Latest Ratios: P/E Ratio -93.4x · EV/EBITDA 16.9x · ROE N/A. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.2B | $1.7B | $1.8B | $1.4B | $1.3B | $1.0B | $245M | $285M | $172M | $598M | $308M |
| Enterprise Value | $3.4B | $2.0B | $4.2B | $3.6B | $3.2B | $2.8B | $1.6B | $1.7B | $1.6B | $2.4B | $2.3B |
| P/E Ratio → | -93.38 | — | — | 30.29 | — | — | — | — | — | — | — |
| P/S Ratio | 0.77 | 0.42 | 0.44 | 0.34 | 0.29 | 0.33 | 0.11 | 0.08 | 0.05 | 0.16 | 0.09 |
| P/B Ratio | — | — | — | — | — | — | — | 13.22 | 42.01 | 4.47 | 1.31 |
| P/FCF | 56.08 | 30.46 | — | — | — | — | 13.05 | 2.08 | 6.78 | — | — |
| P/OCF | 29.15 | 15.83 | — | — | 13.31 | — | 3.91 | 1.49 | 2.29 | — | 75.16 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.48 | 0.99 | 0.86 | 0.68 | 0.88 | 0.72 | 0.49 | 0.46 | 0.64 | 0.64 |
| EV / EBITDA | 16.90 | 9.76 | 26.52 | 8.73 | 13.87 | 70.64 | 49.49 | 9.15 | 6.39 | 7.20 | 15.82 |
| EV / EBIT | 63.30 | 22.11 | 268.77 | 13.31 | 532.22 | — | — | 18.64 | 15.41 | 15.99 | — |
| EV / FCF | — | 34.99 | — | — | — | — | 87.40 | 12.45 | 63.82 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 5.9% | 5.9% | 5.5% | 10.8% | 7.5% | 4.5% | 4.4% | 13.1% | 12.5% | 13.2% | 11.3% |
| Operating Margin | 1.3% | 1.3% | 0.2% | 6.4% | 2.8% | -2.7% | -3.2% | 2.2% | 3.5% | 4.2% | -1.1% |
| Net Profit Margin | -0.8% | -0.8% | -5.3% | 1.2% | -3.6% | -8.1% | -6.6% | -1.3% | -1.6% | -2.8% | -9.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | -339.3% | -80.0% | -56.4% | -75.9% |
| ROA | -1.2% | -1.2% | -8.1% | 1.8% | -7.0% | -13.0% | -8.1% | -2.2% | -2.3% | -3.8% | -11.6% |
| ROIC | 5.0% | 5.0% | 0.3% | 11.4% | 6.8% | -4.9% | -4.0% | 4.0% | 5.4% | 5.7% | -1.3% |
| ROCE | 2.9% | 2.9% | 0.5% | 17.6% | 10.1% | -6.9% | -5.6% | 5.1% | 7.2% | 7.9% | -1.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | 66.63 | 391.34 | 14.90 | 8.52 |
| Debt / EBITDA | 1.88 | 1.88 | 15.11 | 5.29 | 8.21 | 44.95 | 45.40 | 7.72 | 6.32 | 5.91 | 13.73 |
| Net Debt / Equity | — | — | — | — | — | — | — | 65.75 | 353.37 | 13.67 | 8.50 |
| Net Debt / EBITDA | 1.26 | 1.26 | 14.86 | 5.27 | 8.05 | 43.97 | 42.11 | 7.62 | 5.71 | 5.42 | 13.70 |
| Debt / FCF | — | 4.54 | — | — | — | — | 74.36 | 10.37 | 57.04 | — | — |
| Interest Coverage | 0.41 | 0.41 | 0.07 | 1.22 | 0.03 | -0.73 | -0.17 | 0.68 | 0.68 | 0.83 | -0.83 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.02 | 1.02 | 0.89 | 0.71 | 0.61 | 0.70 | 0.98 | 0.91 | 1.61 | 1.29 | 1.29 |
| Quick Ratio | 0.56 | 0.56 | 0.40 | 0.32 | 0.24 | 0.34 | 0.51 | 0.39 | 0.93 | 0.95 | 0.51 |
| Cash Ratio | 0.15 | 0.15 | 0.04 | 0.01 | 0.03 | 0.04 | 0.20 | 0.03 | 0.38 | 0.18 | 0.01 |
| Asset Turnover | — | 1.54 | 1.52 | 1.52 | 1.71 | 1.48 | 1.25 | 1.86 | 1.68 | 1.40 | 1.32 |
| Inventory Turnover | 10.10 | 10.10 | 9.51 | 8.49 | 8.71 | 9.20 | 8.51 | 10.26 | 10.77 | 10.39 | 8.26 |
| Days Sales Outstanding | — | — | 24.23 | 24.99 | 20.80 | 29.33 | 24.52 | 18.50 | 20.66 | 34.34 | 20.78 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | 16.9% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 3.3% | — | — | — | — | — | — | — |
| FCF Yield | 1.8% | 3.3% | — | — | — | — | 7.7% | 48.0% | 14.7% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.6% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 17.5% |
| Shares Outstanding | — | $87M | $83M | $80M | $79M | $79M | $78M | $78M | $78M | $78M | $77M |
Extreme margin volatility
According to recent market data, Calumet's negative TTM P/E of -89.95 and elevated EV/EBITDA of 16.32 suggest that traditional valuation multiples are currently unreliable indicators of intrinsic value due to the company's persistent earnings instability and the ongoing transition of its core business model.
The current valuation appears to reflect a market struggling to price the company's pivot toward renewable aviation fuels against a backdrop of legacy refining losses. Investors should monitor the forward EV/EBITDA of 6.27, which implies an expectation of significant margin recovery that remains highly contingent on successful operational scaling.
As reported in financial statements, Calumet's ROIC has fluctuated wildly, reaching a peak of 14.0% in 2025Q3 before collapsing to negative territory in 2026Q1, which highlights the company's inability to consistently generate returns above its cost of capital during this intensive transition phase.
The erratic nature of these returns suggests that the company's capital allocation is currently dominated by the high-risk, high-reward Montana Renewables project rather than stable compounding. The lack of a sustained positive ROIC trend indicates that the business model has yet to achieve the operational maturity required to justify its capital intensity.
Based on the provided quarterly data, Calumet's cash conversion cycle has remained volatile, oscillating between 33 and 38 days over the last ten quarters, which suggests that the company faces persistent challenges in optimizing its inventory and receivables relative to its supplier payment obligations.
The fluctuation in the CCC indicates that the company's operational efficiency is highly sensitive to feedstock procurement timing and the cyclical nature of its specialty product sales. This lack of consistency in working capital management may exacerbate liquidity pressures during periods of commodity price volatility.
Analysis of the business model suggests that the EV/EBITDA ratio is frequently misapplied to Calumet, as it obscures the significant non-cash inventory adjustments and the unique, high-barrier nature of the specialty chemical segment that differentiates the firm from commoditized, pure-play refining peers.
Investors should instead focus on normalized EBITDA metrics that strip out the impact of inventory accounting and environmental credit timing. Relying on standard refining multiples risks undervaluing the potential of the specialty portfolio while simultaneously underestimating the operational risks inherent in the renewable fuel transition.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying CLMT stock.
Calumet, Inc.'s current P/E ratio is -93.4x. The historical average is 18.4x.
Calumet, Inc.'s current EV/EBITDA is 16.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.7x.
Based on historical data, Calumet, Inc. is trading at a P/E of -93.4x. Compare with industry peers and growth rates for a complete picture.
Calumet, Inc. has 5.9% gross margin and 1.3% operating margin.
Calumet, Inc.'s Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.