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

Ashland Inc. and Calumet, Inc. are both Specialty Chemicals companies. Ashland Inc. and Calumet, Inc. are of similar size ($3.8B and $3.5B). Calumet, Inc. has negative trailing earnings, so its P/E is not meaningful; Ashland Inc. trades at 67.1×. Calumet, Inc. grew revenue faster over the last twelve months: 12.8% against 2.14%. Ashland Inc. has the higher net margin (0.21% vs −2.98%) and the higher return on invested capital (2.40% vs 2.03%). Across the 20 metrics below, Ashland Inc. leads on 13 and Calumet, Inc. on 7.

Valuation

Metric ASH CLMT Specialty Chemicals median
P/E 67.14 n/m 24.46
P/S 1.89 0.83 1.64
P/B 1.85 n/m 1.88
Price to free cash flow 11.62 51.99 19.15
EV/EBITDA 13.13 47.88 12.87
EV/Sales 2.37 1.40 1.88
Earnings yield 1.49% (3.55%) 2.42%
Free cash flow yield 8.61% 1.92% 2.25%

Profitability

Metric ASH CLMT Specialty Chemicals median
Gross margin 32.26% 6.57% 27.84%
Operating margin 5.64% 1.03% 5.64%
Net margin 0.21% (2.98%) 4.19%
Free cash flow margin 16.26% 1.60% 3.49%
Return on equity 0.00% 12.74% 2.34%
Return on assets 0.09% (4.90%) 0.45%
Return on invested capital 2.40% 2.03% 3.21%

Growth

Metric ASH CLMT Specialty Chemicals median
Revenue growth (TTM) 2.14% 12.80% 6.39%
EPS growth (last fiscal year) 100.48% 85.39% (9.77%)
Revenue growth, 5-year CAGR (2.47%) 12.77% 6.33%
Net income growth, 5-year CAGR (55.13%) 0.00% 0.00%

Health

Metric ASH CLMT Specialty Chemicals median
Debt to equity 0.74 (2.41) 0.59
Current ratio 2.96 0.84 2.28
Net debt to EBITDA 2.99 7.36 2.03

Dividend

Metric ASH CLMT Specialty Chemicals median
Dividend yield 2.18% — 1.80%
Payout ratio 20.32 — 0.40

Size

Metric ASH CLMT Specialty Chemicals median
Market cap 3.49b 3.81b 2.08b

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