Income Statement

Revenue

-2%

+48%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Apr-2006	Jul-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Apr-2017	Jul-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Apr-2023	Jul-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Revenue
Interest Expense	17	16	14	13	12	11	11	10	10	10	11	13	16	19	19	20	19	19	18	18	17	17	17	17	18	18	18	18	18	18	17	17	16	17	22	27	31	33	36	35	36	36	32	33	32	32	33	32	33	33	33	33	37	40	43	45	45	45	44	44	44	45	44	44	45	44	45	45	45	43	41	40	37	40	40	41	38	41	41	42	45	44	45	45	48	49	53	55	57	60	61	62	59	53	47	43
Revenue	872 N/A	877 +0%	869 -1%	865 0%	855 -1%	854 0%	829 -3%	826 0%	838 +1%	846 +1%	912 +8%	972 +7%	1 032 +6%	1 081 +5%	1 080 0%	1 083 +0%	1 108 +2%	1 146 +3%	1 220 +6%	1 265 +4%	1 281 +1%	1 318 +3%	1 382 +5%	1 443 +4%	1 500 +4%	1 582 +5%	1 676 +6%	1 799 +7%	1 907 +6%	1 940 +2%	1 942 +0%	1 881 -3%	1 787 -5%	1 699 -5%	1 682 -1%	1 775 +6%	1 976 +11%	2 176 +10%	2 363 +9%	2 507 +6%	2 662 +6%	2 811 +6%	2 910 +4%	2 967 +2%	3 030 +2%	3 132 +3%	3 243 +4%	3 291 +1%	3 304 +0%	3 236 -2%	3 200 -1%	3 188 0%	3 123 -2%	3 042 -3%	2 881 -5%	2 748 -5%	2 619 -5%	2 545 -3%	2 503 -2%	2 481 -1%	2 522 +2%	2 563 +2%	2 635 +3%	2 706 +3%	2 746 +1%	2 807 +2%	2 777 -1%	2 775 0%	2 757 -1%	2 751 0%	2 769 +1%	2 781 +0%	2 767 0%	2 749 -1%	2 737 0%	2 781 +2%	2 895 +4%	2 996 +3%	3 202 +7%	3 337 +4%	3 502 +5%	3 708 +6%	3 948 +6%	4 177 +6%	4 345 +4%	4 427 +2%	4 338 -2%	4 291 -1%	4 175 -3%	4 090 -2%	4 083 0%	4 053 -1%	4 075 +1%	4 067 0%	4 077 +0%	4 103 +1%
Gross Profit
Cost of Revenue	(655)	(654)	(644)	(639)	(623)	(624)	(610)	(614)	(630)	(640)	(691)	(738)	(786)	(825)	(823)	(817)	(830)	(854)	(910)	(944)	(955)	(979)	(1 018)	(1 062)	(1 100)	(1 155)	(1 221)	(1 307)	(1 397)	(1 417)	(1 411)	(1 349)	(1 255)	(1 195)	(1 193)	(1 291)	(1 456)	(1 621)	(1 768)	(1 878)	(1 995)	(2 094)	(2 162)	(2 194)	(2 227)	(2 280)	(2 330)	(2 345)	(2 359)	(2 320)	(2 325)	(2 338)	(2 315)	(2 275)	(2 166)	(2 075)	(1 998)	(1 929)	(1 881)	(1 860)	(1 865)	(1 903)	(1 967)	(2 029)	(2 064)	(2 121)	(2 099)	(2 096)	(2 099)	(2 097)	(2 112)	(2 112)	(2 084)	(2 048)	(2 030)	(2 059)	(2 130)	(2 212)	(2 372)	(2 470)	(2 618)	(2 779)	(2 957)	(3 127)	(3 219)	(3 241)	(3 115)	(3 039)	(2 939)	(2 856)	(2 859)	(2 842)	(2 834)	(2 840)	(2 849)	(2 859)
Gross Profit	218 N/A	223 +2%	225 +1%	227 +1%	232 +2%	229 -1%	220 -4%	213 -3%	208 -2%	206 -1%	221 +7%	234 +6%	246 +5%	256 +4%	258 +1%	266 +3%	278 +4%	292 +5%	310 +6%	321 +4%	327 +2%	340 +4%	364 +7%	381 +5%	400 +5%	427 +7%	455 +7%	493 +8%	511 +4%	523 +2%	531 +1%	532 +0%	532 +0%	505 -5%	488 -3%	485 -1%	520 +7%	555 +7%	595 +7%	630 +6%	667 +6%	717 +7%	748 +4%	773 +3%	803 +4%	852 +6%	914 +7%	947 +4%	945 0%	917 -3%	876 -4%	850 -3%	808 -5%	767 -5%	716 -7%	673 -6%	621 -8%	617 -1%	622 +1%	620 0%	656 +6%	660 +1%	668 +1%	677 +1%	682 +1%	686 +1%	678 -1%	679 +0%	658 -3%	654 -1%	657 +0%	669 +2%	683 +2%	702 +3%	707 +1%	722 +2%	766 +6%	784 +2%	830 +6%	866 +4%	884 +2%	929 +5%	991 +7%	1 050 +6%	1 126 +7%	1 186 +5%	1 222 +3%	1 252 +2%	1 236 -1%	1 234 0%	1 225 -1%	1 211 -1%	1 241 +2%	1 226 -1%	1 228 +0%	1 244 +1%
Operating Income
Operating Expenses	(153)	(155)	(156)	(157)	(161)	(160)	(156)	(155)	(153)	(155)	(174)	(182)	(176)	(192)	(181)	(184)	(195)	(202)	(211)	(215)	(217)	(220)	(229)	(237)	(244)	(254)	(264)	(277)	(282)	(287)	(288)	(289)	(294)	(293)	(309)	(321)	(341)	(363)	(371)	(381)	(404)	(416)	(419)	(425)	(420)	(434)	(449)	(463)	(472)	(463)	(462)	(458)	(450)	(450)	(450)	(443)	(447)	(480)	(468)	(423)	(411)	(414)	(416)	(417)	(415)	(420)	(427)	(433)	(440)	(482)	(450)	(452)	(455)	(464)	(469)	(485)	(507)	(548)	(540)	(563)	(591)	(624)	(651)	(675)	(693)	(762)	(784)	(773)	(768)	(926)	(903)	(743)	(717)	(709)	(723)	(724)
Selling, General & Administrative	(153)	(155)	(156)	(157)	(161)	(160)	(156)	(155)	(153)	(155)	(164)	(172)	(176)	(182)	(181)	(184)	(195)	(202)	(211)	(215)	(217)	(220)	(229)	(237)	(244)	(254)	(264)	(277)	(282)	(287)	(288)	(289)	(294)	(293)	(309)	(321)	(336)	(363)	(371)	(381)	(397)	(416)	(419)	(425)	(413)	(434)	(449)	(463)	(462)	(463)	(462)	(458)	(437)	(450)	(450)	(443)	(436)	(438)	(426)	(423)	(403)	(414)	(416)	(417)	(403)	(420)	(427)	(433)	(429)	(445)	(450)	(452)	(441)	(464)	(469)	(485)	(485)	(515)	(540)	(563)	(554)	(618)	(644)	(669)	(647)	(729)	(751)	(769)	(713)	(753)	(730)	(712)	(658)	(705)	(723)	(724)
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(6)	0	0	0	(6)	0	0	0	(7)	0	0	0	(10)	0	0	0	(14)	0	0	0	(12)	0	0	0	(8)	0	0	0	(12)	0	0	0	(12)	0	0	0	(14)	0	0	0	(21)	0	0	0	(37)	0	0	0	(46)	0	0	0	(55)	0	0	0	(59)	0	0	0
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0	(10)	(10)	0	(10)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(42)	(42)	0	0	0	0	0	0	0	0	0	0	(37)	0	0	0	0	0	0	0	(33)	0	0	0	(6)	(6)	(6)	0	(33)	(33)	(4)	0	(173)	(173)	(31)	0	(4)	0	0
Operating Income	65 N/A	68 +5%	69 +1%	70 +1%	70 +1%	69 -1%	64 -9%	57 -10%	55 -5%	51 -6%	47 -9%	53 +13%	70 +33%	65 -8%	77 +19%	83 +8%	83 +0%	90 +9%	99 +10%	106 +7%	110 +4%	120 +9%	135 +12%	143 +6%	156 +9%	173 +11%	192 +11%	216 +13%	229 +6%	237 +3%	243 +3%	243 +0%	238 -2%	211 -11%	179 -15%	164 -9%	178 +9%	192 +8%	223 +16%	248 +11%	263 +6%	301 +14%	330 +10%	348 +6%	382 +10%	418 +9%	465 +11%	484 +4%	473 -2%	454 -4%	414 -9%	392 -5%	358 -9%	317 -11%	266 -16%	230 -13%	174 -25%	136 -21%	154 +13%	197 +28%	245 +24%	246 +0%	253 +3%	259 +3%	267 +3%	267 0%	252 -6%	246 -2%	218 -11%	172 -21%	207 +20%	216 +5%	228 +5%	238 +4%	238 +0%	237 -1%	259 +9%	236 -9%	290 +23%	303 +5%	293 -3%	304 +4%	341 +12%	374 +10%	433 +16%	424 -2%	439 +4%	479 +9%	468 -2%	308 -34%	321 +4%	468 +46%	525 +12%	517 -1%	504 -2%	520 +3%
Pre-Tax Income
Interest Income Expense	(16)	(14)	(13)	(12)	(11)	(10)	(10)	(10)	(9)	(9)	(10)	(11)	(15)	(17)	(18)	(19)	(18)	(17)	(16)	(16)	(15)	(15)	(15)	(15)	(15)	(15)	(15)	(15)	(16)	(16)	(16)	(15)	(14)	(16)	(20)	(23)	(26)	(27)	(29)	(26)	(27)	(26)	(23)	(25)	(23)	(24)	(25)	(25)	(26)	(26)	(26)	(27)	(31)	(35)	(38)	(41)	(41)	(41)	(41)	(41)	(41)	(41)	(41)	(41)	(40)	(39)	(40)	(40)	(40)	(36)	(33)	(32)	(31)	(35)	(35)	(35)	(36)	(35)	(37)	(38)	(40)	(42)	(46)	(48)	(49)	(48)	(48)	(46)	(47)	(49)	(49)	(50)	(48)	(42)	(35)	(31)
Non-Reccuring Items	0	0	0	0	0	0	0	0	0	0	0	0	(10)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(15)	(42)	0	0	(27)	0	0	0	0	0	0	(6)	(37)	(36)	0	(31)	0	0	0	(19)	(20)	(33)	0	(15)	(13)	(6)	0	0	0	(33)	0	0	(174)	(173)	0	0	3	(4)	0	(106)	(106)
Total Other Income	(1)	(0)	(0)	0	(0)	(0)	0	0	(0)	(0)	(0)	(1)	(1)	(1)	(1)	(1)	(1)	0	1	1	1	0	0	(0)	(1)	(2)	(2)	(2)	(7)	(8)	(6)	(3)	2	4	2	0	1	1	2	(0)	(3)	(2)	(4)	(1)	0	0	2	1	2	(5)	(3)	(44)	(43)	(36)	(38)	2	3	0	1	3	16	21	20	19	1	(1)	1	3	1	4	2	0	3	3	2	2	3	5	10	12	13	13	11	11	13	7	5	3	(11)	(9)	(11)	(13)	(4)	(6)	(9)	(9)
Pre-Tax Income	49 N/A	53 +10%	56 +5%	58 +4%	59 +2%	59 0%	54 -9%	48 -11%	46 -5%	43 -6%	37 -14%	41 +12%	45 +10%	47 +4%	58 +25%	63 +9%	64 +2%	74 +15%	83 +13%	92 +10%	96 +5%	105 +9%	120 +14%	128 +7%	140 +10%	156 +11%	174 +12%	198 +14%	206 +4%	213 +4%	221 +4%	225 +2%	226 +0%	200 -12%	162 -19%	141 -13%	153 +9%	166 +9%	197 +18%	222 +13%	234 +5%	273 +17%	303 +11%	322 +6%	359 +11%	394 +10%	442 +12%	459 +4%	449 -2%	423 -6%	385 -9%	322 -16%	284 -12%	246 -13%	189 -23%	176 -7%	93 -47%	95 +2%	114 +20%	132 +16%	221 +67%	225 +2%	231 +3%	238 +3%	229 -4%	226 -1%	207 -9%	172 -17%	143 -17%	140 -2%	145 +4%	185 +28%	200 +8%	205 +3%	187 -9%	183 -2%	193 +5%	206 +7%	248 +20%	264 +6%	260 -2%	276 +6%	305 +11%	337 +11%	364 +8%	383 +5%	396 +4%	261 -34%	236 -9%	250 +6%	261 +5%	408 +56%	469 +15%	468 0%	355 -24%	374 +5%
Net Income
Tax Provision	(18)	(20)	(21)	(21)	(22)	(22)	(20)	(18)	(17)	(15)	(13)	(15)	(16)	(17)	(21)	(23)	(24)	(28)	(30)	(31)	(31)	(34)	(39)	(39)	(44)	(49)	(56)	(68)	(70)	(72)	(74)	(75)	(73)	(65)	(55)	(48)	(55)	(59)	(61)	(71)	(5)	(19)	(36)	(41)	(127)	(134)	(150)	(166)	(158)	(153)	(140)	(110)	(95)	(82)	(62)	(59)	(47)	(47)	(52)	(54)	(42)	(41)	(43)	(43)	(64)	(61)	(55)	(50)	(42)	(42)	(41)	(46)	(48)	(49)	(49)	(47)	(50)	(51)	(53)	(57)	(61)	(69)	(84)	(96)	(109)	(117)	(120)	(107)	(90)	(88)	(87)	(102)	(118)	(119)	(110)	(111)
Income from Continuing Operations	31	34	35	37	38	38	34	30	29	27	23	26	29	30	37	40	40	46	53	60	66	72	81	89	96	107	119	130	135	141	147	151	153	134	107	93	98	107	136	151	229	254	267	281	233	260	292	294	292	270	245	212	189	164	128	116	46	48	62	78	178	184	188	195	164	165	152	123	101	98	104	139	152	156	138	136	143	156	196	208	199	207	221	242	255	265	276	153	146	162	174	307	351	349	245	264
Income to Minority Interest	(1)	(1)	(1)	(1)	(1)	(1)	(2)	(2)	(2)	(2)	(2)	(3)	(2)	(2)	(2)	(2)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(2)	(2)	(2)	(3)	(4)	(4)	(3)	(3)	(3)	(3)	(4)	(5)	(6)	(6)	(7)	(7)	(8)	(9)	(8)	(7)	(6)	(5)	(5)	(6)	(7)	(2)	(2)	(2)	(1)	(5)	(6)	(5)	(5)	(5)	(6)	(6)	(5)	(5)	(5)	(5)	(5)	(6)	(6)	(6)	(7)	(6)	(6)	(5)	(5)	(6)	(5)	(4)	(3)	(2)	(2)	(2)	(2)	(2)	(3)	(3)	(3)	(3)	(1)	1	3	6	3	1	0	(2)	(1)	(0)	(3)
Equity Earnings Affiliates	(3)	(4)	(4)	(4)	(2)	(2)	(2)	(2)	(1)	(1)	(1)	(0)	1	1	0	0	0	0	0	(2)	(3)	(3)	(3)	0	1	1	1	1	1	2	1	1	1	0	1	2	2	3	4	5	8	9	10	9	6	5	3	1	(11)	(11)	(12)	(12)	0	0	0	0	(0)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(0)	(0)	(0)	(1)	(1)	(1)
Net Income (Common)	27 N/A	29 +8%	31 +6%	32 +4%	34 +6%	34 +2%	30 -11%	26 -13%	26 -3%	24 -7%	20 -15%	23 +15%	27 +16%	28 +5%	36 +27%	39 +9%	39 +1%	45 +16%	52 +15%	57 +9%	62 +8%	67 +9%	77 +14%	88 +14%	95 +8%	106 +12%	116 +10%	127 +10%	132 +4%	139 +5%	146 +5%	149 +2%	151 +1%	131 -13%	104 -21%	90 -14%	94 +5%	104 +10%	132 +28%	148 +12%	228 +54%	255 +12%	269 +6%	284 +5%	234 -17%	259 +11%	289 +11%	289 0%	279 -4%	257 -8%	231 -10%	199 -14%	184 -7%	159 -14%	123 -23%	111 -9%	40 -64%	42 +6%	57 +33%	73 +28%	173 +139%	179 +4%	183 +2%	190 +4%	116 -39%	117 +0%	104 -11%	73 -30%	94 +29%	91 -3%	98 +7%	134 +36%	146 +10%	151 +3%	134 -11%	133 -1%	141 +6%	153 +9%	192 +26%	205 +6%	196 -4%	203 +4%	217 +7%	237 +9%	251 +6%	263 +5%	276 +5%	155 -44%	151 -3%	164 +9%	174 +6%	307 +76%	348 +14%	348 0%	218 -37%	234 +7%
EPS (Diluted)	1.09 N/A	1.18 +8%	1.23 +4%	1.27 +3%	1.36 +7%	1.39 +2%	1.23 -12%	1.08 -12%	1.06 -2%	0.98 -8%	0.84 -14%	0.96 +14%	1.1 +15%	1.12 +2%	1.45 +29%	1.53 +6%	1.54 +1%	1.79 +16%	2.01 +12%	2.22 +10%	2.38 +7%	2.59 +9%	2.95 +14%	3.36 +14%	3.63 +8%	4.03 +11%	4.41 +9%	4.82 +9%	5.04 +5%	5.29 +5%	5.55 +5%	5.64 +2%	5.73 +2%	4.98 -13%	3.94 -21%	3.39 -14%	3.57 +5%	3.92 +10%	4.96 +27%	5.57 +12%	8.6 +54%	9.54 +11%	10.04 +5%	10.58 +5%	8.75 -17%	9.63 +10%	10.73 +11%	10.75 +0%	10.35 -4%	9.51 -8%	8.6 -10%	7.78 -10%	7.09 -9%	6.61 -7%	5.17 -22%	4.79 -7%	1.71 -64%	1.85 +8%	2.47 +34%	3.19 +29%	7.63 +139%	7.91 +4%	8.07 +2%	8.33 +3%	5.11 -39%	5.11 N/A	4.59 -10%	3.26 -29%	4.23 +30%	4.13 -2%	4.49 +9%	6.14 +37%	6.73 +10%	7.02 +4%	6.26 -11%	6.22 -1%	6.57 +6%	7.15 +9%	8.95 +25%	9.49 +6%	9.1 -4%	9.44 +4%	10.08 +7%	10.98 +9%	11.62 +6%	12.23 +5%	13.01 +6%	7.4 -43%	7.13 -4%	8.07 +13%	8.59 +6%	15.15 +76%	17.19 +13%	17.21 +0%	10.99 -36%	11.75 +7%

Income Statement Balance Sheet Cash Flow Statement

Valmont Industries Inc
NYSE:VMI

Income Statement

Earnings Waterfall
Valmont Industries Inc

Income Statement
Valmont Industries Inc

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52 Week Range	263.86 443.58
Price Target

Valmont Industries Inc NYSE:VMI

Income Statement

Earnings Waterfall Valmont Industries Inc

Income Statement Valmont Industries Inc

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Valmont Industries Inc
NYSE:VMI

Earnings Waterfall
Valmont Industries Inc

Income Statement
Valmont Industries Inc