Forensic Analysis · Energy / Oil & Gas · as of Aug 11, 2026

Calumet, Inc. /De (CLMT)

A forensic read on Calumet, Inc. /De built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

F · Poor — capital at risk

Forensic grade

Distress

Financial health

-0.3

Distress distance

Clean

Earnings quality

Forensic signals

-25.6

P / E (ttm)

$3.9B

Market cap

0.00%

Dividend yield

-1.2%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Calumet, Inc. /De earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -0.3, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

4.6%

FY2025

Return on invested capital. Return on invested capital is 4.6% in the latest fiscal year and rising from 0% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.

+4.3%/yr

FY2024–FY2025

Share-count dilution. Diluted share count changed +4% over the last 1 year to FY2025 (+4.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~4%.

-0.1% of rev

FY2025

Stock-based comp load. Stock-based compensation ran -0.1% of revenue and -8% of free cash flow in FY2025 — about $-0.05 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 4.3% a year, small enough that totals and per-share results tell the same story.

Key fundamentals

Latest Revenue$4.14B

Revenue Growth YoY-1.2%

Net Margin-0.8%

Free Cash Flow$56.6M

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.