How many subsidiaries does Calumet, Inc. /DE file with the SEC?

27, listed in its most recent exhibit 21. They are incorporated across 5 jurisdictions, led by Delaware, North Carolina, Canada. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is Calumet, Inc. /DE financially healthy?

Calumet, Inc. /DE scores 6 out of 9 on the Piotroski F-score. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Calumet, Inc. /DE (CLMT)

Nasdaq · Common Stock · Petroleum Refining

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

27 entities across 5 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-27 — see the exhibit.

Which other public companies file entities in the same places:

Delaware22 North Carolina2 Canada1 Mexico1 South Africa1

Subsidiaries of Calumet, Inc. /DE as disclosed in its SEC filing
Entity	Jurisdiction	Note
Calumet Operating, LLC	Delaware
Calumet Refining, LLC	Delaware
Calumet Shreveport Refining, LLC	Delaware
Calumet Finance Corp.	Delaware
Calumet Karns City Refining, LLC	Delaware
Calumet Dickinson Refining, LLC	Delaware
Calumet Missouri, LLC	Delaware
Calumet Montana Refining, LLC	Delaware
Montana Renewables, Inc.	Delaware
Montana Renewables Holdings, Inc.	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

6 / 9

FAILReturn on assets positiveROA -1.3%
PASSOperating cash flow positiveOCF 109M
PASSReturn on assets improving-8.0% → -1.3%
PASSCash flow exceeds earningsOCF 109M vs NI -34M
FAILLong-term debt ratio falling74.9% → 77.3% of assets
PASSCurrent ratio improving0.89 → 1.02
FAILNo share dilution83M → 87M shares
PASSGross margin improving5.5% → 5.9%
PASSAsset turnover improving1.52× → 1.54×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2022	$4.7B	−$173.3M	−$435.6M	7.5%	79,336,283
FY2023	$4.2B	$48.1M	−$286.7M	10.8%	80,075,530
FY2024	$4.2B	−$222.0M	−$123.1M	5.5%	83,146,680
FY2025	$4.1B	−$33.8M	$56.6M	5.9%	86,761,139

Identity

CIK: 0002013745
LEI: 969500M96ODJM079YH90
FIGI: BBG01NQ82GB2
SIC: 2911 · Petroleum Refining
Headquarters: INDIANAPOLIS, IN

Ownership

Institutional: 51.9%
Institutions: 272
Insiders: 20.1%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other petroleum refining companies

Calumet, Inc. /DE files under SIC 2911 — all 10 petroleum refining companies compared on assets and F-score.

CHEVRON CORPCVX CONOCOPHILLIPSCOP Marathon Petroleum CorpMPC Phillips 66PSX VALERO ENERGY CORP/TXVLO SunocoCorp LLCSUNC

Questions about Calumet, Inc. /DE

How many subsidiaries does Calumet, Inc. /DE file with the SEC?: 27, listed in its most recent exhibit 21. They are incorporated across 5 jurisdictions, led by Delaware, North Carolina, Canada. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is Calumet, Inc. /DE financially healthy?: Calumet, Inc. /DE scores 6 out of 9 on the Piotroski F-score. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.