CLMTCalumet, Inc.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (3.9×).
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash.
Margins have held roughly steady, a stable cost structure.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CLMT?
Calumet, Inc. earns 3.7% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 5.3 points below what the capital costs: growth destroys value
- Operating margin
- 1.0%
Operating margin · Specialty Chemicals median 7.4% · 12 months to Q2 2026
- Cash conversion
- 3.93×
Cash conversion · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.91%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2022 | 2.8% |
| FY2023 | 6.4% |
| FY2024 | 0.19% |
| FY2025 | 2.6% |
Details›
- Gross margin12 months to Q2 2026
- 6.6%
- Operating margin12 months to Q2 2026
- 1.0%
- Net margin12 months to Q2 2026
- −3.0%
- Free cash flow margin
- 1.3%
- Revenue, trailing twelve months
- $4.59B
- Free cash flow, trailing twelve months
- $58M
- Net income, trailing twelve months
- −$137M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 3.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Specialty Chemicals
Ranks #31 of 33 by RyuScore