Calumet, Inc. (CLMT) 10-Year Financial Performance & Capital Metrics

CLMT • • Industrial / General

EnergyOil & Gas E&PSpecialized & Niche OperatorsEnhanced Recovery Specialists

AboutCalumet, Inc. manufactures, formulates, and markets slate of specialty branded products to various consumer-facing and industrial markets in North America and internationally. Its Specialty Products and Solutions segment offers various solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products. The company's Montana/Renewables segment focuses on processing renewable feedstocks into renewable hydrogen, renewable natural gas, renewable propane, renewable naphtha, renewable kerosene/aviation fuel, and renewable diesel. This segment also processes Canadian crude oil into conventional gasoline, diesel, jet fuel, and specialty grades of asphalt. Its Performance Brands segment blends, packages, and markets high performance products through Royal Purple, Bel-Ray, and TruFuel brands. Calumet GP, LLC serves as the general partner for Calumet Specialty Products Partners, L.P. The company was founded in 1916 and is headquartered in Indianapolis, Indiana.Show more

Revenue $4.19B +0.2%
EBITDA $157M -62.1%
Net Income -$222M -561.5%
EPS (Diluted) -2.67 -552.5%
Gross Margin 5.51% -49.0%
EBITDA Margin 3.75% -62.1%
Operating Margin 0.19% -97.0%
Net Margin -5.3% -560.6%
ROE -
ROIC 0.32% -97.2%
Debt/Equity -
Interest Coverage 0.03 -97.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-3.19%

5Y3.94%

3Y9.99%

TTM-4%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM84.81%

EPS CAGR

10Y-

5Y-

3Y-

TTM84.42%

ROCE

10Y Avg3.72%

5Y Avg3.14%

3Y Avg9.39%

Latest0.46%

Peer Comparison

Enhanced Recovery Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EPMEvolution Petroleum Corporation	126.27M	3.64	109.64	-0.04%	0.27%	0.34%	9.04%	0.52
GFRGreenfire Resources Ltd.	624.51M	4.98	2.93	17.01%	27.69%	22.82%	9.15%	0.41
IMPPImperial Petroleum Inc.	140.55M	3.88	2.77	-19.73%	29.79%	8.54%	2.15%	0.00
VIVKVivakor, Inc.	2.23M	0.01	-0.01	51.4%	-55.68%	-108.78%		0.70
SAFXXCF Global, Inc. Class A Common Stock	29.37M	0.14	-0.20		6.04%	18.68%		0.17
CLMTCalumet, Inc.	1.78B	20.56	-7.70	0.2%	-0.92%
NEXTNextDecade Corporation	1.35B	5.08	-21.17			-9.79%		2.33

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	4.21B	3.6B	3.76B	3.5B	3.45B	2.27B	3.15B	4.69B	4.18B	4.19B
Revenue Growth %	-0.27%	-0.15%	0.05%	-0.07%	-0.01%	-0.34%	0.39%	0.49%	-0.11%	0%
Cost of Goods Sold+	3.62B	3.19B	3.27B	3.06B	3B	2.17B	3.01B	4.33B	3.73B	3.96B
COGS % of Revenue	0.86%	0.89%	0.87%	0.88%	0.87%	0.96%	0.95%	0.92%	0.89%	0.94%
Gross Profit+	594.6M	408.3M	498.2M	436.7M	451.7M	99.1M	142.9M	351.7M	451.7M	230.8M
Gross Margin %	0.14%	0.11%	0.13%	0.12%	0.13%	0.04%	0.05%	0.08%	0.11%	0.06%
Gross Profit Growth %	0.12%	-0.31%	0.22%	-0.12%	0.03%	-0.78%	0.44%	1.46%	0.28%	-0.49%
Operating Expenses+	485.8M	412.3M	368.9M	318.6M	375.4M	171M	228.5M	219.8M	184.5M	222.7M
OpEx % of Revenue	0.12%	0.11%	0.1%	0.09%	0.11%	0.08%	0.07%	0.05%	0.04%	0.05%
Selling, General & Admin	457M	390.5M	341.5M	317.9M	312.7M	138.9M	203.9M	197.3M	187.9M	201.2M
SG&A % of Revenue	0.11%	0.11%	0.09%	0.09%	0.09%	0.06%	0.06%	0.04%	0.04%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.6M	1.3M	3.3M	0	62.7M	32.1M	24.6M	22.5M	-3.4M	21.5M
Operating Income+	75M	-39.7M	158M	122.9M	76.3M	-71.9M	-85.6M	131.9M	267.2M	8.1M
Operating Margin %	0.02%	-0.01%	0.04%	0.04%	0.02%	-0.03%	-0.03%	0.03%	0.06%	0%
Operating Income Growth %	0.6%	-1.53%	4.98%	-0.22%	-0.38%	-1.94%	-0.19%	2.54%	1.03%	-0.97%
EBITDA+	220.4M	145.5M	337.1M	253.8M	186.4M	33.2M	39.1M	230.2M	414M	157.1M
EBITDA Margin %	0.05%	0.04%	0.09%	0.07%	0.05%	0.01%	0.01%	0.05%	0.1%	0.04%
EBITDA Growth %	0.19%	-0.34%	1.32%	-0.25%	-0.27%	-0.82%	0.18%	4.89%	0.8%	-0.62%
D&A (Non-Cash Add-back)	145.4M	185.2M	179.1M	130.9M	110.1M	105.1M	124.7M	98.3M	146.8M	149M
EBIT	19.7M	-134.9M	151.7M	105.2M	91.5M	-22M	-109.1M	6M	271.4M	15.5M
Net Interest Income+	-104.9M	-161.7M	-183.1M	-155.5M	-134.6M	-125.9M	-149.5M	-175.9M	-221.7M	-236.7M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	104.9M	161.7M	183.1M	155.5M	134.6M	125.9M	149.5M	175.9M	221.7M	236.7M
Other Income/Expense	-242.8M	-256.9M	-189.4M	-173.2M	-119.4M	-76M	-173M	-301.8M	-217.5M	-229.3M
Pretax Income+	-167.8M	-336.3M	-31.4M	-50.3M	-43.1M	-147.9M	-258.6M	-169.9M	49.7M	-221.2M
Pretax Margin %	-0.04%	-0.09%	-0.01%	-0.01%	-0.01%	-0.07%	-0.08%	-0.04%	0.01%	-0.05%
Income Tax+	-28.4M	-7.7M	-100K	700K	500K	1.1M	1.5M	3.4M	1.6M	800K
Effective Tax Rate %	0.83%	0.98%	3.31%	1.1%	1.01%	1.01%	0.99%	1.02%	0.97%	1%
Net Income+	-139.4M	-328.6M	-103.8M	-55.1M	-43.6M	-149M	-254.9M	-173.3M	48.1M	-222M
Net Margin %	-0.03%	-0.09%	-0.03%	-0.02%	-0.01%	-0.07%	-0.08%	-0.04%	0.01%	-0.05%
Net Income Growth %	-0.24%	-1.36%	0.68%	0.47%	0.21%	-2.42%	-0.71%	0.32%	1.28%	-5.62%
Net Income (Continuing)	-85.4M	-296.8M	-31.3M	-51M	-43.6M	-149M	-260.1M	-173.3M	48.1M	-222M
Discontinued Operations	0	-31.8M	-9.9M	-4.1M	0	0	0	0	0	0
Minority Interest	27.5M	15.8M	13.8M	12.8M	12M	9M	3.8M	245.9M	246.9M	246.5M
EPS (Diluted)+	-1.86	-4.27	-1.34	-0.71	-0.56	-1.86	-3.23	-2.14	0.59	-2.67
EPS Growth %	-0.16%	-1.3%	0.69%	0.47%	0.21%	-2.32%	-0.74%	0.34%	1.28%	-5.53%
EPS (Basic)	-1.86	-4.27	-1.34	-0.71	-0.56	-1.86	-3.23	-2.14	0.59	-2.67
Diluted Shares Outstanding	74.9M	77.04M	77.6M	77.94M	78.21M	78.37M	78.98M	79.34M	80.08M	83.15M
Basic Shares Outstanding	74.9M	77.04M	77.6M	77.94M	78.21M	78.37M	78.98M	79.34M	80.08M	83.15M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	609M	640.9M	1.19B	670M	512.1M	534.9M	632.6M	819.6M	794.7M	766M
Cash & Short-Term Investments	5.6M	4.2M	164.3M	155.7M	19.1M	109.4M	38.1M	35.2M	7.9M	38.1M
Cash Only	5.6M	4.2M	164.3M	155.7M	19.1M	109.4M	38.1M	35.2M	7.9M	38.1M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	210.7M	204.9M	354.1M	198M	175M	152.4M	216.8M	244.7M	286.2M	241.7M
Days Sales Outstanding	18.26	20.78	34.34	20.66	18.5	24.52	25.14	19.06	24.99	21.06
Inventory	384.4M	386.2M	314.4M	284.1M	292.6M	254.9M	326.6M	497.7M	439.4M	416.3M
Days Inventory Outstanding	38.78	44.17	35.14	33.88	35.59	42.89	39.67	41.91	43.01	38.38
Other Current Assets	0	85.6M	350M	18.3M	14.4M	8M	36.2M	22.4M	54.4M	36.4M
Total Non-Current Assets+	2.34B	2.08B	1.5B	1.42B	1.35B	1.27B	1.5B	1.92B	1.96B	1.99B
Property, Plant & Equipment	1.72B	1.68B	1.16B	1.1B	1.05B	992M	1.1B	1.59B	1.62B	1.68B
Fixed Asset Turnover	2.45x	2.15x	3.25x	3.19x	3.30x	2.29x	2.86x	2.95x	2.58x	2.50x
Goodwill	212M	177.2M	171.4M	171.4M	171.4M	173M	173M	173M	173M	173M
Intangible Assets	214.1M	178.5M	107.9M	88M	90.6M	71.2M	52.6M	38.4M	28.5M	22.8M
Long-Term Investments	126M	10.3M	35M	25.4M	0	0	0	0	0	0
Other Non-Current Assets	62.3M	38M	23.8M	34.6M	36.5M	37.2M	169.1M	122.6M	134.4M	118.2M
Total Assets+	2.94B	2.73B	2.69B	2.09B	1.86B	1.81B	2.13B	2.74B	2.75B	2.76B
Asset Turnover	1.43x	1.32x	1.40x	1.68x	1.86x	1.25x	1.48x	1.71x	1.52x	1.52x
Asset Growth %	-0.06%	-0.07%	-0.01%	-0.22%	-0.11%	-0.03%	0.18%	0.29%	0%	0%
Total Current Liabilities+	626.6M	498.2M	925.7M	415.1M	565M	544.5M	899.8M	1.35B	1.11B	863.6M
Accounts Payable	316.6M	275.9M	282.3M	200.6M	230.2M	179.3M	301M	442M	322M	320.8M
Days Payables Outstanding	31.94	31.56	31.55	23.92	28	30.17	36.56	37.22	31.52	29.58
Short-Term Debt	75.2M	3.5M	354.1M	3.8M	135.8M	101.1M	179.6M	240.5M	245M	66.5M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	1000K	0
Other Current Liabilities	153.3M	207.7M	184.8M	139.1M	70.4M	162.8M	231.9M	469.2M	142.8M	276.4M
Current Ratio	0.97x	1.29x	1.29x	1.61x	0.91x	0.98x	0.70x	0.61x	0.71x	0.89x
Quick Ratio	0.36x	0.51x	0.95x	0.93x	0.39x	0.51x	0.34x	0.24x	0.32x	0.40x
Cash Conversion Cycle	25.09	33.39	37.93	30.62	26.09	37.25	28.25	23.75	36.48	29.86
Total Non-Current Liabilities+	1.71B	2.01B	1.64B	1.61B	1.27B	1.39B	1.61B	1.68B	1.88B	2.36B
Long-Term Debt	1.7B	1.99B	1.64B	1.6B	1.21B	1.32B	1.42B	1.54B	1.83B	2.06B
Capital Lease Obligations	0	0	0	0	35.4M	47.9M	96.3M	39.6M	40.9M	184.1M
Deferred Tax Liabilities	2.1M	2.3M	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	16M	12.3M	5M	6M	28.7M	28.2M	101.3M	100.6M	14.6M	114M
Total Liabilities	2.34B	2.51B	2.57B	2.02B	1.84B	1.94B	2.51B	3.03B	3B	3.22B
Total Debt+	1.77B	2B	1.99B	1.6B	1.44B	1.51B	1.76B	1.89B	2.19B	2.37B
Net Debt	1.77B	1.99B	1.83B	1.45B	1.42B	1.4B	1.72B	1.85B	2.18B	2.34B
Debt / Equity	2.81x	8.52x	14.90x	391.34x	66.63x	-	-	-	-	-
Debt / EBITDA	8.05x	13.73x	5.91x	6.32x	7.72x	45.40x	44.95x	8.21x	5.29x	15.11x
Net Debt / EBITDA	8.02x	13.70x	5.42x	5.71x	7.62x	42.11x	43.97x	8.05x	5.27x	14.86x
Interest Coverage	0.71x	-0.25x	0.86x	0.79x	0.57x	-0.57x	-0.57x	0.75x	1.21x	0.03x
Total Equity+	631.4M	234.5M	133.7M	4.1M	21.6M	-128.6M	-385.1M	-287.7M	-244.7M	-466.3M
Equity Growth %	-0.25%	-0.63%	-0.43%	-0.97%	4.27%	-6.95%	-1.99%	0.25%	0.15%	-0.91%
Book Value per Share	8.43	3.04	1.72	0.05	0.28	-1.64	-4.88	-3.63	-3.06	-5.61
Total Shareholders' Equity	603.9M	218.7M	119.9M	-8.7M	9.6M	-137.6M	-388.9M	-533.6M	-491.6M	-712.8M
Common Stock	578M	211.2M	113.3M	61.6M	20.2M	-125.3M	-378.8M	-525.3M	-484.4M	0
Retained Earnings	0	0	0	0	0	0	0	0	0	-1.54B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.6M	-8.3M	-7.2M	-8.7M	-10.6M	-12.3M	-10.1M	-8.3M	-7.2M	800K
Minority Interest	27.5M	15.8M	13.8M	12.8M	12M	9M	3.8M	245.9M	246.9M	246.5M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	376.4M	4.1M	-26.5M	75.2M	191.9M	62.8M	-44M	100.6M	-14.9M	-46.4M
Operating CF Margin %	0.09%	0%	-0.01%	0.02%	0.06%	0.03%	-0.01%	0.02%	-0%	-0.01%
Operating CF Growth %	0.66%	-0.99%	-7.46%	3.84%	1.55%	-0.67%	-1.7%	3.29%	-1.15%	-2.11%
Net Income	-139.4M	-328.6M	-31.3M	-51M	-43.6M	-149M	-260.1M	-169.8M	48.1M	-222M
Depreciation & Amortization	145.4M	171.1M	154.8M	118.1M	110.1M	105.1M	107.7M	121.4M	146.8M	149M
Stock-Based Compensation	9.8M	5.6M	11.6M	-1.2M	5.9M	5.5M	50.7M	0	14.7M	14.6M
Deferred Taxes	-28.5M	-700K	-55.5M	26.6M	0	0	0	0	0	0
Other Non-Cash Items	251.9M	148.9M	-400K	30.2M	40.6M	139.5M	102.8M	338.5M	-199.4M	1.8M
Working Capital Changes	137.2M	7.8M	-105.7M	-47.5M	78.9M	-38.3M	-45.1M	-189.5M	-25.1M	10.2M
Change in Receivables	138M	-28.4M	-158.9M	109.8M	-37M	25.5M	-91.4M	-14.1M	-19.2M	8M
Change in Inventory	47.3M	49.6M	-8.5M	-300K	16.3M	14M	-27M	-190.5M	25.1M	16.1M
Change in Payables	-119.9M	21.4M	70.6M	-78.2M	71.3M	-38.1M	71M	56.9M	-12.4M	1.7M
Cash from Investing+	-389M	-154.2M	453.4M	8.3M	14.5M	-46.3M	-82.8M	-286M	-271.8M	-76.7M
Capital Expenditures	-339.3M	-139.4M	-70M	-49.8M	-54.9M	-44M	-82.9M	-536.2M	-271.8M	-76.7M
CapEx % of Revenue	0.08%	0.04%	0.02%	0.01%	0.02%	0.02%	0.03%	0.11%	0.07%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	8.4M	47.6M	38.9M	7.2M	9.3M	1M	100K	0	0	0
Cash from Financing+	9.7M	148.7M	83.2M	-442.1M	-343M	73.8M	139.3M	98.7M	266.2M	154.3M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-224.6M	-52.1M	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-4.6M	-8M	95.7M	-40.3M	6.4M	-33.7M	97.9M	357.3M	17.5M	56.6M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	37.1M	-135.3M	-96.5M	25.4M	137M	18.8M	-126.9M	-435.6M	-286.7M	-123.1M
FCF Margin %	0.01%	-0.04%	-0.03%	0.01%	0.04%	0.01%	-0.04%	-0.09%	-0.07%	-0.03%
FCF Growth %	1.59%	-4.65%	0.29%	1.26%	4.39%	-0.86%	-7.75%	-2.43%	0.34%	0.57%
FCF per Share	0.50	-1.76	-1.24	0.33	1.75	0.24	-1.61	-5.49	-3.58	-1.48
FCF Conversion (FCF/Net Income)	-2.70x	-0.01x	0.26x	-1.36x	-4.40x	-0.42x	0.17x	-0.58x	-0.31x	0.21x
Interest Paid	120.6M	130.2M	163.7M	170.8M	128M	120.2M	142.9M	0	201.9M	232M
Taxes Paid	1.1M	1.2M	400K	400K	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-18.94%	-75.9%	-56.38%	-79.97%	-339.3%	-	-	-	-	-
Return on Invested Capital (ROIC)	2.27%	-1.29%	5.66%	5.4%	3.95%	-3.98%	-4.93%	6.82%	11.44%	0.32%
Gross Margin	14.11%	11.34%	13.24%	12.49%	13.08%	4.37%	4.54%	7.5%	10.8%	5.51%
Net Margin	-3.31%	-9.13%	-2.76%	-1.58%	-1.26%	-6.57%	-8.1%	-3.7%	1.15%	-5.3%
Debt / Equity	2.81x	8.52x	14.90x	391.34x	66.63x	-	-	-	-	-
Interest Coverage	0.71x	-0.25x	0.86x	0.79x	0.57x	-0.57x	-0.57x	0.75x	1.21x	0.03x
FCF Conversion	-2.70x	-0.01x	0.26x	-1.36x	-4.40x	-0.42x	0.17x	-0.58x	-0.31x	0.21x
Revenue Growth	-27.25%	-14.56%	4.57%	-7.08%	-1.28%	-34.3%	38.79%	48.87%	-10.78%	0.2%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Specialty Products and Solutions	-	-	-	-	-	-	2.13B	3.53B	2.89B	2.81B
Specialty Products and Solutions Growth	-	-	-	-	-	-	-	66.05%	-18.08%	-2.82%
Montana/Renewables	-	-	-	-	-	-	783.7M	875.3M	993.8M	1.06B
Montana/Renewables Growth	-	-	-	-	-	-	-	11.69%	13.54%	7.15%
Performance Brands	-	-	-	-	-	-	252.9M	303.4M	310.6M	335.6M
Performance Brands Growth	-	-	-	-	-	-	-	19.97%	2.37%	8.05%
Fuel Product	2.56B	117.5M	135M	2.12B	2.1B	1.14B	-	-	-	-
Fuel Product Growth	-	-95.41%	14.89%	1466.74%	-0.78%	-45.49%	-	-	-	-
Specialty Product	1.37B	128.7M	117.2M	1.38B	1.35B	1.12B	-	-	-	-
Specialty Product Growth	-	-90.59%	-8.94%	1079.52%	-2.05%	-16.97%	-	-	-	-
Oilfield Services	282.5M	125.1M	-	-	-	-	-	-	-	-
Oilfield Services Growth	-	-55.72%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Calumet, Inc. (CLMT) reported $4.05B in revenue for fiscal year 2024. This represents a 29% increase from $3.13B in 2011.

Calumet, Inc. (CLMT) grew revenue by 0.2% over the past year. Growth has been modest.

Calumet, Inc. (CLMT) reported a net loss of $37.2M for fiscal year 2024.

Dividend & Returns

Calumet, Inc. (CLMT) had negative free cash flow of $75.6M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Calumet, Inc. (CLMT) 10-Year Financial Performance & Capital Metrics

CLMT • • Industrial / General

EnergyOil & Gas E&PSpecialized & Niche OperatorsEnhanced Recovery Specialists

Revenue $4.19B +0.2%
EBITDA $157M -62.1%
Net Income -$222M -561.5%
EPS (Diluted) -2.67 -552.5%
Gross Margin 5.51% -49.0%
EBITDA Margin 3.75% -62.1%
Operating Margin 0.19% -97.0%
Net Margin -5.3% -560.6%
ROE -
ROIC 0.32% -97.2%
Debt/Equity -
Interest Coverage 0.03 -97.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-3.19%

5Y3.94%

3Y9.99%

TTM-4%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM84.81%

EPS CAGR

10Y-

5Y-

3Y-

TTM84.42%

ROCE

10Y Avg3.72%

5Y Avg3.14%

3Y Avg9.39%

Latest0.46%

Peer Comparison

Enhanced Recovery Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EPMEvolution Petroleum Corporation	126.27M	3.64	109.64	-0.04%	0.27%	0.34%	9.04%	0.52
GFRGreenfire Resources Ltd.	624.51M	4.98	2.93	17.01%	27.69%	22.82%	9.15%	0.41
IMPPImperial Petroleum Inc.	140.55M	3.88	2.77	-19.73%	29.79%	8.54%	2.15%	0.00
VIVKVivakor, Inc.	2.23M	0.01	-0.01	51.4%	-55.68%	-108.78%		0.70
SAFXXCF Global, Inc. Class A Common Stock	29.37M	0.14	-0.20		6.04%	18.68%		0.17
CLMTCalumet, Inc.	1.78B	20.56	-7.70	0.2%	-0.92%
NEXTNextDecade Corporation	1.35B	5.08	-21.17			-9.79%		2.33

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	4.21B	3.6B	3.76B	3.5B	3.45B	2.27B	3.15B	4.69B	4.18B	4.19B
Revenue Growth %	-0.27%	-0.15%	0.05%	-0.07%	-0.01%	-0.34%	0.39%	0.49%	-0.11%	0%
Cost of Goods Sold+	3.62B	3.19B	3.27B	3.06B	3B	2.17B	3.01B	4.33B	3.73B	3.96B
COGS % of Revenue	0.86%	0.89%	0.87%	0.88%	0.87%	0.96%	0.95%	0.92%	0.89%	0.94%
Gross Profit+	594.6M	408.3M	498.2M	436.7M	451.7M	99.1M	142.9M	351.7M	451.7M	230.8M
Gross Margin %	0.14%	0.11%	0.13%	0.12%	0.13%	0.04%	0.05%	0.08%	0.11%	0.06%
Gross Profit Growth %	0.12%	-0.31%	0.22%	-0.12%	0.03%	-0.78%	0.44%	1.46%	0.28%	-0.49%
Operating Expenses+	485.8M	412.3M	368.9M	318.6M	375.4M	171M	228.5M	219.8M	184.5M	222.7M
OpEx % of Revenue	0.12%	0.11%	0.1%	0.09%	0.11%	0.08%	0.07%	0.05%	0.04%	0.05%
Selling, General & Admin	457M	390.5M	341.5M	317.9M	312.7M	138.9M	203.9M	197.3M	187.9M	201.2M
SG&A % of Revenue	0.11%	0.11%	0.09%	0.09%	0.09%	0.06%	0.06%	0.04%	0.04%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.6M	1.3M	3.3M	0	62.7M	32.1M	24.6M	22.5M	-3.4M	21.5M
Operating Income+	75M	-39.7M	158M	122.9M	76.3M	-71.9M	-85.6M	131.9M	267.2M	8.1M
Operating Margin %	0.02%	-0.01%	0.04%	0.04%	0.02%	-0.03%	-0.03%	0.03%	0.06%	0%
Operating Income Growth %	0.6%	-1.53%	4.98%	-0.22%	-0.38%	-1.94%	-0.19%	2.54%	1.03%	-0.97%
EBITDA+	220.4M	145.5M	337.1M	253.8M	186.4M	33.2M	39.1M	230.2M	414M	157.1M
EBITDA Margin %	0.05%	0.04%	0.09%	0.07%	0.05%	0.01%	0.01%	0.05%	0.1%	0.04%
EBITDA Growth %	0.19%	-0.34%	1.32%	-0.25%	-0.27%	-0.82%	0.18%	4.89%	0.8%	-0.62%
D&A (Non-Cash Add-back)	145.4M	185.2M	179.1M	130.9M	110.1M	105.1M	124.7M	98.3M	146.8M	149M
EBIT	19.7M	-134.9M	151.7M	105.2M	91.5M	-22M	-109.1M	6M	271.4M	15.5M
Net Interest Income+	-104.9M	-161.7M	-183.1M	-155.5M	-134.6M	-125.9M	-149.5M	-175.9M	-221.7M	-236.7M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	104.9M	161.7M	183.1M	155.5M	134.6M	125.9M	149.5M	175.9M	221.7M	236.7M
Other Income/Expense	-242.8M	-256.9M	-189.4M	-173.2M	-119.4M	-76M	-173M	-301.8M	-217.5M	-229.3M
Pretax Income+	-167.8M	-336.3M	-31.4M	-50.3M	-43.1M	-147.9M	-258.6M	-169.9M	49.7M	-221.2M
Pretax Margin %	-0.04%	-0.09%	-0.01%	-0.01%	-0.01%	-0.07%	-0.08%	-0.04%	0.01%	-0.05%
Income Tax+	-28.4M	-7.7M	-100K	700K	500K	1.1M	1.5M	3.4M	1.6M	800K
Effective Tax Rate %	0.83%	0.98%	3.31%	1.1%	1.01%	1.01%	0.99%	1.02%	0.97%	1%
Net Income+	-139.4M	-328.6M	-103.8M	-55.1M	-43.6M	-149M	-254.9M	-173.3M	48.1M	-222M
Net Margin %	-0.03%	-0.09%	-0.03%	-0.02%	-0.01%	-0.07%	-0.08%	-0.04%	0.01%	-0.05%
Net Income Growth %	-0.24%	-1.36%	0.68%	0.47%	0.21%	-2.42%	-0.71%	0.32%	1.28%	-5.62%
Net Income (Continuing)	-85.4M	-296.8M	-31.3M	-51M	-43.6M	-149M	-260.1M	-173.3M	48.1M	-222M
Discontinued Operations	0	-31.8M	-9.9M	-4.1M	0	0	0	0	0	0
Minority Interest	27.5M	15.8M	13.8M	12.8M	12M	9M	3.8M	245.9M	246.9M	246.5M
EPS (Diluted)+	-1.86	-4.27	-1.34	-0.71	-0.56	-1.86	-3.23	-2.14	0.59	-2.67
EPS Growth %	-0.16%	-1.3%	0.69%	0.47%	0.21%	-2.32%	-0.74%	0.34%	1.28%	-5.53%
EPS (Basic)	-1.86	-4.27	-1.34	-0.71	-0.56	-1.86	-3.23	-2.14	0.59	-2.67
Diluted Shares Outstanding	74.9M	77.04M	77.6M	77.94M	78.21M	78.37M	78.98M	79.34M	80.08M	83.15M
Basic Shares Outstanding	74.9M	77.04M	77.6M	77.94M	78.21M	78.37M	78.98M	79.34M	80.08M	83.15M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	609M	640.9M	1.19B	670M	512.1M	534.9M	632.6M	819.6M	794.7M	766M
Cash & Short-Term Investments	5.6M	4.2M	164.3M	155.7M	19.1M	109.4M	38.1M	35.2M	7.9M	38.1M
Cash Only	5.6M	4.2M	164.3M	155.7M	19.1M	109.4M	38.1M	35.2M	7.9M	38.1M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	210.7M	204.9M	354.1M	198M	175M	152.4M	216.8M	244.7M	286.2M	241.7M
Days Sales Outstanding	18.26	20.78	34.34	20.66	18.5	24.52	25.14	19.06	24.99	21.06
Inventory	384.4M	386.2M	314.4M	284.1M	292.6M	254.9M	326.6M	497.7M	439.4M	416.3M
Days Inventory Outstanding	38.78	44.17	35.14	33.88	35.59	42.89	39.67	41.91	43.01	38.38
Other Current Assets	0	85.6M	350M	18.3M	14.4M	8M	36.2M	22.4M	54.4M	36.4M
Total Non-Current Assets+	2.34B	2.08B	1.5B	1.42B	1.35B	1.27B	1.5B	1.92B	1.96B	1.99B
Property, Plant & Equipment	1.72B	1.68B	1.16B	1.1B	1.05B	992M	1.1B	1.59B	1.62B	1.68B
Fixed Asset Turnover	2.45x	2.15x	3.25x	3.19x	3.30x	2.29x	2.86x	2.95x	2.58x	2.50x
Goodwill	212M	177.2M	171.4M	171.4M	171.4M	173M	173M	173M	173M	173M
Intangible Assets	214.1M	178.5M	107.9M	88M	90.6M	71.2M	52.6M	38.4M	28.5M	22.8M
Long-Term Investments	126M	10.3M	35M	25.4M	0	0	0	0	0	0
Other Non-Current Assets	62.3M	38M	23.8M	34.6M	36.5M	37.2M	169.1M	122.6M	134.4M	118.2M
Total Assets+	2.94B	2.73B	2.69B	2.09B	1.86B	1.81B	2.13B	2.74B	2.75B	2.76B
Asset Turnover	1.43x	1.32x	1.40x	1.68x	1.86x	1.25x	1.48x	1.71x	1.52x	1.52x
Asset Growth %	-0.06%	-0.07%	-0.01%	-0.22%	-0.11%	-0.03%	0.18%	0.29%	0%	0%
Total Current Liabilities+	626.6M	498.2M	925.7M	415.1M	565M	544.5M	899.8M	1.35B	1.11B	863.6M
Accounts Payable	316.6M	275.9M	282.3M	200.6M	230.2M	179.3M	301M	442M	322M	320.8M
Days Payables Outstanding	31.94	31.56	31.55	23.92	28	30.17	36.56	37.22	31.52	29.58
Short-Term Debt	75.2M	3.5M	354.1M	3.8M	135.8M	101.1M	179.6M	240.5M	245M	66.5M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	1000K	0
Other Current Liabilities	153.3M	207.7M	184.8M	139.1M	70.4M	162.8M	231.9M	469.2M	142.8M	276.4M
Current Ratio	0.97x	1.29x	1.29x	1.61x	0.91x	0.98x	0.70x	0.61x	0.71x	0.89x
Quick Ratio	0.36x	0.51x	0.95x	0.93x	0.39x	0.51x	0.34x	0.24x	0.32x	0.40x
Cash Conversion Cycle	25.09	33.39	37.93	30.62	26.09	37.25	28.25	23.75	36.48	29.86
Total Non-Current Liabilities+	1.71B	2.01B	1.64B	1.61B	1.27B	1.39B	1.61B	1.68B	1.88B	2.36B
Long-Term Debt	1.7B	1.99B	1.64B	1.6B	1.21B	1.32B	1.42B	1.54B	1.83B	2.06B
Capital Lease Obligations	0	0	0	0	35.4M	47.9M	96.3M	39.6M	40.9M	184.1M
Deferred Tax Liabilities	2.1M	2.3M	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	16M	12.3M	5M	6M	28.7M	28.2M	101.3M	100.6M	14.6M	114M
Total Liabilities	2.34B	2.51B	2.57B	2.02B	1.84B	1.94B	2.51B	3.03B	3B	3.22B
Total Debt+	1.77B	2B	1.99B	1.6B	1.44B	1.51B	1.76B	1.89B	2.19B	2.37B
Net Debt	1.77B	1.99B	1.83B	1.45B	1.42B	1.4B	1.72B	1.85B	2.18B	2.34B
Debt / Equity	2.81x	8.52x	14.90x	391.34x	66.63x	-	-	-	-	-
Debt / EBITDA	8.05x	13.73x	5.91x	6.32x	7.72x	45.40x	44.95x	8.21x	5.29x	15.11x
Net Debt / EBITDA	8.02x	13.70x	5.42x	5.71x	7.62x	42.11x	43.97x	8.05x	5.27x	14.86x
Interest Coverage	0.71x	-0.25x	0.86x	0.79x	0.57x	-0.57x	-0.57x	0.75x	1.21x	0.03x
Total Equity+	631.4M	234.5M	133.7M	4.1M	21.6M	-128.6M	-385.1M	-287.7M	-244.7M	-466.3M
Equity Growth %	-0.25%	-0.63%	-0.43%	-0.97%	4.27%	-6.95%	-1.99%	0.25%	0.15%	-0.91%
Book Value per Share	8.43	3.04	1.72	0.05	0.28	-1.64	-4.88	-3.63	-3.06	-5.61
Total Shareholders' Equity	603.9M	218.7M	119.9M	-8.7M	9.6M	-137.6M	-388.9M	-533.6M	-491.6M	-712.8M
Common Stock	578M	211.2M	113.3M	61.6M	20.2M	-125.3M	-378.8M	-525.3M	-484.4M	0
Retained Earnings	0	0	0	0	0	0	0	0	0	-1.54B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.6M	-8.3M	-7.2M	-8.7M	-10.6M	-12.3M	-10.1M	-8.3M	-7.2M	800K
Minority Interest	27.5M	15.8M	13.8M	12.8M	12M	9M	3.8M	245.9M	246.9M	246.5M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	376.4M	4.1M	-26.5M	75.2M	191.9M	62.8M	-44M	100.6M	-14.9M	-46.4M
Operating CF Margin %	0.09%	0%	-0.01%	0.02%	0.06%	0.03%	-0.01%	0.02%	-0%	-0.01%
Operating CF Growth %	0.66%	-0.99%	-7.46%	3.84%	1.55%	-0.67%	-1.7%	3.29%	-1.15%	-2.11%
Net Income	-139.4M	-328.6M	-31.3M	-51M	-43.6M	-149M	-260.1M	-169.8M	48.1M	-222M
Depreciation & Amortization	145.4M	171.1M	154.8M	118.1M	110.1M	105.1M	107.7M	121.4M	146.8M	149M
Stock-Based Compensation	9.8M	5.6M	11.6M	-1.2M	5.9M	5.5M	50.7M	0	14.7M	14.6M
Deferred Taxes	-28.5M	-700K	-55.5M	26.6M	0	0	0	0	0	0
Other Non-Cash Items	251.9M	148.9M	-400K	30.2M	40.6M	139.5M	102.8M	338.5M	-199.4M	1.8M
Working Capital Changes	137.2M	7.8M	-105.7M	-47.5M	78.9M	-38.3M	-45.1M	-189.5M	-25.1M	10.2M
Change in Receivables	138M	-28.4M	-158.9M	109.8M	-37M	25.5M	-91.4M	-14.1M	-19.2M	8M
Change in Inventory	47.3M	49.6M	-8.5M	-300K	16.3M	14M	-27M	-190.5M	25.1M	16.1M
Change in Payables	-119.9M	21.4M	70.6M	-78.2M	71.3M	-38.1M	71M	56.9M	-12.4M	1.7M
Cash from Investing+	-389M	-154.2M	453.4M	8.3M	14.5M	-46.3M	-82.8M	-286M	-271.8M	-76.7M
Capital Expenditures	-339.3M	-139.4M	-70M	-49.8M	-54.9M	-44M	-82.9M	-536.2M	-271.8M	-76.7M
CapEx % of Revenue	0.08%	0.04%	0.02%	0.01%	0.02%	0.02%	0.03%	0.11%	0.07%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	8.4M	47.6M	38.9M	7.2M	9.3M	1M	100K	0	0	0
Cash from Financing+	9.7M	148.7M	83.2M	-442.1M	-343M	73.8M	139.3M	98.7M	266.2M	154.3M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-224.6M	-52.1M	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-4.6M	-8M	95.7M	-40.3M	6.4M	-33.7M	97.9M	357.3M	17.5M	56.6M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	37.1M	-135.3M	-96.5M	25.4M	137M	18.8M	-126.9M	-435.6M	-286.7M	-123.1M
FCF Margin %	0.01%	-0.04%	-0.03%	0.01%	0.04%	0.01%	-0.04%	-0.09%	-0.07%	-0.03%
FCF Growth %	1.59%	-4.65%	0.29%	1.26%	4.39%	-0.86%	-7.75%	-2.43%	0.34%	0.57%
FCF per Share	0.50	-1.76	-1.24	0.33	1.75	0.24	-1.61	-5.49	-3.58	-1.48
FCF Conversion (FCF/Net Income)	-2.70x	-0.01x	0.26x	-1.36x	-4.40x	-0.42x	0.17x	-0.58x	-0.31x	0.21x
Interest Paid	120.6M	130.2M	163.7M	170.8M	128M	120.2M	142.9M	0	201.9M	232M
Taxes Paid	1.1M	1.2M	400K	400K	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-18.94%	-75.9%	-56.38%	-79.97%	-339.3%	-	-	-	-	-
Return on Invested Capital (ROIC)	2.27%	-1.29%	5.66%	5.4%	3.95%	-3.98%	-4.93%	6.82%	11.44%	0.32%
Gross Margin	14.11%	11.34%	13.24%	12.49%	13.08%	4.37%	4.54%	7.5%	10.8%	5.51%
Net Margin	-3.31%	-9.13%	-2.76%	-1.58%	-1.26%	-6.57%	-8.1%	-3.7%	1.15%	-5.3%
Debt / Equity	2.81x	8.52x	14.90x	391.34x	66.63x	-	-	-	-	-
Interest Coverage	0.71x	-0.25x	0.86x	0.79x	0.57x	-0.57x	-0.57x	0.75x	1.21x	0.03x
FCF Conversion	-2.70x	-0.01x	0.26x	-1.36x	-4.40x	-0.42x	0.17x	-0.58x	-0.31x	0.21x
Revenue Growth	-27.25%	-14.56%	4.57%	-7.08%	-1.28%	-34.3%	38.79%	48.87%	-10.78%	0.2%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Specialty Products and Solutions	-	-	-	-	-	-	2.13B	3.53B	2.89B	2.81B
Specialty Products and Solutions Growth	-	-	-	-	-	-	-	66.05%	-18.08%	-2.82%
Montana/Renewables	-	-	-	-	-	-	783.7M	875.3M	993.8M	1.06B
Montana/Renewables Growth	-	-	-	-	-	-	-	11.69%	13.54%	7.15%
Performance Brands	-	-	-	-	-	-	252.9M	303.4M	310.6M	335.6M
Performance Brands Growth	-	-	-	-	-	-	-	19.97%	2.37%	8.05%
Fuel Product	2.56B	117.5M	135M	2.12B	2.1B	1.14B	-	-	-	-
Fuel Product Growth	-	-95.41%	14.89%	1466.74%	-0.78%	-45.49%	-	-	-	-
Specialty Product	1.37B	128.7M	117.2M	1.38B	1.35B	1.12B	-	-	-	-
Specialty Product Growth	-	-90.59%	-8.94%	1079.52%	-2.05%	-16.97%	-	-	-	-
Oilfield Services	282.5M	125.1M	-	-	-	-	-	-	-	-
Oilfield Services Growth	-	-55.72%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Calumet, Inc. (CLMT) reported $4.05B in revenue for fiscal year 2024. This represents a 29% increase from $3.13B in 2011.

Calumet, Inc. (CLMT) grew revenue by 0.2% over the past year. Growth has been modest.

Calumet, Inc. (CLMT) reported a net loss of $37.2M for fiscal year 2024.

Dividend & Returns

Calumet, Inc. (CLMT) had negative free cash flow of $75.6M in fiscal year 2024, likely due to heavy capital investments.