Calumet Inc. Common Stock (CLMT)

FairStock Score: 22/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for a durable business, honest accounting, and a price that gives me a margin of safety. Calumet is a $5.1B market-cap specialty chemicals and renewable fuels company with 1,540 employees, but the numbers show a volatile, capital-intensive operation rather than a predictable compounder. In fiscal 2025, revenue was $4.1B and net income was -$33.8M; in fiscal 2024, net income was -$222.0M, and in fiscal 2023 it was $48.1M. The quarterly swings are severe: fiscal Q3 2025 earned $313.4M, but fiscal Q1 2026 lost $317.0M and fiscal Q2 2026 lost $95.9M on $1.4B of revenue. FairStock's calculations at the 2026-10-13 close of $58.59 show a negative P/E of -37.80, ROCE of -1.32%, an Altman Z-Score of 0.23, and an EV/EBITDA of 2354.47, which tells me EBITDA is barely covering the enterprise value. Free cash flow is positive at $73.5M, but the 1.4% FCF yield is thin. The Piotroski F-Score of 6/9 and Lynch TURNAROUND label offer some hope, but hope is not a moat. Revenue growth is only 3.60%, and profit growth is -95.68%. The 52-week range of $17.85-$59.87 places the shares near the high, while FairStock Score is 22/100. I see a possible cyclical recovery, but not the steady earning power or bargain price Graham would demand.

In plain English: Calumet makes specialty products such as solvents, waxes, lubricating oils, gels and renewable fuels. The business looks weak right now because it lost money in fiscal 2025 and in the first two quarters of fiscal 2026, including a $95.9M loss in the quarter ended 2026-06-30. At the recent price of $58.59, the shares look expensive compared with current profits and cash flow, though the company is a possible turnaround story.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer