United States Lime & Minerals
USLM on Nasdaq. United States Lime & Minerals sells lime and limestone products to construction and industrial customers. Market value $3.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.86 of spare cash in the past 12 months. A savings account pays about $4.
You pay 17.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 33 cents a year. Above 10 is good.
Quality score: 100 of 100. Price score: 62 of 100. Our list needs 70 on quality and 60 on price.
$111.81 a share, 16% above its 1-year low
Over the past year the price has ranged from $96.27 to $141.44.
Dividend: 0.2% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $189m | $236m | $281m | $318m | $373m |
| Operating margin | |||||
| Operating margin | 24.5% | 23.2% | 30.4% | 39.3% | 42.4% |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.01bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.00× equity
- Revenue growth, five yearsStrong, 18.3% a year
- Buying back its own sharesNo, 406% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $99 million last quarter, up 8% on a year ago.
- Profit: $35 million, up 12% on a year ago.
- It keeps 42 cents of each $1 of sales as operating profit, up from 41 cents a year earlier.
- Spare cash over the past 12 months: $92 million, down from $107 million.
- About the same number of shares as a year ago.
- It has $403 million more cash than debt, up from $320 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $89m |
| December 2024 | $80m |
| March 2025 | $91m |
| June 2025 | $92m |
| September 2025 | $102m |
| December 2025 | $88m |
| March 2026 | $88m |
| June 2026 | $99m |
| Quarter to | Amount |
|---|---|
| September 2024 | $33m |
| December 2024 | $27m |
| March 2025 | $34m |
| June 2025 | $31m |
| September 2025 | $39m |
| December 2025 | $31m |
| March 2026 | $31m |
| June 2026 | $35m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
5 long-term investors we follow own it, unchanged from 5 last quarter. 234 funds in all.
- GMOJeremy Grantham
- Value
- $6m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Select Equity GroupGeorge Loening | $40m | 0.2% | Cut |
| Royce & AssociatesChuck Royce | $23m | 0.2% | Added |
| Diamond Hill Capital ManagementRic Dillon (founder) | $8m | <0.1% | Added |
| GMOJeremy Grantham | $6m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $450,500 | <0.1% | Cut |
Largest holders overall
- BlackRock$174mAdded
- Dimensional Fund Advisors LP$80m
- Renaissance Technologies$64m
- First Trust Advisors LP$51mAdded
- Vanguard Capital Management$48m
- Vanguard Portfolio Management$44mAdded
- State Street$44mAdded
- Geode Capital Management$40mAdded
- Select Equity Group$40mCut
- Mirae Asset Global Etfs Holdings$33mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- BlackRock, Inc.Passive investor5.6%Since 30 June 2026
- THRIVENT FINANCIAL FOR LUTHERANSPassive investorSold down below 5%Since 30 September 2024
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 5.6% | 30 June 2026 | |
THRIVENT FINANCIAL FOR LUTHERANS Passive investor | Sold down below 5% | 30 September 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $2m.
- DOUMET ANTOINE MDirectorSold
- Date
- 9 September 2026
- Shares
- 20,000
- Price
- $110.00
- Value
- $2m
- Duhe Sandra CDirectorSold
- Date
- 3 March 2026
- Shares
- 1,277
- Price
- $120.45
- Value
- $153,815
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 September 2026 | DOUMET ANTOINE M Director | Sold | 20,000 | $110.00 | $2m |
| 3 March 2026 | Duhe Sandra C Director | Sold | 1,277 | $120.45 | $153,815 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.