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Calumet, Inc. CLMT

Basic Materials — Specialty Chemicals
Dividend Champion (5y)
Growth Flags show if company had growth for consecutive years

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Insider Decisions

Total sells
20.67
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — 2 — — — 1 1 — 1 — —
Insider Ownership
20.97%

Capital & Financial Ratios

Market Cap
5,190.00
Revenue
4,591.40
Net Income
(136.80)
Free Cash Flow
73.50
Net Debt
2,589.10
Current Ratio
0.84
Debt/Equity
(2.41)
P/E ratio
0.00
P/S ratio
1.13
P/B ratio
0.00
Past 5Y EPS Growth
(37.36%)
This Y EPS Growth
(476.16%)
Next Y EPS Growth
198.28%
Next 5Y EPS Growth
56.05%
in millions of $

Dividends

Payout Ratio
—
Annual Dividend Rate
—
Annual Dividend Yield
—
total individual payouts
2016 0.69
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 7.90 45.90 205.10 149.80
Receivables 286.20 278.10 232.50 417.00
Inventory 439.40 416.30 385.20 421.00
Other 9.60 — 6.70 —
794.70 766.00 857.80 1,022.80
2023 2024 2025 Q'26
Payables 322.00 320.80 281.50 372.10
ST’ Debt 333.00 280.90 325.50 513.70
Other 232.80 51.10 21.10 174.10
1,112.70 863.60 840.70 1,216.80
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡ ‡‡‡ ‡‡‡
Book Value ‡‡‡ ‡‡‡ ‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 1,029.70 1,445.10 — —
—
’25 993.90 1,026.60 1,078.00 1,038.60
4,137.10
’24 1,005.80 1,133.70 1,100.40 949.50
4,189.40
’23 1,037.30 1,017.80 1,149.40 976.50
4,181.00
’22 1,097.90 1,424.00 1,165.00 999.40
4,686.30
’21 600.30 807.00 874.90 865.80
3,148.00
’20 692.60 453.70 568.00 553.90
2,268.20
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 (86.20) 92.30 — —
—
’25 (29.30) (1.80) 23.50 116.50
108.90
’24 (94.00) 66.50 (15.50) (3.40)
(46.40)
’23 (26.70) (25.90) 45.20 (7.50)
(14.90)
’22 (2.90) 89.70 63.90 (50.10)
100.60
’21 (50.30) (39.00) 59.40 (14.10)
(44.00)
’20 (19.90) 70.30 14.50 (2.10)
62.80
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 (99.40) 54.00 — —
—
’25 (46.90) (15.40) 15.10 103.80
56.60
’24 (114.00) 51.50 (32.20) (28.40)
(123.10)
’23 (157.10) (103.70) 13.10 (39.00)
(286.70)
’22 (70.10) (21.90) (133.60) (209.80)
(435.40)
’21 (56.50) (49.50) 41.80 20.30
(43.90)
’20 (34.80) 56.80 8.10 (11.20)
18.90
in millions of $

EPS

Mar Jun Sep Dec Year
’26 (3.64) (1.09) — —
—
’25 (1.87) (1.70) 3.61 (0.43)
(0.39)
’24 (0.51) (0.48) (1.18) (0.47)
(2.67)
’23 0.35 (0.23) 1.26 (0.59)
0.59
’22 (1.18) (0.19) 0.19 (0.86)
(2.04)
’21 (1.82) (0.97) 0.64 (1.08)
(3.23)
’20 (0.18) 0.05 (0.70) (1.03)
(1.86)

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

2.3
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡ ‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 8.40 11.91 9.97 7.68 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡‡‡ 20.50 20.25 25.29 23.75 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,530 1,580 1,620 1,540 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.06 2.65 2.59 2.69 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4,686.30 4,181.00 4,189.40 4,137.10 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.50% 10.80% 5.51% 5.94% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (169.90) 49.70 (221.20) (126.40) — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (3.63%) 1.19% (5.28%) (3.06%) ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (173.30) 48.10 (222.00) (33.80) ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 121.40 182.90 187.00 189.80 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 59.07 52.21 50.39 47.68 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2.04) 0.59 (2.67) (0.39) ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.27 (0.19) (0.56) 1.26 ‡‡‡ — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (6.76) (3.39) (0.92) (0.60) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (5.49) (3.58) (1.48) 0.65 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (6.72) (6.12) (8.56) (8.44) ‡‡‡‡‡ — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 79.34 80.08 83.15 86.76 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00 22.22 0.00 0.00 ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.28 0.34 0.44 0.42 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡ 0.00 0.00 0.00 0.00 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.70 0.85 0.99 0.95 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (7.57) (12.42) (33.55) 69.29 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 100.60 (14.90) (46.40) 108.90 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (536.00) (271.80) (76.70) (52.30) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (435.40) (286.70) (123.10) 56.60 ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (531.30) (318.00) (97.60) 17.10 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,036.10 2,162.70 2,345.60 2,402.80 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,000.90 2,154.80 2,299.70 2,197.70 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (533.30) (490.30) (711.90) (732.70) — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (6.97%) 1.72% (8.06%) (1.24%) — — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.62% 10.03% 0.32% 4.64% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 36.81% (9.19%) 36.89% 4.68% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Calumet, Inc. (CLMT), a volatile specialty refiner of hydrocarbons, lubricants, and fuels, has grappled with crude price swings, regulatory pressures, and macroeconomic shocks, yielding inconsistent profitability amid high debt and thin margins. Revenue scaled 35% from 2016 to a 2022 peak of $4.69 billion before stabilizing near $4.2 billion in 2023-2024, with employee productivity surging 76% peak-to-trough. Yet gross margins plummeted 49% to 5.5% in 2024, net income flipped from a rare 2023 profit of $48 million to a -$222 million loss, and analyst forecasts predict modest 4% cumulative revenue growth to 2027 alongside persistent EPS losses improving only to +0.13 by then.

Balance sheet strains intensify risks, with debt at $2.35 billion, negative equity of -$712 million, and free cash flow per share at -$1.48 in 2024 due to renewable capex. Stock prices have doubled from 2020 lows, decoupling from fundamentals via a PS ratio expansion to 0.44 and speculative fervor around the 2022 Montana Renewables project for sustainable aviation fuel—bolstered by IRA credits—yet insider selling dwarfs buys 145x by value, signaling caution.

Analysts eye tepid growth with mixed targets (9% mean downside, 15% high upside), hinging on margin recovery above 10% and renewables execution amid oil volatility risks. ROIC at 0.3% in 2024 underscores capital inefficiency, positioning CLMT as a high-stakes bet on green tailwinds versus historical value traps—full analysis unpacks probabilities and catalysts.

Read full commentary →

Calumet, Inc. (CLMT) Latest News

News by impact score

Fine-tune

19 Sep

3 , 9:13 PM
Calumet (CLMT) stock may trade at a premium following loan funding news. Loan funding supplies CLMT with fresh capital likely to lift near-term stock valuation and sentiment.

14 Sep

3 , 4:15 PM
Calumet upsizes senior secured revolving credit facility and receives final $34 million draw under the DOE loan. Upsized credit facility and final DOE loan draw improve liquidity.

4 Sep

4 , 1:02 PM
Calumet (CLMT) released Q2 earnings highlights compared against other infrastructure stocks. Q2 earnings results directly shape investor assessment of Calumet's financial trajectory versus peers.

2 Sep

4 , 8:12 AM
Calumet issued an update on the U.S. EPA's latest small refinery exemption decision affecting biofuel blending requirements. EPA exemption rulings directly change Calumet's compliance costs and refining margins.

1 Sep

4 , 7:00 AM
Montana Renewables announces capital-efficient expansion raising sustainable aviation fuel capacity to 200 million gallons. Major expansion in sustainable aviation fuel production capacity positions the company for significant growth in the renewables market.

14 Aug

4 transcript www.fool.com, 9:54 AM
Calumet Inc. (CLMT) released its Q2 2026 earnings call transcript covering financial results, operational updates, and executive commentary on performance and outlook. Q2 earnings call details directly inform investor views on financial trajectory and strategy shifts.

13 Aug

3 , 4:09 PM
Calumet (CLMT) could be 22% overvalued amid oil price jitters from potential Strait of Hormuz disruptions. Strait of Hormuz oil supply risks may moderately shift CLMT valuation and near-term market sentiment.

3 , 5:10 AM
Calumet (CLMT) posts surging revenue but sustains persistent losses, leaving uncertain whether growth can deliver lasting profitability. Revenue gains versus ongoing losses point to moderate effects on Calumet's financial trajectory and investor views.

8 Aug

3 transcript app.moby.co, 8:30 AM
Calumet, Inc. conducted its Q2 2026 earnings call covering financial results and outlook. Earnings calls deliver performance data and guidance that can shift near-term stock sentiment and valuations.

7 Aug

4 , 5:00 PM
Calumet Inc posted record specialties performance in its Q2 2026 earnings call. Record specialties results signal major operational gains that can shift financial trajectory and investor outlook.

4 , 7:00 AM
Calumet, Inc. released second quarter 2026 financial results. Quarterly results provide key financial metrics that directly shape stock valuation and investor outlook.

3 www.marketbeat.com, 11:04 AM
Calumet Q2 earnings call highlighted financial results, operational updates and management outlook for the period. Q2 earnings details offer moderate insight into financial health and near-term trajectory.

3 , 7:30 AM
Calumet (NASDAQ:CLMT) reports stronger-than-expected Q2 CY2026 results. Strong quarterly earnings beat signals improved near-term financial performance.

24 Jul

3 , 5:06 AM
CLMT trades at a 10% premium as growth hopes face scrutiny. Premium valuation amid growth scrutiny can moderately shift CLMT investor sentiment and near-term performance.

8 Jul

3 www.fool.com, 6:56 PM
Calumet stock rose sharply Wednesday on positive developments boosting investor sentiment. Stock surge reflects moderate short-term sentiment lift without altering long-term trajectory.

3 , 9:00 AM
Montana Renewables partners with Gulfstream to conduct low-emissions testing. Partnership targets emissions testing at Montana Renewables and may support future positioning in sustainable fuels.

3 Jun

3 , 3:35 PM
Calumet Inc. carries three major investment risks that make it a poor choice, with one alternative stock recommended instead. Risk-focused analysis can temporarily pressure CLMT share price and sentiment without altering core operations.

18 May

3 Simply Wall St., 11:10 PM
Calumet (CLMT) posts rising sales but deepening net losses, which may undermine the prior bull case and pressure future performance and investor sentiment. Mixed results of higher sales offset by larger net losses point to moderate effects on financial trajectory and market views.

8 May

4 www.marketbeat.com, 10:57 AM
Calumet, Inc. (CLMT) released Q1 earnings call highlights covering financial results, operational updates, and future outlook. Q1 earnings call highlights detail financial performance and strategic direction, significantly influencing investor sentiment and stock trajectory.

4 StockStory, 7:45 AM
Calumet (NASDAQ:CLMT) reported surprising Q1 CY2026 sales results. Surprising Q1 CY2026 sales indicate strong revenue performance likely to significantly boost investor sentiment and stock trajectory.

3 PR Newswire, 7:00 AM
Calumet, Inc. (CLMT) reported first quarter 2026 results. Quarterly earnings results affect financial performance and investor sentiment.

4 May

3 Zacks, 12:00 PM
Calumet, Inc. (CLMT) emerges as a compelling new buy stock driven by strong fundamentals and growth prospects. Buy recommendation highlights key positives likely to moderately boost investor sentiment and near-term performance.

26 Apr

4 Simply Wall St., 1:05 PM
Goldman Sachs downgraded Calumet, Inc. (CLMT), spotlighting deeper concerns about the company's weakening balance sheet and profitability challenges. Goldman's downgrade exposes critical balance sheet and profitability vulnerabilities, likely to significantly erode investor confidence and stock trajectory.

19 Apr

4 Insider Monkey, 11:43 AM
Calumet, Inc. (CLMT) closed a $150 million private placement of senior notes. Closing $150M senior notes provides significant capital for operations or growth, positively impacting financial flexibility and market perception.

9 Apr

4 Simply Wall St., 4:10 PM
Calumet (CLMT) plans Shreveport facility restart and new board nominee, potentially shifting investment case. Shreveport restart and new board nominee signal major operational and governance shifts for CLMT.

2 Apr

3 , 8:00 AM
Calumet, Inc. (CLMT) announced its first quarter 2026 operational update, detailing performance across its segments. Q1 2026 operational update reveals key performance metrics influencing financial results and market sentiment.

31 Mar

3 Simply Wall St., 2:06 PM
Calumet, Inc. (CLMT) share price surges recently, prompting valuation analysis to assess if gains are justified amid operational and market factors. Share price surge and subsequent valuation review may noticeably affect investor sentiment and near-term market performance without fundamentally altering long-term trajectory.

17 Mar

4 PR Newswire, 4:50 PM
Calumet, Inc. (CLMT) completed a $150 million offering of additional 9.75% Senior Notes due 2031. Issuing $150 million in senior notes provides significant capital for operations or expansion, strengthening balance sheet and influencing investor sentiment.

12 Mar

4 PR Newswire, 5:55 PM
Calumet, Inc. priced a $150 million private placement of additional 9.75% senior notes due 2031. $150 million debt issuance at 9.75% interest provides capital but heightens leverage and interest expenses, significantly influencing financial trajectory and market perception.

4 PR Newswire, 7:52 AM
Calumet, Inc. (CLMT) announced a $150 million private placement of additional 9.75% senior notes due 2031. The $150 million debt issuance provides key capital for operations or growth but increases leverage, significantly affecting financial health and investor sentiment.
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