Latest Ratios: P/E Ratio -139.4x · EV/EBITDA 34.8x · ROE N/A. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.7B | $1.7B | $1.8B | $1.4B | $1.3B | $1.0B | $245M | $285M | $172M | $598M | $308M |
| Enterprise Value | $7.1B | $4.1B | $4.2B | $3.6B | $3.2B | $2.8B | $1.6B | $1.7B | $1.6B | $2.4B | $2.3B |
| P/E Ratio → | -139.44 | — | — | 30.29 | — | — | — | — | — | — | — |
| P/S Ratio | 1.15 | 0.42 | 0.44 | 0.34 | 0.29 | 0.33 | 0.11 | 0.08 | 0.05 | 0.16 | 0.09 |
| P/B Ratio | — | — | — | — | — | — | — | 13.22 | 42.01 | 4.47 | 1.31 |
| P/FCF | 83.73 | 30.46 | — | — | — | — | 13.05 | 2.08 | 6.78 | — | — |
| P/OCF | 43.52 | 15.83 | — | — | 13.31 | — | 3.91 | 1.49 | 2.29 | — | 75.16 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.98 | 0.99 | 0.86 | 0.68 | 0.88 | 0.72 | 0.49 | 0.46 | 0.64 | 0.64 |
| EV / EBITDA | 34.84 | 19.99 | 26.52 | 8.73 | 13.87 | 70.64 | 49.49 | 9.15 | 6.39 | 7.20 | 15.82 |
| EV / EBIT | 130.50 | 45.29 | 268.77 | 13.31 | 532.22 | — | — | 18.64 | 15.41 | 15.99 | — |
| EV / FCF | — | 71.70 | — | — | — | — | 87.40 | 12.45 | 63.82 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 5.9% | 5.9% | 5.5% | 10.8% | 7.5% | 4.5% | 4.4% | 13.1% | 12.5% | 13.2% | 11.3% |
| Operating Margin | 1.3% | 1.3% | 0.2% | 6.4% | 2.8% | -2.7% | -3.2% | 2.2% | 3.5% | 4.2% | -1.1% |
| Net Profit Margin | -0.8% | -0.8% | -5.3% | 1.2% | -3.6% | -8.1% | -6.6% | -1.3% | -1.6% | -2.8% | -9.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | -339.3% | -80.0% | -56.4% | -75.9% |
| ROA | -1.2% | -1.2% | -8.1% | 1.8% | -7.0% | -13.0% | -8.1% | -2.2% | -2.3% | -3.8% | -11.6% |
| ROIC | 2.2% | 2.2% | 0.3% | 11.4% | 6.8% | -4.9% | -4.0% | 4.0% | 5.4% | 5.7% | -1.3% |
| ROCE | 2.9% | 2.9% | 0.5% | 17.6% | 10.1% | -6.9% | -5.6% | 5.1% | 7.2% | 7.9% | -1.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | 66.63 | 391.34 | 14.90 | 8.52 |
| Debt / EBITDA | 12.11 | 12.11 | 15.11 | 5.29 | 8.21 | 44.95 | 45.40 | 7.72 | 6.32 | 5.91 | 13.73 |
| Net Debt / Equity | — | — | — | — | — | — | — | 65.75 | 353.37 | 13.67 | 8.50 |
| Net Debt / EBITDA | 11.50 | 11.50 | 14.86 | 5.27 | 8.05 | 43.97 | 42.11 | 7.62 | 5.71 | 5.42 | 13.70 |
| Debt / FCF | — | 41.24 | — | — | — | — | 74.36 | 10.37 | 57.04 | — | — |
| Interest Coverage | 0.41 | 0.41 | 0.07 | 1.22 | 0.03 | -0.73 | -0.17 | 0.68 | 0.68 | 0.83 | -0.83 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.02 | 1.02 | 0.89 | 0.71 | 0.61 | 0.70 | 0.98 | 0.91 | 1.61 | 1.29 | 1.29 |
| Quick Ratio | 0.56 | 0.56 | 0.40 | 0.32 | 0.24 | 0.34 | 0.51 | 0.39 | 0.93 | 0.95 | 0.51 |
| Cash Ratio | 0.15 | 0.15 | 0.04 | 0.01 | 0.03 | 0.04 | 0.20 | 0.03 | 0.38 | 0.18 | 0.01 |
| Asset Turnover | — | 1.54 | 1.52 | 1.52 | 1.71 | 1.48 | 1.25 | 1.86 | 1.68 | 1.40 | 1.32 |
| Inventory Turnover | 10.10 | 10.10 | 9.51 | 8.49 | 8.71 | 9.20 | 8.51 | 10.26 | 10.77 | 10.39 | 8.26 |
| Days Sales Outstanding | — | 20.51 | 24.23 | 24.99 | 20.80 | 29.33 | 24.52 | 18.50 | 20.66 | 34.34 | 20.78 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | 16.9% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 3.3% | — | — | — | — | — | — | — |
| FCF Yield | 1.2% | 3.3% | — | — | — | — | 7.7% | 48.0% | 14.7% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.6% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 17.5% |
| Shares Outstanding | — | $87M | $83M | $80M | $79M | $79M | $78M | $78M | $78M | $78M | $77M |
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying CLMT stock.
Calumet Inc.'s current P/E ratio is -139.4x. The historical average is 18.4x.
Calumet Inc.'s current EV/EBITDA is 34.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
Based on historical data, Calumet Inc. is trading at a P/E of -139.4x. Compare with industry peers and growth rates for a complete picture.
Calumet Inc. has 5.9% gross margin and 1.3% operating margin.
Calumet Inc.'s Debt/EBITDA ratio is 12.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Renewable credit price volatility
Metrics are mathematically derived from official filings.
Margin Volatility Masks Underlying Earning Power
Gross margin swung from 34.7% in 2025Q3 to 1.3% in 2026Q2, per financial statements, indicating extreme volatility likely driven by inventory adjustments and renewable credit pricing, not just operational efficiency.
The 2025Q3 spike appears anomalous, as subsequent quarters reverted to negative operating margins, suggesting that the reported profitability is heavily influenced by non-cash items and credit timing. The structural gross margin of 5.94% reflects the narrow spreads inherent in refining, and the recent collapse to 1.3% indicates that the company may be unable to pass through feedstock costs. Investors should monitor segment-level margins, particularly the MRL segment, to assess whether the SAF pivot can deliver sustainable profitability.
Return on Capital Decaying Amid Transition
ROIC turned negative in 2026Q2 at -2.1%, down from 14.0% in 2025Q3, as reported in financial statements, indicating that the capital-intensive renewables expansion is not yet generating adequate returns.
The sharp reversal from a positive ROIC in 2025Q3 to negative in 2026Q2 suggests that the company's invested capital base is not producing consistent returns, likely due to the high capital expenditure on the Montana Renewables project and volatile margins. The negative ROE, though not reported, is consistent with the deepening shareholders' deficit, which reached -$1.1B in 2026Q2. This implies that the company is destroying value in the near term, and the success of the SAF expansion is critical to reversing this trend.
Working Capital Efficiency Strained by Credit Timing
Cash conversion cycle lengthened to 26 days in 2026Q2 from 38 days in 2025Q3, per financial statements, but the improvement is offset by a current ratio of 0.84, indicating tight liquidity.
The reduction in DIO from 50 days in 2025Q3 to 25 days in 2026Q2 suggests improved inventory management, but the overall CCC remains elevated relative to the company's thin margins. The quick ratio of 0.49 in 2026Q2 highlights a heavy reliance on inventory, which may be subject to LCM adjustments, and the negative operating margins imply that working capital efficiency is not translating into cash generation. The volatility in working capital, likely tied to RINs and LCFS credit timing, complicates the assessment of underlying operational efficiency.
Leverage Elevated with Coverage Turning Negative
Interest coverage fell to -1.25 in 2026Q2, per financial statements, while D/EBITDA spiked to 48.26, indicating that debt service is becoming less comfortable and refinancing risk is rising.
The negative interest coverage suggests that operating income is insufficient to cover interest expenses, a concerning trend given the high debt load of $2.3B. The D/EBITDA ratio of 48.26 in 2026Q2 is a dramatic deterioration from 6.74 in 2025Q3, reflecting both lower EBITDA and sustained debt levels. This implies that the company's leverage is becoming increasingly strained, and any further weakness in renewable credit prices could exacerbate the situation, potentially limiting access to capital.
Liquidity Buffer Thin and Deteriorating
Current ratio fell to 0.84 in 2026Q2, per balance sheet data, with cash at $109.8M, indicating a tight liquidity position relative to short-term obligations.
The quick ratio of 0.49 underscores the company's dependence on inventory to meet near-term liabilities, which is risky given the potential for LCM write-downs. The negative trend in the current ratio from 1.13 in 2025Q3 to 0.84 in 2026Q2 suggests that liquidity is eroding, and the company may face challenges in funding its operations without additional financing. The $115M debt retirement in July provides some relief, but the overall liquidity position remains vulnerable to further operational losses.
Misapplied EV/EBITDA in a Credit-Driven Business
EV/EBITDA of 31.98 appears inflated, but the metric is distorted by volatile EBITDA from renewable credit timing, as reported in financial statements, making it unreliable for valuation.
The most commonly misapplied ratio for Calumet is EV/EBITDA, because EBITDA is heavily influenced by non-cash inventory adjustments and the timing of RINs and LCFS credits, which can swing dramatically quarter to quarter. For example, the 2025Q3 EBITDA spike to $322.9M was followed by a collapse, rendering the trailing EV/EBITDA misleading. Instead, investors should focus on normalized EBITDA, adjusting for inventory and credit timing, or use EV/EBITDA on a forward basis, which at 12.31 appears more reasonable but still depends on the successful execution of the SAF strategy.