olivLaw · US equity research
United States Lime & Minerals, Inc. USLM
Mining & Quarrying of Nonmetallic Minerals (No Fuels) · SIC 1400 · Vertical: Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400)
United States Lime & Minerals is a U.S. producer of lime and limestone with plants in several central and southern states, selling mainly to construction, steel and environmental customers. The company reported revenues of 372.7 mn USD for fiscal 2025 and kept growing into the first half of 2026, which makes it of interest to investors watching infrastructure demand and new investment in Texas.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, United States Lime & Minerals, Inc. (USLM) stock was 123.38 USD (+1.93% on the day), with market capitalisation 3.5 bn USD, P/E 26.6 on diluted EPS of 4.64 USD over the last 12 months, dividend yield 0.19%, beta 1.17, 52-week range 97.49–139.46 USD. Latest reported quarter (Q3 2026): revenue of 106.2 m USD (+4.1% YoY), net income of 38.0 m USD (−1.9% YoY), diluted EPS 1.32 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)
- 71.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 100.44 – 120.60
- above the upper band · %B 1.14 · band width 18.2%
- SMA 50 / 200
- 112.82 / 114.91
- mixed trend
- MACD (12, 26, 9)
- 2.00 / 0.19
- MACD above 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 | +11.4% | −1.1% | +12.5 pp | — |
| 3 months | +4.7% | −0.5% | +5.2 pp | — |
| 6 months | +15.3% | +4.4% | +10.9 pp | — |
| Year to date | +3.0% | +12.3% | −9.3 pp | — |
| 1 year | +11.1% | +13.5% | −2.4 pp | −13.2% |
| 3 years | +202.0% | +76.4% | +125.6 pp | +17.2% |
| 5 years | +361.1% | +63.7% | +297.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 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 | 80.1 m | 91.3 m | 91.5 m | 102.0 m | 87.9 m | 87.8 m | 99.1 m | 106.2 m |
| Cost of revenue | 44.6 m | 45.1 m | 49.6 m | 49.8 m | 45.8 m | 46.1 m | 52.4 m | 55.4 m |
| Gross profit | 35.4 m | 46.2 m | 41.9 m | 52.2 m | 42.2 m | 41.8 m | 46.7 m | 50.8 m |
| SG&A | 4.4 m | 6.3 m | 6.2 m | 5.9 m | 6.2 m | 6.0 m | 6.1 m | 6.1 m |
| Operating income | 31.1 m | 39.9 m | 35.7 m | 46.3 m | 36.0 m | 35.8 m | 40.7 m | 44.7 m |
| Depreciation & amortisation | 6.0 m | 6.1 m | 6.2 m ≈ | 6.2 m ≈ | 6.7 m | 6.6 m | 6.4 m ≈ | 6.4 m ≈ |
| Pre-tax income | 34.2 m | 43.0 m | 38.8 m | 49.7 m | 39.6 m | 39.0 m | 44.0 m | 48.5 m |
| Income tax | 7.2 m | 8.9 m | 8.0 m | 10.9 m | 9.0 m | 8.4 m | 9.5 m | 10.5 m |
| Net income | 27.0 m | 34.1 m | 30.8 m | 38.8 m | 30.5 m | 30.6 m | 34.5 m | 38.0 m |
| Diluted EPS | 0.94 ≈ | 1.19 | 1.07 | 1.35 | 1.06 ≈ | 1.06 | 1.20 | 1.32 |
| Operating cash flow | 38.6 m | 39.4 m | 34.0 m ≈ | 45.9 m ≈ | 45.6 m | 32.1 m | 39.1 m ≈ | 52.2 m ≈ |
| Capex | 11.0 m | 14.9 m | 13.3 m ≈ | 14.7 m ≈ | 19.9 m | 18.3 m | 17.9 m ≈ | 14.0 m ≈ |
| Dividends paid | 1.4 m | 1.7 m | 1.7 m ≈ | 1.7 m ≈ | 1.7 m | 1.7 m | 1.7 m ≈ | 1.7 m ≈ |
| Share repurchases | 3.3 m | 424.0 k | 0 ≈ | 0 ≈ | 2.3 m | 370.0 k | 0 ≈ | 0 ≈ |
≈ 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 90 percentile of its own 40-quarter history (min 2.7, median 4.5, max 35.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 144.4 m | 158.3 m | 160.7 m | 189.3 m | 236.2 m | 281.3 m | 317.7 m | 372.7 m |
| Revenue YoY | −0.3% | +9.6% | +1.5% | +17.8% | +24.8% | +19.1% | +12.9% | +17.3% |
| Net income | 19.7 m | 26.1 m | 28.2 m | 37.0 m | 45.4 m | 74.5 m | 108.8 m | 134.3 m |
| Net income YoY | −27.5% | +32.4% | +8.3% | +31.3% | +22.6% | +64.1% | +46.0% | +23.4% |
| Diluted EPS | 3.51 | 4.64 | 5.00 | 6.54 | 1.60 | 2.61 | 3.79 | 4.67 |
| Diluted EPS YoY | −27.8% | +32.2% | +7.8% | +30.8% | −75.5% | +63.1% | +45.2% | +23.2% |
| net % | 13.6% | 16.5% | 17.6% | 19.6% | 19.2% | 26.5% | 34.3% | 36.0% |
| Free cash flow | -15.0 m | 19.9 m | 41.4 m | 25.8 m | 37.5 m | 58.0 m | 98.6 m | 102.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 371.1 m USD
- Financial debt
- 0 USD
- Net debt
- -371.1 m USD
- Equity
- 630.8 m USD
- Total assets
- 681.0 m USD
- Debt / equity
- 0.00x
- Current ratio
- 19.27x
- ROE
- 23.8%
- ROA
- 21.9%
- FCF margin
- 27.4%
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 | 160.7 m | 189.3 m | 236.2 m | 281.3 m | 317.7 m | 372.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 113.1 m | 130.0 m | 165.8 m | 178.5 m | 173.7 m | 190.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 47.6 m | 59.3 m | 70.3 m | 102.9 m | 144.0 m | 182.4 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 12.2 m | 12.8 m | 15.6 m | 17.4 m | 19.1 m | 24.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 33.9 m | 46.4 m | 54.8 m | 85.4 m | 124.9 m | 157.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 19.6 m | 20.9 m | 22.2 m | 23.8 m | 24.2 m | 25.2 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 53.5 m ≈ | 67.3 m ≈ | 77.0 m ≈ | 109.2 m ≈ | 149.1 m ≈ | 183.1 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 248.0 k | 250.0 k | 254.0 k | — | — | — | SEC (XBRL)· 23 Feb 2023verified |
| Pre-tax income | 34.1 m | 46.5 m | 56.6 m | 93.4 m | 136.4 m | 171.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 5.8 m | 9.5 m | 11.1 m | 18.8 m | 27.5 m | 36.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 28.2 m | 37.0 m | 45.4 m | 74.5 m | 108.8 m | 134.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 5.00 | 6.54 | 1.60 | 2.61 | 3.79 | 4.67 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 5.6 m | 5.7 m | 28.4 m | 28.5 m | 28.7 m | 28.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.64 | 0.64 | 0.16 | 0.16 | 0.20 | 0.24 | SEC (XBRL)· 26 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 | 83.6 m | 105.4 m | 133.4 m | 188.0 m | 278.0 m | 371.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 23.0 m | 26.7 m | 33.6 m | 38.1 m | 44.0 m | 47.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 15.2 m | 15.1 m | 19.6 m | 24.3 m | 27.7 m | 30.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 124.0 m | 150.4 m | 190.0 m | 255.0 m | 354.8 m | 455.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 152.5 m | 162.2 m | 172.0 m | 179.8 m | 182.9 m | 221.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 279.1 m | 316.2 m | 367.8 m | 440.6 m | 543.2 m | 681.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 4.6 m | 5.4 m | 7.7 m | 7.4 m | 8.8 m | 14.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 11.6 m | 11.2 m | 15.5 m | 17.5 m | 17.0 m | 23.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 35.9 m | 38.0 m | 46.7 m | 47.5 m | 45.4 m | 50.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 243.2 m † | 278.2 m † | 321.1 m † | 393.1 m † | 497.7 m † | 630.8 m † | SEC (XBRL)· 26 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 | 58.6 m | 55.7 m | 64.4 m | 92.3 m | 126.0 m | 165.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 17.1 m | 29.9 m | 26.8 m | 34.3 m | 27.4 m | 62.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 41.4 m ≈ | 25.8 m ≈ | 37.5 m ≈ | 58.0 m ≈ | 98.6 m ≈ | 102.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -25.2 m | -29.6 m | -31.2 m | -32.0 m | -26.9 m | -62.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -4.1 m | -4.3 m | -5.2 m | -5.7 m | -9.1 m | -9.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 3.6 m | 3.6 m | 4.5 m | 4.6 m | 5.7 m | 6.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 557.0 k | 731.0 k | 767.0 k | 1.3 m | 3.5 m | 2.7 m | SEC (XBRL)· 26 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
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 72 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet91
- Valuation45
- Quality90
- Growth100
- Returns42
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: 71.64 – 155.14 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)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA71.64 – 155.14 (Mid 131.10)7 companies used · median multiple 18.1x · quartiles 8.8x – 21.9xCMP, KNF, LEU, MLM, SND, TTAM, VMC
- Peers: P/E78.57 – 153.73 (Mid 116.85)10 companies used · median multiple 25.2x · quartiles 16.9x – 33.1xCMP, HL, IPI, KNF, LEU, MLM, SND, SQM, TTAM, VMC
- Dividend discount (DDM)outside the aggregate3.15 – 4.24 (Mid 3.62)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 72/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 44.9% | 100 (vs peers) | 11% |
| Net margin · Quality | 35.1% | 100 (vs peers) | 7% |
| FCF conversion · Quality | 73.9% | 63 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 16.4% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 42.9% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -2.4x | 88 (vs peers) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 22.3x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 26.6x | 40 (vs peers) | 11% |
| EV/EBITDA · Valuation | 16.9x | 57 (vs peers) | 11% |
| FCF yield · Valuation | 2.8% | 35 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.3% | 4 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 7.0% | 100 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet91/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality90/100 · 3/3 factors with a value
- Returns42/100 · 2/2 factors with a value
- Valuation45/100 · 3/3 factors with a value
Memo
UNITED STATES LIME & MINERALS INC (USLM). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 372.7 m USD in 2025; YoY growth 17.3%; net margin 35.1%; ROE 20.0%; net debt/EBITDA -2.4x.
The estimated value range is 75.10–154.44 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 123.97 USD, the price of 123.38 USD leaves a potential of 0.5% (value / price − 1) and a margin of safety of 0.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 72/100, 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: 44.9%
- Net margin: 35.1%
- Revenue CAGR 3Y: 16.4%
- EPS CAGR 3Y: 42.9%
- Net debt / EBITDA: -2.4x
- Current ratio: 22.3x
- Payout ratio (FCF): 7.0%
What contradicts it
- Shareholder yield (distributions): 0.3%
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400) · same industry (4-digit SIC) · compared with 18 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 | |
|---|---|---|---|---|---|---|
| MLMMartin Marietta Materials, Inc. | 39.6 bn | 14.7 | 16.8% | 31.9% | +8.6% | −11% / +20% |
| VMCVulcan Materials Company | 38.2 bn | 35.2 | 12.9% | 13.8% | +7.1% | +0% / +39% |
| SQMChemical & Mining Co Of Chile Inc | 15.1 bn | 24.0 | 14.3% | 15.1% | −39.4% | −11% / +15% |
| HLHecla Mining Company | 10.0 bn | 26.7 | 14.5% | 21.0% | +53.0% | −11% / +200% |
| IONRIoneer Ltd | 7.2 bn | — | -4.3% | — | unavailable | −44% / −35% |
| USLMUnited States Lime & Minerals Inc | 3.5 bn | 26.6 | 20.0% | 35.1% | +17.3% | +11% / +202% |
| KNFKnife River Corporation | 3.5 bn | 26.3 | 8.0% | 4.0% | +8.5% | −17% / +4% |
| TTAMTitan America SA | 2.6 bn | 14.2 | 20.8% | 11.1% | +1.8% | −12% / unavailable |
| UUUUEnergy Fuels Inc. | 1.9 bn | — | -14.1% | -100.0% | −15.6% | −50% / −10% |
| LEUCentrus Energy Corp | 1.3 bn | 42.2 | 8.1% | 10.2% | +1.5% | −64% / +85% |
| CMPCompass Minerals International, Inc. | 976.5 m | 54.2 | 7.2% | 1.4% | +11.3% | +22% / −4% |
| GAUGaliano Gold Inc. | 540.4 m | — | -12.7% | -6.5% | +93.6% | −14% / +220% |
| IPIIntrepid Potash, Inc. | 418.0 m | 17.1 | 4.8% | 8.0% | +17.1% | +24% / +52% |
| SNDSmart Sand, Inc. | 185.3 m | 16.9 | 4.4% | 2.7% | +6.0% | +48% / +124% |
| ABATAmerican Battery Technology Company | 183.9 m | — | -74.5% | -337.5% | +406.8% | −66% / −70% |
| ATLXAtlas Lithium Corporation | 52.1 m | — | -103.0% | -33,954.4% | −86.1% | −65% / −93% |
| LGOLargo Inc. | 27.7 m | — | -46.4% | -62.3% | −12.0% | −67% / −84% |
| ELVRElevra Lithium Limited | — | — | -54.2% | -131.8% | +11.2% | −40% / unavailable |
| TECKTeck Resources Limited | — | — | 5.5% | 13.0% | +18.7% | +50% / +71% |
1- and 3-year price returns: for USLM 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 | 80.92 Total return -34% · Per year -34% | 142.41 Total return 16% · Per year 16% | 213.61 Total return 73% · Per year 73% |
| 3 years | 95.98 Total return -22% · Per year -8% | 188.33 Total return 53% · Per year 15% | 307.60 Total return 150% · Per year 36% |
| 5 years | 113.85 Total return -7% · Per year -1% | 249.07 Total return 103% · Per year 15% | 442.94 Total return 261% · Per year 29% |
- Exit P/E± 47.08
- Net margin± 32.96
- Annual revenue growth± 24.58
- Annual dilution± 2.77
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 30 Jul 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (30 Oct 2026).
In brief
United States Lime & Minerals is a U.S. producer of lime and limestone with plants in several central and southern states, selling mainly to construction, steel and environmental customers. The company reported revenues of 372.7 mn USD for fiscal 2025 and kept growing into the first half of 2026, which makes it of interest to investors watching infrastructure demand and new investment in Texas 123.
SWOT
Strengths
Weaknesses
- Profits are very sensitive to changes in sales volumes, prices and costs, which makes results volatile 1.
- Freight costs are high relative to product value and have generally increased in recent years 1.
- Operations are geographically concentrated, exposing the company to regional weather and economic conditions 12.
Opportunities
Risks
- Dependence on construction demandhigh
A slowdown in construction or infrastructure projects could significantly reduce sales volumes 12.
- Volatile energy and transport costshigh
Rising fuel and freight costs could hurt margins if they cannot be passed on to customers 12.
- Operational risks at mines and plantsmedium
Equipment failures, extreme weather and accidents could interrupt production and shipments 1.
- Competitive pressuremedium
New entrants or multinational producers could force price reductions 1.
- Regulatory and environmental risklow
Policy changes on mining, environment and tariffs could raise compliance costs 1.
Investment thesis
What would need to be true (bull case)
- Rising revenues and volumes in 2025 and the first half of 2026 show that construction and steel demand can support results 123.
- Large limestone reserves and the absence of debt give room for investment and dividends 1.
- The new Texas kiln could improve margins if it runs as expected after summer 2026 23.
What would break the thesis
- Profits are highly sensitive to volumes and prices, so results can fluctuate sharply from quarter to quarter 1.
- The company could suffer if demand from coal-fired utilities and the roof shingle industry keeps declining 12.
- Fuel and freight costs are high and could compress margins if they cannot be fully passed on 12.
What to watch
- Start-up of the vertical kiln at Texas Lime and output of saleable quicklimesummer 2026
- Trend in volumes and prices in the third-quarter resultsQ3 2026
- Demand from data center projects and highway construction2027
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 30 Jul 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (30 Oct 2026).
The business
The company makes limestone and lime products, including crushed limestone, pulverized limestone, quicklime, hydrated lime and lime slurry, from open-pit quarries and underground mines in Texas, Arkansas, Oklahoma and Missouri 1. Operations form one reportable segment covering lime and limestone, all located in the United States 1. The company had no debt outstanding at December 31, 2025 and funds operations and dividends from cash and operating cash flow 1.
Market context
Demand in the company's markets depends on highway and infrastructure construction, steel demand and data center projects, which the company sees as support for construction demand in the coming period 23. Competition is regional and the main rivals are large private companies, so price, quality and proximity to customers remain decisive factors 1.
Trends
- Construction and data center demandtailwind
Data center projects and road infrastructure funding could support construction demand, although the timing and size of this increase remain uncertain 13.
- Declining coal-fired utility demandheadwind
The trend toward reducing reliance on coal-fired plants lowers demand from utility customers, a shrinking segment 1.
- Volatile energy and transport costsmixed
Prices of coal, petroleum coke, diesel and transport directly affect costs, and the company has not engaged in significant hedging 12.
- New vertical kiln at Texas Limetailwind
The new kiln could lower production costs and improve energy efficiency if it runs consistently and produces saleable quicklime after its start-up in summer 2026 13.
Competitive position
The lime and limestone industry is strongly regionalized, and competitors are mostly large private companies without U.S.-listed tickers 1. Recent increases in lime prices have made the company more open to new entrants and multinational competition 1.
- Multinational lime producers
Potential entrants into the company's markets, especially if lime prices stay high 1.
- New market entrants
New companies could seek existing customers, particularly in regions where prices have risen 1.
- Other limestone quarries in the region
Compete for construction and water treatment customer accounts, where proximity is decisive 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
- Diamond Hill Remains Bullish on United States Lime & Minerals (USLM) Despite Margin HeadwindsYahoo Finance — News · 03 Sept 2026 · EN
The latest news item in our archive is from 03 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report30 Oct 2026
- Current report30 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report04 May 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement27 Mar 2026
- Annual report26 Feb 2026
- Current report02 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / United States Lime & Minerals, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / United States Lime & Minerals, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / United States Lime & Minerals, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.