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Calumet, Inc.

CLMT Basic Materials Specialty Chemicals

Calumet, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.1 billion, down 1.25% from fiscal 2024.

Revenue
+40.8%
EPS
+35.9%
Free cash flow
+450.7%
Total debt
−1.98%

Quarter to June 2026, against a year earlier

43.63 0.03 +0.07%
Market cap
$3.8B
P/E
0.0×
Fwd P/E
−25.2×
Dividend yield
—
F-score
5/9
Altman Z
1.16
Beneish M
−2.96
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 20.67
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — — — 1 1 — 1 — 1 — —
Insider Ownership 21.16%

Capital & Financial Ratios $m

Size
Market Cap 3,810.00
Revenue ttm 4,591.40
Net income ttm (136.80)
Free cash flow ttm 73.50
Net debt Q 2,589.10
Valuation
P/E 0.00
Forward P/E (25.20) (negative: loss-making)
Price / sales 0.83
Forward P/S Powerpack
Price / FCF 51.99
Price / book 0.00
Financial health
Current ratio Q 0.84 (below 1: weak)
Debt / equity Q (2.41) (negative: negative equity)
Interest coverage Q (0.77)
Growth
Revenue growth Q +40.77% (above 0%: growing)
Operating income growth Q +60.40% (above 0%: growing)
EPS, this year −430.52% (below 0%: weak)
EPS, next year A +229.45% (at or above 15%: strong)
Revenue, next year A +23.01% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +56.05% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.4×, against a ten-year median of 0.7×; over the ten years it ranged from 0.4× in 2020 to 1.6× in 2026.
P/S against its own 10 years 97.62%
10-year low 10-year high
EV/Sales against its own 10 years 97.62%
10-year low 10-year high
EV/FCF against its own 10 years 80.95%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
  1. 0.69 ’16
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8 46 205 150
Receivables 286 278 233 417
Inventory 439 416 385 421
Other 10 — 7 —
795 766 858 1,023
2023 2024 2025 Q'26
Payables 322 321 282 372
ST’ Debt 333 281 326 514
Other 233 51 21 174
1,113 864 841 1,217

Compound Annual Growth %

10y 5y 3y
Sales 0.51% 12.77% (4.07%)
Cash Flow (11.66%) 11.64% 2.68%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.23 Actual −0.05

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.30 −0.21 Beat by 0.09
Q4 FY25 −0.67 −0.43 Beat by 0.24
Q1 FY26 −0.57 −0.64 Miss by 0.07
Q2 FY26 −0.23 −0.05 Beat by 0.18
Q3 FY26 1.21 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (3.64) (1.09) — — —
’25 (1.87) (1.70) 3.61 (0.43) (0.39)
’24 (0.51) (0.48) (1.18) (0.47) (2.67)
’23 0.23 (0.23) 1.26 (0.59) 0.59
’22 (1.18) (0.19) 0.19 (0.86) (2.04)
’21 (1.82) (0.97) 0.64 (1.08) (3.23)
’20 (0.18) 0.05 (0.70) (1.03) (1.86)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,030 1,445 — — —
’25 994 1,027 1,078 1,039 4,137
’24 1,006 1,134 1,100 950 4,189
’23 1,037 1,018 1,149 977 4,181
’22 1,098 1,424 1,165 999 4,686
’21 600 807 875 866 3,148
’20 693 454 568 554 2,268
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (86) 92 — — —
’25 (29) (2) 24 117 109
’24 (94) 67 (15) (3) (46)
’23 (27) (26) 45 (7) (15)
’22 (3) 90 64 (50) 101
’21 (50) (39) 59 (14) (44)
’20 (20) 70 15 (2) 63
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (99) 54 — — —
’25 (47) (15) 15 104 57
’24 (114) 52 (32) (28) (123)
’23 (157) (104) 13 (39) (287)
’22 (70) (22) (134) (210) (435)
’21 (56) (49) 42 20 (44)
’20 (35) 57 8 (11) 19
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,474 3,764 3,498 3,453 2,268 3,148 4,686 4,181 4,189 4,137 4,591 +2.0% 5,089 4,943 5,476 +9.8%
Gross margin, % 11.12 13.24 12.49 13.08 4.37 4.54 7.50 10.80 5.51 5.94 6.57 (5.2) pt
EBT (297) (31) (50) (43) (148) (259) (170) 50 (221) (126) (272) (9.0%)
EBT margin, % (8.54) (0.83) (1.44) (1.25) (6.52) (8.21) (3.63) 1.19 (5.28) (3.06) (5.92) +5.5 pt
Net income (329) (104) (55) (44) (149) (260) (173) 48 (222) (34) (137) (22.3%)
Per share, $
Per share, $ Revenue 45.10 48.50 44.87 44.14 28.94 39.86 59.07 52.21 50.39 47.68 52.42 +0.6%
Earnings (4.18) (1.31) (0.69) (0.55) (1.86) (3.23) (2.04) 0.59 (2.67) (0.39) (1.55) (23.2%)
Cash flow 0.05 (0.34) 0.96 2.45 0.80 (0.56) 1.27 (0.19) (0.56) 1.26 1.67 +42.1%
Capex (1.78) (0.90) (0.63) (0.65) (0.56) 0.00 (6.76) (3.39) (0.92) (0.60) (0.83) (11.4%)
Free cash flow (1.73) (1.24) 0.33 1.80 0.24 (0.56) (5.49) (3.58) (1.48) 0.65 0.84 n/m
Book value 2.84 1.55 0.84 0.28 (1.64) (4.88) (6.72) (6.12) (8.56) (8.44) (12.98) n/m
Shares, m 77 78 78 78 78 79 79 80 83 87 87 +1.3%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26.08 0.00 0.00 0.00 2.6
P/S 0.09 0.15 0.05 0.08 0.11 0.33 0.28 0.34 0.44 0.42 0.83 0.2
P/B 1.52 5.38 3.26 29.74 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.0
EV/Sales 0.66 0.54 0.46 0.43 0.70 0.86 0.70 0.85 0.99 0.95 1.40 0.7
EV/FCF (17.25) (21.29) 62.83 10.50 84.00 (61.72) (7.57) (12.42) (33.55) 69.29 87.22 7.3
Cash, $m
Cash, $m Operating cash flow 4 (26) 75 192 63 (44) 101 (15) (46) 109 146 +44.0%
Capex (137) (70) (49) (51) (44) 0 (536) (272) (77) (52) (73) (10.2%)
Free cash flow (133) (96) 26 141 19 (44) (435) (287) (123) 57 74 n/m
Balance, $m
Balance, $m Working capital 143 266 255 (53) (10) (267) (531) (318) (98) 17 (194) (21.0%)
Net debt 1,993 1,478 1,449 1,192 1,342 1,667 2,001 2,155 2,300 2,198 2,589 +1.1%
Shareholders’ equity 219 120 66 22 (129) (385) (533) (490) (712) (733) (1,137) n/m
Returns, %
Returns, % ROA (11.36) (3.76) (2.26) (2.16) (7.96) (12.95) (6.97) 1.72 (8.06) (1.24) (4.90) +10.1 pt
ROIC (0.01) 6.18 5.07 3.93 (3.70) (4.17) 5.62 10.03 0.32 4.64 2.03 +4.7 pt
ROE (82.64) (65.83) (67.92) (136.64) 228.13 96.83 36.81 (9.19) 36.89 4.68 12.74 +87.3 pt
People
People Employees 2,000 1,600 1,700 1,500 1,400 1,450 1,530 1,580 1,620 1,540 — (2.9%)
Revenue/emp, $m 1.74 2.35 2.06 2.30 1.62 2.17 3.06 2.65 2.59 2.69 — +5.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Calumet, Inc. vs peers in Specialty Chemicals (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SXT Sensient Technologies Corporation $5.1B 30.0× 28.0× +10.61% (above 0%: growing) +31.03% (above 0%: growing) −90.87% (below 0%: shrinking) 36.19% 15.89% Compare
PRM Perimeter Solutions, SA $4.6B 102× 27.1× +23.59% (above 0%: growing) n/m −22.31% (below 0%: shrinking) 61.14% 106.82% Compare
AVNT Avient Corporation $4.2B 23.1× 17.6× +10.50% (above 0%: growing) +31.78% (above 0%: growing) +101.69% (above 0%: growing) 30.50% 9.27% Compare
CLMT Calumet, Inc. $3.8B — (loss-making) — (loss-making) +40.77% (above 0%: growing) n/m +450.65% (above 0%: growing) 1.27% (2.77%)
CBT Cabot Corporation $3.8B 17.4× 17.2× +12.24% (above 0%: growing) +79.43% (above 0%: growing) −51.65% (below 0%: shrinking) 20.22% 11.99% Compare
ASH Ashland Inc. $3.5B 67.1× 39.4× +4.40% (above 0%: growing) n/m +400.00% (above 0%: growing) 35.94% 5.82% Compare
HWKN Hawkins, Inc. $3.2B 36.6× 36.3× +11.90% (above 0%: growing) +23.06% (above 0%: growing) +1.32% (above 0%: growing) 24.41% 13.35% Compare
WDFC WD-40 Company $3.0B 37.0× 32.3× +8.14% (above 0%: growing) −31.85% (below 0%: shrinking) +63.49% (above 0%: growing) 52.78% 10.78% Compare
FUL H. B. Fuller Company $2.7B 13.8× 11.7× +5.17% (above 0%: growing) +18.19% (above 0%: growing) −58.41% (below 0%: shrinking) 33.22% 12.07% Compare
Median of peers $3.6B 33.3× 27.6× +10.56% +27.05% −10.49% 34.58% 12.03%

All 61 Specialty Chemicals stocks →

Calumet, Inc. (CLMT) Latest News

5 Nov

Impact 4 · · PR Newswire

27 Oct

Impact 4 · · Simply Wall St.

23 Oct

Impact 3 · · StockStory
Impact 3 · · Zacks

15 Oct

Impact 4 · · PR Newswire

13 Oct

Impact 3 · · StockStory

22 Sep

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21 Sep

Impact 4 · · Zacks

19 Sep

Impact 3 ·

14 Sep

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4 Sep

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2 Sep

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1 Sep

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14 Aug

Impact 4 · · The Motley Fool transcript

13 Aug

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8 Aug

Impact 3 · · Moby transcript

7 Aug

Impact 4 ·
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Impact 3 · · MarketBeat
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24 Jul

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8 Jul

Impact 3 · · The Motley Fool
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3 Jun

Impact 3 ·

18 May

Impact 3 · · Simply Wall St.

8 May

Impact 4 · · MarketBeat
Impact 4 · · StockStory
Impact 3 · · PR Newswire

4 May

Impact 3 · · Zacks

CLMT metrics, ten years each

stockrow.com/CLMT · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com