Calumet Specialty Products Partners, L.P. (CLMT) Key Metrics
CLMT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.08B
- Enterprise value
- $6.93B
- P/E (TTM)
- —
- Forward P/E
- 49.0
- PEG ratio
- 0.65
- Price / sales
- 1.1 10-yr median 0.2
- Price / book
- 19.3 10-yr median 5.0
- EV / EBITDA
- 88.7 10-yr median 17.0
- Dividend yield
- —
- Beta
- 0.78
CLMT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCLMT valuation Price multiples at each fiscal year-end price.
Price / sales−4.7%
0.4
2025 · hover or tap a bar for each year
20162025
EV / EBITDA−32.8%
17.0
2025 · hover or tap a bar for each year
20162025
Price / free cash flow
30.5
2025 · hover or tap a bar for each year
20162025
Free cash flow yield+10.0 pts
3.3%
2025 · hover or tap a bar for each year
20162025
CLMT returns How much profit the business earns on the capital it uses.
Return on invested capital+2.3 pts
2.7%
2025 · hover or tap a bar for each year
20162025
Return on assets+6.8 pts
−1.2%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+4.3 pts
1.4%
2025 · hover or tap a bar for each year
20162025
Asset turnover−0.1%
1.52
2025 · hover or tap a bar for each year
20162025
CLMT per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−5.4%
$47.68
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$0.39
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
$0.65
2025 · hover or tap a bar for each year
20162025
Book value per share
−$8.45
2025 · hover or tap a bar for each year
20162025
Shares outstanding+4.3%
86.8M
2025 · hover or tap a bar for each year
20162025
CLMT financial health Debt, liquidity and how easily interest is covered.
Net debt−$1.1M
$2.33B
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA−4.40
9.79
2025 · hover or tap a bar for each year
20162025
Current ratio+15.0%
1.02
2025 · hover or tap a bar for each year
20162025
Interest coverage+633.3%
0.3
2025 · hover or tap a bar for each year
20162025
Debt / assets+6.3%
0.91
2025 · hover or tap a bar for each year
20162025
CLMT efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−2 days
23 days
2025 · hover or tap a bar for each year
20162025
Days of inventory−2 days
38 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−1 days
28 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−3 days
32 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−0.6 pts
1.3%
2025 · hover or tap a bar for each year
20162025
CLMT valuation history
Fiscal year-endToday10-year median
CLMT returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CLMT debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CLMT cash returned to shareholders
DividendsBuybacksFree cash flow
CLMT price vs earnings per share
Share price at year-endEPS (right axis)
CLMT key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.72B | $1.83B | $1.43B | $1.34B | $1.04B | $245.3M | $285.5M | $172.3M | $597.5M | $308.2M |
| Enterprise value | $4.06B | $4.17B | $3.61B | $3.19B | $2.76B | $1.64B | $1.71B | $1.62B | $2.43B | $2.30B |
| P/E ratio | — | — | 29.7 | — | — | — | — | — | — | — |
| Price / sales | 0.4 | 0.4 | 0.3 | 0.3 | 0.3 | 0.1 | 0.1 | 0.0 | 0.2 | 0.1 |
| Price / book | — | — | — | — | — | — | 29.7 | — | 5.0 | 1.4 |
| Price / free cash flow | 30.5 | — | — | — | — | 13.0 | 2.1 | 6.8 | — | — |
| Price / operating cash flow | 15.8 | — | — | 13.3 | — | 3.9 | 1.5 | 2.3 | — | 75.2 |
| EV / sales | 1.0 | 1.0 | 0.9 | 0.7 | 0.9 | 0.7 | 0.5 | 0.5 | 0.6 | 0.6 |
| EV / EBITDA | 17.0 | 25.3 | 8.6 | 30.6 | — | 19.8 | 8.5 | 6.9 | 7.9 | 45.7 |
| EV / free cash flow | 71.7 | — | — | — | — | 87.4 | 12.4 | 63.8 | — | — |
| Earnings yield | −2.0% | −12.1% | 3.4% | −12.7% | −24.4% | −60.7% | −15.3% | −32.0% | −17.4% | −106.6% |
| Free cash flow yield | 3.3% | −6.7% | −20.0% | −32.5% | −12.2% | 7.7% | 48.0% | 14.7% | −16.2% | −43.9% |
| Dividend yield | — | — | — | — | — | — | — | 0.0% | 0.0% | 16.9% |
| Shareholder yield (dividends + buybacks) | — | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 17.5% |
| Share price at fiscal year-end | $19.87 | $22.02 | $17.87 | $16.88 | $13.20 | $3.13 | $3.65 | $2.21 | $7.70 | $4.00 |
| Per share | ||||||||||
| Revenue per share | $47.68 | $50.39 | $52.21 | $59.07 | $39.86 | $28.94 | $44.14 | $44.87 | $48.50 | $46.72 |
| Earnings per share | −$0.39 | −$2.67 | $0.60 | −$2.14 | −$3.23 | −$1.90 | −$0.56 | −$0.71 | −$1.34 | −$4.27 |
| Operating cash flow per share | $1.26 | −$0.56 | −$0.19 | $1.27 | −$0.56 | $0.80 | $2.45 | $0.96 | −$0.34 | $0.05 |
| Free cash flow per share | $0.65 | −$1.48 | −$3.58 | −$5.49 | −$1.61 | $0.24 | $1.75 | $0.33 | −$1.24 | −$1.76 |
| Cash per share | $1.44 | $0.46 | $0.10 | $0.44 | $0.48 | $1.40 | $0.24 | $2.00 | $2.12 | $0.05 |
| Book value per share | −$8.45 | −$8.57 | −$6.14 | −$6.73 | −$4.92 | −$1.76 | $0.12 | −$0.11 | $1.55 | $2.84 |
| Tangible book value per share | −$10.16 | −$10.93 | −$8.66 | −$9.39 | −$7.78 | −$4.87 | −$3.23 | −$3.44 | −$2.05 | −$1.78 |
| Dividends per share | — | — | — | — | — | — | — | $0.00 | $0.00 | $0.68 |
| Capex per share | $0.60 | $0.92 | $3.39 | $6.76 | $1.05 | $0.56 | $0.70 | $0.64 | $0.90 | $1.81 |
| Debt per share | $28.34 | $28.54 | $27.35 | $23.81 | $22.25 | $19.23 | $18.40 | $20.59 | $25.67 | $25.92 |
| Shares outstanding | 86.8M | 83.1M | 80.1M | 79.3M | 79.0M | 78.4M | 78.2M | 77.9M | 77.6M | 77.0M |
| Change in shares outstanding | +4.3% | +3.8% | +0.9% | +0.5% | +0.8% | +0.2% | +0.3% | +0.4% | +0.7% | +2.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | — | — | — | — | — | — | — | — | −61.3% | −79.9% |
| Return on invested capital (ROIC) | 2.7% | 0.4% | 17.2% | 7.9% | −5.2% | −4.2% | 4.2% | 5.7% | 6.0% | −1.4% |
| Return on assets (ROA) | −1.2% | −8.1% | 1.8% | −7.0% | −13.0% | −8.1% | −2.2% | −2.3% | −3.8% | −11.6% |
| Return on tangible assets | −1.3% | −8.7% | 1.9% | −6.7% | −13.4% | −9.5% | −2.7% | −3.0% | −4.3% | −13.9% |
| Free cash flow margin | 1.4% | −2.9% | −6.9% | −9.3% | −4.0% | 0.8% | 4.0% | 0.7% | −2.6% | −3.8% |
| Income quality (OCF / net income) | — | — | −0.31 | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $2.46B | $2.37B | $2.19B | $1.89B | $1.76B | $1.51B | $1.44B | $1.60B | $1.99B | $2.00B |
| Cash & short-term investments | $125.1M | $38.1M | $7.9M | $35.2M | $38.1M | $109.4M | $19.1M | $155.7M | $164.3M | $4.2M |
| Net debt | $2.33B | $2.34B | $2.18B | $1.85B | $1.72B | $1.40B | $1.42B | $1.45B | $1.83B | $1.99B |
| Debt / equity | — | — | — | — | — | — | 149.92 | — | 16.62 | 9.13 |
| Debt / assets | 0.91 | 0.86 | 0.80 | 0.69 | 0.83 | 0.83 | 0.77 | 0.77 | 0.74 | 0.73 |
| Net debt / EBITDA | 9.79 | 14.20 | 5.22 | 17.78 | — | 16.82 | 7.04 | 6.14 | 5.96 | 39.62 |
| Current ratio | 1.02 | 0.89 | 0.71 | 0.61 | 0.70 | 0.98 | 0.91 | 1.61 | 1.29 | 1.29 |
| Quick ratio | 0.56 | 0.40 | 0.32 | 0.24 | 0.34 | 0.51 | 0.39 | 0.93 | 0.95 | 0.51 |
| Interest coverage | 0.3 | 0.0 | 1.2 | 0.7 | -0.6 | -0.6 | 0.6 | 0.8 | 0.9 | -0.2 |
| Working capital | $17.1M | −$97.6M | −$318.0M | −$531.3M | −$267.2M | −$9.6M | −$52.9M | $254.9M | $265.8M | $142.7M |
| Invested capital | $1.60B | $1.62B | $1.69B | $1.32B | $1.33B | $1.26B | $1.43B | $1.44B | $1.95B | $2.21B |
| Tangible asset value | −$636.3M | −$662.1M | −$446.2M | −$499.1M | −$610.7M | −$372.8M | −$240.4M | −$193.7M | −$159.4M | −$137.0M |
| Net current asset value | −$2.32B | −$2.46B | −$2.20B | −$2.21B | −$1.88B | −$1.40B | −$1.32B | −$1.35B | −$1.38B | −$1.87B |
| Graham net-net per share | −$30.93 | −$33.31 | −$31.89 | −$32.07 | −$26.87 | −$20.23 | −$19.68 | −$20.21 | −$25.54 | −$27.98 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $52.1M |
| Share buybacks (net) | — | $0 | $0 | $4.4M | $0 | $0 | $0 | $0 | $0 | $1.8M |
| Dividends + buybacks / free cash flow | — | — | — | — | — | 0.0% | 0.0% | 0.0% | — | — |
| Capex / revenue | 1.3% | 1.8% | 6.5% | 11.4% | 2.6% | 1.9% | 1.6% | 1.4% | 1.9% | 3.9% |
| Capex / operating cash flow | 48.0% | — | — | 533.0% | — | 70.1% | 28.6% | 66.2% | — | 3,400.0% |
| Capex / depreciation | 0.35 | 0.51 | 1.85 | 5.45 | 0.77 | 0.42 | 0.50 | 0.38 | 0.45 | 0.75 |
| Stock-based compensation / revenue | −0.1% | 0.3% | 0.4% | 0.4% | 1.6% | 0.2% | 0.2% | −0.0% | 0.3% | 0.2% |
| SG&A / revenue | 4.2% | 4.8% | 4.5% | 4.2% | 6.5% | 6.1% | 9.1% | 9.1% | 9.1% | 10.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 22.5 | 24.6 | 24.2 | 20.3 | 23.5 | 26.3 | 19.7 | 28.8 | 27.1 | 21.1 |
| Days of inventory on hand | 37.6 | 39.4 | 45.9 | 34.7 | 35.3 | 46.1 | 35.1 | 35.7 | 39.2 | 44.1 |
| Days payables outstanding | 28.2 | 29.6 | 37.4 | 31.3 | 29.2 | 34.5 | 26.2 | 28.8 | 31.2 | 33.9 |
| Cash conversion cycle (days) | 31.9 | 34.4 | 32.6 | 23.7 | 29.6 | 38.0 | 28.6 | 35.7 | 35.1 | 31.3 |
| Receivables turnover | 16.20 | 14.85 | 15.11 | 18.02 | 15.53 | 13.86 | 18.51 | 12.67 | 13.47 | 17.32 |
| Payables turnover | 12.92 | 12.32 | 9.76 | 11.67 | 12.51 | 10.59 | 13.93 | 12.68 | 11.70 | 10.77 |
| Inventory turnover | 9.71 | 9.25 | 7.96 | 10.52 | 10.34 | 7.92 | 10.41 | 10.23 | 9.32 | 8.28 |
| Asset turnover | 1.52 | 1.52 | 1.52 | 1.92 | 1.60 | 1.24 | 1.75 | 1.46 | 1.39 | 1.27 |
| Average receivables | $255.3M | $282.1M | $276.6M | $260.1M | $202.7M | $163.7M | $186.5M | $276.1M | $279.5M | $207.8M |
| Average payables | $301.1M | $321.4M | $382.0M | $371.5M | $240.2M | $204.8M | $215.4M | $241.4M | $279.1M | $296.2M |
| Average inventory | $400.8M | $427.9M | $468.6M | $412.1M | $290.8M | $273.8M | $288.4M | $299.2M | $350.3M | $385.3M |
| Intangibles / total assets | 5.5% | 7.1% | 7.3% | 7.7% | 10.6% | 13.5% | 14.1% | 12.4% | 10.4% | 13.1% |
Computed from CLMT's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CLMT valuation and financial ratios
Calumet earned a return on invested capital of 2.7% in fiscal 2025. It ended the year with $2.5 billion of debt and $125.1 million in cash and short-term investments, net debt of $2.3 billion. The share count rose 12.6% from 77.0M to 86.8M over 9 years.
See the CLMT income statement, the CLMT chart for price history, or the CLMT stock overview for the latest quote and news.
CLMT key metrics FAQ
What is Calumet's EV/EBITDA?
Calumet's enterprise value was 17.0 times EBITDA at the end of fiscal 2025 (enterprise value $4.1 billion, EBITDA $238.4 million); the current EV/EBITDA is 88.7.
What is Calumet's ROIC?
Calumet's return on invested capital was 2.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Calumet have?
Calumet had total debt of $2.5 billion at the end of fiscal 2025 and $2.3 billion of net debt (9.79 times EBITDA).
What is Calumet's free cash flow yield?
Calumet generated $56.6 million of free cash flow in fiscal 2025, a free cash flow yield of 3.3% on its market value at year-end ($1.7 billion).
What is Calumet's current ratio?
Calumet's current ratio was 1.02 at the end of fiscal 2025: current assets were 1.02 times current liabilities.