Calumet, Inc. /DE (CLMT) Stock Analysis
Calumet, Inc. /DE
▾ What's in the 65/100 risk score? (higher = riskier)
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.
How to read CLMT (cyclical commodity producer)
A miner or energy producer earns whatever the commodity price is, so a single DCF swings with the cycle. Judge it against peers and where you think the commodity cycle is heading.
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EV/Sales peer comparison ↓
How the price compares to similar producers is more meaningful than a through-cycle DCF.
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Interactive calculator (test cycle assumptions) ↓
Flex the growth/discount inputs to see how sensitive the value is to where we are in the cycle.
Standard DCF doesn't fit CLMT well — but that's expected for this kind of business. The EV/Sales Peer Comparison below uses the metrics actually used by analysts who value petroleum refining. Reverse DCF + Football Field also work as cross-checks.
Miners, metals and energy producers earn whatever the commodity price is at the time. A discounted-cash-flow model leans on recent cash flow, so it swings with the cycle: the result is dominated by where we are in the commodity cycle rather than by durable business economics.
For this business type, lean on the EV/Sales peer comparison and Reverse-DCF below (how today's price compares to similar producers and what growth it implies), and weigh the commodity-price outlook. Treat the DCF number as a rough mid-cycle reference, not a buy/sell trigger.
⚠ We found only 1 genuine same-industry (Petroleum Refining) comparable — fewer than the 4 we require for a reliable median. The 8 names in the table below therefore include 7 broader Energy names marked fallback, whose business models and margins differ — which is why any median below is computed over that wider set, not over true comparables. So we do not derive a peer-implied share value here. Read the multiples as rough context only.
How does CLMT stack up against its closest peers?
Ideally we compare CLMT only to same-industry peers, but too few exist in our universe right now, so the basket below mixes in broader-sector names. Treat the multiples as rough context, not a valuation. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.
▾ What's "EV / Sales" in plain English?
EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.
EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).
p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.
| EV / SalesEV / Sales — For every $1 of yearly revenue, this is how many dollars investors pay to own the whole business (including debt). Why it matters: Works for pre-profit growth companies where P/E and FCF don't apply. The most apples-to-apples cross-company multiple because it ignores accounting choices. Reference: 1–3x for mature companies · 4–10x for software/SaaS · 10–20x for hypergrowth · >20x is rare and demanding Full explanation → |
0.7x / 2.0x / 3.8x |
| EV / Gross ProfitEV / Gross Profit — Enterprise value divided by gross profit — the multiple paid for what each dollar of sales contributes after direct costs. Why it matters: More refined than EV/Sales for high-margin businesses (software, marketplaces) where gross margin is the real economic engine. Reference: 8–15x for SaaS · 15–25x for hypergrowth software · >30x demanding Full explanation → |
7.6x / 7.7x / 8.1x |
| EV / EBITEV / EBITDA — Enterprise value divided by earnings before interest, tax, depreciation, and amortization. Why it matters: A classic "what would a private buyer pay" multiple — used in M&A. Strips out tax and capital-structure noise. Reference: 8–12x for mature businesses · 15–25x for growth · Below 5x often signals distress Full explanation → |
12.4x / 13.9x / 17.9x |
Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 peers (broad — see caveat); implausible multiples excluded.
⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.
▾ View peer list (8)
| Ticker | Company | Industry | Mcap | EV/Sales | EV/GP | EV/EBIT | FCF Yield |
|---|---|---|---|---|---|---|---|
| SUNC | SunocoCorp LLC | Petroleum Refining | $3.4B | 0.7x | — | 17.9x | 14.3% |
| MGY | Magnolia Oil & Gas Corp | Oil & Gas Extraction ·fallback | $5.1B | 4.2x | — | 12.4x | 13.8% |
| MUR | MURPHY OIL CORP | Oil & Gas Extraction ·fallback | $5.2B | 2.4x | — | 21.4x | 26.5% |
| PAGP | PLAINS GP HOLDINGS LP | Pipelines ·fallback | $5.5B | 0.4x | — | 11.7x | 5.4% |
| VVV | VALVOLINE INC | Miscellaneous Products of ·fallback | $4.3B | 3.1x | 8.1x | 13.7x | 2.6% |
| PTEN | PATTERSON UTI ENERGY INC | Oilfield Services ·fallback | $4.3B | 1.1x | — | — | 8.9% |
| VIST | Vista Energy, S.A.B. de C.V. | Oil & Gas Extraction ·fallback | $6.3B | 3.8x | 7.7x | — | 16.6% |
| OII | OCEANEERING INTERNATIONAL INC | Oilfield Services ·fallback | $3.8B | 1.6x | 7.6x | 14.1x | 2.8% |
Bankruptcy + quality screens
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
Grey zone — a mixed, inconclusive band under the classic thresholds. A warning to verify the recent trend, not a probability of failure.
The classic Z-score was calibrated on manufacturers. It is less reliable for asset-light or non-manufacturing businesses (broadcasters, media, software, services) and not applicable to banks, REITs, or insurers — for those the coefficients and the asset-turnover term distort the result. Read it as one screening input, not a verdict.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
▾ The checks — what passed, what didn't (and what we couldn't measure)
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✗ Positive net incomeNet income -$33.8M in FY2025.Why this matters: Does the company actually earn a profit? Sustained losses eventually force it to raise money — diluting you — or take on debt.
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✓ Positive operating cash flowOperating cash flow $108.9M (was -$46.4M the prior year).
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✓ Cash flow backs up reported profitOperating cash flow $108.9M vs net income -$33.8M.
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✓ Return on assets improvingReturn on assets -1.3% vs -8.0% a year ago.
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✗ Debt load (vs assets)Long-term debt is 83.1% of assets vs 74.9% a year ago ($2,233.5M of $2,688.9M assets).Why this matters: Rising debt relative to assets means more risk and more cash going to interest instead of shareholders. Falling debt is a sign of strengthening.
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✓ Short-term liquidity (current ratio)Current ratio 1.02x vs 0.89x a year ago.
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✗ Share count (dilution)Share count rose 4.3% (83.1M → 86.8M year-over-year).Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
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✓ Pricing power (gross margin)Gross margin 5.9% vs 5.5% a year ago.
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✓ Sales per asset (asset turnover)Asset turnover 1.54x vs 1.52x a year ago.
Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.
What if you assume different inputs?
Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount RateDiscount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for CLMT. Open Advanced to also change beta, growth and the rate path.
Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.
A full intrinsic value isn't shown for CLMT because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.
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⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
A standard discounted cash flowDCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
Full explanation → (DCF) valuation is not meaningful for Calumet, Inc. due to its highly cyclical nature and negative historical free cash flowFree Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
Full explanation → decline of 1.7%. Investors are likely focused on the company's ability to generate positive operating cash flow, which has been positive in 2 of the last 4 years, and its capacity to manage its rising long-term debt. The #1 quantifiable risk is the declining revenue trend of -4.1% annually over the last three years.
As of 3 months ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What's free cash flow / what do these mean?
Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.
Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.
Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.
Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
- Next quarter's operating cash flow performance
- Trends in gross margin
- Updates on long-term debt levels
The trend, in plain numbers (FY2024 → FY2025, latest reported)
Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.
- Free cash flow turned positive at $52.1M.
- Still unprofitable at -$33.8M — loss narrowing.
- Revenue fell -1% to $4.14B.
Roughly flat: Gross margin held to 6% (+0 pts).
Management & Leadership
Calumet, Inc. is led by Todd Borgmann as CEO, who has been with the company for several years, navigating its operations in the specialty petroleum products sector. The executive team focuses on optimizing refining operations and product distribution.
What They Make
Calumet, Inc. refines crude oil into specialty petroleum products and fuels, serving industrial, consumer, and automotive markets.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
The market is pricing CLMT based on expectations for a rebound in commodity cycles and the company's ability to sustain positive operating cash flow, which has been positive in 2 of the last 4 years. Despite negative net income in the latest period and declining revenue, investors may be betting on the cyclical nature of the industry and operational improvements rather than current cash flow metrics.
Business Model & Valuation
How They Make Money
The company funds itself through operations and has seen long-term debt rising from $0M to $2234M, indicating reliance on debt financing.
Normalized FCF
Cyclical/commodity sector (Petroleum Refining): normalized FCF uses 5-year median to smooth peak/trough distortions.
Show advanced inputs
| Revenue Growth | -4.1% |
| Sector Default | 4.0% |
| Best Estimate | -1.7% |
| Method | blend(70% revenue_cagr, 30% sector) |
| Growth Basis | total |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project its revenue segments independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Revenue has been declining at -4.1% per year over the last three years.
Geography & Markets
Calumet, Inc. primarily operates refining and production facilities across North America, serving customers predominantly within the United States. Specific geographic revenue mix is not available from current data.
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)64.1NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (6 notes — click to expand/collapse)
Guardrail Notes (6)
- Cyclical sector: using normalized cash flow (median OCF minus estimated maintenance capex).
- Median OCF: $42.85M, est. maintenance capex: $25.71M, normalized FCF: $17.14M.
- Historical FCF growth is negative (-1.7%) - likely reflects commodity cycle peak. Flooring at 0%.
- Price is far above the model output - market may be pricing optionality, narrative catalysts, or margin expansion beyond what trailing cash flows support.
- Extreme valuation (P/IV withheld — see the note above); output dominated by data/units issue (often a multi-class share-count mismatch). Suppressed.
- DATA UNAVAILABLE: per-share values suppressed due to missing/unreliable shares data.
FINANCIALS
Financial Statements (5-year tables — click to expand)
From Calumet, Inc. /DE's SEC filings (EDGAR).
Income (5yr)
| Year | Revenue | Net Income | EPS |
|---|---|---|---|
| 2025 | 4.1B | -33.8M | $-0.39 |
| 2024 | 4.2B | -222.0M | $-2.67 |
| 2023 | 4.2B | 48.1M | $0.60 |
| 2022 | 4.7B | -173.3M | $-2.18 |
Cash Flow (5yr)
| Year | Operating CF | CapEx | − SBC & adj. | Free Cash Flow |
|---|---|---|---|---|
| 2025 | 108.9M | 52.3M | 4.5M | 52.1M |
| 2024 | -46.4M | 76.7M | 14.6M | -137.7M |
| 2023 | -14.9M | 271.8M | 14.7M | -301.4M |
| 2022 | 100.6M | 536.2M | 17.3M | -452.9M |
How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: 108.9M − 52.3M − 4.5M (SBC & adj.) = 52.1M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a mid-cycle estimate (median operating cash flow less estimated maintenance capex and stock compensation — by design NOT the table's FCF, which deducts every year's full capex), not this single year.
Balance Sheet
| Total Assets | 2.7B |
| Total Liabilities | 3.2B |
| Equity | -732.7M |
| Total Debt | 2.2B |
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