VMI · 10-K filed 24 Feb 2026 · year to 27 Dec 2025

Valmont Industries

32 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. electric utility industry

earns from · approximately $1.5 billionnamed as a risk

In fiscal 2025, our sales to the U.S. electric utility industry were approximately $1.5 billion.Risk factors (Item 1A)

Also named by MYRG, POWL

Wireless carriers

earns fromnamed as a risk

Sales of wireless structures and components to wireless carriers and build-to-suit companies that serve the industry have historically been cyclical.Risk factors (Item 1A)

Farmers / farm income

earns fromnamed as a risk

Lower levels of farm income have, at times, led to reduced demand for our mechanized irrigation and tubing products.Risk factors (Item 1A)

Data center construction

earns from

In addition, demand from data center construction is increasing as cloud computing, artificial intelligence, and digitalization drive the need for reliable power infrastructure, transmission capacity, and grid resiliency to support energy-intensive facilities.Business (Item 1)

Partners and platforms

Independent irrigation dealers

depends on · approximately 250 dealer locations

In North America, approximately 250 dealer locations serve our customers, with around 400 dealer locations covering international markets across more than 60 countries.Business (Item 1)

Other companies

Delta Ltd. U.K. defined benefit pension plan

approximately £4.0 million ($5.2 million)named as a risk

Under the current agreement with the Plan trustees, we are obligated to provide annual funding of approximately £4.0 million ($5.2 million) depending on the Plan’s funding levels, along with an additional approximately £2.4 million ($3.2 million) for administrative expenses.Risk factors (Item 1A)

Guardrail design patent litigation

named as a risk

This litigation could decrease demand for these products or affect government approvals for their use, both domestically and internationally.Risk factors (Item 1A)

Places

Mexico

operates in · approximately $220.0 millionnamed as a risk

While most of the structures we sell to U.S. customers are manufactured domestically, we imported approximately $220.0 million of fabricated steel structures from Mexico into the U.S. during fiscal 2025.Risk factors (Item 1A)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

International (non-U.S.) markets

earns from · approximately 28% of our fiscal 2025 net salesnamed as a risk

We sell our products in many countries worldwide, with approximately 28% of our fiscal 2025 net sales occurring outside the U.S.Risk factors (Item 1A)

Also named by ABNB, ADSK, BSX, CROX, CRWD, DOCU, DXCM, EFX and 18 more

Cash held outside the U.S.

concentrated in · Approximately 77% of our consolidated cash balancenamed as a risk

Approximately 77% of our consolidated cash balance is held outside the U.S.Risk factors (Item 1A)

Brazil

operates innamed as a risk

Adverse economic conditions in certain international regions, most notably Brazil, may increase our exposure to credit losses resulting from financial distress, insolvency, or potential bankruptcy of our Agriculture or Infrastructure customers.Risk factors (Item 1A)

Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DE and 32 more

Australia

operates innamed as a risk

We maintain significant manufacturing operations in Australia, Brazil, Europe, and Mexico—regions that may be affected by changes in U.S. and foreign trade policies, including tariffs on a broad range of imports and retaliatory measures imposed by foreign governments, such as China.Risk factors (Item 1A)

Also named by AJG, ARWR, AXP, BF/B, BTU, CL, CSGP, CVX and 15 more

Argentina

operates innamed as a risk

In particular, certain countries within our Caribbean and Latin America (“CALA”) region, such as Brazil and Argentina, continue to face economic volatility, inflationary pressures, and uncertain regulatory environments, all of which can affect demand, foreign currency cash flows, and financial results.Risk factors (Item 1A)

Also named by BALL, C, ECL, FISV, GMED, INGR, JNJ, KMB and 6 more

Asia-Pacific galvanizing facilities environmental regulation

subject tonamed as a risk

These risks may be heightened at certain galvanizing facilities in the Asia-Pacific region due to the nature of galvanizing processes and the complexity and evolving requirements of local environmental regulations.Risk factors (Item 1A)

Australia, India and New Zealand highway safety markets

earns from

We also provide comprehensive highway safety systems, including guardrail barriers, wire rope safety barriers, and crash attenuation barriers, primarily serving the Australian, Indian, and New Zealand markets.Business (Item 1)

Hazards

Drought

named as a risk

Additionally, weather conditions—potentially worsened by climate change, such as extreme drought—can limit water availability for irrigation and influence farmers’ purchasing decisions.Risk factors (Item 1A)

Also named by AESI, AM, AWK, BF/B, BMI, CEG, EOG, ES and 8 more

Commodities and inputs

Steel

exposed to its price · approximately 50% of net salesnamed as a risk

Steel is particularly significant for our Utility product line, where the cost of steel has accounted for approximately 50% of net sales on average.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Hot-rolled steel coil

exposed to its price · approximately $110.0 millionnamed as a risk

Assuming a similar sales mix, a hypothetical 20% change in the price of steel would have affected our net sales in this product line by approximately $110.0 million for the fiscal year ended December 27, 2025.Risk factors (Item 1A)

Aluminum

exposed to its pricenamed as a risk

We also use large quantities of aluminum for lighting structures and zinc for galvanizing most of our steel products.Risk factors (Item 1A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Natural gas

exposed to its pricenamed as a risk

Our facilities consume large amounts of natural gas for heating and processing tanks in our galvanizing operations.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Diesel fuel

exposed to its pricenamed as a risk

Additionally, we use gasoline and diesel fuel to transport raw materials to our locations and deliver finished goods to our customers.Risk factors (Item 1A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Zinc

exposed to its pricenamed as a risk

We also use large quantities of aluminum for lighting structures and zinc for galvanizing most of our steel products.Risk factors (Item 1A)

Also named by CDE, FBIN, HL, HLMN, JBI, LFUS, LNN, MAS and 6 more

Regulators

U.S. Customs and Border Protection (CBP)

subject tonamed as a risk

In February 2026, we received CBP inquiries relating to the valuation methodology applied to historical import entries.Risk factors (Item 1A)

Also named by BALL, BJ, CHRW, CROX, EXPD, FDX, FDXF, JBHT and 12 more

U.K. pension regulation

subject tonamed as a risk

The U.K. government regulates the Plan, and its trustees represent the interests of covered workers.Risk factors (Item 1A)

Laws and programs

U.S. Section 232 steel and aluminum tariffs

subject to · 50% tariffnamed as a risk

As of June 4, 2025, a 50% tariff is assessed on the steel and aluminum content of certain steel and aluminum imports into the U.S.Risk factors (Item 1A)

Also named by ESAB, FLS, IR, LRCX, RS, SON, WES

United States-Mexico-Canada Agreement (USMCA)

subject tonamed as a risk

Although an exemption exists for fabricated structures produced using steel that was melted and poured in the U.S., and the structures produced at our Mexico facility are U.S.-Mexico-Canada Agreement-compliant, changes in the interpretation, application, or availability of these tariffs or exemptions could increase our costs or adversely affect the competitiveness of products manufactured outside the U.S.Risk factors (Item 1A)

Also named by AYI, BMI, BWA, CLF, CMI, CP, CW, DCH and 29 more

Inflation Reduction Act (IRA)

earns fromnamed as a risk

Our Infrastructure segment, particularly for lighting, transportation, and highway safety products, relies heavily on government funding.Risk factors (Item 1A)

Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI and 26 more

Superfund

subject tonamed as a risk

Additionally, we have occasionally been identified as a potentially responsible party under Superfund or similar state laws.Risk factors (Item 1A)

Also named by ABBV, ABT, AMD, CRS, ED, FLS, IR, KVUE and 4 more

Infrastructure Investment and Jobs Act (IIJA)

earns fromnamed as a risk

U.S. federal funding initiatives, such as the IIJA and IRA, bolster long-term demand for our products.Risk factors (Item 1A)

Also named by APG, AWK, CTOS, HASI, J, MLM, MTZ, NWPX and 3 more

China retaliatory tariffs on U.S. soybeans

named as a risk

In addition, retaliatory trade actions by China, such as tariffs on imported U.S. soybeans, may continue to pressure U.S. farm income.Risk factors (Item 1A)

Canada, China and Mexico tariffs

subject tonamed as a risk

Recent and ongoing tariff actions affecting steel, aluminum, and goods imported from Canada, China, and Mexico, have increased uncertainty regarding the cost and availability of raw materials and components critical to our manufacturing operations.Risk factors (Item 1A)

U.S. irrigation water use restrictions

subject tonamed as a risk

In the U.S., certain regions are considering policies that may restrict water use for irrigation.Risk factors (Item 1A)