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Building products & equipment · Industrials · Fiscal year ends Dec 26
Valmont Industries reported revenue of $4.1B in the fiscal year ended Dec 2025, up 0.7% from the year before. Operating income was $416M, an operating margin of 10.1%, and net income was $350M. Operating cash flow of $456M less capital expenditure of $145M left free cash flow of $311M. Net debt was $609M.
Ranks among the 14 building products & equipment companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,502 | 4,345 | 4,175 | 4,075 | 4,104 |
| Cost of revenue | 2,618 | 3,219 | 2,939 | 2,834 | 2,864 |
| Gross profit | 884 | 1,126 | 1,236 | 1,241 | 1,240 |
| Research & development | 37.0 | 46.0 | 55.0 | 59.0 | 33.0 |
| Selling, general & admin | 591 | 693 | 768 | 717 | 718 |
| Operating income | 287 | 433 | 292 | 525 | 416 |
| Interest expense | 42.6 | 47.5 | 56.8 | 58.7 | 40.5 |
| Pre-tax income | 260 | 364 | 236 | 469 | 378 |
| Income tax | 61.4 | 109 | 90.1 | 118 | 23.9 |
| Net income | 196 | 251 | 151 | 348 | 350 |
| Diluted EPS | 9.10 | 11.62 | 6.78 | 17.19 | 16.79 |
| Diluted shares | 21.5 | 21.6 | 21.2 | 20.3 | 19.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 177 | 185 | 203 | 164 | 187 |
| Receivables | 572 | 604 | 658 | 654 | 590 |
| Inventory | 729 | 729 | 658 | 590 | 566 |
| Current assets | 1,713 | 1,781 | 1,788 | 1,683 | 1,720 |
| Net PP&E | 599 | 596 | 617 | 589 | 674 |
| Goodwill | 709 | 740 | 633 | 624 | 571 |
| Total assets | 3,447 | 3,557 | 3,477 | 3,330 | 3,369 |
| Payables | 348 | 360 | 358 | 372 | 360 |
| Deferred revenue | 136 | 173 | 71.0 | 127 | 52.0 |
| Current liabilities | 766 | 804 | 723 | 811 | 732 |
| Short-term debt | 4.9 | 1.2 | 0.7 | 0.7 | 0.5 |
| Long-term debt | 947 | 871 | 1,108 | 730 | 795 |
| Total liabilities | 2,034 | 1,915 | 2,060 | 1,736 | 1,727 |
| Shareholders' equity | 1,387 | 1,581 | 1,354 | 1,542 | 1,633 |
| Backlog (remaining obligations) | 166 | 11.1 | – | 3.8 | 0.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 65.9 | 326 | 307 | 573 | 456 |
| Capital expenditure | 108 | 93.3 | 96.8 | 79.5 | 145 |
| Free cash flow | −41.9 | 233 | 210 | 493 | 311 |
| Depreciation & amortisation | 92.6 | 97.2 | 98.7 | 95.4 | 88.5 |
| Stock-based compensation | 28.7 | 41.9 | 39.2 | 29.9 | 24.3 |
| Acquisitions | 313 | 39.3 | 32.7 | – | – |
| Share buybacks | 26.1 | 40.5 | 345 | 70.1 | 198 |
| Dividends paid | 41.4 | 45.8 | 49.5 | 48.4 | 52.5 |
| Dividend per share | 2.00 | 2.20 | 2.40 | 2.40 | 2.72 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.1% | −3.9% | −2.4% | 0.7% |
| Operating income growth (YoY) | – | 51.1% | −32.7% | 79.9% | −20.8% |
| EPS growth (YoY) | – | 27.7% | −41.7% | 153.5% | −2.3% |
| Gross margin | 25.2% | 25.9% | 29.6% | 30.5% | 30.2% |
| Operating margin | 8.2% | 10.0% | 7.0% | 12.9% | 10.1% |
| Net margin | 5.6% | 5.8% | 3.6% | 8.5% | 8.5% |
| Return on equityBlank when equity is negative | 14.1% | 15.9% | 11.1% | 22.6% | 21.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.7% | 15.7% | 10.6% | 20.8% | 15.8% |
| Free cash flow margin | −1.2% | 5.4% | 5.0% | 12.1% | 7.6% |
| Cash conversion (CFO ÷ net income) | 0.34x | 1.30x | 2.03x | 1.64x | 1.30x |
| Receivable days | 60 | 51 | 58 | 59 | 52 |
| Inventory days | 102 | 83 | 82 | 76 | 72 |
| Payable days | 49 | 41 | 45 | 48 | 46 |
| Interest cover | 6.73x | 9.11x | 5.13x | 8.93x | 10.3x |
| Debt ÷ equity | 0.69x | 0.55x | 0.82x | 0.47x | 0.49x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 775 | 687 | 906 | 566 | 609 |
| Current ratio | 2.24x | 2.21x | 2.47x | 2.07x | 2.35x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.