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CLMT, Calumet Inc.

Refining & Marketing capital-intensive UnprofitableDistress / turnaround

We manufacture, formulate and market a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets.

In our Specialty Products and Solutions segment, we manufacture and market a wide variety of solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products.

Our specialty products are sold to domestic and international customers who purchase them primarily as raw material components for consumer-facing and industrial products.

Latest annual: FY2025 10-K

CLMT · Calumet Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$4.1B

−1.2% YoY · −4% 3-yr CAGR

Vital signs · TTM, with 4-yr average

Revenue $4.2B 4-yr avg $4.3B

Gross margin 6% 4-yr avg 7%

Operating margin −0.3% 4-yr avg 3.0%

ROIC −1% 4-yr avg 19%

Owner-earnings margin 0% 4-yr avg −4%

Free cash flow margin 0% 4-yr avg −4%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
What moves the needle: Gross margin has run about 5.9% and operating margin about 2.6% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from 0.2% to 6.4% over the years, so the cost line is where the needle moves. Read this kind of business on the commodity price, and the cost to lift a barrel. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2022–2025

realized figures from each filing · older years to the left

2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
					Income statement
$4.7B	$4.2B	$4.2B	$4.1B	$4.2B	RevenueRevenue
8%	11%	6%	6%	6%	Gross marginGross mgn
3%	3%	3%	3%	4%	SG&A / revenueSG&A/rev
$132M	$267M	$8M	$109M	($14M)	Operating incomeOp. inc.
2.8%	6.4%	0.2%	2.6%	−0.3%	Operating marginOp. mgn
($173M)	$48M	($222M)	($34M)	($189M)	Net incomeNet inc.
					Cash flow & returns
$101M	($15M)	($46M)	$109M	$52M	Operating cash flowOp. cash
$98M	$147M	$149M	$149M	$145M	DepreciationDeprec.
$158M	($225M)	$12M	($2M)	$42M	Working capital & otherWC & other
$536M	$272M	$77M	$52M	$48M	CapexCapex
11.4%	6.5%	1.8%	1.3%	1.1%	Capex / revenueCapex/rev
($436M)	($287M)	($123M)	$57M	$4M	Owner earningsOwner earn.
−9.3%	−6.9%	−2.9%	1.4%	0.1%	Owner earnings marginOE mgn
($436M)	($287M)	($123M)	$57M	$4M	Free cash flowFCF
−9.3%	−6.9%	−2.9%	1.4%	0.1%	Free cash flow marginFCF mgn
—	19%	—	—	-1%	ROICROIC
					Balance sheet
$35M	$8M	$38M	$125M	$139M	Cash & investmentsCash+inv
$245M	$286M	$278M	$233M	$358M	ReceivablesReceiv.
—	$439M	$416M	$385M	$370M	InventoryInvent.
—	$322M	$321M	$282M	$353M	Accounts payablePayables
$245M	$404M	$374M	$336M	$375M	Operating working capitalOper. WC
—	$795M	$766M	$858M	$928M	Current assetsCur. assets
—	$1.1B	$864M	$841M	$963M	Current liabilitiesCur. liab.
—	0.7×	0.9×	1.0×	1.0×	Current ratioCurr. ratio
$173M	$173M	$173M	$141M	$141M	GoodwillGoodwill
—	$2.8B	$2.8B	$2.7B	$2.8B	Total assetsAssets
—	$1.9B	$2.1B	$2.2B	$2.3B	Total debtDebt
—	$1.9B	$2.1B	$2.1B	$2.2B	Net debt / (cash)Net debt
0.7×	1.2×	0.0×	0.5×	-0.1×	Interest coverageInt. cov.
($533M)	($490M)	($712M)	($733M)	($1.0B)	Shareholders’ equityEquity
0.4%	0.4%	0.3%	−0.1%	1.3%	Stock comp / revenueSBC/rev
					Per share
79.3M	80.1M	83.1M	86.8M	87.0M	Shares out (diluted)Shares
$59.07	$52.21	$50.39	$47.68	$47.97	Revenue / shareRev/sh
$-2.18	$0.60	$-2.67	$-0.39	$-2.17	EPS (diluted)EPS
$-5.49	$-3.58	$-1.48	$0.65	$0.05	Owner earnings / shareOE/sh
$-5.49	$-3.58	$-1.48	$0.65	$0.05	Free cash flow / shareFCF/sh
$6.76	$3.39	$0.92	$0.60	$0.55	Cap. spending / shareCapex/sh
$-6.72	$-6.12	$-8.56	$-8.45	$-11.99	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	3-yr	5-yr
Revenue / share	−6.9%/yr	−6.9%/yr (3-yr)
Capital spending / share	−55.3%/yr	−55.3%/yr (3-yr)

The record, charted

FY2022–2025

Each measure over its full record; the current point and the worst year marked.

Share count

87Mpeak FY2025

Gross margin

6%low FY2024

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$57Mowner earningsvs.($34M)net incomelow FY2022

Owner-earnings bridge

FY2022–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $34M loss into $57M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022
Reported net income	($34M)	($222M)	$48M	($173M)
Depreciation & amortizationnon-cash charge added back	+$149M	+$149M	+$147M	+$98M
Stock-based compensationreal costnon-cash, but a real cost	−$5M	+$15M	+$15M	+$17M
Working capital & othertiming of cash in and out, other non-cash items	−$2M	+$12M	−$225M	+$158M
Cash from operations	$109M	($46M)	($15M)	$101M
Capital expenditurecash put back in to keep running and to grow	−$52M	−$77M	−$272M	−$536M
Owner earnings	$57M	($123M)	($287M)	($436M)
Owner-earnings marginowner earnings ÷ revenue	1%	-3%	-7%	-9%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less ($5M)), owner earnings is nearer $61M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 0.5×

Does not cover its interest

Operating income $109M ÷ interest expense $216M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $2.1B · 19.4× operating profit

Heavy net debt

Cash $125M − debt $2.2B

What this means
Netting $125M of cash and short-term investments against $2.2B of debt leaves $2.1B owed, about 19.4× a year's operating profit (20.5× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 30d

Tight

DSO 21 + DIO 36 − DPO 26 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median 7%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 1%

Positive this year, negative across the cycle

latest $57M = operating cash $109M − maintenance capex $52M (positive this year), after an earlier loss stretch (4-yr median -7%)

Industry peers: median 2%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 1% of revenue this year, a -7% median across 4 years. Treating stock comp as the real expense it is (less ($5M) of SBC) leaves $61M.
Are earnings backed by cash? $109M

Loss, but cash-generative

Net income ($34M) · cash from operations $109M

In the filing’s words And the filing leans heavily on adjusted, non-GAAP earnings — steering you off the GAAP figure just where the cash is not backing it. Read the reconciliation in the notes before taking the adjusted number.

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.35×

Harvesting

Capex $52M ÷ depreciation $149M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 3 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $4.1B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.02×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $2.2B vs $17M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.79/share (latest year $-0.39), the averaged base the calculator's gate runs on, and book value is $-8.41/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2022–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 1 of 4

What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 1 of 3 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 5% → 1% (2-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 5% early to 1% lately, median 3% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2024 · 0.2% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +3.0%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“We are integrating AI tools into our systems, and our third-party service providers as well as our competitors may also develop or use such tools.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$928M

Cash & short-term investments$139M
Receivables$358M
Inventory$370M
Other current assets$61M

Current liabilities$963M

Accounts payable$353M
Other current liabilities$610M

Current ratio0.96×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.58×stricter: inventory excluded

Cash ratio0.14×strictest: cash alone against what's due

Working capital($35M)the cushion left after near-term bills

Revenue, latest quarter vs. a year ago+3.6%the freshest read on whether the business is still growing

Current ratio, recent quarters0.6× → 1.0×

Deeper floors

Tangible book value($1.2B)equity stripped of goodwill & intangibles

Net current asset value($2.6B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$2.5B$226M of it operating leases

From the company's latest filing.

How the cash was used, 2022–2025

Over the record, the business generated $148M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$937M · 632%

Source of funding−$789M
Reinvestment and shareholder returns ran $789M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Net change in share count9.7%
The diluted count rose from 79M to 87M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2022	$4.1M	$3.9M	($436M)
2022	$3.2M	$4.6M	($436M)
2023	$2.5M	$3.7M	($287M)
2024	$1.4M	$2.6M	($123M)
2025	$6.8M	$7.0M	$57M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership3.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation($5M)
The slice of the business handed to employees in shares this year, -0% of revenue, equal to -4% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Calumet Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2022–2025.

2 of the 3 tests turned up something to look into; the other 1 came back clean.

Look hereDid the share count rise anyway?9.7%
Diluted shares grew 9.7% over 2022–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.
Look hereDid receivables and inventory outpace sales?5% → 9% of sales
Receivables and inventory grew from $245M to $358M while revenue grew −11%: working capital is climbing faster than sales (5% of revenue then, 9% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Is it less profitable than it was?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Inventory as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Refining & Marketing

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
PBFPBF Energy	$29.3B	4%	2.4%	9%	2%
SUNSunoco LP Common	$25.2B	8%	2.8%	—	2%
SUNCSunocoCorp LLC Common	$25.2B	9%	3.5%	—	2%
HESHess Corporation	$12.9B	—	2.9%	1%	-5%
DKDelek US Holdings	$10.7B	4%	1.9%	7%	2%
IEPIcahn Enterprises L.P.	$9.7B	—	-5.4%	2%	3%
CVICVR Energy Inc.	$7.2B	5%	2.5%	9%	3%
CLMTCalumet Inc.	$4.1B	7%	2.7%	—	-5%
Group median	—	6%	2.6%	—	2%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Calumet Inc. has delivered.

Today’s price $

Base Normalize · through-cycle (($118M)) Net of stock comp (−$54M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $4M on 87M shares outstanding, per the 10-Q cover, as of 2026-05-08; net debt $2.2B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CLMT against another business →

The owners of CLMT: the meeting and the votes →

Cite: Owner Scorecard, "Calumet Inc. (CLMT), the owner's record," https://ownerscorecard.com/c/CLMT, data as of 2026-07-09.

Manual order: ← CLMB its page in the Manual CLNE →

Industry order: ← CAPL the Refining & Marketing chapter CVI →