Vulcan Materials is the largest U.S. supplier of construction aggregates — crushed stone, sand, and gravel — which are the primary input in nearly every construction project. Vulcan operates 425 active quarries across 23 states, selling to contractors, paving companies, ready-mix concrete producers, and governments. Because aggregates are heavy and cheap relative to their weight, customers almost always buy from the nearest source, giving Vulcan's quarries local monopoly-like pricing power in the markets they serve. The core aggregates segment generates roughly 90% of gross profit; Vulcan also produces asphalt mix at 71 facilities and ready-mixed concrete at 76 facilities, though both downstream businesses exist primarily to generate incremental demand for internally sourced aggregates rather than as standalone priorities. Vulcan has been actively trimming its concrete footprint and recently agreed to divest its California concrete operations. Vulcan's business model centers on maximizing aggregates cash gross profit per ton, driven by annual price increases, volume leverage over fixed quarry costs, and operational efficiency through its "Vulcan Way of Operating" program. Vulcan owns its primary raw material, with 16.6B tons of proven and probable reserves. Vulcan has grown largely through acquisitions, completing over 30 deals in the past decade, targeting aggregates businesses where it can hold a top position in high-growth U.S. metros. Vulcan's top 10 states account for 90% of revenue, concentrated in high-growth Sun Belt markets.