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Forensic Analysis · Nonmetallic Mineral Mining & Quarrying · as of Nov 9, 2026

Vulcan Materials Co (VMC)

A forensic read on Vulcan Materials Co 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
3.5
Distress distance
Clean
Earnings quality
2
Forensic signals
12.9%
ROE
7.1%
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 (auditor quality, say on pay, board independence, going concern). 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.

Vulcan Materials Co earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.5, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

8.1%
FY2025
Return on invested capital. Return on invested capital is 8.1% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.9-point range. After-tax operating profit was $1.1B in FY2023 and $1.3B in FY2025, with operating income at 18.3% of revenue in FY2023, 18.4% in FY2024 and 20.4% in FY2025. The capital base behind it grew +22% across FY2023–FY2025, from $12.8B to $15.6B, while the return fell 0.4 points, so the dollars added over that window earned less than the 8.5% the older base was already earning.
$87M
FY2024
Goodwill impairments. Took $87M of goodwill writedowns across 1 year (FY2024 ($87M)) — about 9% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$7.94B
Revenue Growth YoY+7.1%
Revenue CAGR (2yr)+1.0%
Net Margin13.6%
Free Cash Flow$1.14B
Return on Equity12.9%
Debt / Equity0.51x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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