Forensic Analysis · Materials / Mining & Chemicals · as of Aug 9, 2026
United States Lime & Minerals Inc (USLM)
A forensic read on United States Lime & Minerals Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
21.4
Distress distance
Clean
Earnings quality
3
Forensic signals
25.0
P / E (ttm)
21.3%
ROE
$3.4B
Market cap
0.21%
Dividend yield
17.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
United States Lime & Minerals Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 21.4, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+16.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +16.7% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by PP&E up +21% against revenue +17% and inventory up +12% against +10% in cost of sales. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 13% of net operating assets, diverging from the balance-sheet accrual read.
+0.4%/yr
FY2022–FY2025
Share count.Diluted share count changed +1% over the last 3 years to FY2025 (+0.4%/yr). Roughly flat — buybacks ($3M) are about offsetting stock comp ($8M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
-89%
FY2019→FY2020
Dividend — cut.The payout was CUT ~89% in FY2020 (from FY2019) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies. Measured on total dividend dollars rather than per share: the reported share count steps sharply around FY2022, a stock-split seam between filing vintages rather than a change in the payout, and a split leaves the dollars paid untouched.
Key fundamentals
Latest Revenue$372.7M
Revenue Growth YoY+17.3%
Revenue CAGR (3yr)+16.4%
Net Margin36.0%
Free Cash Flow$102.3M
Return on Equity21.3%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from United States Lime & Minerals Inc's actual 10-K/10-Q/8-K filings?