VMC · CIK 0001396009
What Vulcan Materials Company told the SEC could break it.
Vulcan's disclosures reflect how place-bound an aggregates business is. Its revenue is geographically concentrated — its top ten states made up 90% of 2025 revenue and its top five 63% — tying it to those markets' construction demand, and because production and distribution happen outdoors it is exposed to weather and climate disruption, with some facilities in desert climates vulnerable to energy or water shortages. Trade policy adds an indirect strain: tariff increases and the inflation pressure they put on its customers could reduce its shipment volumes. Its most specific exposure is in Mexico, where the government's May 2022 shutdown orders halted its Calica quarrying operations in Quintana Roo — an expropriation-type action now in NAFTA arbitration, with a $30.4 million Calica deferred tax asset at risk.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- tariffs and trade-policy uncertainty affecting customer shipment volumesmedium
Rapid changes in global trade policy — announced and potential tariff increases and renegotiated trade agreements — create industry uncertainty; tariff/inflation pressures on Vulcan's customers may reduce its shipment volumes.
“Our industry is experiencing uncertainty due to rapid changes in global trade policies including announced tariff increases, potential additional tariff increases, potential new or renegotiated bilateral or multilateral trade agreements, and other measures that could restrict international trade. Economic pressures on our customers, including the challenges of inflation and the impact of tariffs and other trade measures, may negatively impact our shipment volumes.”
- Mexican government shutdown of Calica (Quintana Roo) and NAFTA arbitrationmedium
The Mexican government issued arbitrary May 2022 shutdown orders halting Vulcan's Calica underwater quarrying in Quintana Roo (production/sales remain halted), an expropriation-type action now the subject of NAFTA arbitration, with a $30.4M Calica NOL deferred tax asset at risk.
“Further, the Mexican government has taken actions adverse to our property and operations in Mexico. On May 5, 2022, Mexican government officials presented employees at our Calica operations in Quintana Roo, Mexico with arbitrary shutdown orders to immediately cease underwater quarrying and extraction operations.”
Climate & physical
- weather/climate disruption and energy/water availability (incl. desert-climate facilities)medium
Vulcan's outdoor production and distribution are weather-dependent; climate-change effects (major storms, shifting weather, energy/water availability, sea-level changes) could disrupt operations and raise energy, transportation, and raw-material costs, with some facilities in desert climates exposed to energy/water shortages.
“Potential impacts of climate change include disruption in production and product distribution due to impacts from major storm events, shifts in regional weather patterns and intensities, availability of energy and/or water, and sea level changes. A number of our facilities are located in desert climates, and while we have not experienced any significant shortages of energy or water in the past, we cannot guarantee that we will not in the future.”
SEC filing →As of 2026
Geographic concentration
- state revenue concentration (top 10 states = 90%, top 5 = 63%)medium
Vulcan's revenue is geographically concentrated: its top ten revenue-producing states accounted for 90% of 2025 revenues and its top five accounted for 63%, concentrating exposure to those states' construction demand and regulation.
“Our top ten revenue producing states accounted for 90% of our 2025 revenues while our top five accounted for 63%.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“The Company's quarries are subject to mining leases with various tenants, including Vulcan Materials, Martin Marietta, Cemex, Quikrete, and The Concrete Company.”
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