CLMTCalumet, Inc.
Is it safe?
Elevated bankruptcy risk: a balance sheet under strain, heavy debt (CCC), and big price swings. Everything else is secondary until this clears.
Elevated financial-distress risk Altman Z-score, a bankruptcy-risk model from five balance-sheet ratios.
Reported earnings show no manipulation flags Beneish M-score, a forensic model that detects earnings-manipulation patterns (receivables outrunning sales, margins slipping, accrual-heavy profit).
Mixed fundamental signals Piotroski F-score, nine pass/fail tests of year-over-year financial health across profitability, balance sheet and efficiency. 7 to 9 is strong, 0 to 3 weak.
No notable insider trading in the 90 days ending 2026-10-22. SEC Form 4 filings: officers and directors must report their own trades within two business days.
Highly leveraged, watch solvency. A rule of thumb on leverage, not a credit rating.
Large price swings, high volatility. Worst drawdown -90% · now 16% below its 52-week high.
Unless marked, from SEC EDGAR, as of Dec 31, 2025.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can CLMT take a bad year?
Calumet, Inc. carries $2.15B of net debt at 9.37× EBITDA: a heavy load to carry through a bad year.
Net debt · as at Q2 2026 · over four years of earnings before interest, tax and depreciation, heavy
- Net debt / EBITDA
- 9.37×
Net debt / EBITDA · 359× a year ago · the load is coming down
- Altman Z-score
- 1.62
Altman Z-score · distress zone, below 1.8
- Interest cover
- 0.23×
Interest cover · operating profit does not cover the interest bill
Details›
- Total debtQ2 2026
- $2.26B
- Cash and short-term investments
- $110M
- Net debt
- $2.15B
- EBITDA, trailing twelve months
- $229M
- Operating profit, trailing twelve months
- $47M
- Total debt / EBITDA
- 9.85×
- Annualised volatilitytwo years of daily moves
- 55%
- Worst drawdown on file
- −90%
- Below its 52-week high
- 16%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
The balance sheet
What it owes against what it owns, and how close that comes to trouble.
How far can it fall?
How much the price moves, how deep and how long its falls have run, and what each unit of risk has paid.