Calumet, Inc.

Energy
Integrated oil Companies
www.calumetspecialty.com

Safety Score

Market Cap $926.66M
Debt $2.15B
Cash $45.90M
EV $3.03B
FCF -$143.70M

Earnings

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Sales & Net Margins

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Earnings	-$222.00M
EBIT	$8.10M
ROA	0%
FCF	-$143.70M
Equity	-$711.90M
Growth Stability	1
PE	-4.17
PB	-1.3
P/FCF	-6.45
P/S	0.22
Price/Cash	0.05
Debt/Equity	-3.03
Debt/FCF	-14.99
Net Margins	-5%
Gross Margins	6%
Op. Margins	0%
Sales Growth QoQ	-201%

Earnings Growth QoQ	-82%
Market Cap	$926.66M
Revenue	$4.19B
Assets	$2.76B
Total Debt	$2.15B
Cash	$45.90M
Shares Outstanding	83.15M
EV	3.03B
Safety Score	43%
Working Capital	-97.6M
Current Ratio	0.89
Gross Profit	$230.80M
Shares Growth 3y	5%
Equity Growth QoQ	6%
Equity Growth YoY	33%

Assets & ROA

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Stockholders Equity & ROE

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Calumet Specialty Products Partners LP is an independent producer of specialty hydrocarbon products in North America. The company operates through three segments namely Specialty Products and Solutions segment manufacture and market solvents, waxes, customized lubricating oils, white oils, petrolatum's, gels, esters, and other products. In Performance Brands segment, the company blend, package and market high performance products through its Royal Purple, Bel-Ray, and TruFuel brands. The Montana/Renewables segment is comprised of two businesses - renewable diesel and specialty asphalt. The Corporate segment primarily consists of general and administrative expenses not allocated to the Specialty Products and Solutions, Performance Brands or Montana/Renewables segments.

SEC Filings

Direct access to Calumet, Inc. (CLMT) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30

Sector Comparison

How does Calumet, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Calumet, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

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Calumet, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Calumet, Inc. .

Years

Calculation mode

= -$1.4B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$144M	-$144M	-$144M	-$144M	-$144M	-$144M	-$144M	-$144M	-$144M	-$144M	-$144M	-$1.4B
DCF		-$131M	-$119M	-$108M	-$98M	-$89M	-$81M	-$74M	-$67M	-$61M	-$55M	-$554M
Value	-$1.4B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2022	12/2023	12/2024	TTM
Net Margins	-4%	1%	-5%	-5%
ROA	-	-	0%	0%
ROE	-	-	31%	-

Bad Net Margins (-5.3%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	-	-14.99	-14.99
Debt over Equity	-	-3.85	-3.03	-3.03
Growth Stability	-	-	-	1

Good Debt/FCF ratio (-14.99)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (-3.03)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (1)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	-11%	0%	-
Earnings YoY growth	-	-128%	-562%	-
Equity YoY growth	-	-8%	45%	-
FCF YoY growth	-	-33%	-57%	-