UNITED STATES LIME & MINERALS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data UNITED STATES LIME & MINERALS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	139	145	144	158	161	189	236	281	318	373
Cost of revenue	106	110	114	117	113	130	166	178	174	190
Gross profit	33.1	34.4	30.5	41.7	47.6	59.3	70.3	103	144	182
Selling, general and administrative	9.61	10.2	10.5	11.5	12.2	12.8	15.6	17.4	19.1	24.5
Operating income	23.5	24.2	20	29.2	33.9	46.4	54.8	85.4	125	158
Interest expense	0.25	0.24	0.24	0.24	0.25	0.25	0.25
Other non-operating income	0.14	0.72	1.57	1.65	0.2	0.1	1.78	7.94	11.5	13.2
Pre-tax income	23.6	24.9	21.6	30.9	34.1	46.5	56.6	93.4	136	171
Income tax	5.86	-2.21	1.88	4.84	5.85	9.47	11.1	18.8	27.5	36.7
Net income	17.8	27.1	19.7	26.1	28.2	37	45.4	74.5	109	134
EBITDA	39.6	40.8	37.6	46.9	53.5	67.3	77	109	149	183
EPS, basic	0.64	0.97	0.70	0.93	1.00	1.31	1.60	2.62	3.81	4.69
EPS, diluted	0.64	0.97	0.70	0.93	1.00	1.31	1.60	2.61	3.79	4.67
Shares, basic (weighted)	27.8	27.9	28	28.1	28.1	28.3	28.4	28.5	28.6	28.6
Shares, diluted (weighted)	27.9	27.9	28	28.1	28.2	28.3	28.4	28.5	28.7	28.7
Dividend per share	0.10	0.11	0.11	1.18	0.13	0.13	0.16	0.16	0.20	0.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	74.7	85	67.2	54.3	83.6	105	133	188	278	371
Receivables	16.8	16.5	19.6	22.9	23	26.7	33.6	38.1	44	47.9
Inventory	12.4	13.5	12.8	13.4	15.2	15.1	19.6	24.3	27.7	30.9
Other current assets	1.11	3	1.69	2.14	2.25	3.24	3.44	4.64	5.08	5.35
Total current assets	105	118	101	92.7	124	150	190	255	355	455
Property, plant and equipment	105	110	143	151	152	162	172	180	183	221
Lease right-of-use assets				3.19	2.23	3.14	5.37	5.27	4.86	3.86
Other non-current assets	0.14	0.71	0.55	0.42	0.42	0.45	0.44	0.57	0.64	0.44
Total assets	210	228	245	247	279	316	368	441	543	681
Accounts payable	5.59	6.26	4.57	4.43	4.59	5.43	7.73	7.4	8.82	14.5
Accrued liabilities	3.52	3.1	3.39	3.74	5.81	4.86	6.4	8.51	6.54	7.47
Total current liabilities	9.11	9.36	7.96	9.46	11.6	11.2	15.5	17.5	17	23.6
Lease liabilities				1.87	1.03	2.31	4.13	3.92	3.44	2.37
Other non-current liabilities	1.58	1.46	1.38	1.36	1.76	1.44	1.44	1.43	1.36	1.28
Total liabilities	30.5	23.2	21.7	29.9	35.9	38	46.7	47.5	45.4	50.3
Total debt	0	0	0	0	0	0	0	0	0	0
Paid-in capital	22.8	24.3	25.9	27.5	29.5	31.8	34.5	35.5	40.5	48.8
Retained earnings	210	234	251	244	268	302	343	412	516	643
Treasury stock	-53.4	-53.7	-54.1	-54.6	-55.1	-55.8	-56.6	-57.9	-61.4	-64.1
Other comprehensive income	-0.22	0.09	-0.01	-0
Shareholders' equity	180	205	223	217	243	278	321	393	498	631
Total equity	180	205	223	217	243	278	321	393	498	631
Total liabilities and equity	210	228	245	247	279	316	368	441	543	681
Shares outstanding								28.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	17.8	27.1	19.7	26.1	28.2	37	45.4	74.5	109	134
Depreciation and amortization	16.1	16.5	17.6	17.6	19.6	20.9	22.2	23.8	24.2	25.2
Stock-based compensation	1.04	1.41	1.49	1.52	1.92	2.24	2.64	3.18	4.89	8.14
Deferred income tax	0.78	-7.61	0.02	4.85	4.31	1.52	2.53	-0.92	-1	-0.66
Change in receivables	-0.89	0.31	-3.13	-3.35	1.11	-3.74	-6.44	-4.46	-5.93	-3.95
Change in inventory	2.3	-1.11	0.7	-0.54	-1.39	0.09	-4.29	-4.73	-3.37	-3.22
Change in payables	0.53	-1.13	0.44	-0.17	2.58	-1.1	2.7	1.67	-1.01	4.54
Cash from operations	37.8	34.3	38.7	47	58.6	55.7	64.4	92.3	126	165
Capital expenditures	-17.7	-21.3	-53.8	-27.1	-17.1	-29.9	-26.8	-34.3	-27.4	-62.7
Acquisitions	-0.05				-8.39		-5.63
Cash from investing	-17.5	-20.7	-53.2	-26.5	-25.2	-29.6	-31.2	-32	-26.9	-62.5
Stock issued	0.16	0.07	0.07	0.08	0.08	0.08	0.12	0.11	0.13	0.16
Share buybacks	-2.93	-0.31	-0.41	-0.44	-0.56	-0.73	-0.77	-1.27	-3.51	-2.68
Dividends paid	-2.78	-3.01	-3.02	-33.1	-3.6	-3.62	-4.54	-4.55	-5.72	-6.87
Cash from financing	-5.56	-3.25	-3.36	-33.4	-4.08	-4.27	-5.18	-5.72	-9.1	-9.39
Net change in cash	14.8	10.3	-17.8	-13	29.3	21.8	28	54.6	90.1	93.1
Free cash flow	20.2	12.9	-15	19.9	41.4	25.8	37.5	58	98.6	102
Interest paid	0.11	0.14	0.18	0.15	0.15	0.15	0.11	0.2	0.17	0.12
Income taxes paid	4.91	6.72	0.33	0.45	0.98	9.48	7.83	18	30.1	37.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $118.96 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	47.6%	Gross profit / revenue.
Operating margin	41.2%	Operating income / revenue.
EBITDA margin	48.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	44.9%	Pre-tax income / revenue.
Net margin	35.1%	Net income / revenue.
FCF margin	25.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	44.3%	Cash from operations / revenue.
Effective tax rate	21.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.7%	Net income / average total assets.
Return on invested capital (ROIC)	41.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	6.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	18.4%	Capital expenditures / revenue.
D&A / revenue	6.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	16.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	26.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	37.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	30.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	26.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	42.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	36.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	22.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	33.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	27.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	23.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	43.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	36.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	23.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	42.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	36.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	30.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	36.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	23.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	3.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	39.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	19.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	20.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	13.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	26.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	25.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	21.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	25.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	19.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	22.3x	Current assets / current liabilities.
Quick ratio	20.7x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	18.0x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	8.1%	Total liabilities / total assets.
Net debt	-$439.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.40x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$519.0M	Current assets - current liabilities.
Tangible book value	$733.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	1.52x	Revenue / average property, plant and equipment.
Inventory turnover	6.04x	Cost of revenue / average inventory.
Days inventory	60 days	365 x average inventory / cost of revenue.
Receivables turnover	5.77x	Revenue / average receivables.
Days sales outstanding	63 days	365 x average receivables / revenue.
Days payables	26 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	97 days	Days inventory + days sales outstanding - days payables.
FCF conversion	73.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	41.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.65	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.24	Revenue / diluted weighted shares.
FCF per share	$3.43	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.87	Cash from operations / diluted weighted shares.
Book value per share	$25.50	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$25.50	Tangible book value / shares outstanding.
Cash per share	$15.26	(Cash + short-term investments) / shares outstanding.
Payout ratio	5.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	7.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	2.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.41B	Share price x shares outstanding.
Enterprise value	$2.97B	Market cap + total debt - cash - short-term investments.
P/E	25.5x	Market cap / net income. Only when net income is positive.
P/S	8.96x	Market cap / revenue.
P/B	4.65x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.65x	Market cap / tangible book value, when positive.
P/FCF	34.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.2x	Market cap / cash from operations, when positive.
EV/Sales	7.80x	Enterprise value / revenue.
EV/EBIT	18.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	30.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.9%	Free cash flow / market cap.
Earnings yield	3.9%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	0.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.59x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was UNITED STATES LIME & MINERALS INC's revenue in fiscal 2025?

UNITED STATES LIME & MINERALS INC reported revenue of $372.7M for fiscal 2025, 17.3% higher than the year before.

Was UNITED STATES LIME & MINERALS INC profitable in fiscal 2025?

Yes. Net income was $134.3M, a net margin of 36%.

How much free cash flow did UNITED STATES LIME & MINERALS INC generate in fiscal 2025?

Cash from operations of $165.0M minus capital expenditures of $62.7M left free cash flow of $102.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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