United States Lime & Minerals, Inc.

USLM

Basic MaterialsConstruction MaterialsNASDAQ

$109.28

Market Cap: $3.13B

United States Lime & Minerals, Inc. (USLM) Valuation Summary

Updated May 11, 2026 03:17

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$59.36 – $150.76	$81.47	-25.4%
Growth Exit 10Y	$78.33 – $211.28	$110.61	+1.2%
EBITDA Exit 5Y	$56.00 – $121.77	$86.11	-21.2%
EBITDA Exit 10Y	$71.58 – $161.07	$109.50	+0.2%
▸ Trading Multiples
P/E	$77.50 – $193.70	$85.40	-21.9%
EV/EBITDA	$60.72 – $94.43	$69.29	-36.6%
EV/Revenue	$31.86 – $39.77	$37.81	-65.4%
▸ PEG
PEG Fair Value	$116.75 – $116.75	$116.75	+6.8%
▸ Earnings Power Value
Earnings Power Value	$40.46 – $51.85	$45.18	-58.7%
▸ Dividend Discount
Dividend Discount	$4.75 – $10.89	$7.02	-93.6%

Valuation History

DCF Analysis

Fair Value

$81.47

Market Price

$109.28

Upside / Downside

-25.4%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project United States Lime & Minerals, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 24.8% to 18.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 50, DPO 19, DIO 51). At a 8.8% WACC with mid-year discounting, the terminal value (78% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 3.0% perpetual rate. After subtracting net debt, the equity value implies a fair price of $81.47 per share, suggesting USLM is overvalued by 25.4% at the current price of $109.28.

FCFF Present Value Calculation

WACC

8.79%

3% – 20%

Terminal Growth

3.00%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	148	169	179	183	217	223
(−) Net Interest	0	0	0	0	0	0
(+) D&A	36	42	51	58	68	70
EBITDA	185	211	230	241	285	293

(−) Tax	30	34	37	37	44	45
(−) CapEx	60	69	73	74	88	91
(−) ΔWC	25	12	6	2	20	21
Free Cash Flow (FCFF)	70	96	115	128	132	136

Terminal Value						2,352
WACC / Discount Rate	8.8%
Long-term Growth Rate	3.0%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	67	85	93	95	91	1,544

Enterprise Value	1,974
Projection Period	430	21.8%
Terminal Value	1,544	78.2%

(−) Current Net Debt	(367)

Equity Value	2,341
(/) Outstanding Shares	29

Fair Price	$81.47

Sensitivity Analysis

WACC \ Terminal Growth Rate	2.0%	2.5%	3.0%	3.5%	4.0%
6.8%	$100	$108	$119	$132	$151
7.8%	$84	$90	$96	$104	$114
8.8%	$74	$77	$81	$87	$93
9.8%	$66	$68	$71	$75	$79
10.8%	$59	$61	$64	$66	$69

Current price: $109.28. Green = undervalued, Red = overvalued.

Fair Value

$110.61

Market Price

$109.28

Upside / Downside

+1.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project United States Lime & Minerals, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 24.8% to 5.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 50, DPO 19, DIO 51). At a 8.8% WACC with mid-year discounting, the terminal value (66% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 3.0% perpetual rate. After subtracting net debt, the equity value implies a fair price of $110.61 per share, suggesting USLM is fairly valued by 1.2% at the current price of $109.28.

FCFF Present Value Calculation

WACC

8.79%

3% – 20%

Terminal Growth

3.00%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	148	169	179	183	217	251	284	315	341	360	370
(−) Net Interest	0	0	0	0	0	0	0	0	1	1	1
(+) D&A	36	42	51	58	68	73	81	90	101	114	118
EBITDA	185	211	230	241	285	324	366	406	443	474	489

(−) Tax	30	34	37	37	44	51	58	64	69	73	75
(−) CapEx	60	69	73	74	88	102	115	128	138	146	150
(−) ΔWC	25	12	6	2	20	21	20	18	15	11	12
Free Cash Flow (FCFF)	70	96	115	128	132	150	172	196	219	244	251

Terminal Value											4,334
WACC / Discount Rate	8.8%
Long-term Growth Rate	3.0%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	67	85	93	95	91	95	100	104	107	109	1,866

Enterprise Value	2,811
Projection Period	945	33.6%
Terminal Value	1,866	66.4%

(−) Current Net Debt	(367)

Equity Value	3,178
(/) Outstanding Shares	29

Fair Price	$110.61

Sensitivity Analysis

WACC \ Terminal Growth Rate	2.0%	2.5%	3.0%	3.5%	4.0%
6.8%	$144	$155	$169	$187	$211
7.8%	$119	$125	$133	$143	$156
8.8%	$101	$105	$111	$117	$124
9.8%	$88	$91	$95	$99	$103
10.8%	$78	$80	$83	$86	$89

Current price: $109.28. Green = undervalued, Red = overvalued.

Fair Value

$86.10

Market Price

$109.28

Upside / Downside

-21.2%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project United States Lime & Minerals, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 24.8% to 18.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 50, DPO 19, DIO 51). At a 8.8% WACC with mid-year discounting, the terminal value (80% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 8.8x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $86.11 per share, suggesting USLM is overvalued by 21.2% at the current price of $109.28.

FCFF Present Value Calculation

WACC

8.79%

3% – 20%

EV/EBITDA Exit Multiple

8.76x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	148	169	179	183	217	222
(−) Net Interest	0	0	0	0	0	0
(+) D&A	36	42	51	58	68	69
EBITDA	185	211	230	241	285	292

(−) Tax	30	34	37	37	44	—
(−) CapEx	60	69	73	74	88	—
(−) ΔWC	25	12	6	2	20	—
Free Cash Flow (FCF)	70	96	115	128	132	—

Peers' EBITDA Multiple						8.8x
Terminal Value						2,555
WACC / Discount Rate	8.79%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	67	85	93	95	91	1,677

Enterprise Value	2,107
Projection Period	430	20.4%
Terminal Value	1,677	79.6%

(−) Current Net Debt	(367)
Equity Value	2,474
(÷) Outstanding Shares	29M
Fair Price	$86	-21.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	4.8x	6.8x	8.8x	10.8x	12.8x
6.8%	$63	$78	$93	$107	$122
7.8%	$61	$75	$89	$103	$117
8.8%	$59	$73	$86	$99	$113
9.8%	$58	$70	$83	$96	$109
10.8%	$56	$68	$80	$92	$105

Current price: $109.28. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$109.50

Market Price

$109.28

Upside / Downside

+0.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project United States Lime & Minerals, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 24.8% to 5.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 50, DPO 19, DIO 51). At a 8.8% WACC with mid-year discounting, the terminal value (66% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 8.8x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $109.50 per share, suggesting USLM is fairly valued by 0.2% at the current price of $109.28.

FCFF Present Value Calculation

WACC

8.79%

3% – 20%

EV/EBITDA Exit Multiple

8.76x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	148	169	179	183	217	251	284	315	341	360	369
(−) Net Interest	0	0	0	0	0	0	0	0	1	1	1
(+) D&A	36	42	51	58	68	73	81	90	101	114	117
EBITDA	185	211	230	241	285	324	366	406	443	474	486

(−) Tax	30	34	37	37	44	51	58	64	69	73	—
(−) CapEx	60	69	73	74	88	102	115	128	138	146	—
(−) ΔWC	25	12	6	2	20	21	20	18	15	11	—
Free Cash Flow (FCF)	70	96	115	128	132	150	172	196	219	244	—

Peers' EBITDA Multiple											8.8x
Terminal Value											4,260
WACC / Discount Rate	8.79%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	67	85	93	95	91	95	100	104	107	109	1,834

Enterprise Value	2,779
Projection Period	945	34.0%
Terminal Value	1,834	66.0%

(−) Current Net Debt	(367)
Equity Value	3,146
(÷) Outstanding Shares	29M
Fair Price	$109	+0.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	4.8x	6.8x	8.8x	10.8x	12.8x
6.8%	$91	$108	$126	$144	$161
7.8%	$85	$101	$117	$133	$149
8.8%	$80	$95	$110	$124	$139
9.8%	$76	$89	$102	$116	$129
10.8%	$72	$84	$96	$108	$120

Current price: $109.28. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$85.40

Market Price

$109.28

Upside / Downside

-21.9%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), United States Lime & Minerals, Inc. (USLM) has a fair value of $85.40 based on 8 comparable companies in the Construction Materials industry.

P/E Valuation — Construction Materials

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
United States Lime & Minerals, Inc.USLM	3,140	23.4x	23.8x
Century Aluminum CompanyCENX	5,831	140.3x	34.3x
Knife River CorporationKNF	5,132	32.8x	27.5x
Cabot CorporationCBT	4,474	14.2x	11.8x
Avient CorporationAVNT	3,383	41.4x	13.9x
H.B. Fuller CompanyFUL	3,337	22.3x	15.7x
Titan America S.A.TTAM	3,088	16.6x	16.2x
Boise Cascade CompanyBCC	2,487	20.1x	7.4x
Tecnoglass Inc.TGLS	1,976	12.4x	11.2x
Industry Median		21.2x	14.8x
(*) Profit after tax		134	132
Equity Value		2,843	2,065
(/) Outstanding shares		29	29
Fair Price		$99	$72

Selected Fair Value (avg of trailing + forward)

$85.40

-21.9%

Fair Value

$69.29

Market Price

$109.28

Upside / Downside

-36.6%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), United States Lime & Minerals, Inc. (USLM) has a fair value of $69.29 based on 8 comparable companies in the Construction Materials industry.

EV/EBITDA Valuation — Construction Materials

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
United States Lime & Minerals, Inc.USLM	3,140	15.1x	14.8x
Century Aluminum CompanyCENX	5,831	43.9x	52.7x
Knife River CorporationKNF	5,132	12.8x	11.7x
Cabot CorporationCBT	4,474	6.8x	6.7x
Avient CorporationAVNT	3,383	8.7x	8.8x
H.B. Fuller CompanyFUL	3,337	10.0x	9.7x
Titan America S.A.TTAM	3,088	8.8x	8.7x
Boise Cascade CompanyBCC	2,487	7.3x	6.9x
Tecnoglass Inc.TGLS	1,976	7.5x	7.5x
Industry Median		8.8x	8.8x
(*) EBITDA		183	188
= Enterprise Value		1,604	1,644
(-) Net Debt		-367	-367
Equity Value		1,971	2,011
(/) Outstanding shares		29	29
Fair Price		$69	$70

Selected Fair Value (avg of trailing + forward)

$69.29

-36.6%

Fair Value

$37.81

Market Price

$109.28

Upside / Downside

-65.4%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), United States Lime & Minerals, Inc. (USLM) has a fair value of $37.81 based on 9 comparable companies in the Construction Materials industry.

EV/Revenue Valuation — Construction Materials

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
United States Lime & Minerals, Inc.USLM	3,140	7.4x	7.3x
Century Aluminum CompanyCENX	5,831	2.5x	3.0x
Knife River CorporationKNF	5,132	2.0x	1.8x
Perimeter Solutions, S.A.PRM	4,789	6.9x	8.2x
Cabot CorporationCBT	4,474	1.5x	1.4x
Avient CorporationAVNT	3,383	1.5x	1.5x
H.B. Fuller CompanyFUL	3,337	1.5x	1.5x
Titan America S.A.TTAM	3,088	2.0x	2.0x
Boise Cascade CompanyBCC	2,487	0.4x	0.4x
Tecnoglass Inc.TGLS	1,976	2.1x	2.1x
Industry Median		2.0x	1.8x
(*) Revenue		373	382
= Enterprise Value		742	696
(-) Net Debt		-367	-367
Equity Value		1,109	1,064
(/) Outstanding shares		29	29
Fair Price		$39	$37

Selected Fair Value (avg of trailing + forward)

$37.81

-65.4%

PEG Fair Value

Fair Value

$116.75

Market Price

$109.28

Upside / Downside

+6.8%

Verdict

Undervalued

Using the PEG framework with historical EPS growth of 25.0% plus 0.2% dividend yield, the company has a fair value of $116.75 based on TTM EPS (FY2025) of $4.67. The current PEG ratio is 0.62.

PEG Ratio

0.62Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 23.4 ÷ (37.4% + 0.2%) = 0.62

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG moderately applicable

Growth above 25% is capped — hypergrowth may not be sustainable long-term.

Fair Value Calculation

EPS Growth RateHistorical	37.4%
Dividend Yield	+0.2%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
TTM EPS (FY2025)	$4.67
Fair Value	$116.75

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2021	$37.0M	$1.31	—
FY2022	$45.4M	$1.60	+22.1%
FY2023	$74.5M	$2.61	+63.1%
FY2024	$108.8M	$3.79	+45.2%
FY2025	$134.3M	$4.67	+23.2%

4Y Historical EPS CAGR: 37.4%

Earnings Power Value

Fair Value

$45.18

Market Price

$109.28

Upside / Downside

-58.7%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 8.8% and normalized earnings of $81.9M, the company has a fair value of $45.18 per share. The EPV range is $40.46 – $51.85 based on WACC sensitivity (7.3% – 10.3%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	82	82	82
(/) WACC	10.3%	8.8%	7.3%
Enterprise Value	795	931	1,123
(-) Net debt	-367	-367	-367
Equity Value	1,163	1,298	1,490
(/) Outstanding shares	29	29	29
Fair Price	$40.46	$45.18	$51.85

Dividend Discount Model

Fair Value

$7.02

Market Price

$109.28

Upside / Downside

-93.6%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 8.8% and projected dividend growth of 15.0%, the fair value is $7.02 per share. The DDM range is $4.75 – $10.89 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$0.24

Dividend Yield

0.22%

Payout Ratio

5.1%

Dividend Coverage

19.54x

FCF Payout Ratio6.7%

DPS CAGR (4Y)17.0%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.24	5.1%	+20.0%
2024	$0.20	5.3%	+24.8%
2023	$0.16	6.1%	-0.1%
2022	$0.16	10.0%	+25.0%
2021	$0.13	9.8%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$0.28	15.0%	0.9191	$0.25
2027	$0.32	15.0%	0.8448	$0.27
2028	$0.36	15.0%	0.7765	$0.28
2029	$0.42	15.0%	0.7137	$0.30
2030	$0.48	15.0%	0.6560	$0.32
Terminal Value	$0.50 DPS	3.0%		$5.61

PV of Projected Dividends$1.42

PV of Terminal Value$5.61

Fair Value per Share$7.02

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
6.8%	$10	$10	$11	$11	$11
7.8%	$8	$8	$9	$9	$9
8.8%	$6	$7	$7	$7	$7
9.8%	$5	$6	$6	$6	$6
10.8%	$5	$5	$5	$5	$5

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

United States Lime & Minerals, Inc. (USLM) Valuation Summary

Updated May 11, 2026 03:17

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$59.36 – $150.76	$81.47	-25.4%
Growth Exit 10Y	$78.33 – $211.28	$110.61	+1.2%
EBITDA Exit 5Y	$56.00 – $121.77	$86.11	-21.2%
EBITDA Exit 10Y	$71.58 – $161.07	$109.50	+0.2%
▸ Trading Multiples
P/E	$77.50 – $193.70	$85.40	-21.9%
EV/EBITDA	$60.72 – $94.43	$69.29	-36.6%
EV/Revenue	$31.86 – $39.77	$37.81	-65.4%
▸ PEG
PEG Fair Value	$116.75 – $116.75	$116.75	+6.8%
▸ Earnings Power Value
Earnings Power Value	$40.46 – $51.85	$45.18	-58.7%
▸ Dividend Discount
Dividend Discount	$4.75 – $10.89	$7.02	-93.6%

Valuation History

DCF Analysis

Fair Value

$81.47

Market Price

$109.28

Upside / Downside

-25.4%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

8.79%

3% – 20%

Terminal Growth

3.00%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	148	169	179	183	217	223
(−) Net Interest	0	0	0	0	0	0
(+) D&A	36	42	51	58	68	70
EBITDA	185	211	230	241	285	293

(−) Tax	30	34	37	37	44	45
(−) CapEx	60	69	73	74	88	91
(−) ΔWC	25	12	6	2	20	21
Free Cash Flow (FCFF)	70	96	115	128	132	136

Terminal Value						2,352
WACC / Discount Rate	8.8%
Long-term Growth Rate	3.0%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	67	85	93	95	91	1,544

Enterprise Value	1,974
Projection Period	430	21.8%
Terminal Value	1,544	78.2%

(−) Current Net Debt	(367)

Equity Value	2,341
(/) Outstanding Shares	29

Fair Price	$81.47

Sensitivity Analysis

WACC \ Terminal Growth Rate	2.0%	2.5%	3.0%	3.5%	4.0%
6.8%	$100	$108	$119	$132	$151
7.8%	$84	$90	$96	$104	$114
8.8%	$74	$77	$81	$87	$93
9.8%	$66	$68	$71	$75	$79
10.8%	$59	$61	$64	$66	$69

Current price: $109.28. Green = undervalued, Red = overvalued.

Fair Value

$110.61

Market Price

$109.28

Upside / Downside

+1.2%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

8.79%

3% – 20%

Terminal Growth

3.00%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	148	169	179	183	217	251	284	315	341	360	370
(−) Net Interest	0	0	0	0	0	0	0	0	1	1	1
(+) D&A	36	42	51	58	68	73	81	90	101	114	118
EBITDA	185	211	230	241	285	324	366	406	443	474	489

(−) Tax	30	34	37	37	44	51	58	64	69	73	75
(−) CapEx	60	69	73	74	88	102	115	128	138	146	150
(−) ΔWC	25	12	6	2	20	21	20	18	15	11	12
Free Cash Flow (FCFF)	70	96	115	128	132	150	172	196	219	244	251

Terminal Value											4,334
WACC / Discount Rate	8.8%
Long-term Growth Rate	3.0%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	67	85	93	95	91	95	100	104	107	109	1,866

Enterprise Value	2,811
Projection Period	945	33.6%
Terminal Value	1,866	66.4%

(−) Current Net Debt	(367)

Equity Value	3,178
(/) Outstanding Shares	29

Fair Price	$110.61

Sensitivity Analysis

WACC \ Terminal Growth Rate	2.0%	2.5%	3.0%	3.5%	4.0%
6.8%	$144	$155	$169	$187	$211
7.8%	$119	$125	$133	$143	$156
8.8%	$101	$105	$111	$117	$124
9.8%	$88	$91	$95	$99	$103
10.8%	$78	$80	$83	$86	$89

Current price: $109.28. Green = undervalued, Red = overvalued.

Fair Value

$86.10

Market Price

$109.28

Upside / Downside

-21.2%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project United States Lime & Minerals, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 24.8% to 18.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 50, DPO 19, DIO 51). At a 8.8% WACC with mid-year discounting, the terminal value (80% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 8.8x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $86.11 per share, suggesting USLM is overvalued by 21.2% at the current price of $109.28.

FCFF Present Value Calculation

WACC

8.79%

3% – 20%

EV/EBITDA Exit Multiple

8.76x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	148	169	179	183	217	222
(−) Net Interest	0	0	0	0	0	0
(+) D&A	36	42	51	58	68	69
EBITDA	185	211	230	241	285	292

(−) Tax	30	34	37	37	44	—
(−) CapEx	60	69	73	74	88	—
(−) ΔWC	25	12	6	2	20	—
Free Cash Flow (FCF)	70	96	115	128	132	—

Peers' EBITDA Multiple						8.8x
Terminal Value						2,555
WACC / Discount Rate	8.79%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	67	85	93	95	91	1,677

Enterprise Value	2,107
Projection Period	430	20.4%
Terminal Value	1,677	79.6%

(−) Current Net Debt	(367)
Equity Value	2,474
(÷) Outstanding Shares	29M
Fair Price	$86	-21.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	4.8x	6.8x	8.8x	10.8x	12.8x
6.8%	$63	$78	$93	$107	$122
7.8%	$61	$75	$89	$103	$117
8.8%	$59	$73	$86	$99	$113
9.8%	$58	$70	$83	$96	$109
10.8%	$56	$68	$80	$92	$105

Current price: $109.28. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$109.50

Market Price

$109.28

Upside / Downside

+0.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project United States Lime & Minerals, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 24.8% to 5.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 50, DPO 19, DIO 51). At a 8.8% WACC with mid-year discounting, the terminal value (66% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 8.8x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $109.50 per share, suggesting USLM is fairly valued by 0.2% at the current price of $109.28.

FCFF Present Value Calculation

WACC

8.79%

3% – 20%

EV/EBITDA Exit Multiple

8.76x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	148	169	179	183	217	251	284	315	341	360	369
(−) Net Interest	0	0	0	0	0	0	0	0	1	1	1
(+) D&A	36	42	51	58	68	73	81	90	101	114	117
EBITDA	185	211	230	241	285	324	366	406	443	474	486

(−) Tax	30	34	37	37	44	51	58	64	69	73	—
(−) CapEx	60	69	73	74	88	102	115	128	138	146	—
(−) ΔWC	25	12	6	2	20	21	20	18	15	11	—
Free Cash Flow (FCF)	70	96	115	128	132	150	172	196	219	244	—

Peers' EBITDA Multiple											8.8x
Terminal Value											4,260
WACC / Discount Rate	8.79%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	67	85	93	95	91	95	100	104	107	109	1,834

Enterprise Value	2,779
Projection Period	945	34.0%
Terminal Value	1,834	66.0%

(−) Current Net Debt	(367)
Equity Value	3,146
(÷) Outstanding Shares	29M
Fair Price	$109	+0.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	4.8x	6.8x	8.8x	10.8x	12.8x
6.8%	$91	$108	$126	$144	$161
7.8%	$85	$101	$117	$133	$149
8.8%	$80	$95	$110	$124	$139
9.8%	$76	$89	$102	$116	$129
10.8%	$72	$84	$96	$108	$120

Current price: $109.28. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$85.40

Market Price

$109.28

Upside / Downside

-21.9%

Verdict

Overvalued

P/E Valuation — Construction Materials

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
United States Lime & Minerals, Inc.USLM	3,140	23.4x	23.8x
Century Aluminum CompanyCENX	5,831	140.3x	34.3x
Knife River CorporationKNF	5,132	32.8x	27.5x
Cabot CorporationCBT	4,474	14.2x	11.8x
Avient CorporationAVNT	3,383	41.4x	13.9x
H.B. Fuller CompanyFUL	3,337	22.3x	15.7x
Titan America S.A.TTAM	3,088	16.6x	16.2x
Boise Cascade CompanyBCC	2,487	20.1x	7.4x
Tecnoglass Inc.TGLS	1,976	12.4x	11.2x
Industry Median		21.2x	14.8x
(*) Profit after tax		134	132
Equity Value		2,843	2,065
(/) Outstanding shares		29	29
Fair Price		$99	$72

Selected Fair Value (avg of trailing + forward)

$85.40

-21.9%

Fair Value

$69.29

Market Price

$109.28

Upside / Downside

-36.6%

Verdict

Overvalued

EV/EBITDA Valuation — Construction Materials

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
United States Lime & Minerals, Inc.USLM	3,140	15.1x	14.8x
Century Aluminum CompanyCENX	5,831	43.9x	52.7x
Knife River CorporationKNF	5,132	12.8x	11.7x
Cabot CorporationCBT	4,474	6.8x	6.7x
Avient CorporationAVNT	3,383	8.7x	8.8x
H.B. Fuller CompanyFUL	3,337	10.0x	9.7x
Titan America S.A.TTAM	3,088	8.8x	8.7x
Boise Cascade CompanyBCC	2,487	7.3x	6.9x
Tecnoglass Inc.TGLS	1,976	7.5x	7.5x
Industry Median		8.8x	8.8x
(*) EBITDA		183	188
= Enterprise Value		1,604	1,644
(-) Net Debt		-367	-367
Equity Value		1,971	2,011
(/) Outstanding shares		29	29
Fair Price		$69	$70

Selected Fair Value (avg of trailing + forward)

$69.29

-36.6%

Fair Value

$37.81

Market Price

$109.28

Upside / Downside

-65.4%

Verdict

Overvalued

EV/Revenue Valuation — Construction Materials

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
United States Lime & Minerals, Inc.USLM	3,140	7.4x	7.3x
Century Aluminum CompanyCENX	5,831	2.5x	3.0x
Knife River CorporationKNF	5,132	2.0x	1.8x
Perimeter Solutions, S.A.PRM	4,789	6.9x	8.2x
Cabot CorporationCBT	4,474	1.5x	1.4x
Avient CorporationAVNT	3,383	1.5x	1.5x
H.B. Fuller CompanyFUL	3,337	1.5x	1.5x
Titan America S.A.TTAM	3,088	2.0x	2.0x
Boise Cascade CompanyBCC	2,487	0.4x	0.4x
Tecnoglass Inc.TGLS	1,976	2.1x	2.1x
Industry Median		2.0x	1.8x
(*) Revenue		373	382
= Enterprise Value		742	696
(-) Net Debt		-367	-367
Equity Value		1,109	1,064
(/) Outstanding shares		29	29
Fair Price		$39	$37

Selected Fair Value (avg of trailing + forward)

$37.81

-65.4%

PEG Fair Value

Fair Value

$116.75

Market Price

$109.28

Upside / Downside

+6.8%

Verdict

Undervalued

Using the PEG framework with historical EPS growth of 25.0% plus 0.2% dividend yield, the company has a fair value of $116.75 based on TTM EPS (FY2025) of $4.67. The current PEG ratio is 0.62.

PEG Ratio

0.62Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 23.4 ÷ (37.4% + 0.2%) = 0.62

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG moderately applicable

Growth above 25% is capped — hypergrowth may not be sustainable long-term.

Fair Value Calculation

EPS Growth RateHistorical	37.4%
Dividend Yield	+0.2%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
TTM EPS (FY2025)	$4.67
Fair Value	$116.75

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2021	$37.0M	$1.31	—
FY2022	$45.4M	$1.60	+22.1%
FY2023	$74.5M	$2.61	+63.1%
FY2024	$108.8M	$3.79	+45.2%
FY2025	$134.3M	$4.67	+23.2%

4Y Historical EPS CAGR: 37.4%

Earnings Power Value

Fair Value

$45.18

Market Price

$109.28

Upside / Downside

-58.7%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	82	82	82
(/) WACC	10.3%	8.8%	7.3%
Enterprise Value	795	931	1,123
(-) Net debt	-367	-367	-367
Equity Value	1,163	1,298	1,490
(/) Outstanding shares	29	29	29
Fair Price	$40.46	$45.18	$51.85

Dividend Discount Model

Fair Value

$7.02

Market Price

$109.28

Upside / Downside

-93.6%

Verdict

Overvalued

Dividend Profile

Current DPS

$0.24

Dividend Yield

0.22%

Payout Ratio

5.1%

Dividend Coverage

19.54x

FCF Payout Ratio6.7%

DPS CAGR (4Y)17.0%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.24	5.1%	+20.0%
2024	$0.20	5.3%	+24.8%
2023	$0.16	6.1%	-0.1%
2022	$0.16	10.0%	+25.0%
2021	$0.13	9.8%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$0.28	15.0%	0.9191	$0.25
2027	$0.32	15.0%	0.8448	$0.27
2028	$0.36	15.0%	0.7765	$0.28
2029	$0.42	15.0%	0.7137	$0.30
2030	$0.48	15.0%	0.6560	$0.32
Terminal Value	$0.50 DPS	3.0%		$5.61

PV of Projected Dividends$1.42

PV of Terminal Value$5.61

Fair Value per Share$7.02

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
6.8%	$10	$10	$11	$11	$11
7.8%	$8	$8	$9	$9	$9
8.8%	$6	$7	$7	$7	$7
9.8%	$5	$6	$6	$6	$6
10.8%	$5	$5	$5	$5	$5