CLMTCalumet, Inc. /DE

Petroleum Refining

Revenue: $4.1B; 1.2% YoY
Operating margin: 2.6%; 1259% YoY
EBITDA: $258M; 64% YoY
Market cap: $4.4B
Employees: 1,540; $3M revenue each
Net debt / EBITDA: 8.2×; $2.1B net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
-0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentYes
72% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$3M · 22nd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 45th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
8.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$21M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.7B	$4.2B	$4.2B	$4.1B	1.2%
Operating income	$132M	$267M	$8M	$109M	1242%
Net income	−$173M	$48M	−$222M	−$34M	85%
Operating cash flow	$101M	−$15M	−$46M	$109M	335%
Capex	$536M	$272M	$77M	$52M	32%
Stock-based comp	$17M	$15M	$15M	−$5M	131%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 5, 2026	Heritage Group	SCHEDULE 13D/A	16.6%	Passive
Feb 25, 2025	Wasserstein Debt Opportunities Management, L.P.	SCHEDULE 13D	6.6%	Active
Jul 11, 2024	Heritage Group	SC 13D	17.2%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $21M · 6
Net: −$21M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	151	79
FY2024	—	—	167	91
FY2023	—	—	135	99
FY2022	—	—	128	86