 19 filed years. The Returns on Capital filter above scores it 71/100.

The balance sheet carried $2.0B of total debt in FY2015. Balance-Sheet Safety scores it 39/100.

The share count has held roughly flat between FY2014 and FY2025. Capital Discipline scores it 82/100.

Put together: Capital Discipline is the strongest of the four filters (82/100) and Balance-Sheet Safety the weakest (39/100), which is how VMC lands at 58/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$7.9B FY2025

Gross marginRevenue kept after cost of goods27.4% FY2025

Return on invested capitalOperating profit on the capital employed15.1% FY2025

Owner earningsCash an owner could take out$1.1B FY2025

Gaps in a line mean that item isn’t in VMC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale58.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — VMC has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#55 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#53IOSP INNOSPEC INC.58.6 out of 100, Shallow moatShallow moat
#54FCX Freeport-McMoRan Inc.58.4 out of 100, Shallow moatShallow moat
#56ECL ECOLAB INC.58.1 out of 100, Shallow moatShallow moat
#57CBT Cabot Corporation57.0 out of 100, Shallow moatShallow moat

Compare VMC with its nearest peers →All Materials companies on the Index →

Common questions about VMC

Does VULCAN MATERIALS COMPANY have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores VULCAN MATERIALS COMPANY (VMC) 58.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 42, returns on capital 71, balance-sheet safety 39, capital discipline 82.
Is VMC stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $128.62 per share versus a recent price of $288.33 — 124% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has VMC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 58.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell VMC. See the disclaimer.