# Valmont Industries, Inc. (VMI)

> Source: Nexqual · https://nexqual.com/VMI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Valmont Industries, Inc. (VMI), nexqual.com/VMI" · informational, not investment advice.

**Price:** USD 435.87 (-2.81% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 448.48 · day 431.29–448.67 · 52w 378.02–585.71 · market cap $8.41B · NYQ

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $4.23B, net income $495M (11.7% margin), free cash flow $322M (SEC filings).
- Valuation: P/E 17.0x (avg 24.5x at the last 3 fiscal year-ends), EV/EBITDA 13.4x, net debt $592M.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $9.2M; 3 not under a Rule 10b5-1 plan ($9.2M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $101K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.60 on a 1–5 scale) (5 analysts), mean target USD 610.75 (range 600–623).
- Total return with dividends: 1Y +6.7% vs S&P 500 +14.9%; 5Y +96.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-20, EPS estimate USD 5.48, revenue estimate $1.10B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.35B | $4.35B | $4.17B | $4.08B | $4.10B | $4.23B |
| Gross profit | — | $1.13B | $1.24B | $1.24B | $1.24B | — |
| Operating income | $433M | $433M | $292M | $525M | $416M | $580M |
| Net income | — | $251M | $151M | $348M | $350M | $495M |
| EPS (diluted) | — | $11.62 | $6.78 | $17.19 | $16.79 | — |
| Free cash flow | — | $233M | $210M | $493M | $311M | $322M |
| Gross margin | — | 25.9% | 29.6% | 30.5% | 30.2% | — |
| Operating margin | 10.0% | 10.0% | 7.0% | 12.9% | 10.1% | 13.7% |
| Net margin | — | 5.8% | 3.6% | 8.5% | 8.5% | 11.7% |
| Revenue growth | +24.1% | +24.1% | -3.9% | -2.4% | +0.7% | — |
| Cash + short-term investments | — | $185M | $203M | $164M | $187M | — |
| Total debt | — | $872M | $1.11B | $731M | $796M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 17.0x · P/S 2.0x · EV/EBITDA 13.4x · EV/Sales 2.1x · P/FCF 26.1x · P/B 4.9x · FCF yield 3.83% · Earnings yield 5.88% · Dividend yield (paid, TTM) 0.65% · Buyback yield (TTM) 2.56% · Net debt $592M · EV $9.01B
P/E at fiscal year-ends: Dec 2025 22.9x, Dec 2024 17.8x, Dec 2023 32.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-27 | Freye Theodor Werner | Director | 800 | $396K | 22.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-06 | Campbell Renee L | SVP, Capital Markets & Risk | 412 | $215K | 7.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-24 | Bay Mogens C | Director | 17,500 | $8.6M | 13.4% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $101K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-23 | Schwietz John L | Executive VP and CFO | 208 | $101K | 486.15 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 1.60 on a 1–5 scale), 5 analysts; mean target USD 610.75 (low 600, high 623).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-22 | JP Morgan | Target raised | Overweight | $600 → $620 |
| 2026-07-20 | Stifel | Target raised | Buy | $645 → $678 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +6.7% | +96.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +6.7% | +14.4% |
| Volatility (annualized) | 30.6% | 30.7% |
| Max drawdown | -25.1% (Jun 2026→Oct 2026) | -45.2% (Nov 2022→Oct 2023) |

## Peers (Conglomerates)
HON (Honeywell International Inc.) USD 218.31 +1.67% · MMM (3M Company) USD 175.56 +0.47% · NSC (Norfolk Southern Corporation) USD 338.23 +3.09% · HWM (Howmet Aerospace Inc.) USD 193.29 -7.14% · NOC (Northrop Grumman Corporation) USD 552.35 +2.42% · ITW (Illinois Tool Works Inc.) USD 279.24 +0.88%

## More
Full page: https://nexqual.com/VMI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Infrastructure | $876.7M | 78.4% | +14.9% | $154.4M | 17.6% |
| Agriculture | $242.0M | 21.6% | -15.8% | $39.9M | 16.5% |
| Total revenue | $1.12B | 100% | — | $166.1M | 14.8% |

## Revenue by product line (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $1.01B | 90.1% | +6.8% |
| North America Utility Product Line | $456.7M | 40.8% | +33.9% |
| Agriculture Product Line | $243.7M | 21.8% | -15.8% |
| International Infrastructure & Solar Product Line | $165.7M | 14.8% | +7.4% |
| North America Lighting & Transportation Product Line | $130.5M | 11.7% | -2.4% |
| Service | $111.2M | 9.9% | +3.7% |
| North America Coatings Product Line | $69.0M | 6.2% | +16.6% |
| North America Telecommunications Product Line | $57.0M | 5.1% | -26.1% |
| Total revenue | $1.12B | 100% | — |
The lines above cover 200.4% of total revenue.

## Revenue by region (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $849.0M | 75.9% | +12.5% |
| International | $269.7M | 24.1% | -8.9% |
| Total revenue | $1.12B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $5.48 | $5.72 | -4.1% | $1.10B | 5 |
| Next quarter (ends 2027-03-31) | $6.25 | $0.00 | — | $1.10B | 2 |
| Current fiscal year (ends 2026-12-31) | $23.24 | $23.06 | +0.8% | $4.35B | 5 |
| Next fiscal year (ends 2027-12-31) | $26.22 | $25.86 | +1.4% | $4.68B | 5 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 28.6% | ±6.6% |
| 2026-12-18 | 56 | 29.7% | ±9.4% |
| 2027-03-19 | 147 | 30.6% | ±15.6% |
| 2027-06-17 | 237 | 30.7% | ±19.8% |