Calumet, Inc — Earnings Quality Grade F
CLMT · Basic Materials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 20 days, change -1 days YoY
AR growth -7.2% vs revenue growth -1.2%
Revenue -1.2%, CFFO 334.7%. Cash follows revenue
Expense Quality
Inventory -7.5% vs COGS -1.7%. Normal
CapEx growth -31.8% vs revenue -1.2%. Normal
SG&A/Gross Profit = 69.9%. Normal
Gross margin 5.9%, change +0.4pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF $0.1B, FCF/NI = -1.67
Accruals ratio = -5.3%. Low accruals
Cash $0.1B covers only 5% of debt $2.5B
Balance Sheet Health
Goodwill+Intangibles $0.1B = -20% of equity. Manageable
Debt/EBITDA = 10.3x (>4x). Interest coverage = 0.3x (<2x). Financial stress
Other assets -11.4% vs revenue -1.2%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -23% YoY. Normal
Manipulation Score
M-Score = -2.89 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25