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CLMT

Calumet, Inc. /DE
CIK 0002013745 ยท EDGAR โ†—
cleanelevatedtriggeredno dataplanned
41.3
composite ยท 4 signals ยท ELEVATED

Every card below shows the score and the exact filing data it was computed from โ€” no unexplained numbers. Some signals (P-02, P-03, P-08, P-09, P-10, P-11) pull live documents from SEC EDGAR the first time you view this company; a few of those (P-03, P-10, P-11) use AI to read the filing text, but every AI claim must quote the actual document verbatim or it's discarded โ€” never a guess.

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Signals

P-05 ยท FY 2023-12-31 ยท ELEVATED81.1

Tax arbitrage

[FY2023 data, stale โ€” no more recent pretax-income figure in XBRL] ETR 3.2% vs 21% statutory โ€” gap persistent across 1 of 1 years
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-27) โ†—
Evidence โ€” inputs and thresholds
{
  "etr_by_year": {
    "2023-12-31": 0.0322
  },
  "statutory_rate": 0.21,
  "gap_by_year": {
    "2023-12-31": 0.1778
  },
  "note": "Low ETR can be fully legitimate; this flags persistence + magnitude for review.",
  "stale": true,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/2013745/000201374526000007/0002013745-26-000007-index.htm",
    "form": "10-K",
    "filed": "2026-02-27"
  }
}
P-13 ยท FY 2025-12-31 ยท ELEVATED52.4

Zombie / distress

Interest coverage 0.50x below 1.0
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-27) โ†—
Evidence โ€” inputs and thresholds
{
  "icr_by_year": {
    "2025-12-31": 0.504,
    "2024-12-31": 0.034,
    "2023-12-31": 1.205,
    "2022-12-31": 0.75
  },
  "consecutive_years_below_1": 2,
  "altman_z_double_prime": -1.836,
  "definitions": {
    "zombie": "ICR<1 for 3+ consecutive FYs (BIS 2018)",
    "z_distress": "<1.1 distress, 1.1-2.6 gray, >2.6 safe"
  },
  "inputs": {
    "ebit_t": 108700000,
    "interest_expense_t": 215800000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/2013745/000201374526000007/0002013745-26-000007-index.htm",
    "form": "10-K",
    "filed": "2026-02-27"
  }
}
P-01 ยท FY 2025-12-31 ยท CLEAN14.9

Earnings quality

Beneish M-Score -2.98 โ€” no manipulation profile
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-27) โ†—
Evidence โ€” inputs and thresholds
{
  "m_score": -2.978,
  "threshold": -1.78,
  "ratios": {
    "DSRI": 0.847,
    "GMI": 0.928,
    "AQI": 0.886,
    "SGI": 0.988,
    "DEPI": 0.947,
    "SGAI": 1,
    "LVGI": 1.022,
    "TATA": -0.053
  },
  "defaulted_to_neutral": [
    "SGAI"
  ],
  "sloan_accruals": -0.0524,
  "inputs": {
    "revenue_t": 4137100000,
    "revenue_t1": 4189400000,
    "total_assets_t": 2688900000,
    "net_income_t": -33800000,
    "cfo_t": 108900000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/2013745/000201374526000007/0002013745-26-000007-index.htm",
    "form": "10-K",
    "filed": "2026-02-27"
  }
}
P-12 ยท FY 2025-12-31 ยท CLEAN7.0

Restatement predictor

F-Score 0.21 โ€” at or below the population base rate
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-27) โ†—
Evidence โ€” inputs and thresholds
{
  "f_score": 0.209,
  "probability": 0.00077,
  "components": {
    "rsst": -0.0524,
    "drec": -0.0167,
    "dinv": -0.0114,
    "soft": 0.4503,
    "dcs": -0.0016,
    "droa": 0.0679,
    "issue": 0
  },
  "model": "Dechow et al. 2011, Model 1 (simplified RSST)",
  "thresholds": {
    "elevated": 1,
    "triggered": 1.85
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/2013745/000201374526000007/0002013745-26-000007-index.htm",
    "form": "10-K",
    "filed": "2026-02-27"
  }
}