CLMT Calumet, Inc. /DE

Overview and Growth

In fiscal 2025, Calumet, Inc. /DE recorded $4.14B of revenue, net loss of $33.80M, and an operating cash inflow of $108.90M. Revenue of $4.14B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 1.2% below fiscal 2024 revenue of $4.19B, marking a top-line contraction. The company reported diluted EPS of -$0.39, adding a shareholder-level measure to the absolute income figures considered below. At period end, total assets were $2.69B, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 1.54x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $245.70M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 5.9% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced $108.70M of income after the reported operating expense base, before the remaining non-operating and tax effects. Operating margin measured 2.6%, showing the portion of revenue preserved after the full set of operating costs. The bottom-line result was a net loss of $33.80M after operating, financing, tax, and other recognized items. Measured against revenue, the bottom-line deficit represented 0.8% after all recognized items. The company reported a pretax loss of $126.40M, before the effect of income taxes. Measured against revenue, the pretax deficit represented 3.1%. The company recognized an income-tax benefit of $92.60M, increasing after-tax earnings relative to the pretax result. The net loss equaled 1.3% of period-end assets, showing the deficit relative to the asset base. Compared with a $222.00M net loss in fiscal 2024, the current loss improved to $33.80M.

Liquidity and Capital Structure

The company held $2.69B of assets against $3.18B of liabilities and -$732.70M of equity, revealing how the asset base was financed. The company reported negative equity of -$732.70M, a capital deficit that reduces its ability to absorb losses through book equity. The near-term balance sheet paired $857.80M of current assets with $840.70M of current liabilities at the reporting date. The current ratio was 1.02x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $125.10M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 14.9% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $2.08B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-assets relationship was 77.3%, comparing borrowing with the total asset balance. Book equity represented -27.2% of total assets, quantifying the balance-sheet share supported by shareholder capital. The liabilities-to-assets relationship was 118.1%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 4.7% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $2.76B in fiscal 2024, the current asset base moved 2.5% and finished lower. The reported cash balance changed 228.3% from $38.10M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

The company reported $108.90M of operating cash flow, a cash inflow that shows the cash generated by operations. The cash-flow statement records $52.30M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 48.0% of operating cash flow, quantifying the share of cash from operations directed to investment. Free cash flow came to $56.60M, leaving a positive amount after capital expenditures. The free-cash-flow margin was 1.4%, measuring cash remaining after capital spending against revenue. The free-cash-flow-to-assets relationship was 2.1%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.