{"slug":"vulcan-materials-company","name":"벌컨 머티리얼스","name_en":"Vulcan Materials Company","ticker":"VMC","updated_at":"2026-09-23T09:44:33.642272+00:00","canonical":"https://valuechain.wiki/vulcan-materials-company","citable":"밸류체인 그래프 기준 벌컨 머티리얼스의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 1)이고, 사슬을 2차까지 넓히면 8곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-09-23 기준).","citable_en":"Per the valuechain.wiki graph, Vulcan Materials Company is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 8 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-09-23).","kicker":"미국 최대 건설골재사","kicker_en":"Largest U.S. aggregates supplier","lead":"벌컨 머티리얼스는 쇄석, 모래, 자갈을 중심으로 아스팔트와 레디믹스트 콘크리트를 공급해 공공 인프라와 민간 건설 수요에서 매출을 얻는다. 채석과 생산에는 디젤, 전력, 중장비가 들고, 원거리 공급에는 철도와 해상 운송을 쓰며 레미콘용 시멘트도 외부에서 산다. 2025년 총매출은 79억4,110만달러였고 골재가 가장 큰 사업이다.","lead_en":"Vulcan Materials sells crushed stone, sand and gravel, along with asphalt and ready-mixed concrete, into public infrastructure and private construction markets. Quarrying and production consume diesel, electricity and heavy equipment, while remote distribution relies on rail and marine transport and concrete production requires purchased cement. Total revenue was $7.9411 billion in 2025, with aggregates as the largest business.","categories":[{"key":"construction-building-products","ko":"건설·빌딩 제품","en":"Construction & Building Products","theme":"industrial-infrastructure","theme_ko":"산업 인프라·중공업","theme_en":"Industrial Infrastructure & Heavy Industry","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"골재","note":"FY2025 외부매출 58억10만달러"},{"name":"아스팔트","note":"FY2025 매출 12억9,440만달러"},{"name":"콘크리트","note":"FY2025 매출 8억4,660만달러"}],"total":"FY2025 총매출 79억4,110만달러","track":"C"},"segments_en":{"parts":[{"name":"Aggregates","note":"FY2025 external revenue of $5.8001 billion"},{"name":"Asphalt","note":"FY2025 revenue of $1.2944 billion"},{"name":"Concrete","note":"FY2025 revenue of $846.6 million"}],"total":"FY2025 total revenue of $7.9411 billion"},"returns_yearly":{"2021":41.1,"2022":-14.9,"2023":30.8,"2024":14.1,"2025":11.7,"2026":-7.4},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"w-w-grainger","name":"W. W. 그레인저","name_en":"W. W. Grainger","tier":3,"returns_yearly":{"2021":28.8,"2022":8.7,"2023":50.5,"2024":28.2,"2025":-3.4,"2026":32}},{"slug":"williams-sonoma","name":"윌리엄스 소노마","name_en":"Williams-Sonoma, Inc.","tier":3,"returns_yearly":{"2021":68.6,"2022":-30.5,"2023":80.2,"2024":86.6,"2025":-2.1,"2026":28.7}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":12}},{"slug":"mitsui","name":"미쓰이물산","name_en":"Mitsui & Co.","tier":3,"returns_yearly":{"2021":52.6,"2022":39.2,"2023":63.5,"2024":5.2,"2025":68.3,"2026":-2.9}},{"slug":"autozone","name":"오토존","name_en":"AutoZone","tier":3,"returns_yearly":{"2021":76.8,"2022":17.6,"2023":4.8,"2024":23.8,"2025":5.9,"2026":-12}},{"slug":"cf-industries","name":"CF 인더스트리스","name_en":"CF Industries Holdings, Inc.","tier":2,"returns_yearly":{"2021":87.2,"2022":22.3,"2023":-4.7,"2024":10.1,"2025":-7.2,"2026":74.9}},{"slug":"fedex","name":"페덱스","name_en":"FedEx","tier":2,"returns_yearly":{"2021":0.7,"2022":-31.6,"2023":49.1,"2024":13.5,"2025":5.1,"2026":39.6}},{"slug":"united-parcel-service","name":"유나이티드 파셀 서비스","name_en":"United Parcel Service, Inc.","tier":2,"returns_yearly":{"2021":30,"2022":-16.2,"2023":-6,"2024":-15.9,"2025":-15.9,"2026":8}},{"slug":"martin-marietta-materials","name":"마틴 마리에타 머티리얼스","name_en":"Martin Marietta Materials, Inc.","tier":2,"returns_yearly":{"2021":56.1,"2022":-22.7,"2023":48.6,"2024":4.1,"2025":21.3,"2026":-17}},{"slug":"union-pacific","name":"유니언 퍼시픽","name_en":"Union Pacific Corporation","tier":1,"returns_yearly":{"2021":23.3,"2022":-15.9,"2023":21.6,"2024":-5.1,"2025":3.9,"2026":22.1}}],"benefiting":[{"slug":"komatsu","name":"고마쓰","name_en":"Komatsu","tier":1,"returns_yearly":{"2021":0.5,"2022":17.4,"2023":40.1,"2024":16.4,"2025":30.5,"2026":28.3}},{"slug":"ouster","name":"Ouster","name_en":"Ouster","tier":2,"returns_yearly":{"2021":-61.5,"2022":-83.4,"2023":-11.1,"2024":59.3,"2025":77.1,"2026":68.3}},{"slug":"cummins","name":"Cummins","name_en":"Cummins","tier":2,"returns_yearly":{"2021":-1.7,"2022":14.1,"2023":1.7,"2024":48.9,"2025":49.4,"2026":11}},{"slug":"united-rentals","name":"유나이티드 렌탈스","name_en":"United Rentals","tier":3,"returns_yearly":{"2021":43.3,"2022":7,"2023":63.6,"2024":24,"2025":15.9,"2026":31.3}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":-10.5}}],"analysis":"미국 최대 건설골재사 기업. 2026년 -7.4%다. 공급단(평균 +28.3%)이 본주(-7.4%)보다 세게 움직였다. 공급 병목 국면의 전형으로, 본주 마진보다 공급사 물량 레버리지가 먼저 반영되고 있다는 신호다. 연결 노드 중 가장 앞선 곳은 고마쓰(+28.3%), 가장 처진 곳은 유니언 퍼시픽(+27.1%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Vulcan Materials Company operates across Largest U.S. aggregates supplier. It is -7.4% in 2026. The supply side (avg +28.3%) has moved harder than the stock (-7.4%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Komatsu (+28.3%) and the furthest behind is Union Pacific Corporation (+27.1%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Total revenue was $7.9411 billion in 2025, with aggregates as the largest business.","analysis_asof":"2026-09-04"},"edges":[{"direction":"revenue","counterparty":"미국 민간 건설 고객","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-19","basis":"미국 민간 주거 및 비주거 건설 고객 대상 매출액","value":null,"period":"FY2025","basis_en":"Revenue from U.S. private residential and nonresidential construction customers","qualifier":"confirmed_no_disclosed_value"},"note":"주택 건설사와 데이터센터, 제조시설, 물류창고 등 비주거 프로젝트를 수행하는 고객이 또 다른 핵심 수요처다. 회사는 개별 고객이나 민간 수요의 정확한 매출 비중을 공개하지 않았다.","note_en":"Homebuilders and customers working on nonresidential projects such as data centers, manufacturing facilities and warehouses form another core demand base. The company does not disclose individual customers or the precise revenue share from private demand.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/1396009/000162828026009546/vmc-20251231.htm","title":"Vulcan Materials CO 10-K (2026-02-19)","title_en":"Vulcan Materials CO 10-K (2026-02-19)","excerpt":"회사는 공공 부문과 민간 부문 건설시장 모두에 골재를 공급한다.","excerpt_en":"serve both the public and the private sectors"}]},{"direction":"investment","counterparty":"Wake Stone Corporation","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-11-08","basis":"Wake Stone Corporation 단독 인수대금","value":null,"period":"transaction closed 2024-11-08","basis_en":"Purchase consideration for Wake Stone Corporation alone","qualifier":"confirmed_no_disclosed_value"},"note":"벌컨 머티리얼스는 2024년 11월 Wake Stone 인수를 완료해 캐롤라이나 지역의 골재 사업과 매장량을 확대했다. Wake Stone 단독 인수대금은 별도로 공개되지 않았다.","note_en":"Vulcan Materials completed its acquisition of Wake Stone in November 2024, expanding its aggregates operations and reserves in the Carolinas. The purchase price for Wake Stone alone was not disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-20","url":"https://www.sec.gov/Archives/edgar/data/1396009/000139600925000005/vmc-20241231.htm","title":"Vulcan Materials CO 10-K (2025-02-20)","title_en":"Vulcan Materials CO 10-K (2025-02-20)","excerpt":"Wake Stone 인수는 2024년 11월 8일 완료됐다.","excerpt_en":"acquired Wake Stone on November 8, 2024"}]},{"direction":"revenue","counterparty":"미국 공공 인프라 건설 고객","counterparty_slug":null,"confidence":"high","metric":{"type":"share_range","unit":"%","as_of":"2026-02-19","basis":"공공 재원 건설에 사용된 골재 출하량 비중","value":[40,55],"period":"historical range disclosed in FY2025","basis_en":"Share of aggregates shipments used in publicly funded construction","qualifier":null},"note":"고속도로, 공항, 정부 건물 등 공공 재원 건설에 쓰인 물량이 역사적으로 골재 출하량의 약 40~55%를 차지했다. 실제 판매는 주로 정부기관이 아니라 공사를 수행하는 민간 건설 고객에게 이뤄진다.","note_en":"Historically, about 40% to 55% of aggregates shipments have been used in publicly funded construction such as highways, airports and government buildings. Sales are made mainly to private contractors performing the work rather than directly to government agencies.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/1396009/000162828026009546/vmc-20251231.htm","title":"Vulcan Materials CO 10-K (2026-02-19)","title_en":"Vulcan Materials CO 10-K (2026-02-19)","excerpt":"공공 재원 건설에 쓰인 물량은 역사적으로 골재 출하량의 약 40~55%였다.","excerpt_en":"40% to 55% of our aggregates shipments"},{"stance":"mentions","publisher":"키움증권 리서치센터","publisher_en":"Kiwoom Securities Research Center","kind":"research","lang":"ko","published_at":"2025-05-02","url":"https://bbn.kiwoom.com/rfCC943","title":"벌컨 머티리얼스(VMC.US): P, Q가 모두 증가할 수 있는 시점","title_en":"Vulcan Materials: A Point When Both Price and Volume Can Rise","excerpt":"단기적으로는 공공 부문의 수요 상승이 회사의 물량 성장을 이끌 것으로 전망했다.","excerpt_en":"The report expected stronger public-sector demand to drive the company's near-term volume growth."}]},{"direction":"cost","counterparty":"CSL Americas","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-19","basis":"CSL Americas 장기 해상운송 계약 지출액","value":null,"period":"long-term agreement active in FY2025","basis_en":"Spending under the long-term marine shipping agreement with CSL Americas","qualifier":"confirmed_no_disclosed_value"},"note":"CSL Americas는 브리티시컬럼비아 채석장에서 캘리포니아와 하와이 시장으로 골재를 나르는 장기 해상운송사다. 벌컨은 이 계약의 금액을 공개하지 않았다.","note_en":"CSL Americas is Vulcan's long-term marine carrier for aggregates moving from its British Columbia quarry to California and Hawaii. Vulcan does not disclose the value of the agreement.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/1396009/000162828026009546/vmc-20251231.htm","title":"Vulcan Materials CO 10-K (2026-02-19)","title_en":"Vulcan Materials CO 10-K (2026-02-19)","excerpt":"회사는 CSL Americas와 장기 해상운송 계약을 맺고 서부 시장을 공급한다.","excerpt_en":"long-term marine shipping agreement with CSL Americas"}]},{"direction":"revenue","counterparty":"유니언 퍼시픽","counterparty_slug":"union-pacific","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-08-11","basis":"유니언 퍼시픽 대상 철도 밸러스트 매출액","value":null,"period":"ongoing relationship","basis_en":"Railroad ballast revenue from Union Pacific","qualifier":"confirmed_no_disclosed_value"},"note":"유니언 퍼시픽은 벌컨 머티리얼스의 캘리포니아 Table Mountain과 텍사스 Knippa 사업장을 철도 밸러스트 승인 공급처로 등재했다. 거래액은 공개되지 않았다.","note_en":"Union Pacific lists Vulcan Materials' Table Mountain, California, and Knippa, Texas, operations as approved railroad ballast suppliers. The transaction value is not disclosed.","sources":[{"stance":"confirms","publisher":"유니언 퍼시픽 철도","publisher_en":"Union Pacific Railroad","kind":"ir","lang":"en","published_at":"2026-08-11","url":"https://www.up.com/emp/engineering/mapcontent/standards/track%20standard%20drawings/WHATS_NEW.pdf","title":"Approved Trackwork Suppliers, Misc. Dwg. 6003G","title_en":"Approved Trackwork Suppliers, Misc. Dwg. 6003G","excerpt":"승인 밸러스트 공급사 목록에 벌컨 머티리얼스의 Knippa 사업장이 포함됐다.","excerpt_en":"VULCAN MATERIALS CO. - KNIPPA"}]},{"direction":"cost","counterparty":"고마쓰","counterparty_slug":"komatsu","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-04-14","basis":"고마쓰 채석장용 휠로더 구매 및 관련 서비스 지출액","value":null,"period":"relationship confirmed 2025","basis_en":"Spending on Komatsu quarry wheel loaders and related services","qualifier":"confirmed_no_disclosed_value"},"note":"고마쓰는 캘리포니아 Palmdale 사업장에 골재 적재용 WA485-11 휠로더를 공급한다. 벌컨 소속 운전자가 현장 사용과 효율 개선을 직접 설명했지만 구매액은 공개되지 않았다.","note_en":"Komatsu supplies a WA485-11 wheel loader used for aggregate handling at Vulcan's Palmdale, California, operation. A Vulcan operator describes its on-site use and efficiency benefits, but the purchase amount is undisclosed.","sources":[{"stance":"confirms","publisher":"고마쓰 북미","publisher_en":"Komatsu North America","kind":"ir","lang":"en","published_at":"2025-04-14","url":"https://www.youtube.com/watch?v=dz00JcvtCK4","title":"WA485-11 wheel loader in action: power, comfort and efficiency at Vulcan Materials","title_en":"WA485-11 wheel loader in action: power, comfort and efficiency at Vulcan Materials","excerpt":"고마쓰는 Palmdale의 벌컨 사업장에서 WA485-11 휠로더가 쓰이는 사례를 공개했다.","excerpt_en":"WA485-11 wheel loader in action: power, comfort and efficiency at Vulcan Materials"}]}]}