CLMT Calumet, Inc - Common Stock
$49.81
Price · Aug 19, 2026
Fundamentals as of Aug 7, 2026
52W Range
$13–$51
97% of range
Analyst Rating
HOLD
12 analysts
Price Target
$42
P/E (TTM)
-127.7
ROE
3.9%
Net Profit Margin
-0.82%
CLMT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$49.80
Market Cap
$4.32B
P/E (TTM)
-127.7
EPS (TTM)
$-0.39
Revenue (TTM)
$4.14B
Div Yield
—
ROE
3.9%
Debt/Equity
-2.8
52W Range
$13 – $51
CLMT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$4.14B
2022-12-31
→
2025-12-31
EPS
$-0.39
2024-12-31
→
2025-12-31
Free Cash Flow
$57M
2024-12-31
→
2025-12-31
Margins
-0.82%
2024-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CLMT
Peer Median
P/E (TTM)
-127.7
21.5
P/S (TTM)
1.0
0.9
P/B
-5.9
1.0
EV / EBITDA
24.4
—
Price / FCF
76.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CLMT
Peer Median
Gross Margin
5.9%
11.7%
Operating Margin
2.6%
—
Net Profit Margin
-0.82%
-0.49%
ROA
-1.2%
-2.0%
ROE
3.9%
-6.9%
ROIC
2.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CLMT
Peer Median
Debt / Equity
-2.8
—
Current Ratio
1.0
1.9
Quick Ratio
0.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CLMT
Peer Median
Revenue YoY
-1.2%
—
Revenue CAGR 3Y
-4.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CLMT
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Jan. 29, 2016 | $0.6850 |
| Oct. 30, 2015 | $0.6850 |
| July 31, 2015 | $0.6850 |
| May 1, 2015 | $0.6850 |
| Jan. 30, 2015 | $0.6850 |
| Oct. 31, 2014 | $0.6850 |
| July 31, 2014 | $0.6850 |
| May 1, 2014 | $0.6850 |
| Jan. 31, 2014 | $0.6850 |
| Oct. 31, 2013 | $0.6850 |
| July 31, 2013 | $0.6850 |
| May 1, 2013 | $0.6800 |
| Jan. 31, 2013 | $0.6500 |
| Oct. 31, 2012 | $0.6200 |
| Aug. 1, 2012 | $0.5900 |
| May 2, 2012 | $0.5600 |
| Feb. 1, 2012 | $0.5300 |
| Nov. 2, 2011 | $0.5000 |
| July 29, 2011 | $0.4950 |
| April 29, 2011 | $0.4750 |
CLMT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 3 25.0%
- Buy 4 33.3%
- Hold 5 41.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-17
Median
$40.00
Now
$49.80
Low
$26.00
High
$60.00
Median target
$40.00
-19.7%
Mean target
$42.20
-15.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.58%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.09 | $-0.13 | -0.96% |
| March 31, 2026 | $-3.64 | $-0.57 | -3.1% |
| Dec. 31, 2025 | $-0.43 | $-0.38 | -0.05% |
| Sept. 30, 2025 | $3.61 | $-0.34 | 4.0% |
| June 30, 2025 | $-1.70 | $-0.33 | -1.4% |
| March 31, 2025 | $-2.59 | $-0.58 | -2.0% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CLMT | $1.72B | -50.9 | -1.2% | -0.82% | 3.9% | 5.9% |
| DK | $2.29B | -78.1 | -9.5% | -0.21% | -5.4% | — |
| SUNC | — | -492.8 | 11.1% | -0.02% | — | — |
| PARR | — | 4.9 | -6.4% | 5.0% | 27.8% | — |
| CVI | $2.56B | 94.2 | -5.9% | 0.38% | 3.8% | — |
| WKC | $1.27B | -2.1 | -12.4% | -1.7% | -37.8% | 2.6% |
| REX | $1.11B | 13.5 | 1.2% | 14.6% | 16.2% | 14.4% |
| GPRE | $684M | -5.4 | -14.9% | -5.8% | -14.9% | 6.6% |
| OPAL | — | 15.7 | 16.3% | 10.4% | -45.1% | — |
| GEVO | $485M | -14.3 | 849.3% | -21.1% | -7.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | $4.14B | $4.19B | $4.18B | |
| Cost of Revenue | $3.89B | $3.96B | $3.73B | |
| Gross Profit | $246M | $231M | $452M | |
| SG&A Expense | $124M | $146M | $133M | |
| Operating Income | $109M | $8M | $267M | |
| Other Non-op | $19M | $-2M | $200.0K | |
| Pretax Income | $-126M | $-221M | $50M | |
| Income Tax | $-93M | $800.0K | $2M | |
| Net Income | $-34M | $-222M | $48M | |
| EPS (Basic) | $-0.39 | $-2.67 | · | |
| EPS (Diluted) | $-0.39 | $-2.67 | · | |
| Shares (Basic) | 86,761,139 | 83,146,680 | 80,075,530 | |
| Shares (Diluted) | 86,761,139 | 83,146,680 | 80,075,530 | |
| EBITDA | $258M | $157M | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash & Equivalents | $125M | $38M | $8M | |
| Receivables | $232M | $278M | $286M | |
| Inventory | $385M | $416M | $439M | |
| Prepaid Expense | $28M | $26M | $52M | |
| Current Assets | $858M | $766M | $795M | |
| PP&E (Net) | $1.35B | $1.44B | $1.51B | |
| PP&E (Gross) | $2.70B | $2.65B | $2.60B | |
| Accum. Depreciation | $1.34B | $1.21B | $1.10B | |
| Goodwill | $140M | $173M | $173M | |
| Intangibles | $9M | $22M | $28M | |
| Other Non-current Assets | $478M | $118M | $134M | |
| Total Assets | $2.69B | $2.76B | $2.75B | |
| Accounts Payable | $282M | $321M | $322M | |
| Current Liabilities | $841M | $864M | $1.11B | |
| Capital Leases | $161M | $182M | $39M | |
| Other Non-current Liabilities | $258M | $110M | $10M | |
| Total Liabilities | $3.18B | $3.22B | $3.00B | |
| Long-term Debt | $2.23B | $2.12B | · | |
| Total Debt | $2.08B | $2.06B | · | |
| Common Stock | $900.0K | $900.0K | $800.0K | |
| Paid-in Capital | $839M | $825M | $1.50B | |
| Retained Earnings | $-1.57B | $-1.54B | $-1.98B | |
| AOCI | $-7M | $-7M | $-7M | |
| Stockholders' Equity | $-733M | $-712M | $-490M | |
| Liabilities + Equity | $2.69B | $2.76B | $2.75B | |
| Shares Outstanding | 86,776,552 | 85,950,493 | 79,967,363 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| D&A | $149M | $149M | $147M | |
| Stock-based Comp | $-4M | $15M | $15M | |
| Deferred Tax | $-8M | $-400.0K | $-100.0K | |
| Amort. of Intangibles | $3M | $6M | $8M | |
| Other Non-cash | $6M | $12M | · | |
| Operating Cash Flow | $109M | $-46M | $-15M | |
| CapEx | $52M | $77M | $272M | |
| Investing Cash Flow | $44M | $-77M | $-272M | |
| Financing Cash Flow | $6M | $154M | $266M | |
| Net Change in Cash | $159M | $31M | $-20M | |
| Taxes Paid | $500.0K | · | · | |
| Free Cash Flow | $57M | $-123M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Gross Margin | 5.9% | 5.5% | · | |
| Operating Margin | 2.6% | 0.19% | · | |
| Net Margin | -0.82% | -5.3% | · | |
| Pretax Margin | -3.1% | -5.3% | · | |
| EBITDA Margin | 6.2% | 3.8% | · | |
| ROA | -1.2% | -8.1% | · | |
| ROE | 3.9% | 32.1% | · | |
| ROIC | 2.2% | 0.60% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Current Ratio | 1.0 | 0.9 | · | |
| Quick Ratio | 0.4 | 0.4 | · | |
| Debt / Equity | -2.8 | -2.9 | · | |
| LT Debt / Equity | -2.8 | -2.9 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Asset Turnover | 1.5 | 1.5 | · | |
| Inventory Turnover | 9.7 | 9.3 | · | |
| Receivables Turnover | 16.2 | 14.8 | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue YoY | -1.2% | 0.20% | -10.8% | |
| Revenue CAGR 3Y | -4.1% | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue TTM | $4.14B | $4.19B | · | |
| Net Income TTM | $-34M | $-222M | · | |
| Market Cap | $1.72B | $1.89B | · | |
| Enterprise Value | $3.68B | $3.92B | · | |
| P/E | -50.9 | -8.2 | · | |
| P/S | 0.4 | 0.5 | · | |
| P/B | -2.4 | -2.7 | · | |
| P / Cash Flow | 15.8 | -40.8 | · | |
| P / FCF | 30.5 | -15.4 | · | |
| EV / EBITDA | 14.3 | 24.9 | · | |
| EV / FCF | 65.0 | -31.8 | · | |
| EV / Revenue | 0.9 | 0.9 | · | |
| Earnings Yield | -2.0% | -12.1% | · |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.45B | $1.03B | $1.04B | $1.08B | $1.03B | $994M | $950M | $1.10B | $1.13B | $1.01B | $976M | |
| Cost of Revenue | $1.43B | $1.12B | $1.04B | $704M | $1.07B | $1.08B | $866M | $1.10B | $1.07B | $927M | $954M | |
| Gross Profit | $18M | $-88M | $-3M | $374M | $-44M | $-81M | $84M | $5M | $64M | $78M | $22M | |
| SG&A Expense | $39M | $66M | $39M | $31M | $41M | $12M | $44M | $40M | $38M | $23M | $30M | |
| Operating Income | $-40M | $-171M | $-64M | $323M | $-101M | $-49M | $23M | $-57M | $6M | $36M | $-14M | |
| Other Non-op | $900.0K | $2M | $13M | $4M | $2M | $400.0K | $-2M | $-300.0K | $800.0K | $200.0K | $100.0K | |
| Pretax Income | $-117M | $-338M | $-89M | $272M | $-148M | $-162M | $-41M | $-100M | $-39M | $-41M | $-48M | |
| Income Tax | $-21M | $-21M | $-52M | $-41M | $200.0K | $400.0K | $-600.0K | $700.0K | $500.0K | $200.0K | $200.0K | |
| Net Income | $-96M | $-317M | $-37M | $313M | $-148M | $-162M | $-41M | $-101M | $-39M | $-42M | $-48M | |
| EPS (Basic) | $-1.09 | $-3.64 | $-0.43 | $3.61 | $-1.70 | $-1.87 | $-0.50 | $-1.18 | $-0.48 | $-0.51 | · | |
| EPS (Diluted) | $-1.09 | $-3.64 | $-0.43 | $3.61 | $-1.70 | $-1.87 | $-0.50 | $-1.18 | $-0.48 | $-0.51 | · | |
| Shares (Basic) | 87,586,284 | 86,995,431 | -173,365,759 | 86,901,141 | 86,797,123 | 86,428,634 | -163,291,390 | 85,530,080 | 80,555,587 | 80,352,403 | 28,600 | |
| Shares (Diluted) | 87,586,284 | 86,995,431 | -173,365,759 | 86,901,141 | 86,797,123 | 86,428,634 | -163,291,390 | 85,530,080 | 80,555,587 | 80,352,403 | -72,989 | |
| EBITDA | $-40M | $-138M | · | $323M | $-101M | $-49M | · | $-57M | · | · | · |
Balance Sheet 26
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $110M | $139M | $125M | $95M | $111M | $123M | $38M | $35M | $100 | · | $8M | |
| Receivables | $417M | $358M | $232M | $279M | $306M | $303M | $278M | $306M | · | · | · | |
| Inventory | $421M | $370M | $385M | $400M | $370M | $389M | $416M | $410M | · | · | · | |
| Prepaid Expense | $35M | $21M | $28M | $27M | $29M | $22M | $26M | $40M | · | · | · | |
| Current Assets | $1.02B | $928M | $858M | $880M | $896M | $918M | $766M | $790M | $100 | · | · | |
| PP&E (Net) | $1.32B | $1.34B | $1.35B | $1.36B | $1.39B | $1.41B | $1.44B | $1.45B | · | · | $1.51B | |
| PP&E (Gross) | · | · | $2.70B | · | · | · | $2.65B | · | · | · | · | |
| Accum. Depreciation | · | · | $1.34B | · | · | · | $1.21B | · | · | · | · | |
| Goodwill | · | · | $140M | · | · | · | $173M | · | · | · | $173M | |
| Intangibles | · | · | $9M | · | · | · | $22M | · | · | · | · | |
| Other Non-current Assets | $459M | $491M | $105M | $492M | $493M | $493M | $118M | $397M | · | · | · | |
| Total Assets | $2.80B | $2.75B | $2.69B | $2.73B | $2.78B | $2.82B | $2.76B | $2.64B | $100 | · | · | |
| Accounts Payable | $372M | $353M | $282M | $299M | $279M | $306M | $321M | $322M | · | · | · | |
| Current Liabilities | $1.22B | $963M | $841M | $776M | $1.18B | $869M | $864M | $1.25B | · | · | · | |
| Capital Leases | · | · | $161M | · | $170M | $176M | $182M | $44M | · | · | · | |
| Other Non-current Liabilities | $247M | $285M | $93M | $260M | $259M | $269M | $110M | $153M | · | · | · | |
| Total Liabilities | $3.69B | $3.55B | $3.18B | $3.18B | $3.54B | $3.44B | $3.22B | $3.07B | · | · | · | |
| Long-term Debt | $2.26B | $2.33B | $2.23B | $2.30B | $2.37B | $2.36B | · | $2.08B | · | · | · | |
| Total Debt | $2.23B | $2.30B | · | $2.15B | $2.11B | $2.30B | · | $1.66B | · | · | · | |
| Common Stock | $900.0K | $900.0K | $900.0K | $900.0K | $900.0K | $900.0K | $900.0K | $900.0K | $100 | · | · | |
| Paid-in Capital | $854M | $845M | $839M | $838M | $838M | $837M | $825M | $1.49B | · | · | · | |
| Retained Earnings | $-1.99B | $-1.89B | $-1.57B | $-1.54B | $-1.85B | $-1.70B | $-1.54B | $-2.16B | · | · | · | |
| AOCI | $-6M | $-7M | $-7M | $-7M | $-7M | $-7M | $-7M | $-7M | · | · | · | |
| Stockholders' Equity | $-1.14B | $-1.04B | $-733M | $-695M | $-1.01B | $-862M | $-712M | $-672M | $100 | · | $-490M | |
| Liabilities + Equity | $2.80B | $2.75B | $2.69B | $2.73B | $2.78B | $2.82B | $2.76B | $2.64B | $100 | · | · | |
| Shares Outstanding | 87,843,035 | 87,040,558 | 86,776,552 | 86,752,229 | 86,659,413 | 86,621,470 | 85,950,493 | 85,904,105 | 10,000 | · | · |
Cash Flow 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $35M | $33M | $45M | $51M | $37M | $37M | $50M | $45M | $46M | $45M | $59M | |
| Stock-based Comp | $8M | $37M | · | · | $4M | $-22M | · | · | · | · | · | |
| Other Non-cash | · | $160M | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $92M | $-86M | $116M | $100M | $80M | $-29M | $-3M | $-16M | $66M | $-94M | $-8M | |
| CapEx | $38M | $13M | $13M | $8M | $14M | $18M | $25M | $17M | $15M | $20M | $32M | |
| Investing Cash Flow | $-39M | $-14M | $-12M | $-8M | $-14M | $78M | $-25M | $-17M | $-15M | $-20M | $-32M | |
| Financing Cash Flow | $-82M | $73M | $-74M | $-108M | $-79M | $109M | $32M | $60M | $-68M | $131M | $33M | |
| Net Change in Cash | $-29M | $-26M | $30M | $-16M | $-13M | $158M | $4M | $28M | $-17M | $17M | $-6M | |
| Free Cash Flow | · | $-99M | · | · | · | $-47M | · | · | · | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 1.3% | -8.5% | · | 34.7% | -4.2% | -8.2% | · | 0.45% | · | · | · | |
| Operating Margin | -2.8% | -16.6% | · | 29.9% | -9.8% | -4.9% | · | -5.2% | · | · | · | |
| Net Margin | -6.6% | -30.8% | · | 29.1% | -14.4% | -16.3% | · | -9.1% | · | · | · | |
| Pretax Margin | -8.1% | -32.8% | · | 25.2% | -14.4% | -16.3% | · | -9.1% | · | · | · | |
| EBITDA Margin | -2.8% | -13.4% | · | 29.9% | -9.8% | -4.9% | · | -5.2% | · | · | · | |
| ROA | -3.4% | -11.4% | · | 11.7% | -10.7% | -11.5% | · | -7.6% | · | · | · | |
| ROE | 8.9% | 33.3% | · | -45.8% | 29.3% | 37.6% | · | 29.9% | · | · | · | |
| ROIC | -3.0% | -12.8% | · | 25.6% | -9.2% | -3.4% | · | -5.8% | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 1.0 | · | 1.1 | 0.8 | 1.1 | · | 0.6 | · | · | · | |
| Quick Ratio | 0.4 | 0.5 | · | 0.5 | 0.4 | 0.5 | · | 0.3 | · | · | · | |
| Debt / Equity | -2.0 | -2.2 | · | -3.1 | -2.1 | -2.7 | · | -2.5 | · | · | · | |
| LT Debt / Equity | -2.0 | -2.2 | · | -3.1 | -2.1 | -2.7 | · | -2.5 | · | · | · |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | · | 0.4 | 0.7 | 0.7 | · | 0.8 | · | · | · | |
| Inventory Turnover | 3.6 | 2.9 | · | 1.7 | 5.8 | 5.5 | · | 5.4 | · | · | · | |
| Receivables Turnover | 4.0 | 3.1 | · | 3.7 | 6.7 | 6.6 | · | 7.2 | · | · | · |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.58B | $4.13B | · | $4.20B | $4.25B | $4.23B | · | $4.39B | · | · | · | |
| Net Income TTM | $-247M | $-314M | · | $-97M | $-450M | $-343M | · | $-82M | · | · | · | |
| Market Cap | $3.16B | $3.12B | · | $1.58B | $1.37B | $1.10B | · | $1.53B | $160.5K | · | · | |
| Enterprise Value | $5.28B | $5.29B | · | $3.64B | $3.36B | $3.28B | · | $3.16B | · | · | · | |
| P/E | -12.8 | -10.0 | · | -16.0 | -3.0 | -3.1 | · | -19.2 | · | · | · | |
| P/S | 0.7 | 0.8 | · | 0.4 | 0.3 | 0.3 | · | 0.3 | · | · | · | |
| P/B | -2.8 | -3.0 | · | -2.3 | -1.4 | -1.3 | · | -2.3 | 1605.0 | · | · | |
| P / Tangible Book | · | · | · | · | · | · | · | · | 1605.0 | · | · | |
| P / Cash Flow | · | -36.3 | · | · | · | -37.5 | · | · | · | · | · | |
| P / FCF | · | -31.4 | · | · | · | -23.4 | · | · | · | · | · | |
| EV / EBITDA | -132.0 | -38.2 | · | 11.3 | -33.3 | -67.3 | · | -55.3 | · | · | · | |
| EV / FCF | · | -53.2 | · | · | · | -69.9 | · | · | · | · | · | |
| EV / Revenue | 1.2 | 1.3 | · | 0.9 | 0.8 | 0.8 | · | 0.7 | · | · | · | |
| Earnings Yield | -7.8% | -10.0% | · | -6.2% | -33.2% | -31.9% | · | -5.2% | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|
| Revenue | $4.14B | $4.19B | $4.18B | $4.69B |
| Gross Margin % | 5.9% | 5.5% | — | — |
| Operating Margin % | 2.6% | 0.19% | — | — |
| Net Income | $-34M | $-222M | $48M | $-173M |
| Diluted EPS | $-0.39 | $-2.67 | — | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|
| Debt / Equity | -2.8 | -2.9 | — | — |
| Current Ratio | 1.0 | 0.9 | — | — |
| Quick Ratio | 0.4 | 0.4 | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|
| Free Cash Flow | $57M | $-123M | — | — |
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Institutional owners (13F) 219 filers · $1.5B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 47 (-25 vs prior Q) | 28 (+12 vs prior Q) | 67 (+10 vs prior Q) | 57 (+10 vs prior Q) | -3.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Two Seas Capital LP | $238,441,882 | 6,619,708 | 15.70% | Shares |
| Wasserstein Management, L.P. | $142,815,446 | 3,964,893 | 9.40% | Shares |
| STATE STREET CORP | $125,027,761 | 3,471,065 | 8.23% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $124,409,874 | 3,453,911 | 8.19% | Shares |
| Adams Asset Advisors, LLC | $72,263,540 | 2,006,206 | 4.76% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $61,905,801 | 1,718,323 | 4.08% | Shares |
| Graham Capital Management, L.P. | $61,716,668 | 1,713,400 | 4.06% | Put option |
| BARCLAYS PLC | $50,723,651 | 1,408,208 | 3.34% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $41,196,074 | 1,143,700 | 2.71% | Put option |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $36,932,062 | 1,025,321 | 2.43% | Shares |
| BANK OF AMERICA CORP /DE/ | $27,828,548 | 772,586 | 1.83% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $23,308,542 | 647,100 | 1.53% | Call option |
| Voleon Capital Management LP | $22,062,466 | 612,506 | 1.45% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $19,911,532 | 552,791 | 1.31% | Shares |
| BROWN ADVISORY INC | $19,272,285 | 535,044 | 1.27% | Shares |
| CITADEL ADVISORS LLC | $19,162,640 | 532,000 | 1.26% | Call option |
| BNP PARIBAS FINANCIAL MARKETS | $17,262,981 | 479,261 | 1.14% | Shares |
| CITIGROUP INC | $17,168,213 | 476,630 | 1.13% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $17,097,469 | 474,666 | 1.13% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $16,991,210 | 471,716 | 1.12% | Shares |
| CITADEL ADVISORS LLC | $16,770,912 | 465,600 | 1.10% | Put option |
| Parallax Volatility Advisers, L.P. | $15,250,868 | 423,400 | 1.00% | Put option |
| DIMENSIONAL FUND ADVISORS LP | $14,545,993 | 403,831 | 0.96% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $13,906,494 | 386,077 | 0.92% | Shares |
| JANE STREET GROUP, LLC | $12,153,148 | 337,400 | 0.80% | Put option |
| RENAISSANCE TECHNOLOGIES LLC | $11,587,634 | 321,700 | 0.76% | Shares |
| CITADEL ADVISORS LLC | $11,257,511 | 312,535 | 0.74% | Shares |
| MILLENNIUM MANAGEMENT LLC | $11,006,163 | 305,557 | 0.72% | Shares |
| FIRST TRUST ADVISORS LP | $10,787,773 | 299,494 | 0.71% | Shares |
| HENNESSY ADVISORS INC | $10,200,864 | 283,200 | 0.67% | Shares |
| GOLDMAN SACHS GROUP INC | $9,997,135 | 277,544 | 0.66% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $9,513,134 | 264,107 | 0.63% | Shares |
| Apis Capital Advisors, LLC | $8,356,640 | 232,000 | 0.55% | Shares |
| JANE STREET GROUP, LLC | $8,327,824 | 231,200 | 0.55% | Call option |
| Diametric Capital, LP | $7,433,519 | 206,372 | 0.49% | Shares |
| JANUS HENDERSON GROUP PLC | $6,700,663 | 186,648 | 0.44% | Shares |
| one8zero8, LLC | $6,700,440 | 186,020 | 0.44% | Shares |
| GROUP ONE TRADING LLC | $6,485,077 | 180,041 | 0.43% | Shares |
| JPMORGAN CHASE & CO | $5,922,592 | 161,938 | 0.39% | Shares |
| Sagefield Capital LP | $5,824,254 | 161,695 | 0.38% | Shares |
| Trexquant Investment LP | $5,703,839 | 158,352 | 0.38% | Shares |
| WOLVERINE TRADING, LLC | $5,227,992 | 282,900 | 0.34% | Call option |
| Swiss National Bank | $5,017,586 | 139,300 | 0.33% | Shares |
| PEAK6 LLC | $4,837,486 | 134,300 | 0.32% | Call option |
| RAYMOND JAMES FINANCIAL INC | $4,727,877 | 131,257 | 0.31% | Shares |
| Walleye Trading LLC | $4,560,132 | 126,600 | 0.30% | Put option |
| FEDERATED HERMES, INC. | $4,303,381 | 119,472 | 0.28% | Shares |
| Focus Partners Wealth | $3,967,099 | 110,136 | 0.26% | Shares |
| FAS Wealth Partners, Inc. | $3,939,544 | 109,371 | 0.26% | Shares |
| IMC-Chicago, LLC | $3,851,763 | 106,934 | 0.25% | Shares |
| Informed Momentum Co LLC | $3,702,028 | 102,777 | 0.24% | Shares |
| WOLVERINE TRADING, LLC | $3,422,496 | 185,200 | 0.23% | Put option |
| DAVENPORT & Co LLC | $3,387,465 | 94,044 | 0.22% | Shares |
| Rafferty Asset Management, LLC | $3,248,644 | 90,190 | 0.21% | Shares |
| RHUMBLINE ADVISERS | $3,168,058 | 87,953 | 0.21% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,000,486 | 83,579 | 0.20% | Shares |
| GARNET EQUITY CAPITAL HOLDINGS, INC. | $2,908,471 | 80,746 | 0.19% | Shares |
| BlueCrest Capital Management Ltd | $2,881,600 | 80,000 | 0.19% | Shares |
| Walleye Trading LLC | $2,708,704 | 75,200 | 0.18% | Call option |
| ALLIANCEBERNSTEIN L.P. | $2,516,590 | 70,100 | 0.17% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $2,388,991 | 66,324 | 0.16% | Shares |
| WINTON GROUP Ltd | $2,352,106 | 65,300 | 0.15% | Shares |
| WOLVERINE TRADING, LLC | $2,327,445 | 125,944 | 0.15% | Shares |
| BlackRock, Inc. | $2,323,506 | 64,506 | 0.15% | Shares |
| Bank of New York Mellon Corp | $2,227,801 | 61,849 | 0.15% | Shares |
| WELLS FARGO & COMPANY/MN | $2,202,767 | 61,154 | 0.15% | Shares |
| OSAIC HOLDINGS, INC. | $2,084,295 | 57,865 | 0.14% | Shares |
| VAN ECK ASSOCIATES CORP | $1,829,888 | 50,802 | 0.12% | Shares |
| COBALT CAPITAL MANAGEMENT, INC. | $1,801,000 | 50,000 | 0.12% | Shares |
| Plancorp, LLC | $1,781,100 | 45,000 | 0.12% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,689,518 | 46,905 | 0.11% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $1,657,604 | 46,019 | 0.11% | Shares |
| FIL Ltd | $1,607,825 | 44,637 | 0.11% | Shares |
| HighVista Strategies LLC | $1,584,880 | 44,000 | 0.10% | Shares |
| Engineers Gate Manager LP | $1,572,813 | 43,665 | 0.10% | Shares |
| Creative Planning | $1,514,749 | 42,053 | 0.10% | Shares |
| MetLife Investment Management, LLC | $1,459,602 | 40,522 | 0.10% | Shares |
| Valeo Financial Advisors, LLC | $1,363,465 | 37,853 | 0.09% | Shares |
| UBS Group AG | $1,352,551 | 37,550 | 0.09% | Shares |
| Russell Investments Group, Ltd. | $1,236,386 | 34,325 | 0.08% | Shares |
| State of New Jersey Common Pension Fund D | $1,220,358 | 33,880 | 0.08% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $1,172,490 | 32,551 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $1,169,101 | 32,457 | 0.08% | Shares |
| Ellsworth Advisors, LLC | $1,159,810 | 28,988 | 0.08% | Shares |
| Walleye Capital LLC | $1,149,578 | 31,915 | 0.08% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,147,777 | 31,865 | 0.08% | Shares |
| ELCO Management Co., LLC | $1,095,981 | 30,427 | 0.07% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $1,090,542 | 30,276 | 0.07% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,075,269 | 29,852 | 0.07% | Shares |
| O'Keefe Stevens Advisory, Inc. | $1,043,680 | 28,975 | 0.07% | Shares |
| Concurrent Investment Advisors, LLC | $1,036,082 | 28,764 | 0.07% | Shares |
| Invesco Ltd. | $994,080 | 27,598 | 0.07% | Shares |
| Dockside LLC | $949,775 | 26,368 | 0.06% | Shares |
| Parallax Volatility Advisers, L.P. | $901,653 | 25,032 | 0.06% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $893,296 | 24,800 | 0.06% | Shares |
| Gimbal Financial | $884,111 | 24,545 | 0.06% | Shares |
| Y-Intercept (Hong Kong) Ltd | $879,356 | 24,413 | 0.06% | Shares |
| Jain Global LLC | $866,569 | 24,058 | 0.06% | Shares |
| LPL Financial LLC | $813,669 | 22,589 | 0.05% | Shares |
| Cubist Systematic Strategies, LLC | $760,842 | 41,690 | 0.05% | Shares |
Company insiders 11 insiders · 0 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John G. Boss | Director | July 9, 2026 M | 33,033 | 0 | 0 | $0 |
| Stephen P Mawer | Director | July 9, 2026 M | 311,578 | 0 | 0 | $0 |
| Amy M Schumacher | Director | July 9, 2026 M | 258,160 | 0 | 0 | $0 |
| Daniel J Sajkowski | Director | July 9, 2026 M | 81,958 | 0 | 1 | $-153,318 |
| Karen A. Twitchell | Director | July 9, 2026 M | 13,389 | 0 | 0 | $0 |
| Julio M Quintana | Director | July 9, 2026 M | 7,067 | 0 | 0 | $0 |
| Paul C Raymond | Director | July 9, 2026 M | 28,973 | 0 | 0 | $0 |
| Karen G Narwold | Director | July 9, 2026 M | 7,067 | 0 | 0 | $0 |
| Bradford Timothy Sanders | Director | June 2, 2026 A | — | 0 | 0 | $0 |
| The Heritage Group | 10% owner | June 5, 2026 G | 12,440,211 | 0 | 1 | $-20,402,515 |
| Jennifer Straumins | — | Dec. 4, 2025 M | 943,438 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| The Heritage Group ×2 filings | June 5, 2026 | 16.56% | Amendment | — | SEC |
| Wasserstein Debt Opportunities Management, L.P., WDO Management GP, LLC, Wasserstein Debt Opportunities Master, LP, Wasserstein Debt Opportunities Genpar, LLC, Bagaria Rajay, Joseph Dutton | Feb. 25, 2025 | 7.00% | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 52 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| GUSH · Direxion Shares ETF Trust | 1.06% | 96,681 NS | April 30, 2026 | N-PORT |
| JSML · Janus Detroit Street Trust | 0.56% | 54,146 NS | April 30, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.51% | 162,383 NS | April 30, 2026 | N-PORT |
| JSMD · Janus Detroit Street Trust | 0.46% | 138,004 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.26% | 96,690 NS | April 30, 2026 | N-PORT |
| FENY · FIDELITY COVINGTON TRUST | 0.13% | 79,127 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.12% | 417 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.11% | 25,417 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.10% | 15,166 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.07% | 29,837 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.06% | 3,245 NS | May 31, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.06% | 164 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.05% | 307,011 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.04% | 10,920 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.04% | 2,539 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.03% | 2,569 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.02% | 11,088 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 53,797 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 2,572 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 64 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 22,571 NS | May 31, 2026 | N-PORT |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 351 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 2,967 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 39,896 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 5,687 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 17,940 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 4,812 NS | April 30, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 355 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |
| VNQI · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWN · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IGE · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IEO · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| PXI · Invesco Exchange-Traded Fund Trust | — | — | July 13, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | — | — | July 23, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | — | — | July 13, 2026 | Daily |
| BSJS · Invesco Exchange-Traded Self-Indexe… | — | — | Aug. 18, 2026 | Daily |
| VDE · VANGUARD WORLD FUND | — | — | July 20, 2026 | Daily |
| ISCB · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| ISCG · iShares Trust | — | — | Aug. 5, 2026 | Daily |