USLM
9/9 ScoreUnited States Lime & Minerals, Inc.
Analysis Date: February 2, 2026
United States Lime & Minerals, Inc. manufactures and supplies lime and limestone products in the United States. It extracts limestone from open-pit quarries and an underground mine, and processes it as pulverized limestone, quicklime, hydrated lime, and lime slurry. The company supplies its products primarily to the construction customers, including highway, road, and building contractors; industrial customers, such as paper and glass manufacturers; environmental customers comprising municipal sanitation and water treatment facilities, and flue gas treatment processes; steel producers; oil and gas services companies; roof shingle manufacturers; and poultry and cattle feed producers. It also has various royalty interests and non-operating working interests with respect to oil and gas rights in natural gas wells located in Johnson County, Texas in the Barnett Shale Formation. The company was incorporated in 1950 and is headquartered in Dallas, Texas.
Buffettology Criteria
All 9 of 9 criteria passed
High ROE
Return on Equity > 12%
Value: 23.1%
High ROIC
Return on Invested Capital > 9%
Value: 18.9%
Cash Machine
FCF / Assets > 5%
Value: 0.0%
Fair Valuation
Earnings Yield > 3.5%
Value: 4.3%
Share Buybacks
Share Count is Dropping
Value: 0.1%
Defensible Moat
Gross Profit Margin > 40%
Value: 48.9%
Simple Business
Not in a speculative sector (e.g., Biotech)
Value: Basic Materials
Conservative Debt
Debt to Equity < 1.5
Value: 0.00x
Consistent Growth
5-Year Growth is Positive
Value: 368.9%
Analysis Summary
This looks like a sturdy business the market has overlooked. A high return on invested capital, a clean balance sheet with next to no debt, and a wide moat in basic materials all point to durable profitability. While the current dividend yield is modest, the consistent growth and opportunity for future capital allocation due to its financial strength makes USLM a potential candidate for further investigation.
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