VALMONT INDUSTRIES INC

Listed Company

VMICIK 0000102729NYSELarge AcceleratedFabricated Structural Metal ProductsDelawareFY ends Dec 26

Period

FY 2025

Revenue

$4.10B

Net Income

$350.27M

Total Assets

$3.37B

Equity

$1.63B

Shares Out

19.41M

Op. Cash Flow

$456.48M

Business

Valmont Industries Inc is a diversified manufacturer serving infrastructure and agriculture markets. It produces steel, concrete and composite structures for utilities, lighting, transportation and telecommunications; coatings and galvanizing services; single-axis solar trackers; and center pivot and linear irrigation systems, tubular products, precision agriculture technology and aftermarket parts. Its reportable segments are Infrastructure and Agriculture, with other activities disclosed separately. It distributes products via direct sales, commissioned agents, multiple warehouses and an independent dealer network across North America and international markets.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	4,104	4,075	4,175	4,345	3,502
Total cost of sales	2,864	2,834	2,939	3,219	2,618
Gross profit	1,240	1,241	1,236	1,126	884
Selling, general, and administrative expenses	718	717	768	693	591
Impairment of long-lived assets	91	—	141	—	—
Realignment charges	15	—	35	—	—
Operating income	416	525	292	433	287
Interest expense	−41	−59	−57	−48	—
Interest income	8	7	6	2	1
Gain on deferred compensation investments	4	4	4	−3	—
Gain (loss) on divestitures	—	−4	3	−33	—
Other	−9	−4	−11	13	13
Total other expenses	−38	−56	−55	−69	−27
Earnings before income taxes and equity method investment loss	378	469	236	364	260
Current	43	143	109	110	61
Deferred	−19	−25	−19	−1	71,000
Total income tax expense	24	118	90	109	61
Earnings before equity method investment loss	354	351	146	255	199
Equity method investment loss	−90,000	−79,000	−1	−950,000	−944,000
Net earnings	354	351	145	254	198
Loss (earnings) attributable to redeemable noncontrolling interests	−3	−2	6	−3	−2
Net earnings attributable to Valmont Industries, Inc.	350	348	151	251	196
Basic	16.91	17.31	6.85	11.77	9.23
Diluted	16.79	17.19	6.78	11.62	9.1

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	187	164	203	185	177
Receivables, less allowance of $54,991 and $30,408, respectively	590	654	—	—	—
Inventories	566	590	658	729	729
Contract assets	267	187	176	175	143
Income taxes receivable	38	5	—	—	—
Prepaid expenses and other current assets	71	82	92	88	84
Total current assets	1,720	1,683	1,788	1,781	1,713
Property, plant, and equipment, at cost	1,641	1,502	1,513	1,433	1,422
Less accumulated depreciation	−967	−913	−896	−838	823
Property, plant, and equipment, net	674	589	617	596	599
Goodwill	571	624	633	740	709
Other intangible assets, net	121	134	151	177	175
Defined benefit pension asset	40	47	15	24	—
Operating lease right-of-use assets	140	147	—	—	—
Deferred compensation investments	30	27	—	—	—
Non-current deferred tax asset	58	38	—	—	—
Other non-current assets	17	41	273	240	252
Total assets	3,369	3,330	3,477	3,557	3,447
Current installments of long-term debt	513,000	692,000	719,000	1	5
Notes payable to banks	—	2	3	6	13
Mandatorily redeemable financial instrument	9	—	—	—	—
Accounts payable	360	372	358	360	348
Accrued employee compensation and benefits	128	143	131	124	145
Contract liabilities	52	127	71	173	136
Other accrued expenses	157	132	147	124	109
Income taxes payable	13	23	—	4	—
Dividends payable	13	12	12	12	11
Total current liabilities	732	811	723	804	766
Deferred income taxes	5	6	21	41	48
Long-term debt, excluding current installments	795	730	1,108	871	947
Operating lease liabilities	130	135	163	155	148
Deferred compensation liabilities	30	27	33	30	35
Other non-current liabilities	35	27	13	13	90
Total liabilities	1,727	1,736	2,060	1,915	—
Redeemable noncontrolling interests	9	52	63	61	—
Common stock of $1 par value, authorized 75,000,000 shares; issued 27,900,000 shares	28	28	28	28	28
Retained earnings	3,156	2,941	2,644	2,593	2,394
Accumulated other comprehensive loss	−291	−333	−273	−275	−263
Treasury stock	−1,261	−1,094	−1,044	−765	—
Total shareholders' equity	1,633	1,542	1,354	1,581	1,387
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	3,369	3,330	3,477	3,557	3,447

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	89	95	99	97	93
Contribution to defined benefit pension plan	−3	−20	−17	−17	−2
Stock-based compensation	24	30	39	42	29
Net periodic pension cost	1	640,000	249,000	−10	−15
Loss (gain) on sale of property, plant, and equipment	−545,000	8	973,000	237,000	−961,000
Other, net	3	—	—	—	—
Receivables	82	−29	−46	−74	−69
Inventories	39	46	88	−3	−290
Contract assets	−80	−12	−1	−53	−22
Prepaid expenses and other assets (current and non-current)	22	613,000	−26	27	−36
Accounts payable	−26	25	−11	37	89
Contract liabilities (current and non-current)	−81	64	−107	−567,000	7
Accrued expenses	4	8	23	624,000	31
Current income taxes	−43	19	14	11	6
Other non-current liabilities	−79,000	8	−14	−17	20
Net cash flows from operating activities	456	573	307	326	66
Purchases of property, plant, and equipment	−145	−79	−97	−93	−108
Proceeds from divestitures, net of cash divested	—	4	6	—	—
Proceeds from sales of assets	2	643,000	2	2	2
Proceeds from property damage insurance claims	1	—	7	—	—
Acquisitions, net of cash acquired	—	—	−33	−39	−313
Other, net	−1	−4	−1	−1	1
Net cash flows from investing activities	−143	−79	−115	−132	−417
Proceeds from short-term borrowings	3	15	31	10	6
Repayments on short-term borrowings	−4	−17	−34	−17	−26
Proceeds from long-term borrowings	216	30	370	254	312
Principal repayments on long-term borrowings	−152	−408	−135	−336	−91
Proceeds from settlement of financial derivatives	—	3	—	4	—
Dividends paid	−52	−48	−50	−46	−41
Dividends to redeemable noncontrolling interests	−698,000	−664,000	−662,000	−714,000	0
Purchases of redeemable noncontrolling interests	−102	−18	—	−7	0
Repurchases of common stock	−198	−70	−345	−40	−26
Proceeds from exercises under stock plans	6	7	6	17	24
Tax withholdings on exercises under stock plans	−13	−13	−19	−18	−22
Other, net	−2	−2	—	—	—
Net cash flows from financing activities	−299	−523	−176	−182	134
Effect of exchange rate changes on cash and cash equivalents	8	−10	3	−4	−6
Net change in cash and cash equivalents	23	−39	18	8	−223
Interest paid	39	58	56	47	—
Income taxes paid	84	126	104	93	—

Filings

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