Detailed financial statements for Valmont Industries, Inc. (VMI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Valmont Industries, Inc. is a global enterprise specializing in engineered products, conducting operations across the United States, Australia, Brazil, Denmark, and other international markets. The company's business is organized into two primary divisions: Infrastructure and Agriculture.
Analysis Summary
Valmont Industries, Inc. reported revenue of $4.10B in the most recent fiscal year, growing at a 5-year CAGR of 7.2%. Net income reached $350.3M, with a 20.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 30.4%, operating margin 13.9%, net margin 11.7%. Free cash flow grew at 8.2% CAGR over 5 years.
At the current price of $478.74, VMI trades at a P/E of 18.89 and an ROE of 29.84%. Market capitalisation stands at $9.2B.
Balance sheet quality for VMI: current ratio of 2.4, net debt of $738.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $311.4M represents 89% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.52B | $2.75B | $2.76B | $2.77B | $2.90B | $3.50B | $4.35B | $4.17B | $4.08B | $4.10B |
| Cost of Revenue | $1.87B | $2.06B | $2.09B | $2.08B | $2.13B | $2.62B | $3.22B | $2.94B | $2.83B | $2.86B |
| Gross Profit | $656.2M | $681.8M | $668.2M | $682.7M | $765.5M | $883.9M | $1.13B | $1.24B | $1.24B | $1.24B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $59.0M | 0 |
| Selling, General & Admin | $410.9M | $414.7M | $440.2M | $454.8M | $522.9M | $590.6M | $693.0M | $768.4M | $716.6M | $717.6M |
| Operating Expenses | $410.9M | $414.7M | $456.0M | $454.8M | $539.6M | $597.1M | $693.0M | $944.5M | $716.6M | $717.6M |
| Operating Income | $245.4M | $267.1M | $212.2M | $227.9M | $226.0M | $286.8M | $433.2M | $291.6M | $524.6M | $522.3M |
| EBITDA | $347.3M | $358.1M | $280.4M | $322.3M | $316.7M | $395.3M | $508.6M | $392.0M | $622.8M | $506.6M |
| Interest Expense | $44.4M | $44.6M | $44.2M | $40.2M | $41.1M | $42.6M | $47.5M | $56.8M | $58.7M | $40.5M |
| Pre-tax Income | $220.5M | $228.5M | $153.3M | $199.9M | $191.8M | $259.1M | $362.9M | $235.0M | $468.7M | $377.6M |
| Income Tax | $42.1M | $106.1M | $43.1M | $47.8M | $49.6M | $61.4M | $108.7M | $90.1M | $118.0M | $23.9M |
| Net Income | $173.2M | $116.2M | $94.4M | $146.4M | $140.7M | $195.6M | $250.9M | $143.5M | $348.3M | $350.3M |
| EPS | $7.68 | $5.16 | $4.23 | $6.76 | $6.60 | $9.23 | $11.77 | $6.85 | $17.31 | $17.70 |
| EPS (Diluted) | $7.63 | $5.11 | $4.20 | $6.73 | $6.57 | $9.10 | $11.62 | $6.78 | $17.19 | $16.79 |
| Shares Outstanding (Diluted) | $22.7M | $22.7M | $22.4M | $21.8M | $21.4M | $21.5M | $21.6M | $21.2M | $20.3M | $19.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.05B | $1.04B | $1.03B | $1.12B |
| Gross Profit | $318.2M | $309.4M | $316.9M | $340.8M |
| Operating Income | $141.5M | $123.0M | $155.6M | $166.1M |
| EBITDA | $162.9M | $163.7M | $177.2M | $171.9M |
| Net Income | $99.0M | $168.0M | $108.0M | $119.9M |
| EPS | $5.02 | $8.58 | $5.55 | $6.19 |
| EPS (Diluted) | $4.98 | $8.51 | $5.51 | $6.14 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $399.9M | $492.8M | $313.2M | $353.5M | $400.7M | $177.2M | $185.4M | $203.0M | $164.3M | $187.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $445.9M | $531.3M | $601.1M | $628.3M | $635.2M | $723.1M | $778.7M | $834.4M | $841.6M | $895.4M |
| Inventory | $350.0M | $420.9M | $383.6M | $374.6M | $448.9M | $728.8M | $728.8M | $658.4M | $590.3M | $566.4M |
| Total Current Assets | $1.25B | $1.47B | $1.34B | $1.39B | $1.56B | $1.71B | $1.78B | $1.79B | $1.68B | $1.72B |
| Property, Plant & Equipment | $518.3M | $518.9M | $514.0M | $558.1M | $597.7M | $598.6M | $595.6M | $617.4M | $589.0M | $813.7M |
| Goodwill | $321.1M | $337.7M | $385.2M | $428.9M | $430.3M | $708.6M | $739.9M | $633.0M | $623.8M | $571.0M |
| Intangible Assets | $144.4M | $138.6M | $176.0M | $175.7M | $167.2M | $175.4M | $176.6M | $150.7M | $134.1M | $121.3M |
| Total Assets | $2.39B | $2.60B | $2.53B | $2.76B | $2.96B | $3.45B | $3.56B | $3.48B | $3.33B | $3.37B |
| Accounts Payable | $177.5M | $227.9M | $218.1M | $198.0M | $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 | $7.0M | $3.9M | $2.4M | $513,000 |
| Total Current Liabilities | $349.8M | $403.0M | $409.0M | $513.8M | $673.3M | $765.9M | $804.0M | $723.1M | $811.4M | $731.6M |
| Long-term Debt | $754.8M | $753.9M | $741.8M | $764.9M | $728.4M | $947.1M | $870.9M | $1.11B | $729.9M | $795.1M |
| Total Liabilities | $1.41B | $1.45B | $1.39B | $1.62B | $1.75B | $2.03B | $1.92B | $2.06B | $1.74B | $1.73B |
| Retained Earnings | $1.87B | $1.95B | $2.03B | $2.17B | $2.25B | $2.39B | $2.59B | $2.64B | $2.94B | $3.16B |
| Total Equity | $943.5M | $1.11B | $1.06B | $1.14B | $1.18B | $1.39B | $1.58B | $1.35B | $1.54B | $1.63B |
| Total Debt | $756.4M | $755.0M | $753.3M | $873.3M | $846.5M | $1.11B | $1.03B | $1.27B | $866.8M | $925.7M |
| Net Debt | $356.4M | $262.2M | $440.1M | $519.8M | $445.8M | $935.9M | $848.0M | $1.07B | $702.5M | $738.5M |
| Working Capital | $903.4M | $1.07B | $931.6M | $874.6M | $887.2M | $946.9M | $976.6M | $1.06B | $872.0M | $988.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $226.1M | $187.1M | $160.2M | $139.1M |
| Total Assets | $3.37B | $3.37B | $3.44B | $3.47B |
| Total Liabilities | $1.70B | $1.73B | $1.75B | $1.73B |
| Total Equity | $1.60B | $1.63B | $1.68B | $1.73B |
| Total Debt | $858.3M | $925.7M | $921.3M | $871.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $178.4M | $122.3M | $100.3M | $159.5M | $142.1M | $197.7M | $254.3M | $144.9M | $350.6M | $334.8M |
| Depreciation & Amortization | $82.4M | $85.0M | $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 | 0 |
| Change in Working Capital | $10.2M | -$74.1M | -$54.6M | $80.2M | $52.3M | -$284.7M | -$56.1M | -$80.6M | $128.2M | -$82.4M |
| Operating Cash Flow | $219.2M | $145.7M | $153.0M | $307.6M | $316.3M | $65.9M | $326.3M | $306.8M | $572.7M | $456.5M |
| Capital Expenditure | -$57.9M | -$55.3M | -$72.0M | -$97.4M | -$106.7M | -$107.8M | -$93.3M | -$96.8M | -$79.5M | -$145.0M |
| Acquisitions | -$5.9M | -$5.4M | -$143.0M | -$81.8M | -$15.9M | -$312.5M | -$39.3M | -$26.3M | $3.8M | -$101.8M |
| Stock Repurchased | -$53.8M | 0 | -$114.8M | -$62.9M | -$56.5M | -$26.1M | -$40.5M | -$345.3M | -$70.1M | -$198.1M |
| Dividends Paid | -$34.1M | -$33.9M | -$33.7M | -$32.6M | -$36.9M | -$41.4M | -$45.8M | -$49.5M | -$48.4M | -$52.5M |
| Free Cash Flow | $161.2M | $90.5M | $81.0M | $210.2M | $209.6M | -$41.9M | $233.0M | $210.0M | $493.2M | $311.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $112.5M | $111.2M | $103.5M | $148.1M |
| Capital Expenditure | -$41.9M | -$40.8M | -$34.6M | -$35.9M |
| Free Cash Flow | $70.6M | $70.4M | $68.9M | $112.2M |
| Dividends Paid | -$13.4M | -$13.4M | -$13.3M | -$14.9M |
| Stock-based Compensation | -$6.2M | 0 | $5.5M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.9% | +0.4% | +0.4% | +4.6% | +20.9% | +24.1% | -3.9% | -2.4% | +0.7% | |
| Net Income Growth (YoY) | -32.9% | -18.8% | +55.2% | -3.9% | +39.0% | +28.2% | -42.8% | +142.7% | +0.6% | |
| EPS Growth (YoY) | -32.8% | -18.0% | +59.8% | -2.4% | +39.8% | +27.5% | -41.8% | +152.7% | +2.3% | |
| Shares Change (YoY) | +0.1% | -1.3% | -3.0% | -1.6% | +0.3% | +0.4% | -2.0% | -4.2% | -1.6% | |
| FCF Growth (YoY) | -43.9% | -10.4% | +159.4% | -0.3% | -120.0% | +656.7% | -9.9% | +134.9% | -36.9% | |
| Gross Margin | 26.0% | 24.8% | 24.2% | 24.7% | 26.4% | 25.2% | 25.9% | 29.6% | 30.5% | 30.2% |
| Operating Margin | 9.7% | 9.7% | 7.7% | 8.2% | 7.8% | 8.2% | 10.0% | 7.0% | 12.9% | 12.7% |
| EBITDA Margin | 13.8% | 13.0% | 10.2% | 11.6% | 10.9% | 11.3% | 11.7% | 9.4% | 15.3% | 12.3% |
| Net Margin | 6.9% | 4.2% | 3.4% | 5.3% | 4.9% | 5.6% | 5.8% | 3.4% | 8.5% | 8.5% |
| FCF Margin | 6.4% | 3.3% | 2.9% | 7.6% | 7.2% | -1.2% | 5.4% | 5.0% | 12.1% | 7.6% |
| Effective Tax Rate | 19.1% | 46.5% | 28.1% | 23.9% | 25.9% | 23.7% | 29.9% | 38.3% | 25.2% | 6.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $7.10 | $3.98 | $3.61 | $9.66 | $9.78 | $-1.95 | $10.80 | $9.93 | $24.34 | $15.62 |
| Dividends Per Share | $1.50 | $1.49 | $1.50 | $1.50 | $1.72 | $1.93 | $2.12 | $2.34 | $2.39 | $2.63 |
| Shares Outstanding (Basic) | $22.6M | $22.5M | $22.3M | $21.7M | $21.3M | $21.2M | $21.3M | $21.0M | $20.1M | $19.8M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 29.84% |
| Return on Invested Capital | 19.68% |
| Return on Assets | 14.28% |
| Gross Margin | 30.37% |
| Operating Margin | 13.85% |
| Net Margin | 11.70% |
Financial Health
| Debt / Equity | 0.50 |
| Current Ratio | 2.35 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 6.23 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 18.35 | 32.14 | 26.23 | 22.16 | 26.07 | 26.52 | 28.09 | 34.09 | 17.71 | 23.29 |
| P/B | 3.37 | 3.36 | 2.34 | 2.83 | 3.10 | 3.74 | 4.46 | 3.61 | 4.00 | 5.00 |
| P/S | 1.26 | 1.36 | 0.90 | 1.17 | 1.27 | 1.48 | 1.62 | 1.17 | 1.51 | 1.99 |
| Gross Margin | 26.0% | 24.8% | 24.2% | 24.7% | 26.4% | 25.2% | 25.9% | 29.6% | 30.5% | 30.2% |
| Operating Margin | 9.7% | 9.7% | 7.7% | 8.2% | 7.8% | 8.2% | 10.0% | 7.0% | 12.9% | 12.7% |
| Net Margin | 6.9% | 4.2% | 3.4% | 5.3% | 4.9% | 5.6% | 5.8% | 3.4% | 8.5% | 8.5% |
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Explore sector: Industrials · Conglomerates
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