Valmont Industries
היא מייצרת את עמודי הפלדה והמגדלים שנושאים את קווי החשמל של ארה״ב, מצפה אותם באבץ כדי שיחזיקו עשרות שנים, ומוכרת גם מכונות השקיה לחקלאים.
הציון שלנוניטרלית ביטחון בינוני
הציונים
ציונים · 1-4
צמיחה2/4 ↑
ההכנסות נמוכות מהרמה של 2022, ורק ב-2026 חלה צמיחה, וגם היא מקו מוצרים אחד. הצמיחה שבתחזית ההנהלה ממשית, אבל התחזית בת חצי שנה.
איכות העסק3/4 →
יתרון הגודל במפעלים ובגילוון ממשי ובא לידי ביטוי במחיר, אבל הוא טרם נבחן מול מתחרה נחוש שבונה עכשיו שלושה מפעלים.
איתנות פיננסית3/4 ↑
החוב ממשי, אבל כמעט כולו לא נפרע בחמש השנים הקרובות, מסגרת האשראי המתחדשת לא נוצלה וההשקעות ההוניות ממומנות מהפעילות השוטפת.
יכולת ביצוע3/4 ↑
התחזית הועלתה פעמיים השנה, אבל גם הפחתות ערך של 232 מיליון דולר בשלוש שנים ועסק טכנולוגיה שנמחק כולו הם חלק מהרקורד.
ערך לבעלי המניות4/4 →
מספר המניות ירד ב-7.7% בשלוש שנים, מענקי המניות כמעט לא מדללים את חלקו של כל בעל מניות, העסקאות משולמות במזומן ואין ניירות ערך להמרה.
פוטנציאל2/4 ↑
הפוטנציאל תלוי בהחלטת השקעה של אחרים, שמגיעה אל החברה דרך הזמנות של שנה אחת, והוא מחייב שהקיבולת החדשה של Valmont תיכנס קודם לפעולה.
רמת סיכון3/4 →
לפי הדוח של החברה עצמה אין ריכוזיות לקוחות, אבל כ-36.5% מהמכירות הולכים לשוק קצה אחד, ופלדה היא מחצית מעלות הקו הזה.
תמחור3/4 →
המחיר מגלם את השנה הנוכחית במלואה, וכדי שבעלי המניות ירוויחו נדרשת התממשות של רוב תוכנית 2029, אבל לא יותר ממנה.
חוזק הראיות3/4 →
המספרים מופיעים בדוחות והאיום מגיע מהדוח השנתי של המתחרה עצמו, אבל טענת התמחור שהתזה נשענת עליה מבוססת על שיחת ועידה אחת.
השורה התחתונה
הציון שלנו: ניטרלית. Valmont מייצרת את עמודי הפלדה שנושאים את קווי החשמל של ארה״ב, ושיקום רשת החשמל יצר בהם מחסור. זה עסק טוב, עם שיעור רווח טוב בפעילות התשתיות. אבל חלק גדול מהצמיחה האחרונה מול חברות החשמל נובע מהעלאות מחירים, ולמחסור הזה יש תאריך תפוגה: Nucor, שמייצרת את הפלדה, פותחת מפעלי עמודים מתחרים עד 2027. המחיר הוגן ולא זול: בעלי המניות ירוויחו רק אם רוב תוכנית 2029 של ההנהלה תתממש. ההערכה תלויה בשאלה אם הצמיחה מול חברות החשמל ושיעור הרווח יחזיקו כשהמפעלים של Nucor יתחילו לפעול.
הטיעון לטווח הארוךארה״ב בונה מחדש ומרחיבה את רשת החשמל שלה, ו-Valmont מייצרת את העמודים. כדי להמשיך לצמוח היא צריכה להתקדם יחד עם חברות החשמל גם כשמפעלי העמודים המתחרים של Nucor ייפתחו.
הראיות (באנגלית) · 6 טענות
C03עובדהhigh confidence
Valmont's revenue has been flat to lower for three years: $4,345.3M in FY2022, $4,174.6M in FY2023, $4,075.0M in FY2024 and $4,104.1M in FY2025 - below the FY2022 level.
C04עובדהhigh confidence
In Q2 2026 Infrastructure segment operating income was $154.4M on $876.7M of sales, a 17.6% margin, which management reported as 130 basis points wider than a year earlier.
C05טענת ההנהלהmedium confidence
Management said North America Utility sales rose 33.9% in Q2 2026 'driven by higher pricing and volume growth', and the chief financial officer described it as 'an exceptional quarter for price at 33.9%... driven mainly by price, but volume was also important at double digits'. In Q3 2026 the line rose 23.0% to $469.6M, again 'driven by higher pricing and volumes'; on the Q3 call the chief financial officer said 'the majority of the driving factor there was volume... although it is noteworthy that price was right at double digits as well', that he expects mid-twenties utility growth for the full year with double-digit volume growth, and that double-digit pricing continues into 2027.
sourceQ2 2026 earnings call transcriptprimaryForm 8-K and Exhibit 99.1 results release for the quarter…primaryQ3 2026 earnings call transcriptprimary
against this
- The same call attributes sequential margin compression to accelerating material cost inflation, so some of the price is cost pass-through rather than scarcity rent.
- Management guided that pricing would 'remain positive in terms of contribution in the second half. But it will moderate in terms of its year over year growth', which is the company saying the price effect is fading.
- Cutting the other way: infrastructure operating margin still widened 130 basis points, which pure pass-through of a cost increase would not produce, so at least part of the price is margin.
- Also cutting the other way: management said the quarter 'did benefit from a very favorable mix of customer and contracts', which makes 33.9% a flattered reading of the run rate in either direction.
- Q3's 23.0% is slower than Q2's 33.9%, consistent with management's guide that price would moderate; and the CEO now says the pace of margin expansion depends on how quickly steel and zinc costs stabilise.
- Cutting against a clean volume story: price was still 'right at double digits' in Q3 and is expected to stay double digit in 2027, and the chief financial officer says the pricing 'is mostly to offset the cost', so a large part of the price is steel pass-through; no figure is given, only 'majority' and 'double digits'.
- 2026-10-20editedQ3 2026 release: North America Utility sales rose 23.0%, 'higher pricing and volumes', still no split
- 2026-10-21editedQ3 2026 call: management split the 23.0% as mostly volume with price at about double digits; full-year utility growth guided mid-twenties
C12עובדהhigh confidence
Nucor's own FY2025 annual report says Nucor Towers & Structures 'produces steel poles and other steel structures for utility infrastructure', and dates three new plants: Decatur, Alabama complete and in production ramp-up, Crawfordsville, Indiana planned for completion in 2026 and Brigham City, Utah planned for 2027, all located adjacent to Nucor's existing steel mills.
against this
- Nucor discloses no revenue, tonnage or capacity for the division and does not report it as a segment, so the size of the capacity arriving is unknown and could be immaterial to the market as well as to Nucor.
- Building a plant is not winning a utility's qualification: Valmont's own filing says infrastructure work goes to the lowest bidder that meets the necessary qualifications, and a new plant has to earn those first.
- The schedule has already moved once - the 2023 announcement expected Alabama and Indiana in production during 2025, and the FY2025 10-K has Indiana completing in 2026.
C36אומדןmedium confidence
At $481.46 the market pays about $21 for each dollar of the midpoint of Valmont's own guided 2026 earnings, about 17 times enterprise value to trailing operating profit, and about 11 times the operating profit the 2029 plan implies. The price pays for this year in full and needs most of the 2029 plan to produce an equity return.
derived$481.46 over the $22.875 midpoint of the $22.25-$23.50 guidance range gives 21.0. Enterprise value of $10.03B over trailing operating profit of about $578M - the four quarters to Q2 2026 - gives 17.3, which the pack independently strikes at 17.1. Enterprise value over the $915M of 2029 operating profit implied by C20 gives 11.0.
against this
- The cohort says the opposite of expensive: on the very metric this thesis's frame chooses, Valmont is the cheapest of the three product-matched names, while earning the widest operating margin and the highest return on invested capital of them.
- It is also cheaper than its own history on earnings - 19.0 trailing against a prior-year median of 26.3 - on returns that have roughly doubled, so the multiple has not expanded while the business improved.
- Cutting the other way, the trailing figures are struck on the two best quarters the company has reported and on a tax rate that will not repeat, so both the earnings and the operating profit in those multiples are near a high rather than mid-cycle.
C41עובדהmedium confidence
The analyst panel this vendor aggregates splits five buy, eight hold and one sell. Short interest was 417,182 shares, 2.2% of float, at the 2026-08-14 settlement, down 9.4% from the settlement before it, at 2.79 days to cover.
החברה
חשמל עובר בקווים שנישאים על עמודים ומגדלים. Valmont מייצרת אותם מפלדה, מבטון ומחומרים מרוכבים, וטובלת את עמודי הפלדה באבץ מותך כדי שלא יחלידו; את הציפוי הזה היא מוכרת גם לאחרים. כחמישית מהפעילות היא מכונות השקיה לחקלאים.
חברות החשמל בוחרות ספק במכרז: מי שמציע את המחיר הנמוך ביותר מבין הספקים המוסמכים זוכה. בקו מתח גבוה חדש, העמוד המיוצר הוא כ-31% מעלות המבנה המותקן.
הראיות (באנגלית) · 3 טענות
C01עובדהhigh confidence
Valmont's Infrastructure segment makes steel, concrete and composite poles and structures for electricity transmission, distribution and substations, plus lighting, traffic and telecommunication structures and hot-dip galvanizing services; its Agriculture segment makes center-pivot and linear irrigation equipment and precision-agriculture technology.
C15עובדהhigh confidence
Valmont's annual report names no competitor by name in either segment. It describes 'numerous players operating in both North American and international markets' and says infrastructure sales are 'often determined through competitive bidding processes, with contracts awarded to the lowest bidder that meets all necessary qualifications'.
C25עובדהmedium confidence
MISO's own transmission cost guide assumes 6.0 steel structures per mile for a 345 kV single-circuit line - 4.5 tangent, 1.0 running angle and 0.5 deadend - and prices a 345 kV tangent steel pole at $57,860 of material inside an installed cost of $187,983 once installation, hardware and foundation are added. The manufactured structure is therefore about 31% of the installed structure.
ממה היא מרוויחה
התשלום הוא לכל מבנה, בחוזים שנקבעים במכרז, ושום דבר לא חתום מעבר לשנה בערך: צבר ההזמנות היה 1.65 מיליארד דולר בסוף 2025, ורובו לאספקה ב-2026. פלדה היא כמחצית ממחיר עמוד לחברת חשמל, ולכן הרווח תלוי ביכולת להעביר את עלות הפלדה ללקוח.
הראיות (באנגלית) · 3 טענות
C15עובדהhigh confidence
Valmont's annual report names no competitor by name in either segment. It describes 'numerous players operating in both North American and international markets' and says infrastructure sales are 'often determined through competitive bidding processes, with contracts awarded to the lowest bidder that meets all necessary qualifications'.
C16עובדהhigh confidence
Backlog was $2,007.8M at 2026-09-26 - Infrastructure $1,808.2M and Agriculture $199.6M - against $1,653.7M at 2025-12-27 (Infrastructure $1,548.3M, Agriculture $105.4M) and $1,436.7M a year before that.
sourceForm 10-K for the fiscal year ended December 27, 2025primaryForm 8-K and Exhibit 99.1 results release for the quarter…primary
- 2026-10-20editedQ3 2026 release carries a quarterly backlog table; thesis had said none was published, newest figure now $2,007.8M
C29עובדהhigh confidence
Steel has accounted for approximately 50% of net sales on average in Valmont's Utility product line, and the 10-K says a hypothetical 20% change in the steel price would have affected that line's net sales by approximately $110.0 million in FY2025.
פירוט מקורות ההכנסה
| מקור | משקל במכירות (המחצית הראשונה של 2026) | איך |
|---|---|---|
| חברות חשמל בצפון אמריקה | 41.0% | מבני פלדה ובטון להולכה, להפצה ולתחנות משנה, מתוכננים לפי הזמנה לחברות חשמל, וההכנסה נרשמת לאורך זמן, תוך כדי הייצור. |
| חקלאות | 21.8% | מכונות השקיה של Valley, צירית וליניארית, וחלפים, הנמכרים דרך סוכנים, וכן מנויים לניטור מרחוק. בשנת הכספים 2025 ההשקיה היוותה 22.4% והטכנולוגיה 2.3%. |
| תשתיות ואנרגיה סולארית בינלאומיות | 14.2% | עמודים, מבנים, גילוון ומערכות עקיבה סולאריות מחוץ לצפון אמריקה, שנמכרים בעיקר במכרזים לחברות חשמל, לממשלות וליזמים. |
| תאורה ותחבורה בצפון אמריקה | 11.6% | עמודי תאורה, רמזורים ושלטים לכבישים, לערים ולאתרים מסחריים, שמסופקים לפי הזמנות הקשורות לרוב להוצאה ציבורית על כבישים מהירים. |
| ציפויים בצפון אמריקה | 5.9% | גילוון בטבילה חמה ושירותי ציפוי לפלדה של יצרנים אחרים, במרחק של כמה מאות מייל מכל מפעל, בחיוב לפי עבודה. |
| תקשורת בצפון אמריקה | 5.5% | מגדלים, עמודים ורכיבי אתרים אלחוטיים, הנמכרים למפעילות סלולר ולבעלות מגדלים. |
ההנהלה
אבנר אפלבאום עומד בראש Valmont מאמצע 2023, אחרי שלוש שנים כסמנכ״ל הכספים שלה. ג'ון שוויץ, שעובד בחברה מאז 2009, נכנס לתפקיד סמנכ״ל הכספים באפריל 2026, השינוי השני בתוך שנתיים. בעלי העניין מחזיקים מעט, כמניה אחת מכל 70; הגדול שבהם, יושב הראש הוותיק, מכר חלק מהמניות באביב הזה ויעזוב את הדירקטוריון בסוף השנה. הבונוס נקבע בעיקר לפי הרווח, ורבע ממנו לפי המכירות; המניות לטווח ארוך נקבעות בעיקר לפי התשואה על ההון המושקע.
הראיות (באנגלית) · 4 טענות
C54עובדהhigh confidence
Avner M. Applbaum has been Valmont's chief executive since July 2023 and was its chief financial officer from March 2020 to July 2023. John Schwietz became chief financial officer effective 2026-04-08, succeeding Thomas Liguori, who had held the role since August 2024; Schwietz joined Valmont in 2009 and was President, International Agriculture from May 2024. Mogens C. Bay, chief executive from 1993 to 2017, has been non-executive chairman since January 2019.
C55עובדהhigh confidence
At 2026-03-02 directors and executive officers as a group, 20 people, beneficially owned 276,994 of 19,547,213 shares outstanding, about 1.4%; chairman Mogens C. Bay held 129,809, the largest insider stake, and chief executive Avner M. Applbaum 49,642 including 31,446 exercisable options. Vanguard held 10.7%, BlackRock 9.5% and Neuberger Berman 5.4%. There is one class of common stock with one vote a share.
against this
Bay sold 17,500 shares in April 2026 (C38) and retires from the board at the end of fiscal 2026 (C57), so the largest insider stake is shrinking and leaving the board.
C56עובדהhigh confidence
Valmont's 2025 annual bonus paid 75% on net earnings and 25% on revenue, adjusted to exclude $78.5M of non-recurring tax benefits, and paid 94.5% of target. Performance shares run three-year cycles weighted 70% to average return on invested capital and 30% to compound operating income growth; the 2023-2025 cycle paid 102.9% of target on 14.60% ROIC and 2.30% growth, and the 2025-2027 cycle targets 17.0% ROIC and 5% growth.
against this
Because ROIC carries 70% of the performance shares, a cycle with 2.30% operating income growth still paid above target, so the plan rewards returns on existing capital more than growth.
C57עובדהhigh confidence
On 2026-07-27 chairman Mogens C. Bay told the board he will retire from it at the end of fiscal 2026, December 26, 2026, and vice chair and lead independent director Catherine J. Paglia will succeed him as chair.
היתרון התחרותי, ומי מאיים עליו
למה הלקוחות נשארים
העמודים ארוכים, כבדים ויקרים להובלה, ולכן מפעל משרת אזור ולא מדינה שלמה. לספק עם מספר המפעלים הגדול ביותר יש המחיר הנמוך ביותר עד ללקוח, והוא מציע אותו ליותר פרויקטים. Valmont מפעילה גם אחת מרשתות הגילוון (ציפוי באבץ) הגדולות, ומתחרה חדש יצטרך לבנות רשת כזו מאפס.
ההוכחה נמצאת במחיר: המכירות לחברות החשמל זינקו ב-33.9% ברבעון שהסתיים ביוני, בעיקר בגלל המחיר, ושיעור הרווח בפעילות התשתיות עלה ב-1.3 נקודות אחוז.
הראיות (באנגלית) · 3 טענות
C05טענת ההנהלהmedium confidence
Management said North America Utility sales rose 33.9% in Q2 2026 'driven by higher pricing and volume growth', and the chief financial officer described it as 'an exceptional quarter for price at 33.9%... driven mainly by price, but volume was also important at double digits'. In Q3 2026 the line rose 23.0% to $469.6M, again 'driven by higher pricing and volumes'; on the Q3 call the chief financial officer said 'the majority of the driving factor there was volume... although it is noteworthy that price was right at double digits as well', that he expects mid-twenties utility growth for the full year with double-digit volume growth, and that double-digit pricing continues into 2027.
sourceQ2 2026 earnings call transcriptprimaryForm 8-K and Exhibit 99.1 results release for the quarter…primaryQ3 2026 earnings call transcriptprimary
against this
- The same call attributes sequential margin compression to accelerating material cost inflation, so some of the price is cost pass-through rather than scarcity rent.
- Management guided that pricing would 'remain positive in terms of contribution in the second half. But it will moderate in terms of its year over year growth', which is the company saying the price effect is fading.
- Cutting the other way: infrastructure operating margin still widened 130 basis points, which pure pass-through of a cost increase would not produce, so at least part of the price is margin.
- Also cutting the other way: management said the quarter 'did benefit from a very favorable mix of customer and contracts', which makes 33.9% a flattered reading of the run rate in either direction.
- Q3's 23.0% is slower than Q2's 33.9%, consistent with management's guide that price would moderate; and the CEO now says the pace of margin expansion depends on how quickly steel and zinc costs stabilise.
- Cutting against a clean volume story: price was still 'right at double digits' in Q3 and is expected to stay double digit in 2027, and the chief financial officer says the pricing 'is mostly to offset the cost', so a large part of the price is steel pass-through; no figure is given, only 'majority' and 'double digits'.
- 2026-10-20editedQ3 2026 release: North America Utility sales rose 23.0%, 'higher pricing and volumes', still no split
- 2026-10-21editedQ3 2026 call: management split the 23.0% as mostly volume with price at about double digits; full-year utility growth guided mid-twenties
C04עובדהhigh confidence
In Q2 2026 Infrastructure segment operating income was $154.4M on $876.7M of sales, a 17.6% margin, which management reported as 130 basis points wider than a year earlier.
C25עובדהmedium confidence
MISO's own transmission cost guide assumes 6.0 steel structures per mile for a 345 kV single-circuit line - 4.5 tangent, 1.0 running angle and 0.5 deadend - and prices a 345 kV tangent steel pole at $57,860 of material inside an installed cost of $187,983 once installation, hardware and foundation are added. The manufactured structure is therefore about 31% of the installed structure.
האיום
Nucor מייצרת את הפלדה, ועכשיו גם את העמודים. מפעל העמודים החדש הראשון שלה, באלבמה, נמצא בהגדלת קצב הייצור; מפעל באינדיאנה צפוי ב-2026 ומפעל ביוטה ב-2027, כל אחד לצד מפעל פלדה של Nucor, אוטומטי מאוד ועם ציפוי אבץ משלו. Arcosa כבר מוכרת שלושה מתוך חמישה סוגי המבנים ש-Valmont מייצרת.
הראיות (באנגלית) · 3 טענות
C12עובדהhigh confidence
Nucor's own FY2025 annual report says Nucor Towers & Structures 'produces steel poles and other steel structures for utility infrastructure', and dates three new plants: Decatur, Alabama complete and in production ramp-up, Crawfordsville, Indiana planned for completion in 2026 and Brigham City, Utah planned for 2027, all located adjacent to Nucor's existing steel mills.
against this
- Nucor discloses no revenue, tonnage or capacity for the division and does not report it as a segment, so the size of the capacity arriving is unknown and could be immaterial to the market as well as to Nucor.
- Building a plant is not winning a utility's qualification: Valmont's own filing says infrastructure work goes to the lowest bidder that meets the necessary qualifications, and a new plant has to earn those first.
- The schedule has already moved once - the 2023 announcement expected Alabama and Indiana in production during 2025, and the FY2025 10-K has Indiana completing in 2026.
C13עובדהhigh confidence
Nucor's own announcement says the three new utility-structures facilities 'will be highly automated, utilizing efficient straight-line production, and will also include advanced hot-dip galvanizing operations', and that the Utah plant is a $200 million investment.
C14עובדהhigh confidence
Arcosa's own annual report says its Engineered Structures segment 'primarily manufactures and sells steel and concrete structures for infrastructure businesses, including utility structures for electricity transmission and distribution, structural wind towers, traffic and lighting structures, and telecommunication structures' - three of the five product lines Valmont reports inside Infrastructure. That segment was 45.8% of Arcosa's revenue in the quarter ended 2026-06-30.
המתחרות: NUE, ACA, LNN.
פירוט המתחרים
| סימול | מתחרה | שלב | בסיס להשוואה |
|---|---|---|---|
| NUE | Nucor Towers & Structures, חטיבה של Nucor Corporationבסיס להשוואה: מוצגת, אך לא נספרת | כבר נמכר | מוצגת, לא נספרת |
| ACA | Arcosa Engineered Structures, מגזר של Arcosa, Inc.בסיס להשוואה: כן | כבר נמכר | כן |
| LNN | Lindsayבסיס להשוואה: כן | כבר נמכר | כן |
פוטנציאל הצמיחה
גודל ההזדמנות
מייל של קו מתח גבוה חדש דורש כשישה מבני פלדה, כלומר עמודים בשווי של כ-358,706 דולר. חברות החשמל הפרטיות בארה״ב היו צפויות להוציא ב-2025 כמעט 208 מיליארד דולר; Valmont מכרה להן בכ-1.5 מיליארד דולר. רוב ההוצאה הזו הולכת על ייצור חשמל, רשתות, ציוד ועבודה, שאותם Valmont לא מספקת.
הראיות (באנגלית) · 3 טענות
C25עובדהmedium confidence
MISO's own transmission cost guide assumes 6.0 steel structures per mile for a 345 kV single-circuit line - 4.5 tangent, 1.0 running angle and 0.5 deadend - and prices a 345 kV tangent steel pole at $57,860 of material inside an installed cost of $187,983 once installation, hardware and foundation are added. The manufactured structure is therefore about 31% of the installed structure.
C26עובדהmedium confidence
The Edison Electric Institute, the investor-owned electric companies' own trade association, projected that its member companies would invest nearly $208 billion in 2025.
C17עובדהhigh confidence
Valmont's FY2025 sales to the United States electric utility industry were approximately $1.5 billion, and its Utility product line was $1,511.1M, up 10.4% from $1,368.3M. The 10-K states that 'our business does not depend on a single customer or a limited number of customers to generate a significant portion of revenue in any segment'.
מאיפה מגיעה הצמיחה, לפי פעילות
מאיפה מגיעה הצמיחה
| פעילות | משקל בהכנסות | צמיחה ברבעון האחרון | בחצי השנה האחרונה | בשנה האחרונה | משקל בעוד 3 שנים, בקצב של חצי השנה האחרונה |
|---|---|---|---|---|---|
| תשתיות | 80% | +9.1% | +11.9% | - | 89% |
| חקלאות | 20% | -6.4% | -11.5% | - | 11% |
| החברה כולה | 100% | +5.6% | +6.0% | - | 100% |
לפי הפילוח המדווח עד 26 בספטמבר 2026, אם כל עסק ימשיך בקצב הצמיחה של המחצית האחרונה, החברה תצמח בשנה הבאה בכ-7% ובשנה השלישית ב-9%, לעומת 3.8% ב-12 החודשים האחרונים. זהו תרחיש ולא תחזית: אף עסק לא שומר על הקצב שלו.
התוצאות
המספרים
היא צומחת?לאט
המכירות צמחו ב-4.6% ב-12 החודשים שהסתיימו בספטמבר 2026, בערך באותו קצב כמו ה-0.7% בשנה שהסתיימה בדצמבר 2025.
היא רווחית?כן
שיעור הרווח התפעולי עומד על 14%, לעומת 7.0% בשנה שהסתיימה בדצמבר 2023.
הצמיחה משתלמת?משתלמת
הוצאות התפעול לוקחות 16 סנט מכל דולר מכירות, בערך כמו בשנה שהסתיימה בדצמבר 2022 (16 סנט).
התשואה על ההון גבוהה?גבוהה מאוד
כל דולר שמושקע בעסק מניב 23% בשנה אחרי מס, לעומת 12% בשנה שהסתיימה בדצמבר 2022.
היא מייצרת מזומנים?כן
7.1% מהמכירות הפכו לתזרים מזומנים חופשי: 306 מיליון דולר ב-12 החודשים האחרונים.
המאזן איתן?חוב נמוך
החוב שלה גבוה ב-634 מיליון דולר מהמזומן שבידיה, כ-1.4 שנים של המזומן שהפעילות מייצרת.
בעלי המניות מדוללים?לא, מספר המניות יורד
מספר המניות ירד ב-10% בתוך 3.7 שנים, והתגמול במניות עולה 0.5% מהמכירות.
כל המספרים
נתונים מהדוחות של החברה (10-K ו-10-Q), נקראו ב-27 באוקטובר 2026. שנת הכספים מסתיימת בדצמבר.
| דצמבר 2022 | דצמבר 2023 | דצמבר 2024 | דצמבר 2025 | 12 חודשים עד ספטמבר 2026 | |
|---|---|---|---|---|---|
| גודל וצמיחה | |||||
| מכירות | $4.35B | $4.17B | $4.08B | $4.10B | $4.29B |
| צמיחת המכירות | - | −3.9% | −2.4% | +0.7% | +4.6% |
| רווח | |||||
| שיעור הרווח הגולמי | 26% | 30% | 30% | 30% | 30% |
| שיעור הרווח התפעולי | 10.0% | 7.0% | 13% | 10% | 14% |
| שיעור הרווח הנקי | 5.8% | 3.6% | 8.5% | 8.5% | 12% |
| עלות הצמיחה, לכל דולר מכירות | |||||
| מחקר ופיתוח | 1.1% | 1.3% | 1.4% | 0.8% | - |
| הוצאות מכירה, הנהלה וכלליות | 16% | 18% | 18% | 17% | 16% |
| תגמול מבוסס מניות | 1.0% | 0.9% | 0.7% | 0.6% | 0.5% |
| השקעות הוניות | 2.1% | 2.3% | 1.9% | 3.5% | 3.7% |
| מזומנים | |||||
| תזרים מפעילות שוטפת | $326M | $307M | $573M | $456M | $463M |
| תזרים מזומנים חופשי | $233M | $210M | $493M | $311M | $306M |
| מאזן | |||||
| מזומנים והשקעות לזמן קצר | $185M | $203M | $164M | $187M | $122M |
| חוב | $872M | $1.11B | $731M | $796M | $756M |
| מזומן נטו | −$687M | −$906M | −$566M | −$609M | −$634M |
| תשואות ומניות | |||||
| תשואה על ההון המושקע | 12% | 7.3% | 17% | 17% | 23% |
| מספר המניות (בדילול מלא) | 21.6M | 21.2M | 20.3M | 19.9M | 19.4M |
עלות הצמיחה
הצמיחה משפרת מעט את הרווחיות של Valmont: הוצאות המשרד והמכירות כמעט לא משתנות כשהמכירות עולות, ולכן כל דולר מכירות נוסף משאיר לה יותר. ההוצאה שכן גדלה היא בניית מפעלים, שכמעט הוכפלה לכל דולר מכירות עם הרחבת הקיבולת לחברות החשמל, ובשנה של ירידה המגמה מתהפכת.
הראיות (באנגלית) · 2 טענות
C53עובדהhigh confidence
Per sales dollar, selling, general and administrative expense was 18.4 cents in FY2023, 17.6 in FY2024, 17.5 in FY2025 and 16.5 over the four quarters to 2026-06-27, when it fell to $699.1M from $717.6M as sales rose to $4,232.1M; stock pay fell from 0.9 to 0.5 cents and capital spending rose from 1.9 cents in FY2024 to 3.5 in FY2025 and 3.6. Research and development, $33.0M in FY2025 under the filer's ResearchAndDevelopmentExpense tag, sits inside that selling and administrative line by the segment note's own definition rather than on a line of its own.
sourceForm 10-K for the fiscal year ended December 27, 2025primaryForm 10-Q for the quarter ended June 27, 2026primary
against this
- In FY2023, when sales fell 3.9%, selling and administrative cost rose to 18.4 cents per sales dollar from 16.0 in FY2022, so the leverage runs both ways.
- Capital spending per sales dollar nearly doubled in FY2025 for utility capacity (C44), a cost of growth that sits below the operating margin.
C44עובדהmedium confidence
Valmont's capital expenditure guidance of $170M-$200M for 2026 was left unchanged when the sales and earnings guidance was raised, against about $145.0M spent in FY2025, and is directed primarily at North America Utility capacity. On 2026-10-20 the range was again left unchanged; Q3 spending was about $46M and the chief executive said growth capital spending is to double in 2027 compared with 2026.
sourceQ2 2026 results release - 8-K Exhibit 99.1primaryQ2 2026 earnings call transcriptprimaryFrozen research pack, content/VMI/research-pack.jsonsecondaryForm 8-K and Exhibit 99.1 results release for the quarter…primaryQ3 2026 earnings call transcriptprimary
- 2026-10-21editedQ3 2026 release and call: capital spending range unchanged, 2027 growth capital to double; shelf life rolled
הדוח האחרון (21 ביולי)
הרבעון שהסתיים ביוני 2026, לפי הדוחות.
6%
צמיחת המכירות
לעומת הרבעון המקביל אשתקד
8.7%
צמיחה לעומת הרבעון הקודם
לעומת -0.9% ברבעון שלפני כן
15¢
רווח תפעולי
לכל דולר מכירות
ברבעון ספטמבר 2026 תחום התשתיות, שהוא 79.7% מהמכירות, הרוויח 154.8 מיליון דולר על מכירות של 882.1 מיליון דולר: שיעור רווח של 17.6%, לעומת 17.8% לפני שנה. מכירות הנדסה לחברות החשמל והתשתיות עלו ב-23.0% בזכות מחירים וכמויות גבוהים יותר. מכירות ההשקיה החקלאית ירדו ב-6.4%, אבל שיעור הרווח בה עלה ל-17.9%. ההנהלה העלתה את תחזית הרווח למניה ל-2026 לטווח של 22.75 עד 23.75 דולר, וצבר ההזמנות עמד על 2.0 מיליארד דולר, לעומת 1.65 מיליארד בדצמבר.
אבל: המכירות הכוללות עלו רק ב-5.5% ופספסו את התחזיות, והרווח הטוב מהצפוי נשען על הוצאות תקורה נמוכות, בעוד שיעור הרווח הגולמי ירד ל-30.0%. בשיחה אמרה ההנהלה שרוב הצמיחה אצל חברות החשמל הגיעה מהיקפים, והזהירה שברבעון הרביעי השוליים ייפגעו יותר בגלל עלויות הפלדה.
מה זה אומר על התזהזה חיזק את חצי רשתות החשמל: הצמיחה אצל חברות החשמל והשוליים עברו את הרף שקבענו, ובשיחה נאמר שרוב הצמיחה באה מהיקפים. הסיכון נשאר פתוח, כי המחירים עדיין עולים בשני ספרות והתוכנית נשענת על התייצבות עלויות הפלדה והאבץ.
הרבעון בפירוט
צמיחת המכירות לעומת הרבעון הקודם, לפי הדוחות.
רווח למניה $6.14 לעומת $5.80 צפוי; $6.14 לפי הדוחות, ללא התאמות.
הראיות (באנגלית) · 5 טענות
C05טענת ההנהלהmedium confidence
Management said North America Utility sales rose 33.9% in Q2 2026 'driven by higher pricing and volume growth', and the chief financial officer described it as 'an exceptional quarter for price at 33.9%... driven mainly by price, but volume was also important at double digits'. In Q3 2026 the line rose 23.0% to $469.6M, again 'driven by higher pricing and volumes'; on the Q3 call the chief financial officer said 'the majority of the driving factor there was volume... although it is noteworthy that price was right at double digits as well', that he expects mid-twenties utility growth for the full year with double-digit volume growth, and that double-digit pricing continues into 2027.
sourceQ2 2026 earnings call transcriptprimaryForm 8-K and Exhibit 99.1 results release for the quarter…primaryQ3 2026 earnings call transcriptprimary
against this
- The same call attributes sequential margin compression to accelerating material cost inflation, so some of the price is cost pass-through rather than scarcity rent.
- Management guided that pricing would 'remain positive in terms of contribution in the second half. But it will moderate in terms of its year over year growth', which is the company saying the price effect is fading.
- Cutting the other way: infrastructure operating margin still widened 130 basis points, which pure pass-through of a cost increase would not produce, so at least part of the price is margin.
- Also cutting the other way: management said the quarter 'did benefit from a very favorable mix of customer and contracts', which makes 33.9% a flattered reading of the run rate in either direction.
- Q3's 23.0% is slower than Q2's 33.9%, consistent with management's guide that price would moderate; and the CEO now says the pace of margin expansion depends on how quickly steel and zinc costs stabilise.
- Cutting against a clean volume story: price was still 'right at double digits' in Q3 and is expected to stay double digit in 2027, and the chief financial officer says the pricing 'is mostly to offset the cost', so a large part of the price is steel pass-through; no figure is given, only 'majority' and 'double digits'.
- 2026-10-20editedQ3 2026 release: North America Utility sales rose 23.0%, 'higher pricing and volumes', still no split
- 2026-10-21editedQ3 2026 call: management split the 23.0% as mostly volume with price at about double digits; full-year utility growth guided mid-twenties
C16עובדהhigh confidence
Backlog was $2,007.8M at 2026-09-26 - Infrastructure $1,808.2M and Agriculture $199.6M - against $1,653.7M at 2025-12-27 (Infrastructure $1,548.3M, Agriculture $105.4M) and $1,436.7M a year before that.
sourceForm 10-K for the fiscal year ended December 27, 2025primaryForm 8-K and Exhibit 99.1 results release for the quarter…primary
- 2026-10-20editedQ3 2026 release carries a quarterly backlog table; thesis had said none was published, newest figure now $2,007.8M
C59עובדהhigh confidence
In Q3 2026 Valmont's net sales rose 5.5% to $1,103.8M and operating income 22.2% to $172.8M (15.7% of sales); Infrastructure earned $154.8M, a 17.6% margin against 17.8% a year earlier, and Agriculture $40.1M, 17.9% against 9.7%; gross margin was 30.0% against 30.4%, with selling and administrative costs down $18.2M to $158.6M; North America Telecommunications sales fell 33.8% and Agriculture sales 6.4%. Management raised 2026 adjusted earnings per share to $22.75 to $23.75 from $22.25 to $23.50, kept the sales outlook at $4.3 to $4.45 billion, and said it is taking pricing actions and applying contractual pass-throughs to recover higher steel and zinc costs.
C04עובדהhigh confidence
In Q2 2026 Infrastructure segment operating income was $154.4M on $876.7M of sales, a 17.6% margin, which management reported as 130 basis points wider than a year earlier.
C30טענת ההנהלהmedium confidence
On the Q2 2026 call the chief financial officer said 'Steel is up 27 to 30% year to date. Diesel's up 45% year to date depending on what you look at', and that the teams were offsetting those increases with price. On the Q3 2026 call he said average steel prices on the index behind the contractual pass-throughs were about 50% above the prior year, that input-cost inflation had accelerated since July, that fourth-quarter margins would be 'a little more pressured', and that price catch-up usually takes two to three quarters.
against this
- These are the chief financial officer's own figures for his own input costs on a call, given as a range and with 'depending on what you look at' attached to the diesel number, and no index is named for either.
- The 10-K's own sensitivity runs the other way in size: a 20% steel move affects Utility net sales by about $110.0M, so a 27% to 30% move is a large number against a product line of about $1.5B and the margin still widened 130 basis points - which means either the pass-through is close to complete or the increase is not yet in cost of sales.
- Cutting the other way, guidance is struck on steel futures as of 2026-07-17 rather than on spot, so the company's own outlook already assumes the cost stays where it is.
- The Q3 gross margin fell only to 30.0% from 30.4% and the chief financial officer said there was no negative dollar impact, so the lag is so far a margin-rate cost; he expects it to worsen in the fourth quarter, which is the test of whether pass-through keeps up.
- 2026-10-21editedQ3 2026 call: steel index about 50% above last year, inflation accelerating, fourth-quarter margin pressure expected
לאן הלך הכסף
הרכישות החוזרות הקטינו את מספר המניות ב-7.7% בשלוש שנים, והחוב שווה בערך לרווח תזרימי של שנה. השנה היא משקיעה בין 170 ל-200 מיליון דולר, בעיקר בקיבולת לחברות החשמל. סמנכ״ל הכספים התחלף ויושב ראש חדש לדירקטוריון בדרך.
הראיות (באנגלית) · 4 טענות
C22עובדהhigh confidence
Diluted weighted average shares have fallen from 21,159 thousand in FY2023 to 20,261 thousand in FY2024 and 19,937 thousand in FY2025, and were 19,520 thousand in Q2 2026 - down 7.7% over three years. The dilutive effect of stock awards was 142 thousand shares in FY2025, and Valmont has repurchased approximately 8.8 million shares for $1.5 billion since the programme began in May 2014.
C24עובדהhigh confidence
Total indebtedness was $829.5M at 2025-12-27, of which only $65.6M matures within the next five fiscal years, with $734.8M of additional revolver capacity available. At 2026-06-27 long-term debt was $730.6M with $60 thousand of current installments, no revolver drawn, and $139.1M of cash - a net leverage ratio management puts at about 1.0 times.
C44עובדהmedium confidence
Valmont's capital expenditure guidance of $170M-$200M for 2026 was left unchanged when the sales and earnings guidance was raised, against about $145.0M spent in FY2025, and is directed primarily at North America Utility capacity. On 2026-10-20 the range was again left unchanged; Q3 spending was about $46M and the chief executive said growth capital spending is to double in 2027 compared with 2026.
sourceQ2 2026 results release - 8-K Exhibit 99.1primaryQ2 2026 earnings call transcriptprimaryFrozen research pack, content/VMI/research-pack.jsonsecondaryForm 8-K and Exhibit 99.1 results release for the quarter…primaryQ3 2026 earnings call transcriptprimary
- 2026-10-21editedQ3 2026 release and call: capital spending range unchanged, 2027 growth capital to double; shelf life rolled
C48עובדהhigh confidence
Valmont's senior leadership has turned over. Thomas Liguori was Executive Vice President and Chief Financial Officer at the February 2026 results call; John L. Schwietz held that title by the July 2026 call. A planned board chair transition was announced on 2026-07-28, and the FY2023 charges are attributed in the 10-K to 'major scope changes for two strategic projects initiated by departed senior leadership'.
המחיר, ואיפה אנחנו חלוקים על השוק
בקצרה. הוגן. המחיר מגלם תוכנית צמיחה סבירה שעוד לא הושגה, ונשען על מחירי המחסור של היום, בזמן שמתחרה חדש צפוי ב-2027.
מחיר המניה
$481.46
שער סגירה,
שווי החברה לכל דולר רווח תפעולי
17.1
החציון של המתחרות: 22.5
המניה הניבה 27.5% בשנה האחרונה, ומבחן המחסור עוד לפנינו. בתוצאות רבעון ספטמבר הצמיחה אצל חברות החשמל עמדה על 23.0% ושיעור הרווח בתשתיות על 17.6%, ובשיחה אמרה ההנהלה שרובה הגיע מהיקפים, כשהמחירים עדיין עולים בכשני ספרות. היא גם הזהירה שעליית עלויות הפלדה תלחץ על השוליים ברבעון הרביעי, והמפעל של Nucor באינדיאנה מתקרב להשלמה.
הראיות (באנגלית) · 3 טענות
C35עובדהhigh confidence
Valmont closed at $481.46 on 2026-09-05 for a market value of $9.29B and an enterprise value of $10.03B. Its trailing price-to-earnings ratio is 19.0 against a median of 26.3 for its prior fiscal years, its price-to-book ratio 5.4 against 3.87, and its trailing return on invested capital 19.7% against a prior median of 10%. The shares have returned 27.5% over 252 trading days.
C12עובדהhigh confidence
Nucor's own FY2025 annual report says Nucor Towers & Structures 'produces steel poles and other steel structures for utility infrastructure', and dates three new plants: Decatur, Alabama complete and in production ramp-up, Crawfordsville, Indiana planned for completion in 2026 and Brigham City, Utah planned for 2027, all located adjacent to Nucor's existing steel mills.
against this
- Nucor discloses no revenue, tonnage or capacity for the division and does not report it as a segment, so the size of the capacity arriving is unknown and could be immaterial to the market as well as to Nucor.
- Building a plant is not winning a utility's qualification: Valmont's own filing says infrastructure work goes to the lowest bidder that meets the necessary qualifications, and a new plant has to earn those first.
- The schedule has already moved once - the 2023 announcement expected Alabama and Indiana in production during 2025, and the FY2025 10-K has Indiana completing in 2026.
C05טענת ההנהלהmedium confidence
Management said North America Utility sales rose 33.9% in Q2 2026 'driven by higher pricing and volume growth', and the chief financial officer described it as 'an exceptional quarter for price at 33.9%... driven mainly by price, but volume was also important at double digits'. In Q3 2026 the line rose 23.0% to $469.6M, again 'driven by higher pricing and volumes'; on the Q3 call the chief financial officer said 'the majority of the driving factor there was volume... although it is noteworthy that price was right at double digits as well', that he expects mid-twenties utility growth for the full year with double-digit volume growth, and that double-digit pricing continues into 2027.
sourceQ2 2026 earnings call transcriptprimaryForm 8-K and Exhibit 99.1 results release for the quarter…primaryQ3 2026 earnings call transcriptprimary
against this
- The same call attributes sequential margin compression to accelerating material cost inflation, so some of the price is cost pass-through rather than scarcity rent.
- Management guided that pricing would 'remain positive in terms of contribution in the second half. But it will moderate in terms of its year over year growth', which is the company saying the price effect is fading.
- Cutting the other way: infrastructure operating margin still widened 130 basis points, which pure pass-through of a cost increase would not produce, so at least part of the price is margin.
- Also cutting the other way: management said the quarter 'did benefit from a very favorable mix of customer and contracts', which makes 33.9% a flattered reading of the run rate in either direction.
- Q3's 23.0% is slower than Q2's 33.9%, consistent with management's guide that price would moderate; and the CEO now says the pace of margin expansion depends on how quickly steel and zinc costs stabilise.
- Cutting against a clean volume story: price was still 'right at double digits' in Q3 and is expected to stay double digit in 2027, and the chief financial officer says the pricing 'is mostly to offset the cost', so a large part of the price is steel pass-through; no figure is given, only 'majority' and 'double digits'.
- 2026-10-20editedQ3 2026 release: North America Utility sales rose 23.0%, 'higher pricing and volumes', still no split
- 2026-10-21editedQ3 2026 call: management split the 23.0% as mostly volume with price at about double digits; full-year utility growth guided mid-twenties
איך לקרוא את המכפיל
כולל החוב, שווי החברה הוא כ-17 פעמים הרווח התפעולי של השנה שעברה, הרווח מהעסק עצמו; אצל המתחרות המכפיל הוא כ-22. מכפיל הרווח על הרווח למניה הצפוי השנה הוא כ-21.
המחיר דורש את רוב תוכנית 2029:
- התוכנית משמעותה רווח תפעולי של כ-915 מיליון דולר, בערך כפול מזה של 2025. המכפיל של המחיר היום על הרווח הזה הוא כ-11.
- אם התוכנית תתממש והשוק ימשיך להעריך את החברה בכ-19 פעמים הרווח, המניה תעלה בכ-12% בשנה.
- אם רק מחצית מהרווח הנוסף תתממש, כ-5%. הוגן, לא יותר.
מול ההיסטוריה שלה. מכפיל הרווח נמוך מהמקובל בהיסטוריה שלה, ומכפילי המכירות וההון העצמי גבוהים ממנו: כל דולר מכירות מניב היום יותר רווח מבעבר.
הראיות (באנגלית) · 5 טענות
C36אומדןmedium confidence
At $481.46 the market pays about $21 for each dollar of the midpoint of Valmont's own guided 2026 earnings, about 17 times enterprise value to trailing operating profit, and about 11 times the operating profit the 2029 plan implies. The price pays for this year in full and needs most of the 2029 plan to produce an equity return.
derived$481.46 over the $22.875 midpoint of the $22.25-$23.50 guidance range gives 21.0. Enterprise value of $10.03B over trailing operating profit of about $578M - the four quarters to Q2 2026 - gives 17.3, which the pack independently strikes at 17.1. Enterprise value over the $915M of 2029 operating profit implied by C20 gives 11.0.
against this
- The cohort says the opposite of expensive: on the very metric this thesis's frame chooses, Valmont is the cheapest of the three product-matched names, while earning the widest operating margin and the highest return on invested capital of them.
- It is also cheaper than its own history on earnings - 19.0 trailing against a prior-year median of 26.3 - on returns that have roughly doubled, so the multiple has not expanded while the business improved.
- Cutting the other way, the trailing figures are struck on the two best quarters the company has reported and on a tax rate that will not repeat, so both the earnings and the operating profit in those multiples are near a high rather than mid-cycle.
C20אומדןmedium confidence
Applied to the FY2025 base of $4,104.1M, the 2029 framework implies about $5.38B of sales and about $915M of operating income, against $415.6M reported and $537.9M adjusted in FY2025 - the operating profit has to roughly double on a reported basis in four years.
derived$4,104.1M compounded at 7% for four years is $5,380M; 17% of that is $915M. The FY2025 comparatives are the filing's own reported operating income of $415,576 thousand and its own adjusted operating income of $537,853 thousand.
against this
- The right comparison may be the adjusted figure rather than the reported one, in which case operating profit has to rise 70% rather than double, because FY2025's reported number was depressed by impairments the company treats as non-recurring.
- Compounding the growth target off a single base year assumes 2025 was a normal year, and it was not: it was flat revenue with two impairment events, so the base may be low and the implied 2029 figure correspondingly conservative.
C37אומדןmedium confidence
If the 2029 plan lands and the multiple holds near 19 times earnings, the shares compound at roughly 12% a year; if only half the earnings increment arrives, at roughly 5% a year.
derivedC20's $915M of 2029 operating income, less about $30M of net interest at the current run rate, taxed at the guided 26%, less about $4M attributable to noncontrolling interests, over about 18.5 million shares after three more years of buyback at the recent 2% pace, gives about $35 a share. At 19 times that is $669 against today's $481.46, or 11.6% a year over three years. Halving the increment from the $22.875 guided for 2026 gives about $29 a share, which at 19 times is $551, or 4.6% a year. A dividend yielding about 0.9% sits on top of both.
against this
- The exit multiple is assumed rather than derived, and it does most of the work: at 22 times the plan case pays 17% a year and at 16 times it pays 6%, so the conclusion is more sensitive to the multiple than to the earnings.
- The share count assumption compounds a buyback pace set while the shares were near a high, and management's stated capital allocation would shift toward acquisitions if opportunities appeared, which would slow it.
- Cutting the other way, this ignores any margin the international programme adds from 2027 and any agricultural recovery, both of which management has flagged and neither of which is in the half-increment case.
C31עובדהmedium confidence
Against the two comparable competitors its filed cohort admits, Valmont trades at the lowest multiple of enterprise value to operating profit of the three.
C32עובדהmedium confidence
Valmont earns the widest trailing operating margin of the three names in its filed cohort. Its own filed operating margin was 10.1% of net sales in FY2025 as reported and 13.1% adjusted, and the trailing figure the comparison is struck on spans the two strongest quarters it has reported.
המכפיל מול המתחרים
המתחרות שהדוח השנתי של החברה עצמה מונה בשמן, וכל אחת מהן אומתה מול הדוח שלה. מדורגות לפי שווי החברה לכל דולר רווח תפעולי, מהזולה ליקרה:
| סימול | חברה | שווי החברה לכל דולר רווח תפעולי |
|---|---|---|
| VMI | Valmont Industries | 17.1× |
| LNN | Lindsay | 19.8× |
| ACA | Arcosa | 25.1× |
| NUE | Nucor לא נכללת בחציון | 15.5× |
החציון של שתי המתחרות האחרות הוא 22.5. Nucor Corporation מתחרה בקו מוצרים אחד בתוך חברה גדולה בהרבה, ולכן המכפיל שלה אומר מעט על העסק הזה והיא לא נכללת בחציון. Valmont Industries, Inc. היא הזולה ביותר מבין שלוש.
נתוני המתחרות מגיעים מספק נתונים, ולכן עדיף להסתכל על טווח הערכים בקבוצה כולה ולא על השוואה בין שתי חברות בלבד.
Valmont היא הזולה ביותר מבין המתחרות שבדוח שלה במכפיל שווי החברה לרווח התפעולי, ועם שיעור הרווח הרחב ביותר, כך שהמיקום נובע מהחברה עצמה.
מתחרות פרטיות או זרות שאין להן מחיר להשוואה: Sabre Industries, Inc., Meyer Utility Structures, והמתחרות הבינלאומיות של Valmont באירופה, במזרח התיכון ואפריקה (EMEA), באסיה-פסיפיק (APAC) ובדרום אמריקה.
איפה אנחנו חלוקים על השוק
השוק חושב
הדרך האיכותית להיות חשופים לבניית הרשת, במחיר הוגן. חמישה אנליסטים ממליצים לקנות, שמונה להחזיק ואחד למכור.
אנחנו חושבים
המחיר הוגן גם לדעתנו. מה שלא מתומחר הוא שחלק גדול מהצמיחה אצל חברות החשמל הוא מחיר, ולמחיר הזה יש מאתגר שמועד כניסתו ידוע.
לדברי ההנהלה, הצמיחה מוגבלת על ידי הקיבולת של החברה עצמה ולא על ידי הביקוש. הדוח השנתי של Nucor מתארך את המפעלים שיסיימו את המחסור הזה. איש לא מציב את שני הדברים זה מול זה.
נטעה אם המכירות לחברות החשמל ימשיכו לצמוח ביותר מ-20% ושיעור הרווח בפעילות התשתיות יישאר מעל 17% עד 2027, בזמן שמפעלי Nucor באינדיאנה וביוטה מגדילים ייצור.
מה אומרים האנליסטים
הראיות (באנגלית) · 5 טענות
C41עובדהmedium confidence
The analyst panel this vendor aggregates splits five buy, eight hold and one sell. Short interest was 417,182 shares, 2.2% of float, at the 2026-08-14 settlement, down 9.4% from the settlement before it, at 2.79 days to cover.
C06טענת ההנהלהmedium confidence
Management says Valmont's growth rate is set by its own capacity rather than by demand: 'right now, it is capacity constrained, and it is a system capacity anywhere from engineering to manufacturing, and that is going to really determine the level of growth... it is really gonna be more on the supply end versus the demand end.' On the Q3 2026 call the chief executive said 'the industry is constrained', that Valmont is 'booking well into 2028', and that about 20% of the incremental utility steel capacity the 2029 plan needs is installed and commissioned; growth capital spending is to double in 2027.
against this
- Capital expenditure is guided to $170M-$200M for 2026 on a company guiding $4.3B-$4.45B of sales. That is not the spending rate of a manufacturer racing an unmet shortage, and it was left unchanged when the sales guidance was raised.
- Parts of the same segment plainly have spare capacity: North America Telecom sales fell 26.1% in Q2 2026 and Lighting and Transportation fell 2.4%, so the constraint is specific to utility rather than systemic.
- A capacity constraint is also the most flattering available explanation for a price-led quarter, and it is unverifiable from outside - no utilisation, lead time or order-intake figure is disclosed against which it could be checked.
- On the Q3 call lead times were described as 60 to 70 weeks across the industry, which supports a constraint, but it is the chief executive's own description and still no utilisation or order-intake figure is disclosed; the chief executive also said Nucor is adding capacity and that 'there is still more demand than supply'.
- 2026-10-21editedQ3 2026 call restated the constraint (booking into 2028, 20% of added capacity installed, 2027 growth capital to double)
C12עובדהhigh confidence
Nucor's own FY2025 annual report says Nucor Towers & Structures 'produces steel poles and other steel structures for utility infrastructure', and dates three new plants: Decatur, Alabama complete and in production ramp-up, Crawfordsville, Indiana planned for completion in 2026 and Brigham City, Utah planned for 2027, all located adjacent to Nucor's existing steel mills.
against this
- Nucor discloses no revenue, tonnage or capacity for the division and does not report it as a segment, so the size of the capacity arriving is unknown and could be immaterial to the market as well as to Nucor.
- Building a plant is not winning a utility's qualification: Valmont's own filing says infrastructure work goes to the lowest bidder that meets the necessary qualifications, and a new plant has to earn those first.
- The schedule has already moved once - the 2023 announcement expected Alabama and Indiana in production during 2025, and the FY2025 10-K has Indiana completing in 2026.
C05טענת ההנהלהmedium confidence
Management said North America Utility sales rose 33.9% in Q2 2026 'driven by higher pricing and volume growth', and the chief financial officer described it as 'an exceptional quarter for price at 33.9%... driven mainly by price, but volume was also important at double digits'. In Q3 2026 the line rose 23.0% to $469.6M, again 'driven by higher pricing and volumes'; on the Q3 call the chief financial officer said 'the majority of the driving factor there was volume... although it is noteworthy that price was right at double digits as well', that he expects mid-twenties utility growth for the full year with double-digit volume growth, and that double-digit pricing continues into 2027.
sourceQ2 2026 earnings call transcriptprimaryForm 8-K and Exhibit 99.1 results release for the quarter…primaryQ3 2026 earnings call transcriptprimary
against this
- The same call attributes sequential margin compression to accelerating material cost inflation, so some of the price is cost pass-through rather than scarcity rent.
- Management guided that pricing would 'remain positive in terms of contribution in the second half. But it will moderate in terms of its year over year growth', which is the company saying the price effect is fading.
- Cutting the other way: infrastructure operating margin still widened 130 basis points, which pure pass-through of a cost increase would not produce, so at least part of the price is margin.
- Also cutting the other way: management said the quarter 'did benefit from a very favorable mix of customer and contracts', which makes 33.9% a flattered reading of the run rate in either direction.
- Q3's 23.0% is slower than Q2's 33.9%, consistent with management's guide that price would moderate; and the CEO now says the pace of margin expansion depends on how quickly steel and zinc costs stabilise.
- Cutting against a clean volume story: price was still 'right at double digits' in Q3 and is expected to stay double digit in 2027, and the chief financial officer says the pricing 'is mostly to offset the cost', so a large part of the price is steel pass-through; no figure is given, only 'majority' and 'double digits'.
- 2026-10-20editedQ3 2026 release: North America Utility sales rose 23.0%, 'higher pricing and volumes', still no split
- 2026-10-21editedQ3 2026 call: management split the 23.0% as mostly volume with price at about double digits; full-year utility growth guided mid-twenties
C04עובדהhigh confidence
In Q2 2026 Infrastructure segment operating income was $154.4M on $876.7M of sales, a 17.6% margin, which management reported as 130 basis points wider than a year earlier.
מה יכול להשתבש, ואיך נדע
הסיכונים
- קו אחד נושא את התוכנית. תחזית ההנהלה להשקיה החקלאית היא ירידה, ולכן כמעט כל הצמיחה שתוכנית 2029 דורשת צריכה לבוא מעמודי חברות החשמל.
- עלות הפלדה. הפלדה התייקרה השנה בין 27% ל-30%. כל עיכוב בהעברת העלייה ללקוחות יורד ישירות משיעור הרווח.
- המס שיפר את הרווח. הרווח למניה ב-2025, 16.79 דולר, היה עומד על כ-13.37 דולר לפי שיעור המס של השנה הקודמת.
- שינויים בהנהגה. סמנכ״ל כספים חדש, מעבר של יושב ראש הדירקטוריון שהוכרז ביולי, ומכירה של 17,500 מניות בידי היושב ראש שלושה חודשים קודם לכן.
הראיות (באנגלית) · 6 טענות
C21הסקהmedium confidence
Because Agriculture is guided below its FY2025 level, essentially the whole revenue increment the 2029 plan needs has to come from Infrastructure, and inside Infrastructure from the Utility line - Telecom fell 26.1% and Lighting and Transportation fell 2.4% in Q2 2026.
derivedC18 guides Agriculture to $0.9B-$0.95B against FY2025's $1,014.4M; C20 puts the 2029 sales target at about $5.38B, an increment of about $1.28B over FY2025; C05 and the same call give the Q2 2026 product-line growth rates inside Infrastructure.
against this
- Agriculture is cyclical rather than structurally shrinking, and management targets about a 3-point margin recovery when the cycle turns; a normal agricultural recovery inside four years would supply part of the increment and this inference assumes it does not.
- Coatings grew 16.6% in Q2 2026 and Valmont's international infrastructure businesses are the explicit subject of a margin programme management expects to show up in 2027, so Infrastructure's growth is not wholly the Utility line even if most of it is.
- Telecom's 26.1% fall is described by management as a post-5G-peak spending pause rather than a permanent loss, and a telecom recovery would also contribute.
C30טענת ההנהלהmedium confidence
On the Q2 2026 call the chief financial officer said 'Steel is up 27 to 30% year to date. Diesel's up 45% year to date depending on what you look at', and that the teams were offsetting those increases with price. On the Q3 2026 call he said average steel prices on the index behind the contractual pass-throughs were about 50% above the prior year, that input-cost inflation had accelerated since July, that fourth-quarter margins would be 'a little more pressured', and that price catch-up usually takes two to three quarters.
against this
- These are the chief financial officer's own figures for his own input costs on a call, given as a range and with 'depending on what you look at' attached to the diesel number, and no index is named for either.
- The 10-K's own sensitivity runs the other way in size: a 20% steel move affects Utility net sales by about $110.0M, so a 27% to 30% move is a large number against a product line of about $1.5B and the margin still widened 130 basis points - which means either the pass-through is close to complete or the increase is not yet in cost of sales.
- Cutting the other way, guidance is struck on steel futures as of 2026-07-17 rather than on spot, so the company's own outlook already assumes the cost stays where it is.
- The Q3 gross margin fell only to 30.0% from 30.4% and the chief financial officer said there was no negative dollar impact, so the lag is so far a margin-rate cost; he expects it to worsen in the fourth quarter, which is the test of whether pass-through keeps up.
- 2026-10-21editedQ3 2026 call: steel index about 50% above last year, inflation accelerating, fourth-quarter margin pressure expected
C09אומדןhigh confidence
At FY2024's 25.2% effective tax rate, FY2025 diluted earnings per share would have been about $13.37 rather than the $16.79 reported - the tax items were worth roughly $3.42 a share, about a fifth of reported earnings.
against this
- The company quantifies the same thing differently and larger: its own Q4 2025 release says diluted earnings per share of $9.05 'included a $3.98 benefit of a lower effective tax rate primarily related to a tax deduction associated with the investment loss in Prospera'. That is one quarter against a normal rate; this estimate is the full year against the prior year's rate. The two agree in direction and roughly in size - $16.79 less $3.98 is $12.81 against the $13.37 estimated here - and neither is the company's headline.
- The adjusted figure runs the other way and is now filed rather than derived: adjusted FY2025 diluted earnings were $19.09, up 11.1%, on adjusted operating income of $537.9M, up 2.5%. So three defensible FY2025 earnings figures exist - about $13.37 tax-normalised, $16.79 reported and $19.09 adjusted - and this is the lowest of them.
- Pairing a normalised tax rate with the reported charge double-counts one event: the Prospera write-off that generated the deduction is the same exit as the charge it is being taxed against.
C48עובדהhigh confidence
Valmont's senior leadership has turned over. Thomas Liguori was Executive Vice President and Chief Financial Officer at the February 2026 results call; John L. Schwietz held that title by the July 2026 call. A planned board chair transition was announced on 2026-07-28, and the FY2023 charges are attributed in the 10-K to 'major scope changes for two strategic projects initiated by departed senior leadership'.
C38עובדהhigh confidence
In the year to 2026-09-07 Valmont insiders filed one open-market purchase and eight open-market sales. Chairman Mogens C. Bay sold 17,500 shares on 2026-04-24 in five transactions at $490.00 to $494.07 under transaction code S, leaving 112,309 shares. Executive Vice President and Chief Financial Officer John L. Schwietz bought 208 shares at $486.145 on 2026-07-23 under code P - about $101 thousand, the only open-market purchase of the year.
C39עובדהhigh confidence
Valmont announced a planned board chair transition on 2026-07-28, three months after the chairman's April share sales.
שאלות פתוחות
- כמה מהצמיחה של 33.9% אצל חברות החשמל הייתה מחיר וכמה כמות. ההנהלה לא הפרידה ביניהם.
- עד כמה המפעלים החדשים של Nucor יוזילו את מחיר העמודים עד ללקוח, ובתוך כמה זמן.
הראיות (באנגלית) · 2 טענות
C05טענת ההנהלהmedium confidence
Management said North America Utility sales rose 33.9% in Q2 2026 'driven by higher pricing and volume growth', and the chief financial officer described it as 'an exceptional quarter for price at 33.9%... driven mainly by price, but volume was also important at double digits'. In Q3 2026 the line rose 23.0% to $469.6M, again 'driven by higher pricing and volumes'; on the Q3 call the chief financial officer said 'the majority of the driving factor there was volume... although it is noteworthy that price was right at double digits as well', that he expects mid-twenties utility growth for the full year with double-digit volume growth, and that double-digit pricing continues into 2027.
sourceQ2 2026 earnings call transcriptprimaryForm 8-K and Exhibit 99.1 results release for the quarter…primaryQ3 2026 earnings call transcriptprimary
against this
- The same call attributes sequential margin compression to accelerating material cost inflation, so some of the price is cost pass-through rather than scarcity rent.
- Management guided that pricing would 'remain positive in terms of contribution in the second half. But it will moderate in terms of its year over year growth', which is the company saying the price effect is fading.
- Cutting the other way: infrastructure operating margin still widened 130 basis points, which pure pass-through of a cost increase would not produce, so at least part of the price is margin.
- Also cutting the other way: management said the quarter 'did benefit from a very favorable mix of customer and contracts', which makes 33.9% a flattered reading of the run rate in either direction.
- Q3's 23.0% is slower than Q2's 33.9%, consistent with management's guide that price would moderate; and the CEO now says the pace of margin expansion depends on how quickly steel and zinc costs stabilise.
- Cutting against a clean volume story: price was still 'right at double digits' in Q3 and is expected to stay double digit in 2027, and the chief financial officer says the pricing 'is mostly to offset the cost', so a large part of the price is steel pass-through; no figure is given, only 'majority' and 'double digits'.
- 2026-10-20editedQ3 2026 release: North America Utility sales rose 23.0%, 'higher pricing and volumes', still no split
- 2026-10-21editedQ3 2026 call: management split the 23.0% as mostly volume with price at about double digits; full-year utility growth guided mid-twenties
C12עובדהhigh confidence
Nucor's own FY2025 annual report says Nucor Towers & Structures 'produces steel poles and other steel structures for utility infrastructure', and dates three new plants: Decatur, Alabama complete and in production ramp-up, Crawfordsville, Indiana planned for completion in 2026 and Brigham City, Utah planned for 2027, all located adjacent to Nucor's existing steel mills.
against this
- Nucor discloses no revenue, tonnage or capacity for the division and does not report it as a segment, so the size of the capacity arriving is unknown and could be immaterial to the market as well as to Nucor.
- Building a plant is not winning a utility's qualification: Valmont's own filing says infrastructure work goes to the lowest bidder that meets the necessary qualifications, and a new plant has to earn those first.
- The schedule has already moved once - the 2023 announcement expected Alabama and Indiana in production during 2025, and the FY2025 10-K has Indiana completing in 2026.
מה ישנה את ההערכה שלנו
- ניטרלית→אטרקטיביתהתוכנית ל-2029 נשארת על המסלול
נדרשים כל אלה:
- ○מכירות החשמל צומחות ביותר מ-10% ושיעור הרווח בתשתיות נשאר מעל 15%, לאורך שנה שלמה.ייבדק בדוח הבא, עד 24 בפברואר
- ○מכירות ההשקיה החקלאית נשארות מעל 850 מיליון דולר בשנה בשיעור רווח של יותר מ-10%, וכך העסק הזה מפסיק לגרור את התוכנית.ייבדק בדוח הבא, עד 24 בפברואר
- ניטרלית→לא אטרקטיביתהתוכנית מבוטלת או שעליית העלויות לא מתגלגלת עוד ללקוחות
מספיק אחד מאלה:
- ○Valmont מבטלת או מקצצת את יעדי 2029 שלה: צמיחה שנתית של 7% במכירות ושיעור רווח של 17%.במעקב שוטף
- ○החברה מפסיקה להעביר ללקוחות את התייקרות הפלדה, ושיעור הרווח הגולמי יורד מתחת ל-28%.ייבדק בדוח הבא, עד 24 בפברואר
נטעה גם אם
- הצמיחה במכירות לחברות החשמל יורדת מתחת ל-10% בשני רבעונים רצופים.
מה בהמשך
- 30 באוקטובר 2026 דוח 10-Q לרבעון השלישי של 2026: הביאורים על המגזרים שבבסיס הצמיחה של 23.0% אצל חברות החשמל, והאם העברת עלויות הפלדה למחירים בקצב שהחברה אמרה בשיחה, שנדרשים לו שניים עד שלושה רבעונים, תדביק את הפער ברבעון הרביעי.
כל האירועים הצפויים
- 30 באוקטובר 2026 דוח 10-Q לרבעון השלישי של 2026: הביאורים על המגזרים שבבסיס הצמיחה של 23.0% אצל חברות החשמל, והאם העברת עלויות הפלדה למחירים בקצב שהחברה אמרה בשיחה, שנדרשים לו שניים עד שלושה רבעונים, תדביק את הפער ברבעון הרביעי.
- 26 בדצמבר 2026 יושב הראש מוגנס סי. ביי פורש וקתרין ג'יי פליה נכנסת לתפקיד: בעל המניות הגדול ביותר מבין בעלי העניין והמנכ״ל לשעבר עוזב את הדירקטוריון; והאם החלפת יושב הראש תביא לשינוי בהקצאת ההון או בתוכנית 2029.
- פברואר 2027 תוצאות הרבעון הרביעי ושנת 2026 המלאה, תחזית 2027 ודוח ה-10-K לשנת הכספים 2026: צבר ההזמנות בסוף השנה לעומת 2.0 מיליארד דולר ב-26 בספטמבר; תחזית 2027 לעומת תוכנית 2029; והאם ההשקעות בקיבולת הניבו כמויות במכירות החשמל.
מה קרה מאז
נכתבה
7 בספטמבר
המחיר בעת כתיבת התזה
$481.46
4 בספטמבר
- 21 באוקטוברדוחותהשיחה נקראה: רוב הצמיחה אצל חברות החשמל מהיקפים; ההערכה לא השתנתהההנהלה אמרה שרוב ה-23.0% הגיע מהיקפים ושהמחירים ממשיכים לעלות בשני ספרות, אך שוליי הרבעון הרביעי ייפגעו מעליית עלויות הפלדה.
- 20 באוקטוברדוחותהרבעון השלישי תומך בבדיקה; הציון נשאר ניטרליתמכירות החשמל עלו ב-23.0%, שיעור הרווח בתשתיות עמד על 17.6% והתחזית הועלתה שוב; הפירוק בין מחיר לכמות עדיין חסר.
- 5 באוקטוברבדיקת התזההטיעון בעד ההשקעה מופיע עכשיו מתחת לשורה התחתונהאחרי פיילוט בחמש חברות, הבעלים ביקש להוסיף את הטיעון בעד ההשקעה לכל תזה.
- 4 באוקטוברבדיקת התזהרשימת הבדיקות של הבעלים: מקורות ההכנסה, עלות הצמיחה, ההנהלה, אירועים צפוייםרשימת הבדיקות של הבעלים הראתה שהשיטה שותקת בשאלות מי מנהל את החברה, כמה עולה הצמיחה, מאיפה מגיע הכסף ואילו אירועים צפויים בתאריכים ידועים. בסבב הזה מילאנו את ארבעת הנושאים מתוך דוח הזימון לאסיפה והדוחות.
- 7 בספטמברהתזה נכתבהניטרלית, ביטחון בינונינכתבה אחרי תוצאות רבעון יוני, שבהן הצמיחה אצל חברות החשמל נבעה בעיקר ממחיר, ולצד הדוח השנתי של Nucor שמתארך שלושה מפעלי עמודים מתחרים חדשים.
נבדקה גם שלוש פעמים, ללא ממצא חדש שמצריך פעולה.
מקורות 22
Where this came from
Sources - 22
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-24segment and product-line tables, the impairment and realignment lines, the tax note and the worthless securities deduction, backlog, the steel sensitivity, the customer-concentration statement, the share count and repurchase history, the debt maturity profile and the return-on-invested-capital reconciliationbacksC01C03C07C08C10C11C15C16C17C22C23C24C29C32C33C42C48C50C51C53C54C58
- S02primarycompany filing2026-07-28the Q2 2026 balance sheet, the segment note read from the filing's own XBRL instance, and confirmation that no revolver was drawnbacksC02C04C24C42C52C53C58
- S03primarycompany filing2026-07-21the GAAP and adjusted quarter and half-year statements, the raised full-year guidance table and its key assumptions, and the buyback and dividend figuresbacksC04C18C22C24C42C44C47C48
- S04primarytranscript2026-07-21management's product-line growth rates, the 33.9% utility figure and its attribution to price, the capacity-constraint statement, the steel and diesel cost figures, the agriculture margin guidance and the restated 2029 framework. Seven analyst turns from four analysts - Christopher Moore, Nathan Jones, Brian Drab, Brent Thielman and Tomohiko Sano - which are a separate origin from the answers
North America utility sales increased 33.9% driven by higher pricing and volume growth supported by a robust market environment. ... it is right now, it is capacity constrained, and it is a system capacity anywhere from engineering to manufacturing, and that is going to really determine the level of growth. ... it is really gonna be more on the supply end versus the demand end. ... Using 2025 as the baseline, we are targeting 7% annual sales growth, expansion of operating margins to 17%, double digit annual EPS growth, and a return on invested capital of 21% by the end of 2029.
backsC05C06C19C30C43C44 - S05primarycompany filing2026-06-16the strategic framework and the 2029 value drivers in prose. Its figures are rendered as images inside a font-subset-obfuscated exhibit and could not be read, so no number is taken from itbacksC19
- S06primarycompany filing2026-02-25the attacker's own description of its utility-structures division and the dated completion schedule for its three plantsbacksC12
- S07primarycompany release2025-01-09the galvanizing capability and the capital cost of one of the three plants
The three new facilities will be highly automated, utilizing efficient straight-line production, and will also include advanced hot-dip galvanizing operations. ... The new $200 million Utah facility will be located on Nucor's existing Brigham City campus and is expected to create 200 full-time jobs.
backsC13 - S08primarycompany filing2026-02-27a second listed competitor's own description of the same structures sold to the same buyersbacksC14
- S09primarycompany filing2025-10-23the irrigation competitor's own description of center-pivot and lateral-move systems sold to growersread, but no claim rests on it
- S10primaryindustry data2024-05-01the structures-per-mile and per-structure cost build-up that lets the prize be sized in units from the buyer's side, and the split that shows the manufacturer's share of an installed structure. Assembled verbatim from the guide's Tables 2.2-1 and 3.1-2 and the surrounding text; the MTEP25 edition is refused by MISO's content delivery network
MISO makes indicative assumptions about the quantity of structures per mile required in transmission line cost estimates. ... Table 3.1-2: Structures per mile - AC transmission steel tower and steel pole (single circuit / double circuit). Voltage class 345 kV: Tangent structures 4.5 / 6, Running angle structures 1 / 1, Non-angled deadend structures 0.25 / 0.25, Angled deadend structures 0.25 / 0.25. ... Table 2.2-1: AC transmission steel pole single circuit, Tangent structure, 345 kV: Steel weight 22,300 lbs., Foundation size 21.0 Cu. Yd, Material $57,860, Installation $86,790, Hardware $10,665, Foundation $32,668. ... Material cost includes the cost of design, manufacture (material, labor, equipment) and delivery of the structure to the site (laydown yard) and is based on the estimated steel weight.
backsC25 - S11primaryindustry data2025-01-01the size of the spending pool the prize is bounded by, from the investor-owned utilities' own trade association. The accompanying data file that splits it by function carries its tables as images and could not be read
Electric Companies to Invest Nearly $208B in 2025 to Strengthen Grid and Drive Economic Growth
backsC26 - S12primarygovernment data2026-01-13the rate behind the driver, measured by a federal statistical agency rather than by the industry it describes
EIA expects U.S. electricity use to grow by 1% this year and 3% in 2027. This increase would mark the first time since 2007 that power demand has risen for four years in a row and the strongest four-year growth period since 2000. The driving factor behind this surge is increasing demand from large computing centers.
backsC27 - S13primarycompany filing2026-04-28five open-market sales under code S on 2026-04-24 totalling 17,500 shares at $490.00 to $494.07, and the holdings remaining after eachbacksC38
- S14primarycompany filing2026-07-24one open-market purchase under code P on 2026-07-23 of 208 shares at $486.145backsC38
- S15secondaryvendor data2026-09-07Frozen research pack, content/VMI/research-pack.jsoncontent/VMI/research-pack.jsonprice, market and enterprise value, the volatility bucket, returns, the analyst split, the FINRA short interest, the insider aggregate, the measured news reactions, the segment split read from the filing's XBRL, the cohort multiples and the vendor-versus-filings cross-checkbacksC02C03C14C31C32C33C34C35C38C40C41C44
- S16primarycompany release2026-07-28the fact and date of the chair transition, which sits three months after the chairman's April sales
Valmont Announces Planned Board Chair Transition
backsC39C48C57 - S17primarycompany filing2026-02-17the company's own quantification of the Prospera tax benefit at $3.98 a share in Q4 2025, adjusted FY2025 earnings of $19.09 and adjusted operating income of $537.9M, FY2025 operating cash flow and capital expenditure, the backlog attribution, the Brazil legal and credit loss charge, the original 2026 guidance that the two later raises are measured against, and the name of the chief financial officer at that datebacksC09C32C45C46C47C48C49C50
- S18primarycompany filing2026-03-11beneficial ownership as of March 2, 2026 and the shares outstanding at the record date, director and officer biographies, the 2025 annual incentive measures, goals and payout, and the performance share cycles' ROIC and operating income growth measures and resultsbacksC54C55C56
- S19primarycompany filing2026-04-09the effective date of the chief financial officer change, that Schwietz succeeds Thomas Liguori, and his roles at Valmont since 2009backsC54
- S20primarycompany filing2026-07-28the chairman's decision of July 27, 2026 to retire from the board at the end of fiscal 2026, December 26, 2026, and that the vice chair and lead independent director, Catherine J. Paglia, will succeed him as chairbacksC57
- S21primarycompany filing2026-10-20third-quarter and year-to-date results, the segment and product-line tables, the raised full-year adjusted earnings outlook, the backlog table at 26 September 2026, the leverage ratio and cashbacksC05C16C18C44C59
- S22primarytranscript2026-10-20the chief financial officer's split of Q3 North America Utility growth (majority volume, price right at double digits), the expected full-year utility growth in the mid-twenties, the fourth-quarter margin warning on accelerating steel and zinc costs, double-digit pricing continuing into 2027, the plan to double growth capital spending in 2027 and about 20% of the incremental utility steel capacity installed. Five analysts: Nathan Jones, Tomohiko Sano, Brian Drab, Brent Thielman and Chris Moore, who are a separate origin from the answers
So 23% was a result we were pleased with. So the majority of the driving factor there was volume in this case. For Q3. Although it is noteworthy that price was right at double digits as well, so both contributed. If we look at the full year, we are expecting mid twenties in terms of growth rates for utility. ... As we look to Q4, we expect that to get a little more pressured. So what we have seen since the last earnings call is that the pace of the inflation in our input costs have accelerated.
backsC05C06C18C30C44