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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.
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Calumet Specialty Products Partners operates refineries and plants that make specialty hydrocarbon products—waxes, solvents, process oils and fuel additives—for industrial and consumer markets. Long-term growth drivers include steady demand for value-added downstream products, operational optimization and expansion into higher-margin specialty applications, so investors may find exposure to niche markets and potential cash generation attractive.
Material risks include crude and feedstock price volatility, regulatory and environmental compliance costs, cyclical end-market demand and competition from larger petrochemical and renewable providers, and investors should monitor leverage and operational outage risk.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | -126.40M | -221.20M | 49.70M | -168.40M | -258.60M |
| Minority interest | - | - | 24.10M | 3.30M | - |
| Net income | -33.80M | -222.00M | 48.10M | -171.80M | -260.10M |
| Selling general administrative | 123.80M | 145.50M | 133.00M | 141.00M | 151.10M |
| Selling and marketing expenses | 47.90M | 55.70M | 54.90M | 53.90M | 52.80M |
| Gross profit | 245.70M | 230.80M | 451.70M | 350.80M | 142.90M |
| Reconciled depreciation | 148.80M | 149.00M | 146.80M | 98.30M | 107.70M |
| Ebit | 89.60M | 15.50M | 271.40M | 133.40M | -81.90M |
| Ebitda | 238.40M | 164.50M | 418.20M | 229.60M | 25.80M |
| Depreciation and amortization | 148.80M | 149.00M | 146.80M | 96.20M | 107.70M |
| Non operating income net other | - | - | - | -125.90M | -23.50M |
| Operating income | 54.20M | 8.10M | 267.20M | 133.40M | -81.90M |
| Other operating expenses | 4082.90M | 4181.30M | 3913.80M | 4552.60M | 3229.70M |
| Interest expense | 216.00M | 236.70M | 221.70M | 175.90M | 149.50M |
| Tax provision | -92.60M | 0.80M | 2.00M | 3.40M | 1.50M |
| Net interest income | -215.80M | -236.70M | -203.60M | -175.90M | -149.50M |
| Non recurring | - | - | - | 0.70M | 4.10M |
| Income tax expense | -92.60M | 0.80M | 1.60M | 3.40M | 1.50M |
| Total revenue | 4137.10M | 4189.40M | 4181.00M | 4686.70M | 3148.00M |
| Total operating expenses | 191.50M | 222.70M | 184.50M | 216.70M | 224.60M |
| Cost of revenue | 3891.40M | 3958.60M | 3729.30M | 4335.90M | 3005.10M |
| Total other income expense net | -180.60M | -229.30M | -217.50M | -301.80M | -176.70M |
| Net income from continuing ops | -33.80M | -222.00M | 19.10M | -171.80M | -260.10M |
| Net income applicable to common shares | - | - | - | -165.10M | -254.90M |
| Preferred stock and other adjustments | - | - | - | - | -5.20M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 2688.90M | 2758.20M | 2751.30M | 2741.80M | 2127.90M |
| Intangible assets | 8.70M | 22.80M | 28.50M | 36.30M | 45.80M |
| Other current assets | 347.50M | 33.50M | 54.40M | 19.20M | 14.90M |
| Total liab | 3176.00M | 3224.50M | 2996.00M | 3029.50M | 2513.00M |
| Total stockholder equity | -732.70M | -712.80M | -491.60M | -287.70M | -10.10M |
| Deferred long term liab | - | - | - | 119.70M | 82.30M |
| Other current liab | 321.10M | 416.50M | 455.50M | 819.00M | 193.20M |
| Common stock | 0.90M | 0.90M | - | -529.90M | -378.80M |
| Capital stock | 0.90M | 0.90M | - | - | - |
| Retained earnings | -1573.40M | -1539.00M | - | -421.90M | -260.10M |
| Other liab | - | - | - | 100.60M | 101.30M |
| Good will | 140.50M | 173.00M | 173.00M | 173.00M | 173.00M |
| Other assets | - | - | - | 122.60M | 169.10M |
| Cash | 125.10M | 38.10M | 14.70M | 35.20M | 38.10M |
| Total current liabilities | 840.70M | 863.60M | 1112.70M | 1352.10M | 899.80M |
| Current deferred revenue | - | - | 13.50M | - | 333.10M |
| Net debt | 256.70M | 2335.10M | 2175.70M | 1632.30M | 1546.30M |
| Short term debt | 220.40M | 126.30M | 321.70M | 90.70M | 72.50M |
| Short long term debt | 156.20M | 35.50M | 55.70M | 19.10M | 7.40M |
| Short long term debt total | 381.80M | 2373.20M | 2190.40M | 1667.50M | 1584.40M |
| Other stockholder equity | 846.60M | 825.40M | -237.50M | 142.50M | 10.10M |
| Property plant equipment | - | - | - | 1482.00M | 1107.40M |
| Total current assets | 857.80M | 766.00M | 794.70M | 820.40M | 632.60M |
| Net tangible assets | - | - | - | -497.00M | -607.70M |
| Net receivables | 224.40M | 278.10M | 286.20M | 268.00M | 253.00M |
| Long term debt | 2077.30M | 2064.70M | 1829.70M | 1537.20M | 1418.80M |
| Inventory | 385.20M | 416.30M | 439.40M | 498.00M | 326.60M |
| Accounts payable | 281.50M | 320.80M | 322.00M | 442.40M | 301.00M |
| Accumulated other comprehensive income | -6.80M | 0.80M | -7.20M | -8.30M | -10.10M |
| Non currrent assets other | 104.70M | 118.20M | 134.40M | 122.60M | 169.10M |
| Non current assets total | 1831.10M | 1992.20M | 1956.60M | 1921.40M | 1495.30M |
| Capital lease obligations | 225.60M | 241.00M | 114.60M | 111.20M | 158.20M |
| Long term debt total | - | - | - | 1539.70M | 1418.80M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | -0.50M | -76.70M | -400.20M | -536.00M | -82.80M |
| Change to liabilities | - | - | - | 83.70M | 71.00M |
| Total cashflows from investing activities | 44.10M | -76.70M | - | -536.00M | -82.80M |
| Net borrowings | -23.50M | 97.70M | - | -286.70M | 88.90M |
| Total cash from financing activities | 6.20M | 154.30M | 266.20M | 348.70M | 139.30M |
| Change to operating activities | - | - | - | -41.40M | 90.80M |
| Net income | -33.80M | -222.00M | 47.10M | -171.80M | -260.10M |
| Change in cash | 159.20M | 31.20M | -20.50M | -86.70M | 12.50M |
| Begin period cash flow | 45.90M | 14.70M | 35.20M | 121.90M | 109.40M |
| End period cash flow | 205.10M | 45.90M | 14.70M | 35.20M | 121.90M |
| Total cash from operating activities | 108.90M | -46.40M | -14.90M | 100.60M | -44.00M |
| Depreciation | 148.80M | 149.00M | 182.90M | 98.30M | 107.70M |
| Other cashflows from investing activities | 96.90M | - | - | 0.20M | 0.10M |
| Change to inventory | 14.90M | 16.10M | 25.10M | -190.80M | -27.00M |
| Change to account receivables | 47.00M | 8.00M | -19.20M | -15.00M | -91.40M |
| Sale purchase of stock | - | 0.00M | 0.00M | -4.40M | 0.00M |
| Other cashflows from financing activities | 93.00M | 56.60M | 17.50M | 626.60M | 97.90M |
| Change to netincome | - | - | - | 125.40M | 42.80M |
| Capital expenditures | 52.30M | 76.70M | 271.80M | 536.20M | 82.90M |
| Change receivables | - | - | - | -15.00M | -91.40M |
| Cash flows other operating | - | - | - | 153.20M | -47.70M |
| Cash and cash equivalents changes | - | - | - | -86.70M | 12.50M |
| Change in working capital | -3.10M | 10.20M | -60.60M | -127.30M | 104.40M |
| Stock based compensation | -4.50M | 14.60M | 14.70M | 17.30M | 50.70M |
| Other non cash items | 1.50M | 1.80M | -199.00M | 285.60M | -75.70M |
| Free cash flow | 56.60M | -123.10M | -286.70M | -435.60M | -126.90M |
Sector: Basic Materials Industry: Specialty Chemicals
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| CLMT Calumet Specialty Products Partners |
1.04 2.98% |
35.95 | - | 51.02 | 1.10 | 19.32 | 1.55 | 91.19 |
| LIN Linde plc Ordinary Shares |
4.77 0.91% |
526.55 | 33.77 | 28.90 | 6.56 | 5.42 | 7.03 | 18.92 |
| AIQUY Air Liquide SA ADR |
0.14 0.33% |
42.71 | 30.69 | 24.81 | 4.70 | 4.10 | 4.36 | 15.61 |
| AIQUF L'Air Liquide S.A |
-0.00 0.00% |
211.95 | 29.78 | 22.68 | 4.54 | 3.98 | 4.50 | 15.90 |
| SHW Sherwin-Williams Co |
- -% |
355.76 | 33.33 | 27.40 | 3.38 | 20.60 | 3.88 | 21.36 |
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.
1060 N Capitol Ave., Indianapolis, IN, United States, 46204-1044
317 328 5660
1540
| Name | Title | Year Born |
|---|---|---|
| Mr. Stephen P. Mawer | Exec. Chairman of Calumet GP, LLC | 1965 |
| Mr. Louis Todd Borgmann | CEO of Calumet GP, LLC | 1983 |
| Mr. Bruce A. Fleming | Exec. VP of Montana Renewables & Corp. Devel. of Calumet GP, LLC | 1957 |
| Mr. Scott Obermeier | Exec. VP of Specialty Products & Solutions of Calumet GP, LLC | 1973 |
| Mr. Vincent Donargo | Exec. VP & CFO | 1961 |
| Mr. Ryan A. Willman | Chief Accounting Officer & Principal Accounting Officer of Calumet GP, LLC | 1978 |
| Brad McMurray | Director of Investor Relations | NA |
| Mr. Marc Lawn | Exec. VP of Performance Brands of Calumet GP, LLC | 1973 |
| Mr. Chris Hodges | Alpha IR | NA |
| Mr. Louis Todd Borgmann | Chief Executive Officer of Calumet GP, LLC | 1983 |
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