Calumet, Inc. /DE CLMT

Energy SIC 2911 - Petroleum Refining Nasdaq

We manufacture, formulate and market a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. We are headquartered in Indianapolis, Indiana and operate twelve facilities throughout North America. Our operations are managed using the following reportable segments: Specialty Products and Solutions; Performance Brands; Montana/Renewables; and Corporate. In our Specialty Products and Solutions segment, we manufacture and market a wide variety of solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products. Our specialty products are sold to domestic and international customers who purchase them primarily as raw material components for consumer-facing and industrial products. In our Performance Brands segment, we blend, package and market high performance products through our Royal Purple, Bel-Ray, and TruFuel brands. Our Montana/Renewables segment is comprised of two facilities — renewable fuels and specialty asphalt. At our Montana Renewables facility, we process a variety of geographically advantaged renewable feedstocks into renewable diesel, sustainable aviation fuel ("SAF"), and renewable naphtha that are distributed into renewable markets in the western half of North America. At our Montana specialty asphalt facility, we process Canadian crude oil into conventional gasoline, diesel, jet fuel and specialty grades of asphalt, with production sized to serve local markets. Our Corporate segment primarily consists of general and administrative expenses not allocated to the Specialty Products and Solutions, Performance Brands or Montana/Renewables segments.

Last close 53.13 2026-09-04
Market cap $4.67B 2026-06-30 share count
52-week range 17.08 - 54.70

Valuation FY2025 figures against the last close

P/S1.1x
P/E
P/FCF82.5x
EV/EBITDA25.7x
Dividend yield
Diluted EPS-0.39

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021
Revenue $4.14B$4.19B$4.18B$4.69B
Cost of revenue $3.89B$3.96B$3.73B$4.33B
Gross profit $245.7M$230.8M$451.7M$351.7M
SG&A $123.8M$145.5M$133.0M$143.4M
Operating income $108.7M$8.1M$267.2M$131.9M
Interest expense $215.8M$236.7M$221.7M$175.9M
Pre-tax income -$126.4M-$221.2M$49.7M-$169.9M
Income tax $92.6M$800.0K$1.6M$3.4M
Net income -$33.8M-$222.0M$48.1M-$173.3M
EPS, basic -0.39-2.67
EPS, diluted -0.39-2.67
Shares, diluted (wtd. avg.) $86.8M$83.1M$80.1M$79.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021
Cash and equivalents $125.1M$38.1M$7.9M$35.2M$121.9M
Receivables $232.5M$278.1M$286.2M
Inventory $385.2M$416.3M$439.4M
Total current assets $857.8M$766.0M$794.7M
Property, plant and equipment $1.35B$1.44B$1.51B$1.48B
Goodwill $140.5M$173.0M$173.0M$173.0M
Other intangibles $8.7M$22.0M$28.5M
Total assets $2.69B$2.76B$2.75B
Accounts payable $281.5M$320.8M$322.0M
Total current liabilities $840.7M$863.6M$1.11B
Long-term debt $2.08B$2.06B$1.83B
Total liabilities $3.18B$3.22B$3.00B
Retained earnings -$1.57B-$1.54B
Total equity -$732.7M-$711.9M-$490.3M-$533.3M-$385.1M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021
Operating cash flow $108.9M-$46.4M-$14.9M$100.6M
Depreciation and amortisation $148.8M$149.0M$146.8M$98.3M
Stock-based compensation -$4.5M$14.6M$14.7M$17.3M
Capital expenditure $52.3M$76.7M$271.8M$536.2M
Investing cash flow $44.1M-$76.7M-$271.8M-$536.0M
Financing cash flow $6.2M$154.3M$266.2M$348.7M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-015639.

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