Loading…
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 | 4.6% | -1.2% | -84.8% |
| 2024 | $4.2B | $165M | $-222M | $-123M | 31.2% | 0.2% | -561.5% |
| 2023 | $4.2B | $418M | $48M | $-287M | - | -10.8% | -127.8% |
| 2022 | $4.7B | $104M | $-173M | $-436M | 32.5% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,686.30 | 4,181 | 4,189.40 | 4,137.10 |
| Operating 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 |
| Selling General And Administration | - | 197.30 | 187.90 | 201.20 | 171.70 |
| Total Expenses | - | 4,553.70 | 3,910.30 | 4,179.30 | 4,082.90 |
| Operating Income | - | 132.60 | 270.70 | 10.10 | 54.20 |
| Total Operating Income As Reported | - | 131.90 | 267.20 | 8.10 | 108.70 |
| EBITDA | - | 104.30 | 418.20 | 164.50 | 238.20 |
| Normalized EBITDA | - | 228.10 | 417.70 | 157.60 | 222.40 |
| EBIT | - | 6 | 271.40 | 15.50 | 89.40 |
| Interest Expense | - | 175.90 | 221.70 | 236.70 | 215.80 |
| Net Interest Income | - | -175.90 | -221.70 | -236.70 | -215.80 |
| Other Non Operating Income Expenses | - | -2.80 | 0.20 | -1.50 | 19.40 |
| Other Income Expense | - | -126.60 | 0.70 | 5.40 | 35.20 |
| Interest Expense Non Operating | - | 175.90 | 221.70 | 236.70 | 215.80 |
| Net Non Operating Interest Income Expense | - | -175.90 | -221.70 | -236.70 | -215.80 |
| Pretax Income | - | -169.90 | 49.70 | -221.20 | -126.40 |
| Tax Provision | - | 3.40 | 1.60 | 0.80 | -92.60 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -26 | 0.02 | 1.45 | 3.32 |
| Net Income Continuous Operations | - | -173.30 | 48.10 | -222 | -33.80 |
| Net Income From Continuing And Discontinued Operation | - | -173.30 | 48.10 | -222 | -33.80 |
| Net Income From Continuing Operation Net Minority Interest | - | -173.30 | 48.10 | -222 | -33.80 |
| Net Income | - | -173.30 | 48.10 | -222 | -33.80 |
| Net Income Common Stockholders | - | -169.80 | 47.10 | -222 | -33.80 |
| Net Income Including Noncontrolling Interests | - | -173.30 | 48.10 | -222 | -33.80 |
| Normalized Income | - | -75.50 | 47.62 | -227.45 | -46.28 |
| Diluted NI Availto Com Stockholders | - | -169.80 | 47.10 | -222 | -33.80 |
| Basic Average Shares | - | 79.34 | 80.08 | 83.15 | 86.76 |
| Diluted Average Shares | - | 79.34 | 80.08 | 83.15 | 86.76 |
| 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 |
| Total Unusual Items | - | -123.80 | 0.50 | 6.90 | 15.80 |
| Total Unusual Items Excluding Goodwill | - | -123.80 | 0.50 | 6.90 | 15.80 |
| Preferred Stock Dividends | -5.20 | -3.50 | 1 | - | - |
| Minority Interests | 0 | 6.70 | - | - | - |
| Special Income Charges | - | -42.10 | -9.40 | -2.40 | 7.10 |
| Gain On Sale Of Business | 0.20 | - | 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 |
| General And Administrative Expense | - | 143.40 | 133 | 145.50 | 123.80 |
| Other Gand A | - | 143.40 | 133 | 145.50 | 123.80 |
| Other Operating Expenses | 8 | 8.10 | -28.40 | -1.20 | - |
| Selling And Marketing Expense | - | 53.90 | 54.90 | 55.70 | 47.90 |
| Other Taxes | - | 13.70 | 21.50 | 20.70 | 19.80 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Calumet, Inc.this co. | CLMT | $3.3B | -96.45 | -4.45 | 4.6% | 23.49 |
| Knife River Corporation | KNF | $4.3B | 27.69 | 2.65 | 9.6% | 11.13 |
| Cabot Corporation | CBT | $4.3B | 12.95 | 2.77 | 21.4% | 6.60 |
| NovaGold Resources Inc. | NG | $3.6B | -37.96 | 21.94 | -57.8% | -45.70 |
| Perpetua Resources Corp. | PPTA | $3.1B | -31.20 |
| - |
| - |
| - |
| - |
| 28.77 |
| -92.2% |
| - |
| Avient Corporation | AVNT | $3.1B | 38.23 | 1.32 | 3.4% | 11.66 |
| United States Lime & Minerals, Inc. | USLM | $3.1B | 22.89 | 4.87 | 21.3% | 14.78 |
| Titan America SA | TTAM | $2.9B | 15.90 | 2.85 | 17.9% | 8.44 |
| Worthington Steel, Inc. | WS | $2.2B | 19.64 | 2.02 | 10.3% | 10.69 |
| Peer Median | - | 17.77 | 2.81 | 9.9% | 10.69 | |