UNITED STATES LIME & MINERALS INC
USLM · Mining & Quarrying of Nonmetallic Minerals (No Fuels) · 28.7M shares · +50%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$2M (gross $1M, SBC $3M)
Reference price $120.45 · est. market cap ~$3.5B — last insider sale, 2026-03-03 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A89Exceptional regional lime producer with top-percentile margins and returns, fortress balance sheet, and pricing power.
Strengths
- Best-in-sector profitability: gross 49%, net 36%, operating 42% and ROA 19.7% — all at the 100th pct, ROE 21.3% (94th pct)
- Zero debt, $371M cash, current ratio 19, FCF margin 27% (90th pct) and 17% revenue growth on volume + price gains
Risks
- Single-product, regionalized commodity exposure with cyclical construction/steel/oil-and-gas demand
- High freight/energy cost sensitivity and recent price increases inviting new entrants
Notable findings
- Chronic dilutionShare count +50%/yr over 4y (dilution, book value/share -55%)
- Strong balance sheetStrong balance sheet — $371M cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
48.9%
Operating margin
42.4%
Net margin
36.0%
Return on equity
21.3%
Return on assets
19.7%
ROIC
19.8%
Revenue growth (QoQ)
-0.1%
Net-income growth
23.4%
Debt / equity
0.0×
Net debt / EBITDA
-2.0×
Current ratio
19.3×
Free cash flow
$102M
EBITDA
$183M
Tangible book value
$631M
Cash & investments
$371M
Stock comp / revenue
2.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-01 | Wolkenstein Jon A | Grant | 1.3K | $110.00 |
| 2026-05-01 | Weirich Lila R | Grant | 1.3K | $110.00 |
| 2026-05-01 | Duhe Sandra C | Grant | 1.3K | $110.00 |
| 2026-05-01 | CARDIN RICHARD W | Grant | 1.3K | $110.00 |
| 2026-05-01 | Hawkins Tom S Jr | Grant | 1.3K | $110.00 |
| 2026-03-17 | DOUMET ANTOINE M | Option exercise | 12K | $10.71 |
| 2026-03-03 | Duhe Sandra C | Sell | 1.3K | $120.45 |
| 2026-02-03 | Wiedemer Michael L | Tax withheld | 165 | $118.13 |
| 2026-02-03 | O'Neill Nathan | Tax withheld | 166 | $118.13 |
| 2026-02-03 | Stone Timothy Wade | Tax withheld | 136 | $118.13 |
| 2026-02-03 | Gagnon John J | Tax withheld | 123 | $118.13 |
| 2026-02-02 | Gagnon John J | Tax withheld | 75 | $123.61 |
| 2026-02-02 | Gagnon John J | Grant | 210 | $123.61 |
| 2026-02-02 | O'Neill Nathan | Grant | 426 | $123.61 |
| 2026-02-02 | Wiedemer Michael L | Tax withheld | 95 | $123.61 |
| 2026-02-02 | Wiedemer Michael L | Grant | 426 | $123.61 |
| 2026-02-02 | Stone Timothy Wade | Tax withheld | 100 | $123.61 |
| 2026-02-02 | Stone Timothy Wade | Grant | 336 | $123.61 |
| 2026-02-02 | O'Neill Nathan | Tax withheld | 105 | $123.61 |
| 2025-12-31 | BYRNE TIMOTHY W | Tax withheld | 19K | $119.74 |
| 2025-12-31 | BYRNE TIMOTHY W | Grant | 48K | $119.74 |
| 2025-12-04 | Hawkins Tom S Jr | Gift | 80 | — |
| 2025-12-04 | Hawkins Tom S Jr | Gift | 100 | — |
| 2025-12-04 | Hawkins Tom S Jr | Gift | 100 | — |
| 2025-09-05 | BYRNE TIMOTHY W | Gift | 500 | $120.99 |
| 2025-09-04 | BYRNE TIMOTHY W | Sell | 12K | $119.43 |
| 2025-09-04 | BYRNE TIMOTHY W | Sell | 596 | $120.76 |
| 2025-09-03 | BYRNE TIMOTHY W | Sell | 26K | $120.88 |
| 2025-09-03 | BYRNE TIMOTHY W | Sell | 1.4K | $124.18 |
| 2025-05-02 | Wolkenstein Jon A | Grant | 1.4K | $99.81 |
| 2025-05-02 | Weirich Lila R | Grant | 1.4K | $99.81 |
| 2025-05-02 | Hawkins Tom S Jr | Grant | 1.4K | $99.81 |
| 2025-05-02 | Duhe Sandra C | Grant | 1.4K | $99.81 |
| 2025-05-02 | CARDIN RICHARD W | Grant | 1.4K | $99.81 |
| 2025-03-03 | DOUMET ANTOINE M | Option exercise | 12K | $13.34 |
| 2025-02-24 | Duhe Sandra C | Sell | 3.2K | $94.61 |
| 2025-02-06 | Stone Timothy Wade | Gift | 40 | — |
| 2025-02-03 | Gagnon John J | Grant | 210 | $110.47 |
| 2025-02-03 | Wiedemer Michael L | Tax withheld | 116 | $110.47 |
| 2025-02-03 | Wiedemer Michael L | Grant | 426 | $110.47 |
| 2025-02-03 | O'Neill Nathan | Grant | 426 | $110.47 |
| 2025-02-03 | Stone Timothy Wade | Tax withheld | 103 | $110.47 |
| 2025-02-03 | Stone Timothy Wade | Grant | 336 | $110.47 |
| 2025-02-03 | Gagnon John J | Tax withheld | 103 | $110.47 |
| 2025-02-03 | O'Neill Nathan | Tax withheld | 124 | $110.47 |
| 2025-02-02 | O'Neill Nathan | Tax withheld | 208 | $110.58 |
| 2025-02-02 | Gagnon John J | Tax withheld | 178 | $110.58 |
| 2025-02-02 | Wiedemer Michael L | Tax withheld | 200 | $110.58 |
| 2025-02-02 | Stone Timothy Wade | Tax withheld | 192 | $110.58 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-04 | 2026-05-01 | 0001104659-26-054909 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001104659-26-052866 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0001104659-26-051741 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001104659-26-020480 ↗ |
| 8-K | 2026-02-02 | 2026-02-02 | 0001104659-26-009218 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0001104659-25-104345 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0001104659-25-103779 ↗ |
| 10-Q | 2025-07-31 | 2025-06-30 | 0001558370-25-009897 ↗ |
| 8-K | 2025-07-30 | 2025-07-30 | 0001558370-25-009807 ↗ |
| 8-K | 2025-05-05 | 2025-05-02 | 0001558370-25-006305 ↗ |
| 10-Q | 2025-05-01 | 2025-03-31 | 0001558370-25-006101 ↗ |
| 8-K | 2025-04-30 | 2025-04-30 | 0001558370-25-006021 ↗ |