Calumet, Inc. (CLMT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.16	$0.68	+325.0%	—	$1.4B	—
Q1 26	-$0.63	-$0.41	+34.9%	—	$1B	—
Q4 25	-$0.45	-$0.18	+60.0%	—	$1B	—
Q3 25	-$0.43	$0.2	+146.5%	—	$1.1B	—
Q2 25	-$0.21	-$0.4	-90.5%	—	$1B	—
Q1 25	-$0.66	-$0.67	-1.5%	—	$993.9M	—
Q4 24	-$0.37	-$0.17	+54.1%	—	$949.5M	—
Q3 24	-$0.74	-$1.18	-59.5%	—	$1.1B	—
Q2 24	-$0.45	-$0.32	+28.9%	—	$1.1B	—
Q1 24	-$0.41	-$0.93	-126.8%	—	$1B	—
Q4 23	-$0.46	-$0.84	-82.6%	—	$976.9M	—
Q3 23	$0.21	-$0.18	-185.7%	—	$1.1B	—
Q2 23	—	-$0.21	—	—	$1B	—
Q1 23	$0.3	$0.09	-70.0%	—	$1B	—
Q4 22	$0.14	$0.02	-85.7%	—	$999.8M	—
Q3 22	$0.25	$0.68	+172.0%	—	$1.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.39	—	—	$4.1B	—
FY24	—	-$2.67	—	—	$4.2B	—
FY23	—	$0.59	—	—	$4.2B	—
FY22	—	-$2.04	—	—	$4.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.5B	$3.8B	$3.5B	$3.5B	$2.3B	$3.1B	$4.7B	$4.2B	$4.2B	$4.1B
YoY change	-11.6%	+8.33%	-7.08%	-1.28%	-34.3%	+38.8%	+48.9%	-10.8%	+0.2%	-1.25%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.5B	3.8B	3.5B	3.5B	2.3B	3.1B	4.7B	4.2B	4.2B	4.1B
Cost of revenue	3.1B	3.3B	3.1B	3B	2.2B	3B	4.3B	3.7B	4B	3.9B
Gross profit	386.3M	498.2M	436.7M	451.7M	99.1M	142.9M	351.7M	451.7M	230.8M	245.7M
Gross margin	11.1%	13.2%	12.5%	13.1%	4.37%	4.54%	7.5%	10.8%	5.51%	5.94%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	329.9M	341.5M	317.9M	312.7M	138.9M	203.9M	197.3M	187.9M	201.2M	171.7M
Operating expenses	331.6M	344.8M	300.5M	309.2M	154.4M	211.9M	205.4M	159.5M	200M	171.7M
Operating income	35.4M	129.3M	118.1M	122M	-65.1M	-81.5M	132.6M	270.7M	10.1M	54.2M
Operating margin	1.02%	3.44%	3.38%	3.53%	-2.87%	-2.59%	2.83%	6.47%	0.24%	1.31%
Non-operating income, net	-170.3M	22.4M	-12.9M	-30.5M	43.1M	-27.6M	-126.6M	700K	5.4M	35.2M
Pretax income	-296.6M	-31.4M	-50.3M	-43.1M	-147.9M	-258.6M	-169.9M	49.7M	-221.2M	-126.4M
Income tax	200K	-100K	700K	500K	1.1M	1.5M	3.4M	1.6M	800K	-92.6M
Net income	-328.6M	-103.8M	-55.1M	-43.6M	-149M	-260.1M	-173.3M	48.1M	-222M	-33.8M
Net margin	-9.46%	-2.76%	-1.58%	-1.26%	-6.57%	-8.26%	-3.7%	1.15%	-5.3%	-0.82%
EBITDA	170.3M	287.4M	243.3M	239.3M	37.5M	26.5M	228.1M	417.7M	157.6M	222.4M
EPS	-4.18	-1.31	-0.69	-0.55	-1.86	-3.23	-2.04	0.59	-2.67	-0.39
Diluted EPS	-4.18	-1.31	-0.69	-0.55	-1.86	-3.23	-2.04	0.59	-2.67	-0.39

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.1B	976.9M	1B	1.1B	1.1B	949.5M	993.9M	1B	1.1B	1B	1B	1.4B
Cost of revenue	887.9M	954.9M	927.3M	1.1B	1.1B	865.9M	1.1B	1.1B	704.3M	1B	1.1B	1.4B
Gross profit	261.5M	22M	78.5M	63.8M	4.9M	83.6M	-81.4M	-43.6M	373.7M	-3M	-87.5M	18.3M
Gross margin	22.8%	2.25%	7.8%	5.63%	0.45%	8.8%	-8.19%	-4.25%	34.7%	-0.29%	-8.5%	1.27%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	52.6M	42M	37M	52.6M	55.1M	56.5M	24.4M	53.3M	42.3M	51.7M	78.3M	52.9M
Operating expenses	48.5M	9.5M	42.2M	57.6M	62M	38.2M	29.5M	57.4M	44.4M	51.7M	83.8M	58.3M
Operating income	213M	-9M	36.3M	6.2M	-57.1M	24.7M	-110.9M	-101M	329.3M	-63.2M	-171.3M	-40M
Operating margin	18.5%	-0.92%	3.61%	0.55%	-5.19%	2.6%	-11.2%	-9.84%	30.5%	-6.09%	-16.6%	-2.77%
Non-operating income, net	-54M	20.6M	-16.9M	12M	14.9M	-4.6M	7.8M	6.2M	-3.7M	24.9M	-115.4M	-25.1M
Pretax income	100.3M	-46.4M	-41.4M	-38.6M	-99.9M	-41.3M	-161.6M	-147.7M	272M	-89.1M	-337.8M	-117.1M
Income tax	500K	200K	200K	500K	700K	-600K	400K	200K	-41.4M	-51.8M	-20.8M	-21.2M
Net income	99.8M	-46.6M	-41.6M	-39.1M	-100.6M	-40.7M	-162M	-147.9M	313.4M	-37.3M	-317M	-95.9M
Net margin	8.68%	-4.77%	-4.14%	-3.45%	-9.14%	-4.29%	-16.3%	-14.4%	29.1%	-3.59%	-30.8%	-6.64%
EBITDA	213.6M	-8.9M	36.3M	6.9M	-57.4M	22.5M	-110.5M	-99M	333M	-49.9M	-136.6M	-4.5M
EPS	1.24	-0.59	-0.51	-0.48	-1.18	-0.47	-1.87	-1.7	3.61	-0.43	-3.64	-1.09
Diluted EPS	1.24	-0.59	-0.51	-0.48	-1.18	-0.47	-1.87	-1.7	3.61	-0.43	-3.64	-1.09

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	308.2M	597.5M	172.3M	285.5M	245.3M	1B	1.3B	1.4B	1.8B	1.7B	4.6B
Enterprise value	2.3B	2.4B	1.6B	1.6B	1.5B	2.6B	3B	3.4B	4.1B	4.1B	7.2B
Shares outstanding	77M	77.6M	77.9M	78.2M	78.4M	79M	79.3M	80.1M	83.1M	86.8M	86.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	29.7	—	—	26.7
P/S	0.09	0.16	0.05	0.08	0.11	0.33	0.29	0.34	0.44	0.42	1.03
P/B	1.41	4.98	2.62	13.2	-1.91	-2.71	-4.65	-5.85	-3.93	-3.54	-5.2
EV/EBITDA	13.5	8.44	6.66	6.57	41.2	97.7	13	8.19	26.2	18.2	86.7
EV/Sales	0.66	0.64	0.46	0.46	0.68	0.82	0.63	0.82	0.99	0.98	1.57
Earnings yield	—	—	—	—	—	—	—	3.36%	—	—	3.74%
FCF yield	-43.8%	-16.2%	14.7%	48%	7.66%	-12.2%	-32.5%	-20%	-6.72%	3.28%	3.73%
PEG	—	—	—	—	—	—	—	—	—	—	-0.74

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	11.1%	13.2%	12.5%	13.1%	4.37%	4.54%	7.5%	10.8%	5.51%	5.94%	1.27%
Operating margin	1.02%	3.44%	3.38%	3.53%	-2.87%	-2.59%	2.83%	6.47%	0.24%	1.31%	-4.57%
Net margin	-9.46%	-2.76%	-1.58%	-1.26%	-6.57%	-8.26%	-3.7%	1.15%	-5.3%	-0.82%	-2.98%
ROE	-150.3%	-86.6%	-83.9%	-201.9%	115.9%	67.5%	60.2%	-19.7%	47.6%	6.94%	6.94%
ROA	-12.1%	-3.86%	-2.64%	-2.35%	-8.24%	-12.2%	-6.32%	1.75%	-8.05%	-1.26%	-1.32%
ROIC	1.6%	6.64%	7.8%	9.33%	-5.56%	-7.02%	9.86%	15%	0.55%	2.93%	4.34%
Return on tangible assets	-15.6%	-4.87%	-3.51%	-3.18%	-11.1%	-15.4%	-7.46%	2.05%	-9.37%	-1.41%	-4.88%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.29	1.29	1.61	0.91	0.98	0.7	0.61	0.71	0.89	1.02	0.84
Quick ratio	0.57	0.95	0.93	0.39	0.51	0.34	0.24	0.32	0.4	0.56	0.49
Debt / equity	9.13	16.6	24.4	60.4	-11	-4.11	-5.8	-8.17	-5.02	-5.05	-0.03
Debt / assets	0.73	0.74	0.77	0.7	0.78	0.74	0.61	0.73	0.85	0.91	0.81
Net debt / EBITDA	11.7	6.36	5.95	5.37	34.6	58.4	7.16	4.77	14.6	10.5	15.1
Interest coverage	-0.83	0.83	0.68	0.68	-0.17	-0.73	0.03	1.22	0.07	0.41	-0.31
Effective tax rate	0%	0%	0%	0%	0%	0%	0%	3.22%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	45.1	48.5	44.9	44.1	28.9	39.9	59.1	52.2	50.4	47.7	52.7
EPS (basic)	-4.18	-1.31	-0.69	-0.55	-1.86	-3.23	-2.04	0.59	-2.67	-0.39	-0.39
EPS (diluted)	-4.18	-1.31	-0.69	-0.55	-1.86	-3.23	-2.04	0.59	-2.67	-0.39	-1.54
Book value per share	2.84	1.55	0.84	0.28	-1.64	-4.88	-3.63	-3.06	-5.61	-5.61	-12.9
FCF per share	-1.75	-1.24	0.33	1.75	0.24	-1.61	-5.49	-3.58	-1.48	0.65	0.84
Cash per share	0.05	2.12	2	0.24	1.4	0.48	0.44	0.1	0.46	1.44	1.25
Capex per share	1.78	0.9	0.63	0.65	0.56	1.05	6.76	3.39	0.92	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.96%	1.85%	1.41%	1.48%	1.94%	2.63%	11.4%	6.5%	1.83%	—	—
Capex / operating cash flow	-88.1%	697%	60.7%	46.9%	59.3%	-97.1%	22.3K%	740.6%	-109.9%	—	—
Payout ratio	-17.5%	0%	0%	—	—	—	—	—	—	—	0%
Dividend yield	18.6%	0%	0%	—	—	—	—	—	—	—	5.21%

Yield

5.21%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.685

ex-dividend Jan 29, 2016

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jan 29, 2016	$0.685
Oct 30, 2015	$0.685
Jul 31, 2015	$0.685
May 1, 2015	$0.685
Jan 30, 2015	$0.685
Oct 31, 2014	$0.685
Jul 31, 2014	$0.685
May 1, 2014	$0.685

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.1B	$976.9M	$1B	$1.1B	$1.1B	$949.5M	$993.9M	$1B	$1.1B	$1B	$1B	$1.4B
YoY change	-1.34%	-2.29%	-3.04%	+11.4%	-4.26%	-2.8%	-1.18%	-9.45%	-2.04%	+9.38%	+3.6%	+40.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.2M	164.3M	155.7M	19.1M	109.4M	38.1M	35.2M	7.9M	38.1M	125.1M
Receivables	182.7M	265.4M	177.7M	175M	152.4M	216.8M	244.7M	252.4M	241.7M	224.4M
Inventory	357.8M	314.4M	284.1M	292.6M	254.9M	326.6M	497.7M	439.4M	416.3M	385.2M
Total current assets	640.9M	1.2B	670M	512.1M	534.9M	632.6M	819.6M	794.7M	766M	857.8M
Property, plant & equipment	1.6B	1.1B	1.1B	1B	970.1M	1.1B	1.6B	1.6B	1.6B	1.5B
Goodwill & intangibles	621.4M	558.6M	518.8M	485.2M	461.2M	437.6M	418.6M	403M	390M	298.4M
Total assets	2.7B	2.7B	2.1B	1.9B	1.8B	2.1B	2.7B	2.8B	2.8B	2.7B
Accounts payable	275.9M	282.3M	200.6M	230.2M	179.3M	301M	442M	322M	320.8M	281.5M
Short-term debt	3.5M	354.1M	3.8M	62.4M	44.3M	72.5M	90.3M	131.3M	94.3M	220.4M
Total current liabilities	498.2M	925.7M	415.1M	565M	544.5M	899.8M	1.4B	1.1B	863.6M	840.7M
Long-term debt	2B	1.6B	1.6B	1.2B	1.4B	1.5B	1.6B	1.9B	2.2B	2.2B
Total liabilities	2.5B	2.6B	2B	1.8B	1.9B	2.5B	3B	3B	3.2B	3.2B
Shareholders' equity	218.7M	119.9M	65.7M	21.6M	-128.6M	-385.1M	-287.7M	-244.7M	-466.3M	-487.1M
Total debt	2B	2B	1.6B	1.3B	1.4B	1.6B	1.7B	2B	2.3B	2.5B
Net debt	2B	1.8B	1.4B	1.3B	1.3B	1.5B	1.6B	2B	2.3B	2.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	13.7M	7.9M	23.9M	7M	34.6M	38.1M	123.4M	110.6M	94.6M	125.1M	138.6M	109.8M
Receivables	285M	252.4M	289.4M	306.9M	279.6M	241.7M	281.4M	271.1M	263.9M	224.4M	358.4M	417M
Inventory	447.7M	439.4M	403.1M	394.8M	409.5M	416.3M	389.4M	370.5M	400.1M	385.2M	369.5M	421M
Total current assets	863.4M	794.7M	811.7M	795.6M	789.8M	766M	917.9M	895.8M	880.1M	857.8M	927.9M	1B
Property, plant & equipment	—	1.6B	—	—	—	1.6B	—	—	—	1.5B	—	—
Goodwill & intangibles	—	403M	—	—	—	390M	—	—	—	298.4M	—	—
Total assets	2.8B	2.8B	2.7B	2.7B	2.6B	2.8B	2.8B	2.8B	2.7B	2.7B	2.8B	2.8B
Accounts payable	342.1M	322M	321.1M	342.3M	321.6M	320.8M	306.1M	279.3M	298.7M	281.5M	353.3M	372.1M
Short-term debt	204.6M	131.3M	26.3M	390.4M	400.3M	94.3M	23.9M	231.8M	155.2M	220.4M	32.6M	33.5M
Total current liabilities	1.3B	1.1B	824.4M	1.2B	1.3B	863.6M	869.1M	1.2B	776.3M	840.7M	963.1M	1.2B
Long-term debt	1.6B	1.9B	2.1B	1.6B	1.7B	2.2B	2.3B	2.1B	2.1B	2.2B	2.3B	2.2B
Total liabilities	3B	3B	3B	3B	3.1B	3.2B	3.4B	3.5B	3.2B	3.2B	3.5B	3.7B
Shareholders' equity	-197.6M	-244.7M	-284.1M	-320.8M	-426.6M	-466.3M	-616.7M	-764.1M	-449.7M	-487.1M	-792.6M	-886.5M
Total debt	1.8B	2B	2.1B	2B	2.1B	2.3B	2.3B	2.3B	2.3B	2.5B	2.3B	2.3B
Net debt	1.8B	2B	2.1B	2B	2B	2.3B	2.2B	2.2B	2.2B	2.3B	2.2B	2.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-296.8M	-31.3M	-51M	-43.6M	-149M	-260.1M	-173.3M	48.1M	-222M	-33.8M
Depreciation & amortization	152M	154.8M	118.1M	110.1M	105.1M	107.7M	98.3M	146.8M	149M	148.8M
Stock-based compensation	5.6M	11.6M	-1.2M	5.9M	5.5M	50.7M	17.3M	14.7M	14.6M	-4.5M
Change in working capital	-17.2M	-124.7M	-14.7M	65.1M	-23.1M	-57.4M	-137.1M	-1.4M	-4.9M	2.4M
Operating cash flow	-156M	10M	81.4M	109.1M	74M	-85.3M	2.4M	36.7M	-69.8M	108.9M
Capital expenditure	-137.5M	-69.7M	-49.4M	-51.2M	-43.9M	-82.8M	-536M	-271.8M	-76.7M	—
Investing cash flow	-199.9M	414.8M	1.5M	8.9M	-47.2M	-82.8M	-536M	-271.8M	-76.7M	96.4M
Dividends paid	-57.4M	0	0	—	—	—	—	—	—	—
Share repurchases	-1.8M	—	—	—	0	0	-4.4M	0	0	—
Financing cash flow	46.1M	73.3M	-442.3M	-343M	73.8M	139.3M	348.7M	266.2M	154.3M	6.2M
Net change in cash	-309.8M	498.1M	-359.4M	-225M	100.6M	-28.8M	-184.9M	31.1M	7.8M	211.5M
Free cash flow	-135.1M	-96.5M	25.4M	137M	18.8M	-126.9M	-435.6M	-286.7M	-123.1M	56.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	99.8M	-46.6M	-41.6M	-39.1M	-100.6M	-40.7M	-162M	-147.9M	313.4M	-37.3M	-317M	-95.9M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	33M	34.6M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	37.4M	7.5M
Change in working capital	—	—	—	—	—	—	—	—	—	—	-44.3M	-54.9M
Operating cash flow	-12.4M	-231.5M	-58.4M	17.8M	6.4M	-194.3M	-24.2M	-1.8M	23.5M	116.5M	-86.2M	92.3M
Capital expenditure	-32.1M	-31.5M	-20M	-15M	-16.7M	-25M	-17.6M	—	—	—	—	—
Investing cash flow	-32.1M	-31.5M	-20M	-15M	-16.7M	-25M	77.8M	—	—	—	—	0
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-35.3M	33.3M	130.7M	-68.3M	59.9M	32M	109M	2.6M	-31.1M	-74.3M	73.4M	-81.8M
Net change in cash	-79.8M	-229.7M	52.3M	-65.5M	49.6M	-187.3M	162.6M	800K	-7.6M	42.2M	-12.8M	10.5M
Free cash flow	13.1M	-39M	-114M	51.5M	-32.2M	-28.4M	-46.9M	-15.4M	15.1M	103.8M	-99.4M	54M

Calumet, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement