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what it is
It digs lime and limestone out of quarries and sells it to builders, steel makers, and utilities.
how it gets paid
FY2025 revenue was about $372.7M (up ~17.3% vs 2024 in the company’s full-year tables). Segment mix in the snapshot rows below is illustrative—see the Form 10-K for exact line-item disclosure.
why it's growing
Revenue grew about 17.3% YoY; diluted EPS rose to $4.67 from $3.79 in the prior year (FY2025 vs FY2024, per the Feb 2026 full-year release).
what just happened
Q4 2025 revenue was about $87.9M with diluted EPS about $1.06 (vs ~$80.1M and ~$0.94 in Q4 2024).
At a glance
B++ balance sheet — above average — nothing keeping you up at night
80/100 earnings predictability — you can trust these numbers
27.5x trailing p/e — priced about right
0.2% dividend yield — cash in your pocket every quarter
21.9% return on capital — every dollar works hard here
xvary composite: 69/100 — average
What they do
It digs lime and limestone out of quarries and sells it to builders, steel makers, and utilities.
USLM sells heavy, local construction inputs—lime and limestone—where freight and geology create natural moats. Its natural gas interests sit on 4,100 acres in Johnson County, Texas, a second income stream alongside the rock business (see latest 10-K for headcount and segment detail).
How they make money
$372.7M
FY2025 revenue · up about +17.3% vs FY2024
Lime and limestone products
$0.168B
Quicklime and hydrated lime
$0.112B
Lime slurry and specialty products
$0.060B
Natural gas interests
$0.033B
The products that matter
core construction material
Quicklime & Hydrated Lime
about 70% of revenue exposure
this is the main business. The current snapshot ties about 70% of revenue to construction lime, which means the stock rises and falls with job-site demand more than the margin headline suggests.
core driver
industrial and environmental uses
PLS (pressure lime slurry)
about 30% of sales mix
the page attributes about 30% of sales to industrial and environmental uses like steel and water treatment. That helps, but a 30% support leg does not turn a 70% construction business into a balanced one.
secondary support
asset base that drives margins
Quarries & Kilns
80% utilization
Fixed-cost kilns and quarries reward utilization—if throughput slips, margin compression shows up fast (verify utilization against the latest 10-K / call commentary).
margin lever
Key numbers
~42%
FY op. margin
Full-year 2025 operating margin was about 42% of revenue in third-party income-statement summaries tied to the Feb 2026 release—use the 10-K for the exact GAAP line.
21.9%
return on capital
return on capital → profit generated by each dollar invested → 21.9% says the business earns real money on real assets.
$3M
long-term debt
long-term debt → borrowed money you have to pay back → $3M is tiny next to a $3B market cap.
0.2%
dividend yield
dividend yield → cash paid to owners each year → 0.2% means the stock is about growth, not income.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 55 / 100
- long-term debt $3M (0% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for USLM right now.
source: institutional data · return history unavailable
What just happened
Q4 / FY 2025
Q4 2025 revenue ~$87.9M; diluted EPS ~$1.06. FY2025 diluted EPS ~$4.67.
Versus Q4 2024 (~$80.1M revenue, ~$0.94 EPS), the quarter was high single-digit revenue growth with a double-digit EPS lift. FY2025 gross profit increased to about $182.4M on $372.7M revenue (~49% gross margin) in the full-year tables accompanying the release.
$87.9M
Q4 revenue
$1.06
Q4 diluted EPS
$372.7M
FY2025 revenue
the number that mattered
FY revenue growth near 17% on a structurally high gross margin is the operating proof—quarterly volatility matters less than the full-year trend.
P0: United States Lime & Minerals Q4/FY 2025 results (Feb 2, 2026) — Globe Newswire (also see Form 10-K)
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What could go wrong
the top risk here is construction demand rolling over in a business tied about 70% to construction lime. That is what can break both earnings power and the premium multiple at the same time.
med
construction slowdown
About 70% of revenue is linked to construction-facing lime. If building activity weakens, volume pressure shows up fast because this is still a materials business first.
impact: the revenue base and the 27.5x earnings multiple would both take the hit.
med
energy and input-cost volatility
lime production is kiln-heavy and energy-intensive. The snapshot does not quantify fuel sensitivity, so the honest read is simple: cost inflation is real, but this page does not tell you how much margin it would take away.
impact: margin pressure matters more when the stock already assumes 36% profitability holds.
med
premium multiple on a cyclical business
27.5x earnings is not a cheap-materials multiple. If margin or volume slips, the stock can rerate even with no balance-sheet stress and no collapse in the business.
impact: you do not need a disaster for the stock to get cheaper. You just need results that look more normal.
med
thin and conflicting snapshot data
The page-level revenue figure is $318M. The segment rows add to about $372M. That is not a business problem, but it is a real modeling problem if you are trying to underwrite the stock from summary data alone.
impact: lower confidence in the exact mix, not in the broad picture that construction drives the story.
About 70% of revenue appears tied to construction-facing lime, while the stock trades at 27.5x earnings. That is your core exposure: a demand wobble that pressures both the numerator and the multiple.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q1 2026 earnings report
scheduled for may 6, 2026. you want to see whether demand and margins still support a 27.5x earnings multiple.
trend
construction spending data
about 70% of revenue is tied to construction lime. If that market cools, USLM tends to feel it before the stock gets much patience.
metric
plant utilization
the snapshot cites 80% utilization. In a fixed-cost business, busy assets protect margins and idle ones do the opposite.
risk
estimate versus target gap
the page shows $3.79 of estimated EPS against a $5.25 management target. That gap needs to close with results, or one side is living in a better economy than the other.
Analyst rankings
earnings predictability
80 / 100
the company has been more consistent than the business description suggests. in human-speak, this is a cyclical materials name that has acted more disciplined than most.
risk rank
2
risk rank 2 means safer than about 80% of stocks. plain english: the cycle may swing, but the balance sheet is not the scary part.
price stability
55 / 100
middle-of-the-pack stability. the operating record is steadier than the stock chart suggests, but this is still no bunker stock.
source: institutional data
Institutional activity
institutional ownership data for USLM is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$125
current price
n/a
target midpoint · n/a from current
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