Valmont Industries, Inc. (VMI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$5.8	$6.14	+5.9%	—	—	—
Q3 26	$4.73	$5.51	+16.5%	—	—	—
Q2 26	$4.97	$4.92	-1.0%	—	—	—
Q1 26	$4.62	$4.98	+7.8%	—	—	—
Q4 25	$4.78	$4.88	+2.1%	—	—	—
Q3 25	$4.36	$4.32	-0.9%	—	—	—
Q2 25	$3.63	$3.84	+5.8%	—	—	—
Q1 25	$4	$4.11	+2.8%	—	—	—
Q4 24	$4.17	$4.76	+14.1%	—	—	—
Q3 24	$3.31	$4.32	+30.5%	—	—	—
Q2 24	$3.05	$3.18	+4.3%	—	—	—
Q1 24	$3.72	$4.12	+10.8%	—	—	—
Q4 23	$4.11	$4.37	+6.3%	—	—	—
Q3 23	$3.33	$3.61	+8.4%	—	—	—
Q2 23	$3.57	$3.57	0.0%	—	—	—
Q1 23	$3.41	$3.49	+2.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$16.9	—	—	$4.1B	—
FY24	—	$17.3	—	—	$4.1B	—
FY23	—	$6.85	—	—	$4.2B	—
FY22	—	$11.8	—	—	$4.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.5B	$2.7B	$2.8B	$2.8B	$2.9B	$3.5B	$4.3B	$4.2B	$4.1B	$4.1B
YoY change	-3.71%	+8.89%	+0.41%	+0.36%	+4.64%	+20.9%	+24.1%	-3.93%	-2.38%	+0.71%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.5B	2.7B	2.8B	2.8B	2.9B	3.5B	4.3B	4.2B	4.1B	4.1B
Cost of revenue	1.9B	2.1B	2.1B	2.1B	2.1B	2.6B	3.2B	2.9B	2.8B	2.9B
Gross profit	656.2M	681.8M	668.2M	682.7M	765.5M	883.9M	1.1B	1.2B	1.2B	1.2B
Gross margin	26%	24.8%	24.2%	24.7%	26.4%	25.2%	25.9%	29.6%	30.5%	30.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	410.9M	414.7M	440.2M	454.8M	522.9M	590.6M	693M	768.4M	716.6M	717.6M
Operating expenses	410.9M	414.7M	440.2M	454.8M	522.9M	590.6M	693M	768.4M	716.6M	717.6M
Operating income	245.4M	267.1M	228M	227.9M	242.6M	293.3M	433.2M	467.6M	524.6M	522.3M
Operating margin	9.73%	9.73%	8.27%	8.24%	8.38%	8.38%	9.97%	11.2%	12.9%	12.7%
Non-operating income, net	16.4M	1.3M	-20.2M	8.2M	-11.1M	8.2M	-23.8M	-180.6M	-4.4M	-112.3M
Pretax income	220.5M	228.5M	153.3M	199.9M	192.8M	260.1M	363.9M	236.5M	468.7M	377.6M
Income tax	42.1M	106.1M	45.6M	47.8M	49.6M	61.4M	108.7M	90.1M	118M	23.9M
Net income	178.4M	122.3M	107.7M	152.1M	142.1M	197.7M	254.3M	144.9M	350.6M	353.7M
Net margin	7.07%	4.45%	3.91%	5.5%	4.91%	5.65%	5.85%	3.47%	8.6%	8.62%
EBITDA	347.3M	354.2M	303.1M	316.3M	330.9M	399.8M	545.2M	561.5M	623.6M	609.8M
EPS	7.68	5.16	4.23	7.1	6.6	9.23	11.8	6.85	17.3	16.9
Diluted EPS	7.63	5.11	4.2	7.06	6.57	9.1	11.6	6.78	17.2	16.8

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.1B	1B	977.8M	1B	1B	1B	969.3M	1.1B	1B	1B	1B	1.1B
Cost of revenue	735.2M	732.6M	671.6M	719.5M	718.5M	724.3M	678.2M	729.4M	727.7M	728.8M	712.3M	777.9M
Gross profit	315.1M	282.9M	306.2M	320.3M	301.7M	313M	291.1M	321.2M	318.2M	309.4M	316.9M	340.8M
Gross margin	30%	27.9%	31.3%	30.8%	29.6%	30.2%	30%	30.6%	30.4%	29.8%	30.8%	30.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	194.3M	188.4M	174.7M	173M	176M	193M	162.8M	191.7M	176.8M	186.4M	161.3M	174.7M
Operating expenses	194.3M	188.4M	174.7M	173M	176M	193M	162.8M	191.7M	176.8M	186.4M	161.3M	174.7M
Operating income	120.8M	94.6M	131.6M	147.3M	125.7M	120M	128.3M	129.5M	141.5M	123M	155.6M	166.1M
Operating margin	11.5%	9.31%	13.5%	14.2%	12.3%	11.6%	13.2%	12.3%	13.5%	11.9%	15.1%	14.8%
Non-operating income, net	-145.2M	-35.7M	1.3M	-725K	-1.1M	-3.8M	-3.6M	-101.5M	-1.8M	-5.5M	-2.5M	4.5M
Pretax income	-34.7M	45.2M	118.4M	132.2M	112.4M	105.7M	118M	19M	131.5M	109.1M	145.1M	162.5M
Income tax	15.5M	10.9M	30M	31.1M	29.7M	27.2M	30.8M	22.3M	30.4M	-59.6M	37.1M	42M
Net income	-50.3M	34.1M	88.4M	101.2M	82.6M	78.4M	86.7M	-3.3M	101.1M	169.2M	108M	120.2M
Net margin	-4.79%	3.36%	9.04%	9.73%	8.1%	7.56%	8.94%	-0.31%	9.66%	16.3%	10.5%	10.7%
EBITDA	149M	111.8M	156.8M	170.5M	149.5M	146.8M	150.5M	149.7M	161.7M	147.9M	178.7M	192.3M
EPS	-2.34	1.39	4.35	4.94	4.13	3.88	4.35	-1.53	5.02	9.13	5.55	6.19
Diluted EPS	-2.34	1.38	4.32	4.91	4.11	3.84	4.32	-1.53	4.98	9.05	5.51	6.14

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.2B	3.7B	2.5B	3.2B	3.7B	5.3B	7B	4.9B	6.2B	8B	9.1B
Enterprise value	3.5B	4B	2.9B	3.8B	4.2B	6.2B	7.9B	6B	6.9B	8.7B	9.8B
Shares outstanding	22.6M	22.5M	22.3M	21.7M	21.3M	21.2M	21.3M	21M	20.1M	19.8M	19.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	17.8	30.5	23	21.3	26.2	26.8	27.7	33.8	17.6	22.5	18.1
P/S	1.26	1.36	0.9	1.17	1.29	1.52	1.62	1.17	1.51	1.94	2.13
P/B	3.24	3.24	2.18	2.73	3.09	3.76	4.29	3.45	3.87	4.85	5.18
EV/EBITDA	10.2	11.3	9.62	11.9	12.6	15.6	14.5	10.6	11	14.3	14.4
EV/Sales	1.4	1.46	1.06	1.36	1.44	1.78	1.82	1.43	1.69	2.12	2.31
Earnings yield	5.61%	3.27%	4.35%	4.69%	3.81%	3.72%	3.61%	2.96%	5.68%	4.44%	5.52%
FCF yield	5.5%	2.09%	3.27%	6.48%	5.62%	-0.79%	3.31%	4.29%	7.99%	3.91%	1.57%
PEG	—	—	—	—	—	—	—	—	—	—	-0.04

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	26%	24.8%	24.2%	24.7%	26.4%	25.2%	25.9%	29.6%	30.5%	30.2%	30.5%
Operating margin	9.73%	9.73%	8.27%	8.24%	8.38%	8.38%	9.97%	11.2%	12.9%	12.7%	14.8%
Net margin	7.07%	4.45%	3.91%	5.5%	4.91%	5.65%	5.85%	3.47%	8.6%	8.62%	11.7%
ROE	18.2%	10.6%	9.49%	12.8%	11.8%	14%	15.5%	10.2%	22%	21.5%	29.8%
ROA	7.46%	4.7%	4.26%	5.42%	4.81%	5.74%	7.15%	4.17%	10.5%	10.5%	10.8%
ROIC	14.8%	10.1%	10.2%	10.1%	10.9%	9.54%	12.2%	11.6%	17.1%	20.6%	21.6%
Return on tangible assets	12.2%	7.42%	7.65%	9.52%	8.09%	11.8%	14.7%	7.59%	19.3%	17.8%	24.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.58	3.65	3.28	2.79	2.31	2.24	2.21	2.47	2.07	2.35	2.35
Quick ratio	2.58	2.61	2.34	1.97	1.64	1.28	1.31	1.56	1.35	1.58	1.55
Debt / equity	0.77	0.66	0.66	0.73	0.7	0.79	0.63	0.9	0.54	0.56	0.51
Debt / assets	0.32	0.29	0.3	0.31	0.29	0.32	0.29	0.37	0.26	0.27	0.25
Net debt / EBITDA	1.03	0.74	1.45	1.64	1.35	2.34	1.56	1.91	1.13	1.21	1.08
Interest coverage	5.96	6.12	4.47	5.98	5.69	7.1	8.66	5.16	8.98	10.3	15.2
Effective tax rate	19.1%	46.5%	29.7%	23.9%	25.7%	23.6%	29.9%	38.1%	25.2%	6.32%	9.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	111.8	121.9	123.6	127.8	135.8	165.2	203.9	199.2	202.5	207.3	216.6
EPS (basic)	7.68	5.16	4.23	7.1	6.6	9.23	11.8	6.85	17.3	16.9	16.9
EPS (diluted)	7.63	5.11	4.2	7.06	6.57	9.1	11.6	6.78	17.2	16.8	25.6
Book value per share	43.6	51.1	50.9	54.9	56.7	66.7	77	67.6	79.2	83	89.4
FCF per share	7.75	3.46	3.63	9.7	9.83	-1.97	10.9	10	24.5	15.7	16.5
Cash per share	17.7	21.9	14	16.3	18.8	8.36	8.7	9.69	8.17	9.45	7.2
Capex per share	2.57	2.45	3.23	4.5	5.01	5.09	4.38	4.62	3.95	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.3%	2.01%	2.61%	3.52%	3.69%	3.08%	2.15%	2.32%	1.95%	—	—
Capex / operating cash flow	27.3%	29.3%	51%	30.7%	41%	185.5%	32%	51.7%	14.4%	—	—
Payout ratio	19.1%	27.7%	31.3%	21.5%	26%	20.9%	18%	34.2%	13.8%	14.8%	11.3%
Dividend yield	1.07%	0.91%	1.36%	1.01%	0.99%	0.78%	0.65%	1.01%	0.78%	0.66%	0.65%

Yield

0.65%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.77

ex-dividend Sep 25, 2026

Payout ratio

11%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 25, 2026	$0.77
Jun 26, 2026	$0.77
Mar 27, 2026	$0.77

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.1B	$1B	$977.8M	$1B	$1B	$1B	$969.3M	$1.1B	$1B	$1B	$1B	$1.1B
YoY change	-4.29%	-10.3%	-7.97%	-0.63%	-2.87%	+2.14%	-0.87%	+1.04%	+2.53%	+0.09%	+6.18%	+6.49%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	399.9M	492.8M	313.2M	353.5M	400.7M	177.2M	185.4M	203M	164.3M	187.1M
Receivables	439.3M	503.7M	484M	480M	511.7M	571.6M	604.2M	658M	654.4M	590.1M
Inventory	350M	420.9M	383.6M	418.4M	448.9M	728.8M	728.8M	658.4M	590.3M	566.4M
Total current assets	1.3B	1.5B	1.3B	1.4B	1.6B	1.7B	1.8B	1.8B	1.7B	1.7B
Property, plant & equipment	192.5M	168M	165.2M	193.7M	224.5M	184.7M	205.1M	208.3M	183.3M	383.2M
Goodwill & intangibles	931M	952.6M	1.1B	1.2B	1.2B	1.8B	1.8B	1.6B	1.5B	1.4B
Total assets	2.4B	2.6B	2.5B	2.8B	3B	3.4B	3.6B	3.5B	3.3B	3.4B
Accounts payable	177.5M	227.9M	218.1M	198M	268.1M	347.8M	360.3M	358.3M	372.2M	359.5M
Short-term debt	1.6M	1.1M	11.5M	22.5M	37.9M	18.3M	7M	3.9M	2.4M	513K
Total current liabilities	349.8M	403M	409M	513.8M	673.3M	765.9M	804M	723.1M	811.4M	731.6M
Long-term debt	754.8M	753.9M	741.8M	850.8M	808.6M	1.1B	1B	1.3B	864.5M	925.2M
Total liabilities	1.4B	1.5B	1.4B	1.6B	1.7B	2B	1.9B	2.1B	1.7B	1.7B
Shareholders' equity	982.6M	1.2B	1.1B	1.2B	1.2B	1.4B	1.6B	1.4B	1.6B	1.6B
Total debt	756.4M	755M	753.3M	873.3M	846.5M	1.1B	1B	1.3B	866.8M	925.7M
Net debt	356.4M	262.2M	440.1M	519.8M	445.8M	935.9M	848M	1.1B	702.5M	738.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	172.6M	203M	169.2M	163.1M	200.5M	164.3M	184.4M	208.5M	226.1M	187.1M	160.2M	139.1M
Receivables	674M	658M	659M	703.3M	714M	654.4M	667.3M	665.9M	614.7M	590.1M	652.7M	648.7M
Inventory	693.6M	658.4M	668.7M	633.2M	611.4M	590.3M	579.3M	581.4M	591.4M	566.4M	587.7M	608.8M
Total current assets	1.8B	1.8B	1.8B	1.8B	1.8B	1.7B	1.7B	1.7B	1.8B	1.7B	1.8B	1.8B
Property, plant & equipment	-873.1M	208.3M	-908.9M	-920M	-942.8M	183.3M	-930.8M	-957M	-954.4M	383.2M	827.8M	846.8M
Goodwill & intangibles	1.6B	1.6B	1.6B	1.5B	1.6B	1.5B	1.5B	1.4B	1.4B	1.4B	1.4B	1.4B
Total assets	3.5B	3.5B	3.5B	3.5B	3.5B	3.3B	3.4B	3.3B	3.4B	3.4B	3.4B	3.5B
Accounts payable	355.9M	358.3M	327.4M	353.7M	353.9M	372.2M	348.9M	385.3M	377.3M	359.5M	374.2M	387.9M
Short-term debt	4.6M	3.9M	2.6M	2.4M	1.8M	2.4M	720K	623K	571K	513K	—	60K
Total current liabilities	724.6M	723.1M	674.8M	705M	770M	811.4M	760.8M	809.6M	778.6M	731.6M	745.9M	757.3M
Long-term debt	1.1B	1.3B	1.3B	1.2B	1B	864.5M	862.1M	860.5M	857.7M	925.2M	921.3M	871.7M
Total liabilities	1.9B	2.1B	2B	1.9B	1.9B	1.7B	1.7B	1.7B	1.7B	1.7B	1.7B	1.7B
Shareholders' equity	1.6B	1.4B	1.5B	1.5B	1.6B	1.6B	1.7B	1.6B	1.7B	1.6B	1.7B	1.7B
Total debt	1.1B	1.3B	1.3B	1.2B	1B	866.8M	862.8M	861.1M	858.3M	925.7M	921.3M	871.7M
Net debt	969.8M	1.1B	1.1B	1B	848.8M	702.5M	678.4M	652.6M	632.2M	738.5M	761.1M	732.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	178.4M	122.3M	107.7M	152.1M	142.1M	197.7M	254.3M	144.9M	350.6M	353.7M
Depreciation & amortization	82.4M	85M	82.8M	82.3M	82.9M	92.6M	97.2M	98.7M	95.4M	88.5M
Stock-based compensation	9.9M	10.7M	10.4M	11.6M	14.9M	28.7M	41.9M	39.2M	29.9M	24.3M
Change in working capital	-31.4M	-81.4M	-59.2M	88.6M	57.1M	-259M	-100.2M	-77M	100.6M	-64.8M
Operating cash flow	212.4M	188.9M	141M	317.6M	260.2M	58.1M	291.8M	187.2M	551.8M	456.5M
Capital expenditure	-57.9M	-55.3M	-72M	-97.4M	-106.7M	-107.8M	-93.3M	-96.8M	-79.5M	—
Investing cash flow	-53M	-49.6M	-155.4M	-168.2M	-104M	-417.3M	-132.1M	-115.3M	-78.9M	2.3M
Dividends paid	-34.1M	-33.9M	-33.7M	-32.6M	-36.9M	-41.4M	-45.8M	-49.5M	-48.4M	-52.5M
Share repurchases	-53.8M	0	-114.8M	-62.9M	-56.5M	-26.1M	-40.5M	-345.3M	-70.1M	-198.1M
Financing cash flow	-104M	-41M	-165.9M	-101.4M	-186.2M	83.5M	-216M	-216.3M	-545.7M	-309.7M
Net change in cash	55.3M	98.3M	-180.3M	48M	-30M	-275.6M	-56.3M	-144.4M	-72.8M	149.1M
Free cash flow	174.9M	77.9M	81M	210.2M	209.6M	-41.9M	233M	210M	493.2M	311.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-50.3M	34.1M	88.4M	101.2M	82.6M	78.4M	86.7M	-3.3M	101.1M	169.2M	108M	120.2M
Depreciation & amortization	24.8M	25.1M	23.5M	23M	24M	24.9M	21.5M	22.3M	21.6M	23.1M	22.6M	24.2M
Stock-based compensation	9M	10.4M	7.2M	6.9M	7.6M	8.2M	7.2M	6.2M	6M	4.9M	5.5M	5.9M
Change in working capital	-42M	58.3M	-47.6M	-16.4M	102.9M	61.6M	-11.6M	39.1M	-50.7M	-41.6M	-23.2M	-15.8M
Operating cash flow	-72.7M	121.7M	81.9M	104.8M	200.7M	164.4M	114.3M	51.2M	112.5M	111.2M	103.5M	148.1M
Capital expenditure	-25.8M	-25.5M	-15M	-18.3M	-20.5M	-25.6M	-30.3M	-32M	—	—	—	—
Investing cash flow	-55.2M	-26M	-18.6M	-17.9M	-18.6M	-23.8M	-30.2M	-34.1M	1.9M	2.4M	-8.7M	2.7M
Dividends paid	-12.6M	-12.5M	-12.1M	-12.1M	-12.1M	-12M	-12M	-13.6M	-13.4M	-13.4M	-13.3M	-14.9M
Share repurchases	-31.5M	-178.6M	0	-14.9M	-40.1M	-15M	—	-100M	-25.8M	-72.3M	-57.5M	-60M
Financing cash flow	-25.2M	-72.2M	-41.9M	-120.6M	-177.2M	-205.9M	-24.5M	-114.3M	-58.2M	-112.7M	-89.5M	-137.5M
Net change in cash	-153.1M	23.5M	21.3M	-33.7M	4.9M	-65.3M	59.5M	-97.2M	56.2M	925K	5.3M	13.2M
Free cash flow	55.5M	90.4M	8.3M	112.5M	204.6M	167.8M	34.8M	135.6M	70.6M	70.4M	68.9M	112.2M

Date	Ratio
Jun 2, 1997	2:1
Nov 27, 1989	2:1
Sep 12, 1988	2:1
Oct 13, 1981	2:1

Valmont Industries, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history