Calumet, Inc. /DE (CLMT) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 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
-1.8
Altman Z-score
Clean
Earnings quality
2
Forensic signals
-211.1%
ROE
$3.1B
Market cap
Calumet, Inc. /DE earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -1.8, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
5%Return on invested capital.Return on invested capital is 5% and slipping from 15% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+3.1%/yrShare-count dilution.Diluted share count changed +9% over the last 3 years to FY2025 (+3.1%/yr). The count is GROWING — existing holders are being diluted. That's ~3.1% 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 FY2022 has been diluted ~9%.
Key fundamentals
Net Margin-0.8%
Free Cash Flow$56.6M
Latest Revenue$4.14B
Revenue Growth YoY-1.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Calumet, Inc. /DE:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CLMT's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown