该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
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AI核心结论
VMC delivered strong FY2025 results with revenue growing 7.1% to $7.94B, operating income surging 18.7% to $1.62B, and operating cash flow jumping 28.6% to $1.81B, reflecting meaningful margin expansion and significant debt reduction.
营收
79.41亿美元
同比 +7.06%
每股收益（稀释）
8.11美元
同比 +18.39%
毛利率
27.4%
同比 +0.4 个百分点
营业利润
16.2亿美元
同比 +18.70%
SEC XBRL 原值
Vulcan Materials (VMC) FY2025 营收 79.41亿美元，同比增长 7.1%。 营业利润率 20.4%，较去年同期的 18.4% 扩大 2.0 个百分点。 经营活动现金流 18.13亿美元，同比增长 28.6%。
近 4 个季度：3 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 2.59 | 2.57 | 超预期 +0.7% |
| 2026年3月 | 1.35 | 1.13 | 超预期 +19.6% |
| 2025年12月本次财报 | 1.70 | 2.14 | 不及预期 -20.4% |
| 2025年9月 | 2.84 | 2.75 | 超预期 +3.3% |
2025年12月 实际 EPS 1.70美元，分析师一致预期 2.14美元，不及预期 -20.4%。
由 AI 基于本次 SEC 报告整理
VMC grew total revenue 7.1% year-over-year to $7.94B in FY2025 (from $7.42B in FY2024), reflecting continued demand for aggregates and construction materials. The growth rate outpaced cost of revenue growth of 6.4%, signaling disciplined pricing power in core markets.
来源: 10-K Income Statement, Financial Data
Operating income grew 18.7% to $1.62B while operating margin expanded approximately 200 basis points to 20.4% from 18.4% in the prior year. This demonstrates strong operating leverage as revenue growth translated disproportionately into profit, with SG&A growing only 6.2% to $564.1M.
来源: 10-K Income Statement, Financial Data
Long-term debt declined 17.8% from $5.31B to $4.36B, and total liabilities fell 9.0% to $8.15B. This deleveraging effort, funded in part by robust operating cash flow of $1.81B, materially improved the company's financial flexibility and reduced interest burden.
来源: 10-K Balance Sheet & Cash Flow, Financial Data
Operating cash flow increased to $1.81B from $1.41B in FY2024, a 28.6% improvement, reflecting higher earnings and efficient working capital management. Investing cash outflows dropped dramatically to -$529.2M from -$2.81B, likely reflecting reduced acquisition activity compared to the prior year.
来源: 10-K Cash Flow Statement, Financial Data
Share buybacks surged 537.2% to $438.4M in FY2025 from just $68.8M in FY2024, and financing cash flow turned sharply negative at -$1.70B (vs. +$1.06B prior year), reflecting a shift from capital-raising to aggressive shareholder returns and debt repayment.
来源: 10-K Cash Flow Statement, Financial Data
由 AI 基于本次 SEC 报告整理 · 高 1 中 3 低 1
VMC's revenues are heavily tied to construction spending, which is sensitive to interest rates, government infrastructure budgets, and economic cycles. A slowdown in residential, commercial, or public construction could materially reduce demand for aggregates and related products. The company's 7.1% revenue growth could reverse if macro conditions deteriorate.
来源: 10-K Financial Data, Industry Context
Despite meaningful debt reduction in FY2025, VMC still carries $4.36B in long-term debt, representing a debt-to-equity ratio of approximately 0.96x. Rising interest rates or a deterioration in operating cash flow could pressure debt service capacity. However, the current ratio of 2.69x provides near-term liquidity comfort.
来源: 10-K Balance Sheet, Financial Data
Cash and equivalents fell 67.3% to $183.3M from $559.7M in the prior year, largely due to aggressive debt repayment and share buybacks totaling over $2.1B in financing outflows. While operating cash flow is strong, the reduced cash buffer limits the company's immediate financial flexibility for opportunistic investments or unexpected disruptions.
来源: 10-K Balance Sheet & Cash Flow, Financial Data
Cost of revenue grew 6.4% to $5.77B in FY2025, reflecting ongoing inflationary pressures in labor, fuel, and equipment costs that are inherent to quarrying and construction materials operations. While gross margin improved modestly to 27.4%, sustained cost inflation without corresponding pricing power could compress margins.
来源: 10-K Income Statement, Financial Data
Depreciation and amortization rose 18.4% to $748.5M in FY2025, reflecting the capital-intensive nature of VMC's quarrying and processing assets. High D&A levels require sustained capital expenditure to maintain and expand productive capacity, limiting free cash flow relative to reported earnings over time.
来源: 10-K Cash Flow Statement, Financial Data
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 79.41 亿美元 | 74.18 亿美元 | +7.06% |
营业成本 亿美元 | 57.67 亿美元 | 54.18 亿美元 | +6.43% |
毛利润 亿美元 | 21.75 亿美元 | 20.00 亿美元 | +8.75% |
营业利润 亿美元 | 16.20 亿美元 | 13.65 亿美元 | +18.70% |
净利润 亿美元 | 10.77 亿美元 | 9.12 亿美元 | +18.07% |
每股收益（基本） 美元 | 8.16 美元 | 6.89 美元 | +18.43% |
每股收益（稀释） 美元 | 8.11 美元 | 6.85 美元 | +18.39% |
销售及管理费用 亿美元 | 5.64 亿美元 | 5.31 亿美元 | +6.21% |
答案基于本次 SEC 报告与本页数据