# Calumet, Inc. /DE (CLMT) · Edgar & Edgarette company card

> Calumet (CLMT) saw revenue fall 1.2% in FY2025 to $4.1 billion, operating margin 2.6%, in line with the 2.7% median for petroleum refining, equity -27.2% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 2013745 · fiscal year ended 2025-12-31 · 4 audited years read · [page](https://www.pops4.com/boards/company/CLMT) · [JSON](https://www.pops4.com/boards/company/CLMT.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $4.1B |
| Revenue growth, 1 year | -1.2% |
| Revenue growth per year | -4.1% |
| Operating margin | 2.6% (prior year 0.2%) |
| Net margin | -0.8% |
| Operating cash flow | $109M |
| Capital spending | $77M |
| Free cash flow | $32M |
| Cash | $125M |
| Long-term debt | $2.2B |
| Total assets | $2.7B |
| Total equity | −$733M |
| Equity ÷ assets | -27.2% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -1.84 (distress zone)
- Piotroski F: 6 of 9 (solid)
- Health Harbor boat: Weathered boat · two warning signs · filed earlier statements no longer to be relied on in the last 12 months; liabilities exceed assets (often from years of share buybacks, not always distress)
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $4.1B (FY2025), total debt $2.2B. Experience: revenue down 1.2% on the year, down 4.1% a year over 3 years; operating margin 2.6%, up from 0.2%. Soundness: equity -27.2% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $3.5B and $4.4B next year (method v4.1: its own 3-year record of growth weighed at 40% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $3.3B to $4.8B. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, petroleum refining): operating margin 2.6% against a 2.7% median; growth -1.2% against -5.0%.

Range logged 2026-09-24, receipt b8b28499ab86d2fd, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 4.02 Earlier statements no longer to be relied on: 1, latest 2025-11-07 ([filing](https://www.sec.gov/Archives/edgar/data/2013745/000201374525000015/0002013745-25-000015-index.htm))
- Item 5.02 Director or officer change: 1, latest 2026-03-25 ([filing](https://www.sec.gov/Archives/edgar/data/2013745/000201374526000011/0002013745-26-000011-index.htm))

## Recent filings

- 8-K · filed 2026-09-15 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/2013745/000119312526390825/0001193125-26-390825-index.htm)
- 8-K · filed 2026-09-01 · 1.01 Entry into a Material Definitive Agreement; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/2013745/000201374526000029/0002013745-26-000029-index.htm)
- 10-Q · filed 2026-08-07 · [filing](https://www.sec.gov/Archives/edgar/data/2013745/000201374526000024/0002013745-26-000024-index.htm)
- 8-K · filed 2026-08-07 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/2013745/000201374526000022/0002013745-26-000022-index.htm)
- 8-K · filed 2026-06-03 · 5.07 Submission of Matters to a Vote of Security Holders · [filing](https://www.sec.gov/Archives/edgar/data/2013745/000119312526255570/0001193125-26-255570-index.htm)
- 10-Q · filed 2026-05-08 · [filing](https://www.sec.gov/Archives/edgar/data/2013745/000201374526000016/0002013745-26-000016-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0002013745.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2013745

## Cite

POPS4, Edgar & Edgarette: Calumet, Inc. /DE (CLMT) company card, from the company's own SEC filings, accessed 2026-11-05, https://www.pops4.com/boards/company/CLMT. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.