VMC // Vulcan Materials Company (Holding Company)

Materials • Mining & Quarrying of Nonmetallic Minerals (No Fuels)

$280.31 ▲ +15.31 (+5.78%)

MKT CAP: $36.32B • VOL: 2.83M

52W L $237 52W H $331

ALTMAN Z

4.05 SAFE

PIOTROSKI

8 / 9

VMC // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

VMC // Vulcan Materials Company (Holding Company)

GROSS MARGIN

27.4%

OP MARGIN

20.4%

ROIC %

10.1%

MKT CAP

$36.32B

UPSTREAM INPUTS ──► VMC OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
VMC ★	Vulcan Materials Company (Holding Company)	$280.31	$36.32B	27.4%	20.4%	10.1%	18.4x	+7.1%	SUBJECT ISSUER
LIN	Linde plc	$514.24	$231.94B	41.0%	26.3%	13.1%	18.5x	+3.0%	VMC VS LIN <GO>
SCCO	Southern Copper Corporation	$177.53	$161.89B	60.1%	52.2%	41.0%	20.2x	+17.4%	VMC VS SCCO <GO>
NEM	Newmont Corporation	$106.61	$116.18B	41.0%	38.1%	21.8%	11.9x	+21.3%	VMC VS NEM <GO>
RIO	Rio Tinto Plc	$81.89	$104.57B	41.0%	13.9%	9.9%	21.0x	+1.1%	VMC VS RIO <GO>
FCX	Freeport-McMoRan Inc.	$62.47	$94.98B	26.1%	25.9%	21.5%	13.4x	+0.1%	VMC VS FCX <GO>