United States Lime & Minerals Inc (NASDAQ: USLM)

United States Lime & Minerals, Inc. is a manufacturer of lime and limestone products serving construction industrial environmental metals roof shingle agriculture and oil and gas services industries. The company extracts limestone from open pit quarries and underground mines in Arkansas Colorado Louisiana Missouri Oklahoma and Texas through wholly owned subsidiaries. It processes the stone into crushed limestone pulverized limestone quicklime hydrated lime and lime slurry. In addition the company holds royalty and non operated working interests in natural gas wells in the Barnett Shale formation in Texas.

The company generates revenue primarily from the sale of lime and limestone products including crushed limestone pulverized limestone quicklime hydrated lime and lime slurry to customers across the United States. It also earns royalty income from its natural gas interests. Sales are made by a dedicated sales force that solicits purchase orders and responds to customer bids. All sales in 2025 occurred within the United States.

The lime industry is highly regionalized and competitive with price quality ability to meet specifications proximity to customers personal relationships and timeliness of delivery being key factors. Barriers to entry are high due to the scarcity of high quality limestone deposits the need for plants near markets and transportation networks clean air regulations and high capital costs. The company believes its long term high quality limestone resources proximity to major markets and ongoing modernization projects give it a competitive advantage. Consolidation has left the three largest producers accounting for more than two thirds of North American production capacity.

The company serves a diverse customer base that includes construction contractors industrial users such as paper and glass manufacturers environmental clients including municipal sanitation water treatment and flue gas treatment facilities metals producers particularly steel producers roof shingle makers agriculture operations especially poultry producers and oil and gas services companies. In 2025 approximately 675 customers accounted for its lime and limestone sales with no single customer exceeding 10% of total revenue.