Investment Thesis
Vulcan Materials is a leading producer of aggregates, asphalt, and ready-mix concrete serving U.S. infrastructure and construction markets. Aggregates leadership and logistics network drive high margins.
- Aggregates Moat: Permitted quarries with proximity to growth markets create barriers to entry.
- Public Infrastructure: IIJA and state DOT budgets support multi-year demand.
- Pricing Power: Inflation-based price escalators protect margins.