VULCAN MATERIALS COMPANY

Red flags

• Reported long-term debt was $4.36 billion at December 31, 2025, with maturities extending from 2027 through 2054; the company is sensitive to refinancing costs and credit-market access.
• The top ten revenue-producing states generated 90% of 2025 revenue and the top five generated 63%, creating meaningful regional exposure despite a broad national footprint.
• Production and sales are halted at Calica in Mexico and Puerto Cortés in Honduras, reflecting material political, permitting, and expropriation risk in international operations.
• Asset retirement obligations were $456.5 million, self-insurance liabilities were $137.5 million, and minimum mineral-lease royalties were $260.1 million at year-end 2025.
• Approximately 40% to 55% of aggregates shipments have historically supported publicly funded construction, leaving demand exposed to infrastructure appropriation timing even though direct government sales are diversified.