Is Calumet, Inc. /DE (CLMT) a good stock to buy?
Our tested checks disagree with each other, so the answer depends on something further down the page rather than on any one measure.
What each rating means, in numbers
Business quality — Middling. Passes 6 of the 9 health checks we can measure — things like making a profit, turning it into cash, and not piling on debt. Across 131,000 company-quarters the weakest scorers went on to fail at 5.4% against 1.4% for the strongest, in every era and all twelve sectors.
How wild is the price? — Average. The share price swings about 39% in a typical year, which puts it in the middling. Out of every 100 companies that swung like this, about 1.5 went bankrupt within the year. Across the three periods we tested that ran from 0.2% to 3.0%.
What "tested" means here, and why there is no score out of 100
Tested means the read was measured against what actually happened afterwards, on a history that keeps the companies that were later delisted, using only figures that had been filed on the day they are used. Survival was ranked on companies that really did fail. What an owner keeps was tested across the universe from 2011 to 2025.
The full record of everything we have tested is on the research pages.
Which benchmark. Over the period we tested, the median listed company returned +5.8% a year while the S&P 500 returned about +13.9% — the index is weighted by size and was carried by a handful of enormous winners. So "beats the index" and "beats the other companies you could have bought" are different questions. Where a read says it picks better companies, it means the second one. None of these gets you an index fund's return, and we would rather say that than imply otherwise.
The quality read is the strongest thing we have tested: 131,000 company-quarters across 5,300 companies, where the weakest scorers went on to fail at 5.4% against 1.4% for the strongest, holding in every era and all twelve sectors. It still says less likely to break, not likely to beat the market — every band in that study lost to the index at the median, because the median listed company does.
Each read is shown on its own rather than merged into a single score, so you can see which part is strong and which is weak instead of taking an average on trust.
▾ What goes into the smart-money reading
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). It excludes the Altman Z score, whose retained-earnings input this filer does not report separately. See the Financial Health section for the full balance-sheet read.
Chance the S&P 500 falls 10% or more in the next three months.
Counted from every day since 2006. Says nothing about CLMT — see the board for how it is measured.
📍 Where to start on this page, and what to look at first
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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1
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.
Who owns CLMT, and how it moves
From the SEC's own filings: every fund manager over $100M reports its holdings each quarter, and every officer and director reports theirs. Each point is what was public at the time.
134 institutions reported holding it at the latest quarter-end.
What this rating means
What the rating says — Above every method. The current price sits ABOVE the high end of every method. The market is paying a premium to all of these lenses — it expects materially better growth or margins than the models assume.
What it does not say — Not a forecast. This shows where today's price sits against several different ways of valuing the business. Where the methods disagree, the spread itself is the useful part - it tells you how much the answer depends on which one you trust.
Football field: where does the price sit?
Only one valuation gives a usable range here, so treat the chart as a rough guide rather than a set of independent checks.
Industry multiples sourced from: sector: Energy. See the Peer Basket section below for the peer comparison and its limited-comparables caveat.
How does CLMT stack up against its closest peers?
We take the 7 same- or closely-related-industry companies closest in size to CLMT and check what investors are paying for each dollar of their revenue (or profits). If CLMT is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. 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 → |
0.5x / 0.7x / 1.1x |
| 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 → |
17.9x / 23.7x / 30.8x |
Bold middle number = median peer. Half the peers trade above it, half below. Computed over 7 same-industry peers; 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 |
|---|---|---|---|---|---|---|---|
| IEP | ICAHN ENTERPRISES L.P. | Petroleum Refining | $5.0B | 0.5x | — | — | 10.5% |
| SUNC | SunocoCorp LLC | Petroleum Refining | $3.4B | 0.7x | — | 17.9x | 14.3% |
| CVI | CVR ENERGY INC | Petroleum Refining | $3.3B | 0.7x | — | 27.7x | 6.4% |
| PBF | PBF Energy Inc. | Petroleum Refining | $8.3B | 0.4x | — | — | 1.8% |
| DK | Delek US Holdings, Inc. | Petroleum Refining | $2.7B | 0.6x | — | 19.8x | 6.3% |
| SUN | Sunoco LP | Petroleum Refining | $15.4B | 1.1x | — | 30.8x | 2.1% |
| IMO | IMPERIAL OIL LTD | Petroleum Refining | $60.3B | 1.9x | — | — | 4.7% |
| YPF | YPF SOCIEDAD ANONIMA | Petroleum Refining ·fallback | $19.5B | 1.1x | 3.8x | — | 12.9% |
Quality & solvency checks
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
What these health ratings mean, in numbers
Business quality — Middling. Passes 6 of the 9 health checks we can measure — making a profit, turning it into cash, not piling on debt, not issuing shares. Across 131,000 company-quarters the weakest scorers went on to fail at 5.4% within a year against 1.4% for the strongest, and that held in every era and all twelve sectors. It says "less likely to break", not "likely to beat the market".
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 →
We can't produce a trustworthy Altman Z here: retained earnings weren't separately reported in our data, so a core input would have to be fabricated. Rather than show a categorical "distress" verdict from an invented number, we mark it unavailable. Judge financial health from the leverage, cash position, and the measurable Piotroski checks instead.
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 77.3% of assets vs 74.9% a year ago ($2,077.3M 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. (CLMT) due to its erratic and often negative 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 →, as evidenced by its negative net income in the latest fiscal year and operating cash flow being positive only 2 out of 4 years. Investors are likely focused on the company's ability to stabilize and grow its operating cash flow, particularly from its specialties and renewables segments, to fund future investments and reduce its rising long-term debt. The biggest risk to our assumptions is the continued decline in revenue, which has fallen by 4.1% per year over the last three years, indicating ongoing business challenges.
As of today
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.
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 Chief Executive Officer Louis Todd Borgmann and Chief Financial Officer David Lunin. Other key executives include Gregory J Morical as SVP, General Counsel, and Bruce A Fleming, EVP - Montana Renewables, highlighting the company's focus on specialty products and renewable energy initiatives.
CHIEF EXECUTIVE OFFICER
EVP - CFO — Chief Financial Officer
What They Make
Calumet, Inc. manufactures and sells specialty hydrocarbon products and fuels. Their paying customers are industrial users, distributors, and other businesses that require these specialized petroleum-based products and renewable fuels.
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 likely pricing CLMT based on expectations for a turnaround in its core business and the potential growth of its renewable energy segment, rather than its current cash flow generation, which has been inconsistent. The company's net income was negative in the latest fiscal year, and its gross margin is compressing from 7.5% to 5.9%, suggesting investors are betting on future operational improvements and segment growth.
Business Model & Valuation
How They Make Money
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% |
| Sector Default Source | Energy sector default |
| Best Estimate | 1.6% |
| Method | blend(30% revenue_cagr, 70% sector) |
| Growth Basis | total |
What this model does NOT do: this is a consolidated owner-earnings cash-flow 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
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)58.6NeutralMomentum 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 →BearishLine below signalThe fast trend is below the slow trend — short-term momentum is currently downward.
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 (7 notes — click to expand/collapse)
Guardrail Notes (7)
- Cyclical sector: using normalized cash flow (median OCF minus estimated maintenance capex).
- Median OCF: $42.85M, est. maintenance capex: $25.71M, normalized SBC: $14.65M, normalized owner-earnings FCF: $2.49M.
- Terminal growth set to 1.3% — the lowest of the applicable caps (binding: 80% of near-term growth (1.6%)). We use one effective terminal rate everywhere on the page.
- Model implies no positive equity value under these assumptions. Valuation is speculative/low-confidence.
- Extreme valuation: the model output is implausibly high vs the price — usually a share-count or units error. The model value is suppressed.
- VALUATION HELD (EXTREME_MODEL_GAP): per-share values suppressed due to the model output failed plausibility checks.
- Extreme valuation gap (P/IV withheld — see the note above): result may be dominated by model assumptions, share count issues, or sector-specific dynamics. Treat as low confidence.
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 | 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 (stock-based comp) = 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 |
Similar companies worth a look
Same sector and industry, similar fundamentals shape. Verify everything yourself — this list is computed mechanically and does not reflect our judgment about whether any of these are a good investment.
The questions people ask about CLMT
Is Calumet, Inc. /DE (CLMT) a good stock to buy?
We do not publish a single fair value for Calumet, Inc. /DE, because one number would not be reliable for this business (the page explains why). Judge it on what today's price assumes, its financial-health checks and what insiders are doing, all shown here from SEC filings. This is educational research from SEC filings, not investment advice.
Is Calumet, Inc. /DE (CLMT) overvalued?
A single fair-value number is not reliable for Calumet, Inc. /DE, so we do not call it overvalued or undervalued. The page shows what growth today's price assumes and how the company's finances look instead. This is educational research from SEC filings, not investment advice.
What growth is priced into CLMT?
Working backwards from today's price, the market expects CLMT's cash flow per share to grow by roughly 77.7% a year over the next five years. Compare that with the company's actual record on this page.
Where do these numbers come from?
From Calumet, Inc. /DE's own SEC filings (10-K and 10-Q), Form 4 insider filings and daily market prices. Every figure on the page links to how it was calculated, and the model's weak spots are listed next to its results.