Vulcan Materials CO (VMC)

Vulcan Materials Company is the largest supplier of construction aggregates in the United States, mainly crushed stone, sand and gravel. It is also a major producer of aggregates-intensive downstream products such as asphalt mix and ready-mixed concrete. Its materials are delivered by truck, ship, barge and train and are used to build homes, offices, data centers, schools, hospitals and factories, as well as highways, bridges, ports, water systems, dams, airports and rail networks. Its strategy rests on an aggregates-led business, durable growth through organic initiatives, acquisitions and greenfield development, holistic land management, and a commitment to safety, health and the environment.

The company has three operating and reportable segments, Aggregates, Asphalt and Concrete. In 2025 it operated 425 active aggregates facilities, 71 asphalt facilities and 76 concrete facilities. The asphalt and concrete facilities are located in Alabama, Arizona, California, Maryland, New Mexico, Tennessee, Texas, Virginia, the U.S. Virgin Islands and Washington D.C. It agreed to divest its California concrete business in the fourth quarter of 2025. Vulcan reports 16.6 billion tons of proven and probable aggregates reserves and about 310,000 acres of land, which it manages through mining and reclamation, including agricultural and timber use, conservation banking and real estate sales. It also recycles asphalt pavement and concrete.

Vulcan sells to more than 25,000 customers in both the public and private sectors. It operates in 23 states, the U.S. Virgin Islands and Washington D.C., and serves local markets around Freeport in the Bahamas and British Columbia in Canada. Production and sales are halted at its Calica operations in Mexico and its Puerto Cortés operations in Honduras. Public demand comes from highways, bridges, airports, schools and water systems and is supported by federal funding under the Infrastructure Investment and Jobs Act and by state and local transportation measures. Private demand comes from residential and nonresidential construction. The ten largest revenue states, led by California, Texas, Georgia, Tennessee and Virginia, produced 90% of 2025 revenues. Demand follows population, employment and household growth, and the company focuses on fast-growing metropolitan areas.

Because aggregates are heavy relative to their price, they are generally produced near where they are used. About 80% of shipments go by truck directly from the producing site, about 15% go by truck after reaching a sales yard by rail or water, and under 5% go directly by rail or water. Vulcan serves the Gulf Coast and Eastern Seaboard through barges, rail and its Panamax-class self-unloading ships. It supplies California and Hawaii from a British Columbia quarry under a marine shipping agreement with CSL Americas. Production is mechanical crushing and screening, using explosives, fuel and electricity, and capacity can be flexed by adjusting hours. The company's downstream businesses use internally produced aggregates almost exclusively when available. The U.S. aggregates industry is highly fragmented, with about 5,000 companies operating about 11,000 facilities. The company has grown through acquisitions including CalMat, Florida Rock, Aggregates USA and U.S. Concrete.