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Calumet (CLMT) USD

Calumet, Inc. manufactures and markets specialty chemical products, including solvents, waxes, and lubricating oils, and produces renewable fuels such as renewable diesel and aviation fuel from feedstocks. It also refines Canadian crude oil into conventional fuels and asphalt, and sells high-performance lubricants under brands like Royal Purple and Bel-Ray.

At a glance: strengths & risks
✓Revenue growing (+41% y/y, Q2 2026)✓Margins improving (-5%→-0%, Q2 2026)✗Loss-making last FY✗High leverage (13.3x EBITDA)

Sector: Oil refining

Geography: United States

COMM_CLMT

Price chart

53.13 USDDay -0.69%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
53.13 USD · -0.69%
Market cap
4.6 bn USD

Growth

Δ revenue y/y
40.8%
Δ EBITDA y/y
-62.1%

Multiples

P/E (LTM)
—
P/B (FY)
—
P/E (ann.)
<0
EV/EBITDA (LTM)
31.8x
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
—
FCF yield (LTM)
7.6%

Liquidity

Daily turnover (listing)
30.5 mln USD

Shares: yahoo_fundamentals_timeseries/CLMT

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK1445.1
y/y 40.8%
-40.0
y/y —
34.6
y/y -27.8%
-5.4
y/y —
-95.9
y/y —
92.3-38.32802.8
y/y 1.0%
1137.1
y/y —
-817.0%2108.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK1029.7
y/y 3.6%
-171.3
y/y —
33.0
y/y -10.8%
-138.3
y/y —
-317.0
y/y —
-86.2-13.22755.0
y/y -2.4%
-1043.2
y/y —
142.8%2193.4Link
2025-12-31Q4 2025 (3M)OK1038.6
y/y —
-63.2
y/y —
44.6
y/y —
-18.6
y/y —
-37.3
y/y —
116.5-12.72688.9
y/y —
-732.7
y/y —
20.9%2108.4Yahoo Finance
2025-09-30Q3 2025 (3M)OK1078.0
y/y -2.0%
322.9
y/y —
50.7
y/y 11.9%
373.6
y/y —
313.4
y/y —
100.4-8.42733.9
y/y 3.6%
-695.3
y/y —
-49.0%2208.0Yahoo Finance
2025-06-30Q2 2025 (3M)OK1026.6
y/y -9.4%
-101.0
y/y -1729.0%
47.9
y/y 4.4%
-53.1
y/y -201.9%
-147.9
y/y —
2.6-13.62776.4
y/y 3.9%
-1009.7
y/y —
63.2%2459.7Yahoo Finance
2025-03-31Q1 2025 (3M)OK993.9
y/y -1.2%
-48.7
y/y -234.2%
37.0
y/y -18.5%
-11.7
y/y -114.3%
-162.0
y/y —
-29.3-17.62823.6
y/y 3.4%
-862.3
y/y —
82.3%2416.5Link
2024-12-31Q4 2024 (3M)OK949.5
y/y -2.8%
22.7
y/y 32.0%
50.4
y/y -15.0%
73.1
y/y -4.4%
-42.3
y/y 11.9%
-3.4-25.02758.2
y/y 0.3%
-712.8
y/y —
32.1%2091.2Yahoo Finance
2024-09-30Q3 2024 (3M)OK1100.4
y/y -4.3%
-57.1
y/y -126.8%
45.3
y/y 3.7%
-11.8
y/y -104.6%
-100.6
y/y -200.8%
-15.5-16.72640.1
y/y -5.9%
-672.2
y/y —
21.7%2024.7Yahoo Finance
2024-06-30Q2 2024 (3M)OK1133.7
y/y 11.4%
6.2
y/y -73.5%
45.9
y/y 7.2%
52.1
y/y -21.3%
-38.3
y/y —
66.5-15.02670.9
y/y -4.8%
-566.1
y/y —
27.9%1999.4Yahoo Finance
2024-03-31Q1 2024 (3M)OK1005.8
y/y -3.0%
36.3
y/y 168.9%
45.4
y/y 53.9%
81.7
y/y 90.0%
-40.8
y/y -317.0%
-94.0-20.02731.6
y/y -1.2%
-530.2
y/y —
31.9%2167.6Yahoo Finance
2023-12-31Q4 2023 (3M)OK976.5
y/y —
17.2
y/y —
59.3
y/y —
76.5
y/y —
-48.0
y/y —
-7.5-31.52751.3
y/y —
-491.6
y/y —
-14.0%2064.9Yahoo Finance
2023-09-30Q3 2023 (3M)OK1149.4
y/y —
213.1
y/y —
43.7
y/y —
256.8
y/y —
99.8
y/y —
45.2-32.12804.8
y/y —
-197.6
y/y —
-129.3%1799.1Yahoo Finance
2023-06-30Q2 2023 (3M)OK1017.8
y/y —
23.4
y/y —
42.8
y/y —
66.2
y/y —
-18.5
y/y —
-25.9-77.82804.2
y/y —
-8.2
y/y —
50.0%1810.2Yahoo Finance
2023-03-31Q1 2023 (3M)OK1036.9
y/y —
13.5
y/y —
29.5
y/y —
43.0
y/y —
18.8
y/y —
-26.7-130.42764.5
y/y —
-287.7
y/y —
—1706.2Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)34
Long-term debt (incl. LT leases)2 225
− Cash & equivalents150
Net debt2 109

Net debt / LTM EBITDA: 10.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-50005001 0001 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-300%-200%-100%0%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-200-10001002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002 0002 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2020–2024 operating cash flow came to -0.31x of reported net profit; after capex, -5.96x. Loss years (2020, 2021, 2022, 2024) are left out of the ratio.
year20202021202220232024
cash flow / profit———-0.31x—
accruals, % of assets-11.7%-9.9%-9.9%2.3%-6.4%
net debt / EBITDA 13.3x · EBIT covers interest 0.0x · capex 1.6x of depreciation · share count +2.4% a year
● Net debt / EBITDA 13.3x at the last full year.
● EBIT covers interest 0.0x.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Annual production
29 129 000 mln boe
2023

Production, mln boe

44 841 000201446 069 000201576 756 000201675 935 000201735 443 000201838 228 000201932 276 580202029 021 520202130 276 000202229 129 0002023

Production

YearProduction, mln boeper day, mln boe
20247 609 000 * (3M)
+10.0%		83 329
202329 129 000
−3.8%		79 805
202230 276 000
+4.3%		82 948
202129 021 520
−10.1%		79 511
202032 276 580
−15.6%		88 429
201938 228 000
+7.9%		104 734
201835 443 000
−53.3%		97 104
201775 935 000
−1.1%		208 041
201676 756 000
+66.6%		210 290

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 97spot vs LTM +0%

Commodity-player potential

Target equity value is NEGATIVE: net debt exceeds target EV — over-levered at conservative EBITDA, so the upside is negative.

Upside: -386.1%

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (cost)-100%96.2876.5180.57+26%+5%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue4 591
LTM EBITDA211
LTM cash costs (revenue − EBITDA)4 380
2 · Revenue projection
Revenue multiplier — spot×1.000 (+0%)
= Spot revenue4 591
Revenue multiplier — 3y price×1.000 (+0%)
= 3-year-price revenue4 591
3 · Costs projection
Cost multiplier — spot×1.258 (+26%)
= Spot cash costs5 512
Cost multiplier — 3y price×1.053 (+5%)
= 3-year-price cash costs4 613
4 · EBITDA projection (revenue − costs)
= Spot EBITDA-921
= 3-year-price EBITDA-21
Conservative EBITDA = min(spot, avg)-921
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA-11 048
Net debt2 140
Target market cap = EV − net debt-13 189
Current market cap4 610

Upside = target market cap ÷ current − 1 = -386.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q31 1491 055+9.0%25745+472.5%
2023 Q49761 051-7.1%7675+2.4%
2024 Q11 0061 045-3.8%82105-22.3%
2024 Q21 1341 037+9.3%5275-30.8%
2024 Q31 1001 066+3.2%-12176-106.7%
2024 Q49501 054-9.9%73149-50.9%
2025 Q19941 047-5.1%-12109-110.7%
2025 Q21 0271 044-1.7%-53173-130.7%
2025 Q31 0781 018+5.9%37476+389.9%
2025 Q41 0391 012+2.6%-19196-109.5%
2026 Q11 0301 034-0.4%-138-64—
2026 Q21 4451 043+38.5%-5-364—

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +0% vs -11% the year before — a +11.0 pp move. 3-year CAGR +10%.
revenue growth by year: 2022 +49% · 2023 -11% · 2024 +0%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 27.0x · target 75th pct (3y) 27.0x · LTM avg 23.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Calumet (CLMT) — from primary filings.

Frequently asked questions

What is Calumet (CLMT)'s EV/EBITDA?
Calumet (CLMT) trades at 31.8x EV/EBITDA.
What is Calumet (CLMT)'s return on equity (ROE)?
Calumet (CLMT)'s ROE is 142.8%.
What is Calumet (CLMT)'s market capitalization?
Calumet (CLMT)'s market cap is 4.6 bn USD.

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