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Calumet, Inc. manufactures, formulates, and markets a slate of specialty branded products and renewable fuels in North America and internationally. It operates through Specialty Products and Solutions; Performance Brands; and Montana/Renewables segments. The Specialty Products and Solutions segment manufactures and markets various solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products. The Montana/Renewables segment processes geographically advantaged renewable feedstocks into renewable diesel, aviation fuel, and renewable naphtha. This segment also engages in the process of Canadian crude oil into conventional gasoline, diesel, jet fuel, and specialty grades of asphalt. The Performance Brands segment blends, packages, and markets high performance products through Royal Purple, Bel-Ray, and TruFuel brands. It serves wholesale distributors and retail chains. Calumet, Inc. was founded in 1919 and is headquartered in Indianapolis, Indiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.1B | $238M | $-34M | $57M | 6.9% | -1.2% | - |
| 2024 | $4.2B | $165M | $-222M | $-123M | 47.6% | 0.2% | -561.5% |
| 2023 | $4.2B | $418M | $48M | $-287M | -19.7% | -10.8% | - |
| 2022 | $4.7B | $104M | $-173M | $-436M | 60.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 4,686.30 | 4,181 | 4,189.40 | 4,137.10 |
| Cost Of Revenue | 4,334.60 | 3,729.30 | 3,958.60 | 3,891.40 |
| Gross Profit | 351.70 | 451.70 | 230.80 | 245.70 |
| Operating Expense | 219.10 | 181 | 220.70 | 191.50 |
| Operating Income | 132.60 | 270.70 | 10.10 | 54.20 |
| EBITDA | 104.30 | 418.20 | 164.50 | 238.20 |
| EBIT | 6 | 271.40 | 15.50 | 89.40 |
| Pretax Income | -169.90 | 49.70 | -221.20 | -126.40 |
| Tax Provision | 3.40 | 1.60 | 0.80 | -92.60 |
| Net Income | -173.30 | 48.10 | -222 | -33.80 |
| Net Income Common Stockholders | -169.80 | 47.10 | -222 | -33.80 |
| Total Expenses | 4,553.70 | 3,910.30 | 4,179.30 | 4,082.90 |
| Interest Expense | 175.90 | 221.70 | 236.70 | 215.80 |
| Selling General And Administration | 197.30 | 187.90 | 201.20 | 171.70 |
| Normalized EBITDA | 228.10 | 417.70 | 157.60 | 222.40 |
| Normalized Income | -75.50 | 47.62 | -227.45 | -46.28 |
| Basic EPS | -2.04 | 0.59 | -2.67 | 0 |
| Diluted EPS | -2.04 | 0.59 | -2.67 | 0 |
| Tax Effect Of Unusual Items | -26 | 0.02 | 1.45 | 3.32 |
| Tax Rate For Calcs | 0.21 | 0.03 | 0.21 | 0.21 |
| Total Unusual Items | -123.80 | 0.50 | 6.90 | 15.80 |
| Total Unusual Items Excluding Goodwill | -123.80 | 0.50 | 6.90 | 15.80 |
| Net Income From Continuing Operation Net Minority Interest | -173.30 | 48.10 | -222 | -33.80 |
| Reconciled Depreciation | 98.30 | 146.80 | 149 | 148.80 |
| Reconciled Cost Of Revenue | 4,334.60 | 3,729.30 | 3,958.60 | 3,891.40 |
| Net Interest Income | -175.90 | -221.70 | -236.70 | -215.80 |
| Net Income From Continuing And Discontinued Operation | -173.30 | 48.10 | -222 | -33.80 |
| Total Operating Income As Reported | 131.90 | 267.20 | 8.10 | 108.70 |
| Diluted Average Shares | 79.34 | 80.08 | 83.15 | 0 |
| Basic Average Shares | 79.34 | 80.08 | 83.15 | 0 |
| Diluted NI Availto Com Stockholders | -169.80 | 47.10 | -222 | -33.80 |
| Preferred Stock Dividends | -3.50 | 1 | 0 | 0 |
| Minority Interests | 6.70 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -173.30 | 48.10 | -222 | -33.80 |
| Net Income Continuous Operations | -173.30 | 48.10 | -222 | -33.80 |
| Other Income Expense | -126.60 | 0.70 | 5.40 | 35.20 |
| Other Non Operating Income Expenses | -2.80 | 0.20 | -1.50 | 19.40 |
| Special Income Charges | -42.10 | -9.40 | -2.40 | 7.10 |
| Gain On Sale Of Business | 0 | 0 | 0 | 55.80 |
| Other Special Charges | 41.40 | 5.90 | 0.40 | 47.40 |
| Write Off | 0.70 | 3.50 | 2 | 1.30 |
| Gain On Sale Of Security | -81.70 | 9.90 | 9.30 | 8.70 |
| Net Non Operating Interest Income Expense | -175.90 | -221.70 | -236.70 | -215.80 |
| Interest Expense Non Operating | 175.90 | 221.70 | 236.70 | 215.80 |
| Other Operating Expenses | 8.10 | -28.40 | -1.20 | 0 |
| Other Taxes | 13.70 | 21.50 | 20.70 | 19.80 |
| Selling And Marketing Expense | 53.90 | 54.90 | 55.70 | 47.90 |
| General And Administrative Expense | 143.40 | 133 | 145.50 | 123.80 |
| Other Gand A | 143.40 | 133 | 145.50 | 123.80 |
| Operating Revenue | 4,686.30 | 4,181 | 4,189.40 | 4,137.10 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Calumet, Inc.this co. | CLMT | $2.8B | - | -3.85 | 6.9% | 23.77 |
| United States Lime & Minerals, Inc. | USLM | $3.7B | 27.46 | 5.82 | 21.3% | 18.03 |
| NovaGold Resources Inc. | NG | $3.4B | - | 7.70 | -57.8% | -109.35 |
| Avient Corporation | AVNT | $3.3B | 40.65 | 1.40 | 3.4% | 8.87 |
| Perpetua Resources Corp. | PPTA | $3.3B | - |
| 3.78 |
| - |
| -20.07 |
| Titan America SA | TTAM | $3.0B | 15.91 | 2.87 | 17.9% | 8.97 |
| Tecnoglass Inc. | TGLS | $2.0B | 12.42 | 2.66 | 22.4% | 7.59 |
| Ivanhoe Electric Inc. | IE | $1.9B | - | 4.30 | -25.0% | -16.78 |
| Innospec Inc. | IOSP | $1.9B | 16.47 | 1.45 | 8.8% | 8.41 |
| Peer Median | - | 16.47 | 3.32 | 8.8% | 8.00 | |