United States Lime & Minerals Inc (USLM) is fairly valued and Vulcan Materials Co (VMC) is overvalued.
Against our estimates of intrinsic value, USLM trades at the wider discount: a margin of safety of +3%, against -60% for VMC.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.8% (average of 3 methods) values the shares at $117.56; the price of $113.78 is 3% below that value, and 78% of that value comes from beyond year five.
Leak Score 44/100 on 2 of 12 signals
Discounting its cash flows at 9.5% (average of 3 methods) values the shares at $155.27; the price of $247.87 is 60% above that value, and 74% of that value comes from beyond year five.
Leak Score 57/100 on 10 of 12 signals
| Metric | USLM | VMC |
|---|---|---|
| Verdict | Fairly valued | Overvalued |
| Price | $113.78 | $247.87 |
| Intrinsic value | $117.56 | $155.27 |
| Margin of safety | +3% | -60% |
| Leak Score | 44/100 (2/12) | 57/100 (10/12) |
| Market cap | $3.3B | $32.1B |
| Revenue growth, 5 years | 18.3% | 10.3% |
| Operating margin | 42.1% | 20.7% |
| Net margin | 35.7% | 13.8% |
| Return on equity | 21.4% | 13.2% |
| Debt to equity | 0.00 | 0.58 |
| P/E | 24.3x | 29.3x |
| Forward P/E | 20.0x | 23.4x |
| P/B | 4.7x | 3.8x |
| Dividend yield | 0.2% | 0.9% |