Ashland Inc. (ASH) vs Calumet, Inc. (CLMT)

Ashland Inc. and Calumet, Inc. are both Specialty Chemicals companies. Calumet, Inc. is the larger, with a market value of $5.1B against $3.3B — 1.6× the size. Calumet, Inc. has negative trailing earnings, so its P/E is not meaningful; Ashland Inc. trades at 62.4×. Calumet, Inc. grew revenue faster over the last twelve months: 12.8% against −1.39%. Ashland Inc. has the higher net margin (2.77% vs −2.98%) and the higher return on invested capital (3.05% vs 2.03%). Across the 19 metrics below, Ashland Inc. leads on 12 and Calumet, Inc. on 7.

Valuation

Metric ASH CLMT Specialty Chemicals median
P/E 62.41 n/m 25.37
P/S 1.78 1.10 1.46
P/B 1.72 n/m 1.84
Price to free cash flow 12.64 68.82 21.16
EV/EBITDA 12.67 57.11 12.82
EV/Sales 2.31 1.67 1.85
Earnings yield 1.60% (2.68%) 2.11%
Free cash flow yield 7.91% 1.45% 2.16%

Profitability

Metric ASH CLMT Specialty Chemicals median
Gross margin 31.54% 6.57% 29.23%
Operating margin 7.44% 1.03% 3.63%
Net margin 2.77% (2.98%) 2.89%
Free cash flow margin 14.06% 1.60% 3.76%
Return on equity 0.00% 12.74% 3.62%
Return on assets 1.11% (4.90%) 0.35%
Return on invested capital 3.05% 2.03% 2.75%

Growth

Metric ASH CLMT Specialty Chemicals median
Revenue growth (TTM) (1.39%) 12.80% 4.51%
EPS growth (last fiscal year) (642.56%) 85.39% (14.40%)
Revenue growth, 5-year CAGR (1.98%) 12.77% 6.30%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ASH CLMT Specialty Chemicals median
Debt to equity 0.73 (2.41) 0.54
Current ratio 3.05 0.84 1.94
Net debt to EBITDA 6.68 7.36 2.03

Dividend

Metric ASH CLMT Specialty Chemicals median
Dividend yield 2.35% — 1.73%
Payout ratio 1.46 — 0.41

Size

Metric ASH CLMT Specialty Chemicals median
Market cap 3.28b 5.12b 2.41b

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