CLMTNasdaqPetroleum RefiningFiscal year ends December 31
Calumet, Inc. /DE
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$55.54−2.21 (-3.83%)
Close on Oct 19, 2026
- Market cap
- $4.86B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
5.9%+1.6 pts over 5 years
Operating margin
2.6%+5.8 pts over 5 years
Net margin
-0.8%+5.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -1.2% | -4.1% | +12.8% | – | |
| Gross profit | +6.5% | -11.3% | +19.9% | -7.5% | |
| Operating income | +1242.0% | -6.2% | – | -3.6% | |
| Free cash flow | – | – | +24.7% | +2.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 4.7% | |
| Return on assets | – | -8.1% | -1.2% | |
| Current ratio | 1.29 | 0.98 | 1.02 | |
| Debt to equity | – | – | -3.05 | |
| Net debt to EBITDA | 13.14× | 36.53× | 8.19× | |
| Interest coverage | -0.0× | -0.6× | 0.5× | |
| Inventory turnover | 8.3× | 7.9× | 9.7× | |
| Capex to revenue | 4.0% | 1.9% | 1.3% | |
| Diluted shares | 77M | 78M | 87M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Calumet generated $314.80M from operations and spent $1.02B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$314.80M
Used
$1.02B
Capital expenditure$1.02B100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-0.8%
×Asset turnover1.52×
×Equity multiplier-3.77×
=Return on equity, FY20254.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -0.8% | 1.52× | -3.77× | 4.7% |
| FY2024 | -5.3% | 1.52× | -4.58× | 36.9% |
| FY2023 | 1.2% | 1.52× | -5.37× | -9.4% |
| FY2022 | -3.7% | 1.92× | -5.30× | 37.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$33.80M
- Cash generatingOperating cash flow above zero$108.90M
- Return on assets improvedROA up on the prior year-8.1% → -1.2%
- Earnings backed by cashOperating cash flow above net income$108.90M vs -$33.80M
- Less leverageLong-term debt to assets fell74.9% → 77.3%
- Better liquidityCurrent ratio rose0.89 → 1.02
- No dilutionShare count did not rise83M → 87M
- Gross margin improvedGross margin up on the prior year5.51% → 5.94%
- More efficientAsset turnover rose1.52 → 1.50