olivLaw · US equity research
Valmont Industries, Inc. VMI
Fabricated Structural Metal Products · SIC 3440 · Vertical: Fabricated metal products (SIC 344x)
Valmont Industries is a diversified manufacturer of structures and solutions for infrastructure and agriculture, headquartered in Omaha, Nebraska. Net sales reached 4104.1 million USD in fiscal 2025, and in the third quarter of 2026 the company raised its adjusted EPS guidance on strong demand in its utility business.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 02 Nov 2026, Valmont Industries, Inc. (VMI) stock was 426.68 USD (+1.09% on the day), with market capitalisation 8.2 bn USD, P/E 16.2 on diluted EPS of 26.40 USD over the last 12 months, dividend yield 0.70%, beta 1.11, 52-week range 379.21–583.55 USD. Latest reported quarter (Q3 2026): revenue of 1.1 bn USD (+5.5% YoY), net income of 121.1 m USD (+22.2% YoY), diluted EPS 6.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.1
- weak (30–45)
- Bollinger (20, 2)
- 414.40 – 484.82
- in the lower half of the band · %B 0.17 · band width 15.7%
- SMA 50 / 200
- 463.88 / 477.87
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -11.81 / -9.88
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.9% | −2.3% | −8.5 pp | — |
| 3 months | −12.7% | −0.8% | −11.9 pp | — |
| 6 months | −15.9% | +4.7% | −20.6 pp | — |
| Year to date | +6.1% | +10.2% | −4.1 pp | — |
| 1 year | +3.2% | +10.3% | −7.0 pp | +4.1% |
| 3 years | +111.0% | +73.0% | +37.9 pp | +85.7% |
| 5 years | +74.9% | +61.8% | +13.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 969.3 m | 1.1 bn | 1.0 bn | 1.0 bn | 1.0 bn | 1.1 bn | 1.1 bn |
| Cost of revenue | 724.3 m | 678.2 m | 729.4 m | 727.7 m | 728.8 m | 712.3 m | 777.9 m | 772.4 m |
| Gross profit | 313.0 m | 291.1 m | 321.2 m | 318.2 m | 309.4 m | 316.9 m | 340.8 m | 331.4 m |
| SG&A | 193.0 m | 162.8 m | 191.7 m | 176.8 m | 186.4 m | 161.3 m | 174.7 m | 158.6 m |
| Operating income | 120.0 m | 128.3 m | 29.3 m | 141.5 m | 116.5 m | 155.6 m | 166.1 m | 172.8 m |
| Depreciation & amortisation | 24.9 m | 21.5 m | 22.3 m | 21.6 m | 23.1 m | 22.6 m | 24.2 m | 26.0 m |
| Interest expense | 12.3 m | 10.1 m | 10.5 m | 9.7 m | 10.1 m | 9.4 m | 9.4 m | 9.3 m |
| Pre-tax income | 105.7 m | 118.0 m | 19.0 m | 131.5 m | 109.1 m | 145.1 m | 162.5 m | 163.3 m |
| Income tax | 27.2 m | 30.8 m | 22.3 m | 30.4 m | -59.6 m | 37.1 m | 42.0 m | 41.8 m |
| Net income | 77.7 m | 87.3 m | -4.0 m | 99.0 m | 168.0 m | 108.0 m | 119.9 m | 121.1 m |
| Diluted EPS | 3.85 ≈ | 4.32 | -1.53 | 4.98 | 8.51 ≈ | 5.51 | 6.14 | 6.24 |
| Operating cash flow | 193.4 m | 65.1 m | 167.6 m ≈ | 112.5 m ≈ | 111.2 m | 103.5 m | 148.1 m ≈ | 100.5 m ≈ |
| Capex | 25.6 m | 30.3 m | 32.0 m ≈ | 41.9 m ≈ | 40.8 m | 34.6 m | 35.9 m ≈ | 45.6 m ≈ |
| Dividends paid | 12.0 m | 12.0 m | 13.6 m ≈ | 13.4 m ≈ | 13.4 m | 13.3 m | 14.9 m ≈ | 14.9 m ≈ |
| Share repurchases | 15.0 m | — | — | 25.8 m ≈ | 72.3 m | 57.6 m | 60.0 m ≈ | 82.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 3 percentile of its own 40-quarter history (min 13.8, median 25.6, max 43.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 2.8 bn | 2.9 bn | 3.5 bn | 4.3 bn | 4.2 bn | 4.1 bn | 4.1 bn |
| Revenue YoY | +0.4% | +0.4% | +4.6% | +20.9% | +24.1% | −3.9% | −2.4% | +0.7% |
| Net income | 107.7 m | 152.1 m | 142.1 m | 195.6 m | 250.9 m | 150.8 m | 348.3 m | 350.3 m |
| Net income YoY | −11.9% | +41.2% | −6.5% | +37.6% | +28.2% | −39.9% | +130.9% | +0.6% |
| Diluted EPS | 4.53 | 6.73 | 6.57 | 9.10 | 11.62 | 6.78 | 17.19 | 16.79 |
| Diluted EPS YoY | −11.4% | +48.6% | −2.4% | +38.5% | +27.7% | −41.7% | +153.5% | −2.3% |
| net % | 3.9% | 5.5% | 4.9% | 5.6% | 5.8% | 3.6% | 8.5% | 8.5% |
| Free cash flow | 81.0 m | 210.2 m | 209.6 m | -41.9 m | 233.0 m | 210.0 m | 493.2 m | 311.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 27 Dec 2025
- Cash
- 187.1 m USD
- Financial debt
- 795.7 m USD
- Net debt
- 608.5 m USD
- Equity
- 1.6 bn USD
- Total assets
- 3.4 bn USD
- Debt / equity
- 0.49x
- Current ratio
- 2.35x
- ROE
- 22.1%
- ROA
- 10.5%
- FCF margin
- 7.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.9 bn | 3.5 bn | 4.3 bn | 4.2 bn | 4.1 bn | 4.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 2.1 bn | 2.6 bn | 3.2 bn | 2.9 bn | 2.8 bn | 2.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 765.5 m | 883.9 m | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 21.4 m | 37.0 m | 46.0 m | 55.0 m | 59.0 m | 33.0 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 522.9 m | 590.6 m | 693.0 m | 768.4 m | 716.6 m | 717.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 226.0 m | 286.8 m | 433.2 m | 291.6 m | 524.6 m | 415.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 82.9 m | 92.6 m | 97.2 m | 98.7 m | 95.4 m | 88.5 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 308.8 m ≈ | 379.4 m ≈ | 530.4 m ≈ | 390.3 m ≈ | 620.0 m ≈ | 504.1 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 41.1 m | 42.6 m | 47.5 m | 56.8 m | 58.7 m | 40.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 192.8 m | 260.1 m | 363.9 m | 236.5 m | 468.7 m | 377.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 49.6 m | 61.4 m | 108.7 m | 90.1 m | 118.0 m | 23.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 142.1 m | 195.6 m | 250.9 m | 150.8 m | 348.3 m | 350.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 6.57 | 9.10 | 11.62 | 6.78 | 17.19 | 16.79 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 21.4 m | 21.5 m | 21.6 m | 21.2 m | 20.3 m | 19.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 1.80 | 2.00 | 2.20 | 2.40 | 2.40 | 2.72 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 400.7 m | 177.2 m | 185.4 m | 203.0 m | 164.3 m | 187.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | — | — | — | — | 654.4 m | 590.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 448.9 m | 728.8 m | 728.8 m | 658.4 m | 590.3 m | 566.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 1.6 bn | 1.7 bn | 1.8 bn | 1.8 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 597.7 m | 598.6 m | 595.6 m | 617.4 m | 589.0 m | 673.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 430.3 m | 708.6 m | 739.9 m | 633.0 m | 623.8 m | 571.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 167.2 m | 175.4 m | 176.6 m | 150.7 m | 134.1 m | 121.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 3.0 bn | 3.4 bn | 3.6 bn | 3.5 bn | 3.3 bn | 3.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 268.1 m | 347.8 m | 360.3 m | 358.3 m | 372.2 m | 359.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 2.7 m | 4.9 m | 1.2 m | 719.0 k | 692.0 k | 513.0 k | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 728.4 m | 947.1 m | 870.9 m | 1.1 bn | 729.9 m | 795.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 673.3 m | 765.9 m | 804.0 m | 723.1 m | 811.4 m | 731.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | — | — | 1.9 bn | 2.1 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 1.2 bn | 1.4 bn | 1.6 bn | 1.4 bn † | 1.5 bn † | 1.6 bn † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 316.3 m | 65.9 m | 326.3 m | 306.8 m | 572.7 m | 456.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 106.7 m | 107.8 m | 93.3 m | 96.8 m | 79.5 m | 145.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 209.6 m ≈ | -41.9 m ≈ | 233.0 m ≈ | 210.0 m ≈ | 493.2 m ≈ | 311.4 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -104.0 m | -417.3 m | -132.1 m | -115.3 m | -78.9 m | -142.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -173.8 m | 133.5 m | -181.9 m | -176.4 m | -522.6 m | -298.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 36.9 m | 41.4 m | 45.8 m | 49.5 m | 48.4 m | 52.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 56.5 m | 26.1 m | 40.5 m | 345.3 m | 70.1 m | 198.1 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 8.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Returns74
- Quality81
- Growth44
- Valuation50
- Balance sheet90
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 177.25 – 836.96 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)177.25 – 292.35 (Mid 221.55)WACC 9.0% · starting FCFF 340.7 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 25.4%
- Peers: EV/EBITDA240.28 – 413.28 (Mid 331.29)4 companies used · median multiple 9.9x · quartiles 7.4x – 12.1xACA, GFF, JBI, VATE
- Peers: P/E500.38 – 836.96 (Mid 618.62)4 companies used · median multiple 23.4x · quartiles 19.0x – 31.7xACA, GFF, JBI, PRLB
- Dividend discount (DDM)outside the aggregate35.74 – 48.07 (Mid 41.00)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 24.3% | 100 (on a fixed band) | 10% |
| Net margin · Quality | 12.1% | 88 (vs peers) | 6% |
| FCF conversion · Quality | 59.3% | 42 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -1.9% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 13.1% | 87 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.9x | 80 (vs peers) | 10% |
| Interest coverage · Balance sheet | 16.0x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 16.2x | 63 (on a fixed band) | 10% |
| EV/EBITDA · Valuation | 12.4x | 40 (vs peers) | 10% |
| FCF yield · Valuation | 3.8% | 47 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 4.0% | 57 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 18.4% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet90/100 · 3/3 factors with a value
- Growth44/100 · 2/2 factors with a value
- Quality81/100 · 3/3 factors with a value
- Returns74/100 · 2/2 factors with a value
- Valuation50/100 · 3/3 factors with a value
Memo
Valmont Industries, Inc. (VMI). Latest full fiscal year: 2025; data up to 2026-09-26.
Figures computed from the financial statements: revenue 4.1 bn USD in 2025; YoY growth 0.7%; net margin 12.1%; ROE 30.8%; net debt/EBITDA 0.9x.
The estimated value range is 240.28–413.28 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 331.29 USD, the price of 426.68 USD leaves a potential of -22.4% (value / price − 1) and a margin of safety of -28.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 24.3%
- Net margin: 12.1%
- EPS CAGR 3Y: 13.1%
- Net debt / EBITDA: 0.9x
- Interest coverage: 16.0x
- Current ratio: 2.4x
- Payout ratio (FCF): 18.4%
What contradicts it
- Revenue CAGR 3Y: -1.9%
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Fabricated metal products (SIC 344x) · same industry group (3-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| VMIValmont Industries, Inc. | 8.2 bn | 16.2 | 30.8% | 12.1% | +0.7% | +3% / +111% |
| ACAArcosa, Inc. | 7.3 bn | 14.9 | 17.9% | 17.9% | +12.2% | +46% / +116% |
| GFFGriffon Corporation | 4.7 bn | 26.6 | 185.4% | 6.5% | −3.9% | +39% / +124% |
| PRLBProto Labs, Inc. | 1.6 bn | 47.1 | 5.1% | 6.0% | +6.4% | +32% / +86% |
| SMRNUSCALE POWER Corp | 1.3 bn | — | -30.2% | -3,888.7% | −15.0% | −73% / +93% |
| JBIJanus International Group, Inc. | 667.2 m | 20.3 | 6.0% | 3.7% | unavailable | −21% / −54% |
| IMSRTerrestrial Energy Inc. | 316.7 m | — | -36.8% | — | unavailable | −68% / unavailable |
| VATEInnovate Corp. | 73.4 m | — | — | -1.5% | +12.5% | +4% / −49% |
| TPCSTechprecision Corp | 53.5 m | — | -15.4% | -3.7% | −7.0% | +17% / −13% |
| MTENMingteng International Corporation Inc. | 10.1 m | — | -11.7% | -15.3% | +15.3% | −100% / unavailable |
1- and 3-year price returns: for VMI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 241.50 Total return -43% · Per year -43% | 428.36 Total return 1% · Per year 1% | 647.15 Total return 53% · Per year 53% |
| 3 years | 205.27 Total return -50% · Per year -21% | 412.36 Total return -1% · Per year -0% | 688.09 Total return 64% · Per year 18% |
| 5 years | 174.47 Total return -57% · Per year -15% | 396.96 Total return -4% · Per year -1% | 731.63 Total return 76% · Per year 12% |
- Exit P/E± 103.09
- Net margin± 72.16
- Annual revenue growth± 63.10
- Annual dilution± 6.06
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Oct 2026; since then the company filed 10-Q (27 Oct 2026).
In brief
Valmont Industries is a diversified manufacturer of structures and solutions for infrastructure and agriculture, headquartered in Omaha, Nebraska. Net sales reached 4104.1 million USD in fiscal 2025, and in the third quarter of 2026 the company raised its adjusted EPS guidance on strong demand in its utility business.
SWOT
Strengths
Weaknesses
- The Agriculture segment is cyclical and saw volume declines in North America and South America 1.
- Exposure to steel and zinc prices can reduce margins, particularly on fixed-price infrastructure contracts 1.
- Operations in Brazil and Argentina carry credit and currency risks that produced losses and reserves in recent years 1.
Opportunities
- Electricity demand, data centers and grid modernization could expand the market for utility structures over the long term 1.
- If capacity investments translate into better productivity, Infrastructure margins could improve 3.
- Growing aftermarket parts and agricultural technology offerings could bring higher-margin revenue 3.
Threats
- Lower carrier spending and government budget constraints could weigh on sales in the short term 13.
- Trade tariffs and retaliatory measures could raise costs and reduce demand in agriculture 1.
- Currency swings could strongly affect reported results, since about 28% of sales are generated outside the U.S. 1.
Risks
- Customer cyclicalitymedium
End customers operate in cyclical industries, and cuts in utility or farm spending could reduce sales and operating profit 1.
- Raw material priceshigh
Higher steel, aluminum or zinc costs could reduce profitability if prices cannot be fully passed on to customers 13.
- Trade policymedium
Tariffs and retaliatory measures could raise costs and disrupt supply chains 1.
- Brazil credit riskmedium
Economic stress in Brazil could worsen receivable losses after reserves already recorded in fiscal 2025 1.
- Asset impairmentlow
Impairments of long-lived assets in fiscal 2025 show that certain lines, such as solar, may be reassessed if demand stays weak 1.
Investment thesis
What would need to be true (bull case)
- Demand from utilities and data centers appears durable, and North American growth could continue if capacity investments lift volumes 23.
- The raised adjusted EPS guidance suggests operating execution may exceed expectations, especially if margins improve 3.
- If steel and zinc costs stabilize, the company could recover margins through price actions and contractual pass-throughs 3.
What would break the thesis
- The Agriculture segment remains under pressure from farm income and tariffs, which could limit overall growth 13.
- Volatile steel and zinc prices could keep margins under pressure if pass-through to customers lags 13.
- Exposure to emerging markets and currency swings could affect reported results during periods of volatility 1.
What to watch
- Evolution of gross margin in Infrastructure as capacity ramps upQ4 2026
- Sales and adjusted EPS guidance for fiscal 20272027
- Trend in North American Telecommunications volumesQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Oct 2026; since then the company filed 10-Q (27 Oct 2026).
The business
In fiscal 2025, net sales were 4104.1 million USD, and approximately 28% of sales were generated outside the U.S. 1. In 2025 the company bought the remaining stakes in ConcealFab and Solbras and an additional share of Valmont Irrigation Argentina 1. Divestitures in 2024 included George Industries and the extractive business in Australia and New Zealand 1.
Segments
Agriculture
The Agriculture segment manufactures center pivot and linear irrigation equipment, service parts and technology solutions for precision agriculture, sold through independent dealers 1. Sales fell in fiscal 2025 on lower North American volumes, while North American sales grew in the third quarter of fiscal 2026 13.
Market context
Demand for utility structures is supported by grid upgrades, rising electricity consumption and data center construction 1. U.S. federal programs such as the IIJA and IRA support demand for lighting, traffic and highway safety products, although the timing of funds remains uncertain 1. The agricultural market is cyclical and depends on farm income, grain prices and weather 1.
Telecommunications demand weakened as carriers cut spending, bringing lower North American volumes in fiscal 2026 3. The solar market was reduced by exits from certain regional markets, and steel and zinc prices remain a pressure on margins 13.
Trends
- Grid investmenttailwind
Rising power consumption, an aging grid and renewable integration increase demand for transmission and distribution structures, which could support the Utility line if investment continues.
- Raw material costsheadwind
Volatile steel, aluminum and zinc prices can erode margins, especially on fixed-price contracts, although the company seeks to recover costs through price actions.
- Farm incomemixed
Net farm income, crop prices and trade policy shape irrigation demand, which makes the Agriculture segment sensitive to economic cycles.
- Carrier spendingmixed
Lower carrier investment brought smaller volumes, but continued 5G network expansion remains a long-term driver for telecommunications products.
Competitive position
In North America several companies offer irrigation products, and the company regards itself as the leader among the main participants, with competition based on durability, price and dealer service 1. In infrastructure, contracts are often awarded through competitive bidding, and pricing pressure rises when demand is weak 1.
The coatings market is fragmented, with many smaller private companies, and in solar the company competes mainly with other mid-sized participants 1. Internationally, competition includes both large U.S. companies and privately owned local businesses 1.
- North American irrigation competitors
The company refers to several competitors in mechanized irrigation in North America without naming them 1.
- Major U.S. companies in international markets
The sources describe large U.S. companies active in international markets without naming them 1.
- Privately owned local businesses
In many foreign markets and in coatings, private local businesses compete, mainly on price 1.
- Mid-sized solar participants
In solar the company competes mainly with other mid-sized participants, not individually named 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report27 Oct 2026
- Current report20 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report28 Jul 2026
- Current report28 Jul 2026Departure or appointment of officers
- Current report21 Jul 2026Results of operations · Financial statements and exhibits
- Current report16 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report28 Apr 2026
- Current report21 Apr 2026Results of operations · Financial statements and exhibits
- Current report15 Apr 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-27 · SEC / Valmont Industries, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Valmont Industries, Inc. · 28 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Valmont Industries, Inc. · 20 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.