USLM
United States Lime & Minerals, Inc.Basic Materials·Construction Materials
$113.99
$3.3B market cap
Revenue
$175.8M
Free Cash Flow
$39.4M
Rev Growth
+0.0%
FCF Margin
22.4%
P/FCF
83.0x
EV/FCF
73.4x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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 s
2-Year Price History
$106.04+55.3%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 87.8 | 35.8 | 35.8 | 30.6 | 32.1 | 13.7 | -18.3 | 383.2 | 3.6 | 28.8 | 46.4% | -- | -- |
| Act | 2025-Q4 | 87.9 | 42.7 | 36.0 | 30.6 | 45.6 | 25.7 | -19.9 | 371.1 | 4.0 | 28.7 | 51.7% | -- | -- |
Valuation & Metrics
Market Stats
Price$113.99
Market Cap$3.3B
Enterprise Value$2.9B
P/S Ratio18.6x
P/FCF83.0x
EV/FCF73.4x
FCF Margin (TTM)22.4%
FCF Yield1.2%
Dividend Yield (TTM)0.3%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$175.8M
Net Income$61.1M
Free Cash Flow$39.4M
Revenue Growth (YoY)+0.0%
EBITDA Margin44.7%
Net Margin34.8%
FCF Margin22.4%
CapEx % of Revenue21.8%
SBC % of Revenue1.0%
ROIC49.0%
WC Change % Rev10.2%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.5M
Days to Cover3.4
Change (vs Prior)+4.2%
Need at least 2 settlement dates for chart
Employees
Headcount345
Revenue / Employee$509,487
Gross Profit / Employee$243,026
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
23.4%(+9.4% YoY)
219 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
13.7%(+4.0% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.4%(-0.1% YoY)
6 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $113M | $97.32 | −$19.7M | −$22.5M | -0.2% | $5.69T |
| DIMENSIONAL FUND ADVISORS LPPassive | $97.6M | $97.27 | −$738K | −$9.3M | -0.4% | $480.92B |
| RENAISSANCE TECHNOLOGIES LLC | $80.3M | $96.88 | −$3.2M | −$19.7M | +1.2% | $63.91B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $59.6M | $130.54 | +$59.6M | +$59.6M | — | $4.04T |
| FIRST TRUST ADVISORS LP | $57.7M | $112.12 | +$26.5M | +$51.1M | +0.1% | $139.72B |
| Select Equity Group, L.P. | $53.0M | $112.56 | +$5.0M | +$8.6M | -1.1% | $18.77B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $46.3M | $97.85 | +$1.6M | +$3.9M | +2.3% | $1.61T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $43.2M | $130.54 | +$43.2M | +$43.2M | — | $1.91T |
| T. Rowe Price Investment Management, Inc. | $42.7M | $130.95 | +$107K | +$42.7M | -1.3% | $145.22B |
| GOLDMAN SACHS GROUP INC | $39.5M | $112.31 | −$3.1M | +$1.1M | -0.2% | $760.93B |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $37.9M | $97.84 | +$5.2M | +$5.9M | +1.7% | $73.71B |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $37.4M | $94.91 | +$1.7M | −$127K | -0.4% | $30.11B |
| STATE STREET CORPPassive | $30.8M | $97.00 | −$237K | −$1.0M | -0.2% | $2.89T |
| ArrowMark Colorado Holdings LLC | $26.1M | $131.31 | +$942K | +$26.1M | -4.3% | $3.74B |
| Copeland Capital Management, LLC | $18.8M | $129.16 | −$5.5M | +$18.8M | -1.3% | $4.50B |
| Invesco Ltd. | $16.1M | $100.47 | +$891K | +$5.6M | -0.2% | $652.04B |
| NORTHERN TRUST CORPPassive | $15.2M | $103.80 | −$967K | +$1.1M | -0.2% | $755.34B |
| ROYCE & ASSOCIATES LP | $11.9M | $95.61 | +$4.4M | −$20.2M | -0.9% | $10.09B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $11.5M | $99.62 | −$43K | −$1.6M | +0.7% | $645.81B |
| ALGERT GLOBAL LLC | $11.3M | $115.60 | −$731K | +$3.4M | +0.1% | $6.63B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.19%
avg per quarter
Holders (ex-self)
-0.19%
excl. this stock
Buyers (this Q)
-0.28%
104 buyers · $0.24B in
Sellers (this Q)
-0.79%
93 sellers · $0.02B out
alpha coverage: 90% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+12.6%
how holders react when this stock falls
On quiet Qs
+12.0%
−10% to +10% baseline
On rallies (+10%+)
+9.2%
how they react when this stock rises
Holders' portfolio flow this Q
+0.6%
inflows — adds are organic
Sellers' portfolio flow this Q
-2.2%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.8%
Holder mid (any stock)
-4.6%
Holder rally (any stock)
-6.4%
Biggest decreases this quarter
BlackRock, Inc.−$19.7Mα-0.2Copeland Capital Management, LLC−$5.5Mα-1.3Estuary Capital Management LPexited−$5.1MRENAISSANCE TECHNOLOGIES LLC−$3.2Mα+1.2GOLDMAN SACHS GROUP INC−$3.1Mα-0.2DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurtexited−$2.8MHRT FINANCIAL LPexited−$1.9MNORTHERN TRUST CORP−$967Kα-0.2Ellsworth Advisors, LLCexited−$848KDIAMOND HILL CAPITAL MANAGEMENT INC−$812Kα-1.4
New buyers this quarter
Top-5 holders · 35.8%
BlackRock, Inc.--
DIMENSIONAL FUND ADVISORS LP--
RENAISSANCE TECHNOLOGIES LLC--
VANGUARD CAPITAL MANAGEMENT LLC--
FIRST TRUST ADVISORS LP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
RENAISSANCE TECHNOLOGIES LLC614KTHRIVENT FINANCIAL FOR LUTHERANS—MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.290KFIRST TRUST ADVISORS LP442KSelect Equity Group, L.P.406KWILLIAM BLAIR INVESTMENT MANAGEMENT, LLC286KT. Rowe Price Investment Management, Inc.327KGOLDMAN SACHS GROUP INC302KROYCE & ASSOCIATES LP91KArrowMark Colorado Holdings LLC200K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$138.002110.0%
Last Year (1 analysts)$138.002110.0%
Current Price$113.99
Analyst Ratings
1
Buy: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$4.92M
3 txns · 2 insiders · 40,802 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-03 | SELL | Duhe Sandra C | director | 1,277 | $120.45 | $154K | $271K |
| 2025-09-04 | SELL | BYRNE TIMOTHY W | director, officer: President & CEO | 12,100 | $119.50 | $1.45M | $10.33M |
| 2025-09-03 | SELL | BYRNE TIMOTHY W | director, officer: President & CEO | 27,425 | $121.05 | $3.32M | $11.93M |
Order Flow (FINRA, ~3w lag)
12.4%retail+1.1pp
17.9%dark-2.7pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
United States Lime & Minerals: Mature Reporting Profile with Minimal Forensic Red Flags
Overall Risk
2/10
Fraud
1/10
Dilution
1/10
Insolvency
1/10
Earnings Overstated
1/10
Hidden Liabilities
1/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
2/10
Contextually Acceptable
10/10