Calumet Specialty Products Partners, L.P. (CLMT) Balance Sheet
CLMT balance sheet, 2025
December 31, 2025 · U.S. dollars$2.69B assets = $3.18B liabilities + −$487.1M equity
Liabilities exceed assets: shareholders’ equity is negative (−$487.1M).
Both columns are drawn to the same scale: what CLMT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CLMT financial health
Descriptive bands, not a rating. Fiscal 2025.
CLMT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.73B2016 | $2.69B2025 | −0.1%/yr | |
| Total liabilities | $2.51B2016 | $3.18B2025 | +2.7%/yr | |
| Shareholders’ equity | $218.7M2016 | −$732.7M2025 | — | |
| Cash & short-term investments | $4.2M2016 | $125.1M2025 | +45.8%/yr | |
| Total debt | $2.00B2016 | $2.46B2025 | +2.3%/yr | |
| Net cash (debt) | −$1.99B2016 | −$2.33B2025 | −$341.0M | |
| Working capital | $142.7M2016 | $17.1M2025 | −$125.6M | |
| Book value per share | $2.842016 | −$8.452025 | — | |
| Current ratio | 1.292016 | 1.022025 | −0.27 | |
| Debt / equity | 9.132016 | 149.922019 | +140.78 | |
| Shares outstanding | 77.0M2016 | 86.8M2025 | +1.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CLMT assets
CLMT liabilities and equity
CLMT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CLMT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $125.1M | $38.1M | $7.9M | $35.2M | $38.1M | $109.4M | $19.1M | $155.7M | $164.3M | $4.2M |
| Cash & equivalents | $125.1M | $38.1M | $7.9M | $35.2M | $38.1M | $109.4M | $19.1M | $155.7M | $164.3M | $4.2M |
| Short-term investments | — | — | — | — | — | — | — | — | $350.0M | $0 |
| Receivables | $232.5M | $278.1M | $286.2M | $267.1M | $253.0M | $152.4M | $175.0M | $198.0M | $354.1M | $204.9M |
| Inventory | $385.2M | $416.3M | $439.4M | $497.7M | $326.6M | $254.9M | $292.6M | $284.1M | $314.4M | $386.2M |
| Other current assets | $115.0M | $33.5M | $61.2M | $19.6M | $14.9M | $18.2M | $25.4M | $32.2M | $358.7M | $45.6M |
| Total current assets | $857.8M | $766.0M | $794.7M | $819.6M | $632.6M | $534.9M | $512.1M | $670.0M | $1.19B | $640.9M |
| Property, plant & equipment (net) | $1.58B | $1.68B | $1.62B | $1.59B | $1.10B | $992.0M | $1.05B | $1.10B | $1.16B | $1.68B |
| Goodwill & intangible assets | $149.2M | $195.8M | $201.5M | $211.4M | $225.6M | $244.2M | $262.0M | $259.4M | $279.3M | $355.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $25.4M | $35.0M | $10.3M |
| Other non-current assets | $104.7M | $118.2M | $134.4M | $122.6M | $169.1M | $37.2M | $36.5M | $34.6M | $23.8M | $40.3M |
| Total assets | $2.69B | $2.76B | $2.75B | $2.74B | $2.13B | $1.81B | $1.86B | $2.09B | $2.69B | $2.73B |
| Liabilities | ||||||||||
| Accounts payable | $281.5M | $320.8M | $322.0M | $442.0M | $301.0M | $179.3M | $230.2M | $200.6M | $282.3M | $275.9M |
| Short-term debt | $220.4M | $126.3M | $321.7M | $312.1M | $245.5M | $143.1M | $196.7M | $3.8M | $354.1M | $3.5M |
| Deferred revenue | — | — | $190.4M | — | $333.1M | $68.8M | $79.5M | $15.2M | $104.5M | $84.8M |
| Total current liabilities | $840.7M | $863.6M | $1.11B | $1.35B | $899.8M | $544.5M | $565.0M | $415.1M | $925.7M | $498.2M |
| Long-term debt | $2.08B | $2.06B | $1.83B | $1.54B | $1.42B | $1.32B | $1.21B | $1.60B | $1.64B | $1.99B |
| Lease obligations | $225.6M | $241.0M | $114.6M | $111.2M | $158.2M | $89.9M | $96.3M | — | — | — |
| Other long-term liabilities | $258.0M | $296.2M | $53.6M | $138.1M | $194.4M | $73.0M | $61.7M | $6.0M | $5.0M | $14.6M |
| Total liabilities | $3.18B | $3.22B | $3.00B | $3.03B | $2.51B | $1.94B | $1.84B | $2.02B | $2.57B | $2.51B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $900,000 | $900,000 | −$484.4M | −$525.3M | −$378.8M | −$125.3M | $20.2M | $61.6M | $113.3M | $211.2M |
| Retained earnings (deficit) | −$1.57B | −$1.54B | $0 | −$421.9M | −$260.1M | — | — | — | $0 | $0 |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$6.8M | $800,000 | −$7.2M | −$8.3M | −$10.1M | −$12.3M | −$10.6M | −$8.7M | −$7.2M | −$8.3M |
| Minority interest | $245.6M | $245.6M | $245.6M | $245.6M | — | — | — | — | $0 | $0 |
| Total shareholders' equity | −$732.7M | −$712.8M | −$491.6M | −$533.6M | −$388.9M | −$137.6M | $9.6M | −$8.7M | $119.9M | $218.7M |
| Key figures | ||||||||||
| Total debt | $2.46B | $2.37B | $2.19B | $1.89B | $1.76B | $1.51B | $1.44B | $1.60B | $1.99B | $2.00B |
| Net cash (debt) | −$2.33B | −$2.34B | −$2.18B | −$1.85B | −$1.72B | −$1.40B | −$1.42B | −$1.45B | −$1.83B | −$1.99B |
| Working capital | $17.1M | −$97.6M | −$318.0M | −$531.3M | −$267.2M | −$9.6M | −$52.9M | $254.9M | $265.8M | $142.7M |
| Tangible book value | −$881.9M | −$908.6M | −$693.1M | −$745.0M | −$614.5M | −$381.8M | −$252.4M | −$268.1M | −$159.4M | −$137.0M |
| Book value per share | −$8.45 | −$8.57 | −$6.14 | −$6.73 | −$4.92 | −$1.76 | $0.12 | −$0.11 | $1.55 | $2.84 |
| Shares outstanding | 86.8M | 83.1M | 80.1M | 79.3M | 79.0M | 78.4M | 78.2M | 77.9M | 77.6M | 77.0M |
| Current ratio | 1.02 | 0.89 | 0.71 | 0.61 | 0.70 | 0.98 | 0.91 | 1.61 | 1.29 | 1.29 |
| Quick ratio | 0.43 | 0.37 | 0.26 | 0.22 | 0.32 | 0.48 | 0.34 | 0.85 | 0.56 | 0.42 |
| Debt / equity | — | — | — | — | — | — | 149.92 | — | 16.62 | 9.13 |
| Equity / assets | −27.2% | −25.8% | −17.9% | −19.5% | −18.3% | −7.6% | 0.5% | −0.4% | 4.5% | 8.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $109.8M | $138.6M | $125.1M | $94.6M | $110.6M | $123.4M | $38.1M | $34.6M | $7.0M | $7.0M | $7.9M | $13.7M |
| Cash & equivalents | $109.8M | $138.6M | $125.1M | $94.6M | $110.6M | $123.4M | $38.1M | $34.6M | $7.0M | $7.0M | $7.9M | $13.7M |
| Receivables | $417.0M | $358.4M | $232.5M | $278.7M | $305.9M | $303.2M | $278.1M | $305.6M | $306.9M | $339.6M | $286.2M | $285.0M |
| Inventory | $421.0M | $369.5M | $385.2M | $400.1M | $370.5M | $389.4M | $416.3M | $409.5M | $394.8M | $394.8M | $439.4M | $447.7M |
| Other current assets | $75.0M | $61.4M | $115.0M | $106.7M | $108.8M | $101.9M | $33.5M | $40.1M | $86.9M | $54.2M | $61.2M | $117.0M |
| Total current assets | $1.02B | $927.9M | $857.8M | $880.1M | $895.8M | $917.9M | $766.0M | $789.8M | $795.6M | $795.6M | $794.7M | $863.4M |
| Property, plant & equipment (net) | $1.32B | $1.34B | $1.58B | $1.36B | $1.39B | $1.41B | $1.68B | $1.45B | $1.55B | $1.55B | $1.62B | $1.60B |
| Goodwill & intangible assets | $0 | $0 | $149.2M | $0 | $0 | $0 | $195.8M | $0 | $0 | $0 | $201.5M | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $458.8M | $490.7M | $104.7M | $491.8M | $492.9M | $492.8M | $118.2M | $397.0M | $325.1M | $325.1M | $134.4M | $338.6M |
| Total assets | $2.80B | $2.75B | $2.69B | $2.73B | $2.78B | $2.82B | $2.76B | $2.64B | $2.67B | $2.67B | $2.75B | $2.80B |
| Liabilities | ||||||||||||
| Accounts payable | $372.1M | $353.3M | $281.5M | $298.7M | $279.3M | $306.1M | $320.8M | $321.6M | $342.3M | $342.3M | $322.0M | $342.1M |
| Short-term debt | $33.5M | $32.6M | $220.4M | $155.2M | $292.1M | $83.5M | $126.3M | $480.1M | $474.5M | $474.5M | $321.7M | $477.4M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | $190.4M | $450.4M |
| Total current liabilities | $1.22B | $963.1M | $840.7M | $776.3M | $1.18B | $869.1M | $863.6M | $1.25B | $1.22B | $1.22B | $1.11B | $1.32B |
| Long-term debt | $2.23B | $2.30B | $2.08B | $2.15B | $2.11B | $2.30B | $2.06B | $1.66B | $1.63B | $2.06B | $1.83B | $1.61B |
| Lease obligations | — | — | $225.6M | — | — | — | $241.0M | — | — | — | $114.6M | — |
| Other long-term liabilities | $247.3M | $285.1M | $258.0M | $259.9M | $259.0M | $269.0M | $296.2M | $153.3M | $146.5M | $0 | $53.6M | $74.0M |
| Total liabilities | $3.69B | $3.55B | $3.18B | $3.18B | $3.54B | $3.44B | $3.22B | $3.07B | $2.99B | $2.99B | $3.00B | $3.00B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $900,000 | $900,000 | $900,000 | $900,000 | $900,000 | $900,000 | $900,000 | $900,000 | −$559.0M | −$559.0M | −$484.4M | −$442.3M |
| Retained earnings (deficit) | −$1.99B | −$1.89B | −$1.57B | −$1.54B | −$1.85B | −$1.70B | −$1.54B | −$2.16B | — | — | — | — |
| Accumulated other comprehensive income | −$6.2M | −$6.8M | −$6.8M | $900,000 | −$7.0M | −$7.0M | $800,000 | −$7.0M | −$7.1M | −$7.1M | −$7.2M | −$8.1M |
| Minority interest | $250.6M | $250.6M | $245.6M | $245.6M | $245.6M | — | — | — | — | — | — | — |
| Total shareholders' equity | −$1.14B | −$1.04B | −$732.7M | −$695.3M | −$1.01B | −$862.3M | −$712.8M | −$672.2M | −$566.1M | −$566.1M | −$491.6M | −$450.4M |
| Key figures | ||||||||||||
| Total debt | $2.26B | $2.50B | $2.46B | $2.30B | $231.8M | $2.56B | $2.37B | $2.18B | $2.13B | $2.13B | $2.19B | $2.13B |
| Net cash (debt) | −$2.15B | −$2.36B | −$2.33B | −$2.21B | −$121.2M | −$2.44B | −$2.34B | −$2.15B | −$2.13B | −$2.13B | −$2.18B | −$2.11B |
| Working capital | −$194.0M | −$35.2M | $17.1M | $103.8M | −$280.2M | $48.8M | −$97.6M | −$464.6M | −$424.5M | −$424.5M | −$318.0M | −$456.8M |
| Tangible book value | −$1.14B | −$1.04B | −$881.9M | −$695.3M | −$1.01B | −$862.3M | −$908.6M | −$672.2M | −$566.1M | −$566.1M | −$693.1M | −$450.4M |
| Book value per share | −$12.98 | −$11.99 | −$8.43 | −$8.02 | −$11.63 | −$9.98 | −$8.28 | −$7.86 | −$7.03 | −$7.03 | −$6.13 | −$5.61 |
| Shares outstanding | 87.6M | 87.0M | 86.9M | 86.7M | 86.8M | 86.4M | 86.1M | 85.5M | 80.6M | 80.6M | 80.2M | 80.3M |
| Current ratio | 0.84 | 0.96 | 1.02 | 1.13 | 0.76 | 1.06 | 0.89 | 0.63 | 0.65 | 0.65 | 0.71 | 0.65 |
| Quick ratio | 0.43 | 0.52 | 0.43 | 0.48 | 0.35 | 0.49 | 0.37 | 0.27 | 0.26 | 0.28 | 0.26 | 0.23 |
| Equity / assets | −40.6% | −37.9% | −27.2% | −25.4% | −36.4% | −30.5% | −25.8% | −25.5% | −21.2% | −21.2% | −17.9% | −16.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
CLMT financial position
At the end of fiscal 2025 (December 31, 2025), Calumet had total assets of $2.7 billion (down 2.5% from a year earlier), total liabilities of $3.2 billion and shareholders' equity of -$732.7 million. It held $125.1 million in cash and short-term investments against $2.5 billion of debt, net debt of $2.3 billion. Its current ratio was 1.02. In the latest quarter (ended June 30, 2026) total assets were $2.8 billion and equity -$1.1 billion.
Related: CLMT income statement, CLMT cash flow statement, CLMT key metrics. See the CLMT stock overview for the latest quote and news.
CLMT balance sheet FAQ
What are Calumet's total assets?
Calumet reported total assets of $2.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.8 billion a year earlier.
How much debt does Calumet have?
Calumet had $2.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Calumet have?
Calumet held $125.1 million in cash and short-term investments at the end of fiscal 2025; with $2.5 billion of debt that is net debt of $2.3 billion.
What is Calumet's book value?
Calumet's shareholders' equity (book value) was -$732.7 million at the end of fiscal 2025, or −$8.45 per share.
What is Calumet's current ratio?
Calumet had current assets of $857.8 million and current liabilities of $840.7 million, a current ratio of 1.02 (it can cover its short-term obligations).
How much goodwill does Calumet have?
Calumet carried $149.2 million of goodwill and intangible assets, 5.5% of total assets, at the end of fiscal 2025.