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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. In the quarter to June 2026, revenue grew 40.8%, EPS grew 35.9%, free cash flow grew 450.7% and total debt fell 1.98%, each against the same quarter a year earlier. Dividend growth for five consecutive years.

57.75 0.49 −0.84%
Market cap
$5.1B
P/E
0.0×
Fwd P/E
−9.0×
Dividend yield
—
F-score
5/9
Altman Z
1.16
Beneish M
−2.96
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 20.67
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 2 — — — 1 1 — 1 — 1 —
Insider Ownership 21.16%

Capital & Financial Ratios $m

Market Cap 5,120.00
Revenue 4,591.40
Net Income (136.80)
Free Cash Flow 73.50
Net Debt 2,589.10
Current Ratio 0.84 (below 1: weak)
Debt/Equity (2.41) (negative: negative equity)
P/E ratio 0.00
Fwd P/E (8.96) (negative: loss-making)
P/S ratio 1.10
P/B ratio 0.00
Past 5Y EPS Growth —
This Y EPS Growth (483.34%) (below 0%: weak)
Next Y EPS Growth 195.14% (at or above 15%: strong)
Next Y revenue growth 19.26% (at or above 10%: strong)
Next 5Y EPS Growth 56.05% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.7×, against a ten-year median of 0.7×; over the ten years it ranged from 0.4× in 2020 to 1.7× in 2026.
P/S against its own 10 years 99.78%
10-year low 10-year high
EV/Sales against its own 10 years 99.78%
10-year low 10-year high
EV/FCF against its own 10 years 91.77%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2016 0.69
0.69
special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 2.79 3.40 1.99 2.12 0.82 2.96 8.40 11.91 9.97 7.68

Analyst estimates 2026–2028

Powerpack
High 20.27 9.95 8.75 5.00 4.70 17.43 20.50 20.25 25.29 23.75
People
People Employees 2,000 1,600 1,700 1,500 1,400 1,450 1,530 1,580 1,620 1,540
Revenue/emp, $m 1.74 2.35 2.06 2.30 1.62 2.17 3.06 2.65 2.59 2.69
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
Gross margin, % 11.12 13.24 12.49 13.08 4.37 4.54 7.50 10.80 5.51 5.94
EBT (297) (31) (50) (43) (148) (259) (170) 50 (221) (126)
EBT margin, % (8.54) (0.83) (1.44) (1.25) (6.52) (8.21) (3.63) 1.19 (5.28) (3.06)
Net income (329) (104) (55) (44) (149) (260) (173) 48 (222) (34)
Depreciation 185 179 131 129 120 125 121 183 187 190
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
Earnings (4.18) (1.07) (0.69) (0.55) (1.86) (3.23) (2.04) 0.59 (2.67) (0.39)
Cash flow 0.05 (0.34) 0.96 2.45 0.80 (0.56) 1.27 (0.19) (0.56) 1.26
Capex (1.78) (0.90) (0.63) (0.65) (0.56) 0.00 (6.76) (3.39) (0.92) (0.60)
Free cash flow (1.73) (1.24) 0.33 1.80 0.24 (0.56) (5.49) (3.58) (1.48) 0.65
Book value 2.84 1.55 0.84 0.28 (1.64) (4.88) (6.72) (6.12) (8.56) (8.44)
Shares, m 77 78 78 78 78 79 79 80 83 87
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26.08 0.00 0.00
P/S 0.09 0.15 0.05 0.08 0.11 0.33 0.28 0.34 0.44 0.42
P/B 1.52 5.38 3.26 29.74 0.00 0.00 0.00 0.00 0.00 0.00
EV/Sales 0.66 0.54 0.46 0.43 0.70 0.86 0.70 0.85 0.99 0.95
EV/FCF (17.25) (21.29) 62.83 10.50 84.00 (61.72) (7.57) (12.42) (33.55) 69.29
Cash, $m
Cash, $m Operating cash flow 4 (26) 75 192 63 (44) 101 (15) (46) 109
Capex (137) (70) (49) (51) (44) 0 (536) (272) (77) (52)
Free cash flow (133) (96) 26 141 19 (44) (435) (287) (123) 57
Balance, $m
Balance, $m Working capital 143 266 255 (53) (10) (267) (531) (318) (98) 17
Total debt 1,997 1,992 1,605 1,211 1,452 1,705 2,036 2,163 2,346 2,403
Net debt 1,993 1,478 1,449 1,192 1,342 1,667 2,001 2,155 2,300 2,198
Shareholders’ equity 219 120 66 22 (129) (385) (533) (490) (712) (733)
Returns, %
Returns, % ROA (11.36) (3.76) (2.26) (2.16) (7.96) (12.95) (6.97) 1.72 (8.06) (1.24)
ROIC (0.01) 6.18 5.07 3.93 (3.70) (4.17) 5.62 10.03 0.32 4.64
ROE (82.64) (65.83) (67.92) (136.64) 228.13 96.83 36.81 (9.19) 36.89 4.68
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
EMN Eastman Chemical Company $7.3B 16.1× 11.5× +9.88% (above 0%: growing) +31.15% (above 0%: growing) +49.40% (above 0%: growing) 22.28% 12.38% Compare
AXTA Axalta Coating Systems Ltd. $7.2B 20.5× 13.6× +3.14% (above 0%: growing) −16.00% (below 0%: shrinking) +7.22% (above 0%: growing) 34.55% 12.41% Compare
SXT Sensient Technologies Corporation $5.7B 36.0× 28.5× +11.55% (above 0%: growing) +35.96% (above 0%: growing) −64.25% (below 0%: shrinking) 37.40% 16.60% Compare
BCPC Balchem Corporation $5.4B 33.5× 30.5× +11.17% (above 0%: growing) +18.80% (above 0%: growing) −11.98% (below 0%: shrinking) 36.51% 20.85% Compare
CLMT Calumet, Inc. $5.1B — (loss-making) — (loss-making) +40.77% (above 0%: growing) n/m +450.65% (above 0%: growing) 1.27% (2.77%)
PRM Perimeter Solutions, SA $4.5B — (loss-making) 14.0× +31.46% (above 0%: growing) n/m +56.62% (above 0%: growing) 55.13% (94.95%) Compare
CBT Cabot Corporation $3.9B 20.9× 8.6× +6.39% (above 0%: growing) −93.58% (below 0%: shrinking) −77.02% (below 0%: shrinking) 18.74% 9.98% Compare
AVNT Avient Corporation $3.6B 21.0× 14.0× +5.83% (above 0%: growing) +24.56% (above 0%: growing) −16.67% (below 0%: shrinking) 33.54% 12.26% Compare
ASH Ashland Inc. $3.3B 62.4× 24.9× +7.34% (above 0%: growing) n/m +5.26% (above 0%: growing) 34.21% 8.65% Compare
Median of peers $5.0B 21.0× 14.0× +8.61% +21.68% −3.36% 34.38% 12.32%

All 60 Specialty Chemicals stocks →

Calumet, Inc. (CLMT) key facts

  • Concern: Calumet, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.1 billion, down 1.25% from fiscal 2024.
  • Calumet, Inc. (CLMT) is a Specialty Chemicals company in the Basic Materials sector, listed on Nasdaq.
  • As of October 16, 2026, CLMT traded at $57.75, a market capitalization of $5.1 billion.
  • Return on equity was 4.68% and debt-to-equity -2.41.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 1.16 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Calumet, Inc. (CLMT) Latest News

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stockrow.com/CLMT · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com