Our latest Investment Case on Vulcan Materials (VMC) highlights a credit profile that continues to strengthen on the back of consistent operational excellence and disciplined financial management. As the largest US aggregates producer, VMC benefits from robust pricing power, margin expansion, and solid cash generation. FY24 and 3Q25 results confirmed continued improvement, with leverage below 2x EBITDA and strong free cash flow despite a mixed construction environment. Supported by accelerating US infrastructure demand, a well-laddered debt structure, and Fitch’s recent upgrade to BBB+ (Stable), Vulcan Materials stands out as one of the most resilient and attractive investment-grade credits in the US building materials sector.
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