Forensic Analysis · Refining & Downstream · as of Nov 9, 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
Clean
Earnings quality
3
Forensic signals
-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 (auditor quality, say on pay, board independence, going concern). 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. 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, against 0.3% in FY2024. After-tax operating profit was $6M in FY2024 and $86M in FY2025, with operating income at 0.2% of revenue in FY2024 and 2.6% in FY2025. The capital base behind it went from $1.9B in FY2024 to $1.9B in FY2025 (0%), while the revenue it carried went from $4.2B to $4.1B.
+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 — 83.1M shares in FY2024, 86.8M in FY2025: 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 -14% of free cash flow in FY2025 — about $-0.05 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 4.3% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$4.14B
Revenue Growth YoY-1.2%
Net Margin-0.8%
Free Cash Flow$32.2M
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Calumet, Inc. /De's actual 10-K/10-Q/8-K filings?