VALMONT INDUSTRIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VALMONT INDUSTRIES 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

	FY2017	FY2018	FY2019	FY2019	FY2021	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	2,746	2,757	2,767	2,895	3,502	4,345	4,345	4,175	4,075	4,104
Cost of revenue	2,064	2,089	2,084	2,130	2,618		3,219	2,939	2,834	2,864
Gross profit	682	668	683	766	884		1,126	1,236	1,241	1,240
Research and development	11.6	11.5	13.9	21.4	37		46	55	59	33
Selling, general and administrative	415	440	455	523	591		693	768	717	718
Operating income	267	212	228	226	287	433	433	292	525	416
Interest expense	44.6	44.2	40.2	41.1	42.6		47.5	56.8	58.7	40.5
Interest income	4.74	4.67	3.94	2.37	1.19		2.02	6.23	7.18	8.19
Other non-operating income	-38.6	-58.8	-28	-33.2	-26.7		-69.4	-55.1	-55.9	-37.9
Pre-tax income	228	153	200	193	260		364	236	469	378
Income tax	106	45.6	47.8	49.6	61.4		109	90.1	118	23.9
Net income to minority interests	6.08	5.96	5.7	1.46	2.1		3.39
Net income	116	102	146	141	196		251	151	348	350
EBITDA	352	295	310	309	379		530	390	620	504
EPS, basic	5.57	4.56	6.76	6.60	9.23		11.77	6.85	17.31	16.91
EPS, diluted	5.51	4.53	6.73	6.57	9.10		11.62	6.78	17.19	16.79
Shares, basic (weighted)	20.9	22.3	21.7	21.3	21.2		21.3	21	20.1	19.8
Shares, diluted (weighted)	21.1	22.4	21.8	21.4	21.5		21.6	21.2	20.3	19.9
Dividend per share	1.62	1.50	1.50	1.80	2.00		2.20	2.40	2.40	2.72

Balance sheet

	FY2017	FY2018	FY2019	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	493	313	354	401	177	185	203	164	187
Receivables	504	484	480	512	572	604	658	654	590
Inventory	421	384	418	449	729	729	658	590	566
Other current assets	27.5	42.8	32	59.8	83.6	87.7	92.5	82.4	70.7
Total current assets	1,473	1,341	1,432	1,555	1,713	1,781	1,788	1,683	1,720
Property, plant and equipment	519	514	558	598	599	596	617	589	674
Lease right-of-use assets				77.6	153	163	172	147	140
Goodwill	338	385	429	430	709	740	633	624	571
Intangible assets	139	176	176	167	175	177	151	134	121
Other non-current assets	134	114	212	203	252	240	273	41	16.6
Total assets	2,602	2,584	2,807	2,953	3,447	3,557	3,477	3,330	3,369
Accounts payable	228	218	198	268	348	360	358	372	360
Accrued liabilities	81	91.9	83.7	89.8	109	124	147	132	157
Deferred revenue	0.01	4.91	118	130	136	173	71	127	52
Short-term debt	0.97	0.78	0.76	2.75	4.88	1.19	0.72	0.69	0.51
Total current liabilities	403	409	514	673	766	804	723	811	732
Long-term debt	754	742	765	728	947	871	1,108	730	795
Lease liabilities		0	85.8	80.2	148	155	163	135	130
Other non-current liabilities	20.6	10.4	8.9	58.7	89.7	13.5	12.8	26.7	35.3
Total liabilities	1,418	1,355	1,617	1,745	2,034	1,915	2,060	1,736	1,727
Total debt	755	743	766	731	952	872	1,109	731	796
Paid-in capital	0	0	0	0.34	1.48		0
Retained earnings	1,954	2,028	2,174	2,245	2,394	2,593	2,644	2,941	3,156
Treasury stock	-590	-693	-744	-781	-774	-765	-1,044	-1,094	-1,261
Other comprehensive income	-279	-303	-313	-310	-263	-275	-273	-333	-291
Shareholders' equity	1,113	1,060	1,144	1,182	1,387	1,581	1,354	1,542	1,633
Minority interests	39	75.8	45.4	25.8	26.8	60.9
Total equity	1,185	1,176	1,190	1,208	1,414	1,642	1,354	1,542	1,633
Total liabilities and equity	2,602	2,530	2,807	2,953	3,447	3,557	3,477	3,330	3,369

Cash flow statement

	FY2017	FY2018	FY2019	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	122	108	152	142	198	254	145	351	354
Depreciation and amortization	85	82.8	82.3	82.9	92.6	97.2	98.7	95.4	88.5
Stock-based compensation	10.7	10.4	11.6	14.9	28.7	41.9	39.2	29.9	24.3
Deferred income tax	39.8	0.81	1.49	-1.4	0.07	-1.23	-18.6	-24.7	-19.2
Change in receivables	-49.1	12.6	5.41	-24.4	-69.3	-74.2	-46.3	-29.5	82.5
Change in inventory	-57.4	-23.7	22.1	-21.9	-290	-3.43	88.4	45.6	39.4
Change in payables	39.4	-1.49	-21.4	33	89.4	37	-10.5	24.8	-26.3
Cash from operations	133	153	308	316	65.9	326	307	573	456
Capital expenditures	-55.3	-72	-97.4	-107	-108	-93.3	-96.8	-79.5	-145
Acquisitions	-5.36	-143	-81.8	-15.9	-313	-39.3	-32.7
Cash from investing	-49.6	-155	-168	-104	-417	-132	-115	-78.9	-143
Debt issued	0	252	31	88.9	312	254	370	30	216
Debt repaid	-0.89	-262	-10.8	-122	-91.3	-336	-135	-408	-152
Share buybacks	0	-115	-62.9	-56.5	-26.1	-40.5	-345	-70.1	-198
Dividends paid	-33.9	-33.7	-32.6	-36.9	-41.4	-45.8	-49.5	-48.4	-52.5
Cash from financing	-32	-162	-99	-174	134	-182	-176	-523	-299
Exchange rate effect	27.7	-15	-0.18	8.68	-5.62	-4.11	2.55	-9.97	7.94
Net change in cash	79.2	-180	40.3	47.2	-223	8.17	17.6	-38.7	22.8
Free cash flow	77.9	81	210	210	-41.9	233	210	493	311
Interest paid	44.5	43.3	39	40.2	41.2	46.7	55.5	57.7	39
Income taxes paid	63.8	47.4	43.6	54.8	60.4	93.1	104	126	84.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $466.83 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	30.4%	Gross profit / revenue.
Operating margin	13.7%	Operating income / revenue.
EBITDA margin	15.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.0%	Pre-tax income / revenue.
Net margin	11.7%	Net income / revenue.
FCF margin	7.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.2%	Cash from operations / revenue.
Effective tax rate	9.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	28.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	14.3%	Net income / average total assets.
Return on invested capital (ROIC)	22.7%	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	16.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-20.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-1.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-18.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	0.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-2.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	13.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-20.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-36.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	5.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	1.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-1.6%	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	-2.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.35x	Current assets / current liabilities.
Quick ratio	1.04x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.42x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.1%	Total debt / total assets.
Liabilities / assets	49.9%	Total liabilities / total assets.
Net debt	$591.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.88x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	15.0x	Operating income / interest expense.
Working capital	$1.03B	Current assets - current liabilities.
Goodwill and intangibles / assets	20.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.03B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.22x	Revenue / average total assets.
Fixed asset turnover	6.11x	Revenue / average property, plant and equipment.
Inventory turnover	4.84x	Cost of revenue / average inventory.
Days inventory	75 days	365 x average inventory / cost of revenue.
Receivables turnover	6.52x	Revenue / average receivables.
Days sales outstanding	56 days	365 x average receivables / revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	83 days	Days inventory + days sales outstanding - days payables.
FCF conversion	65.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	32.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$25.36	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	$216.81	Revenue / diluted weighted shares.
FCF per share	$16.50	Free cash flow / diluted weighted shares.
Operating cash flow per share	$24.35	Cash from operations / diluted weighted shares.
Book value per share	$88.46	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$52.55	Tangible book value / shares outstanding.
Cash per share	$7.12	(Cash + short-term investments) / shares outstanding.
Payout ratio	11.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	17.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	66.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.01B	Share price x shares outstanding.
Enterprise value	$9.60B	Market cap + total debt - cash - short-term investments.
P/E	18.2x	Market cap / net income. Only when net income is positive.
P/S	2.13x	Market cap / revenue.
P/B	5.22x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.78x	Market cap / tangible book value, when positive.
P/FCF	28.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	19.0x	Market cap / cash from operations, when positive.
EV/Sales	2.27x	Enterprise value / revenue.
EV/EBIT	16.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.6%	Free cash flow / market cap.
Earnings yield	5.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.
PEG	1.39x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was VALMONT INDUSTRIES INC's revenue in fiscal 2025?

VALMONT INDUSTRIES INC reported revenue of $4.10B for fiscal 2025, 0.7% higher than the year before.

Was VALMONT INDUSTRIES INC profitable in fiscal 2025?

Yes. Net income was $350.3M, a net margin of 8.5%.

How much free cash flow did VALMONT INDUSTRIES INC generate in fiscal 2025?

Cash from operations of $456.5M minus capital expenditures of $145.0M left free cash flow of $311.4M.

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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