United States Lime & Minerals, Inc.

Rank #290Hypergrowth

USLM · Nasdaq · Basic Materials

United States Lime & Minerals, Inc. (USLM) — Rank #290 by gross profitability (GP/assets 0.24) · ROE 19.3% · Piotroski F-Score 6 / 9.

As-of 2026-09-15 · CIK 0000082020 · all metrics point-in-time as of the filing date.

About

United States Lime & Minerals, Inc. manufactures and supplies lime and limestone products in the United States.

It extracts limestone from open-pit quarries and an underground mine, and processes it as pulverized limestone, quicklime, hydrated lime, and lime slurry. The company supplies its products primarily to the construction customers, including highway, road, and building contractors; industrial customers, such as paper and glass manufacturers; environmental customers comprising municipal sanitation and water treatment facilities, and flue gas treatment processes; oil and gas services companies; roof shingle manufacturers; and poultry producers, as well as steel producers. In addition, the company has various royalty interests with respect to oil and gas rights in natural gas wells located in Johnson County, Texas in the Barnett Shale Formation.

The company was incorporated in 1950 and is headquartered in Dallas, Texas. United States Lime & Minerals, Inc. is a subsidiary of Inberdon Enterprises Ltd.

Industry: Building Materials
Sector: Basic Materials
State: TX
Filer Category: Large accelerated filer
Fiscal Year End: December 31
Website: uslm.com

Price History

USLM+309.8% · +32.6% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$3.34B

P/E (annual)

24.9

P/S (annual)

9.0

P/B

4.8

P/OCF (annual)

20.2

Shareholder Yield

-413.9%

Employees

346

Industry

Building Materials

Exchange

Nasdaq

Signal Flags

3 green2 yellow

Revenue growth acceleratingGrowth rate increasing year over year

Operating leverage expandingOperating income growing faster than revenue

Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak

Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass

GP / assets

0.24

Return on equity

19.3%

Gross margin trend

PASS

Safety

1/1 pass

Balance-sheet safety

PASS

Debt / equity

0.07

Current ratio

27.54×

Net cash

$402.64M

Cash Flow

2/3 pass

Positive FCF

PASS

Cash-backed earnings

WARN

Accruals healthy

PASS

SBC / revenue

2.2%

Growth

1/2 pass

Revenue growth

157.3%

Piotroski F-Score

6 / 9

Share dilution

414.1%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

14.4%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 414.1% — per-share value needs a total required return of 428.5% once share-count change is priced in.

vs. own 6-year median revenue growth: 5.3%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

9.7%

r = 10% (base)

14.4%

r = 12%

18.5%

Net debt / market cap: -12.0%

Base FCF: $102.3M3Y mean FCF: -$15M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

4.1xFair

3.0xmed 4.1x5.6x

P / S

Price / revenue per share

0.8xExpensive

0.6xmed 0.6x1.0x

P / B

Price / book value per share

0.6xExpensive

0.4xmed 0.5x0.6x

P / GP

Price / gross profit per share

2.6xFair

2.2xmed 2.5x3.3x

P / FCF

Price / free cash flow per share

4.9xFair

3.8xmed 4.7x6.3x

Earnings bubble check

Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.

Revenue growth63.0% now vs -0.3%–63.0% 10yr range

2.0σ above average

Disclosure regression check

A previously-disclosed line item is no longer reported. Worth checking the filing for why.

Interest expenseCost structure

last seen FY2019

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.24

Primary signal (Novy-Marx).

1st of 6 SIC 1400 peers

Return on equity

19.3%

Gross margin

48.9%

1st of 6 SIC 1400 peers

Revenue growth (YoY)

157.3%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

	2018	2020	2021	2022
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

16.4%

Revenue CAGR (5Y)

18.3%

Earnings CAGR (3Y)

43.5%

FCF CAGR (3Y)

39.7%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.07

1st of 6 SIC 1400 peers (best = lowest)

Current ratio

27.54×

1st of 6 SIC 1400 peers

Quick ratio

25.52×

Net cash

$402.64M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$102.27M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.24

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

2.2%

Stock-based comp intensity.

Dividend safety

Composite score

3.8 / 5

Good

Payout ratio

5.1%5/5 Strong

FCF coverage

14.88×5/5 Strong

Dividend growth streak

5 yr3/5 Good

Balance-sheet health

D/E 0.07 · IC N/A2/5 Fair

Piotroski F-Score

F-Score

6 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

2016-2018

2020

2021-2022

20162022

Value

Capital Return

Hypergrowth

View full financial statements →