Calumet, Inc.
- Open
- 49.10
- Day high
- 50.99
- Day low
- 48.04
- Prev close
- 48.35
- Volume
- 1.4M
- Mkt cap
- $4.5B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -3.9
- P/S
- 1.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$20.6M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions reducing (13F)
Calumet, Inc. (CLMT) is a Energy company listed on NASDAQ. The stock is up 276% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Calumet, Inc. (CLMT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CLMT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 7, 2026 | $0.07 | $-1.09 | -1717.0% | $1.4B | +29.3% |
| May 8, 2026 | $-0.57 | $-0.64 | -12.3% | $1.0B | +2.9% |
| Nov 7, 2025 | $-0.30 | $-0.21 | +30.0% | $1.1B | +3.2% |
| Aug 8, 2025 | $-0.44 | $-1.70 | -286.4% | $1.0B | -11.1% |
| May 9, 2025 | $-0.41 | $-1.03 | -151.2% | $994M | +7.8% |
| Feb 28, 2025 | $-1.06 | $-0.47 | +55.7% | $950M | +5.5% |
| Nov 8, 2024 | $-0.59 | $-0.81 | -37.3% | $1.1B | +18.4% |
| Aug 9, 2024 | $-0.70 | $-0.48 | +31.4% | $1.1B | +16.6% |
| May 10, 2024 | $-0.74 | $-0.61 | +17.6% | $1.0B | +11.7% |
| Feb 23, 2024 | $-0.44 | $-0.79 | -79.5% | $977M | +5.4% |
| Nov 9, 2023 | $-0.13 | $0.03 | +123.1% | $2.0B | +114.1% |
| Aug 4, 2023 | $-0.07 | $-0.19 | -171.4% | $1.0B | -0.5% |
CLMT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 13, 2026 | Raymond Paul Cdirector | Option | 7,067 | — |
| Jul 13, 2026 | Boss John G.director | Tax | 2,827 | — |
| Jul 13, 2026 | Mawer Stephen Pdirector | Tax | 5,512 | — |
| Jul 13, 2026 | Sajkowski Daniel Jdirector | Option | 7,067 | — |
| Jul 13, 2026 | Mawer Stephen Pdirector | Option | 13,780 | — |
| Jul 13, 2026 | Schumacher Amy Mdirector | Option | 7,067 | — |
| Jul 13, 2026 | Boss John G.director | Option | 7,067 | — |
| Jul 13, 2026 | Sajkowski Daniel Jdirector | Tax | 2,827 | — |
| Jul 13, 2026 | NARWOLD KAREN Gdirector | Option | 7,067 | — |
| Jul 13, 2026 | Twitchell Karen A.director | Option | 7,067 | — |
| Jul 13, 2026 | Quintana Julio Mdirector | Option | 7,067 | — |
| Jul 13, 2026 | Raymond Paul Cdirector | Tax | 2,827 | — |
| Jul 2, 2026 | Sajkowski Daniel Jdirector | Sell | 4,240 | $36.16 |
| Jun 4, 2026 | NARWOLD KAREN Gdirector | Grant | 3,461 | — |
| Jun 4, 2026 | Quintana Julio Mdirector | Grant | 3,461 | — |
Source: CLMT SEC Form 4 filings, latest Jul 13, 2026. For informational purposes only — not investment advice.
See the full CLMT insider & 13F page →Calumet, Inc. company profile
Overview
Calumet, Inc. (NYSE:CLMT) is a specialty chemical and renewable fuels company founded in 1916 and headquartered in Indianapolis, Indiana. Originally established as a petroleum refining company, Calumet has evolved into a diversified manufacturer of specialty products and renewable fuels. The company went public in 2006 as a master limited partnership (MLP) and converted to a C-corporation structure in 2024. Calumet operates through three main business segments: Specialty Products and Solutions, Performance Brands, and Montana/Renewables, serving both consumer-facing and industrial markets across North America and internationally.
Business
Calumet operates in the specialty chemicals and renewable fuels industries, manufacturing a diverse portfolio of products across three distinct business segments. The Specialty Products and Solutions segment represents the company's core traditional business, generating approximately 60-65% of total adjusted EBITDA. This segment produces various industrial chemicals including solvents, waxes, customized lubricating oils, white oils (highly refined petroleum products used in cosmetics and pharmaceuticals), petrolatums (petroleum jelly-based products), gels, esters, and other specialty chemical products. These products serve as essential inputs for industries ranging from personal care and pharmaceuticals to industrial manufacturing and automotive applications. The Performance Brands segment accounts for roughly 20-25% of adjusted EBITDA and focuses on blending, packaging, and marketing high-performance consumer and industrial products under well-known brand names including Royal Purple (premium synthetic lubricants), Bel-Ray (specialty lubricants for motorcycles and industrial equipment), and TruFuel (pre-mixed fuel for outdoor power equipment). This segment targets both professional and consumer markets with premium-branded products. The Montana/Renewables segment represents the company's newest and most strategically important growth area, contributing approximately 10-15% of current adjusted EBITDA but with significant expansion potential. This segment operates a renewable diesel and sustainable aviation fuel (SAF) production facility in Great Falls, Montana. The facility processes renewable feedstocks such as used cooking oil, animal fats, and vegetable oils into renewable diesel, renewable hydrogen, renewable natural gas, renewable propane, renewable naphtha, renewable kerosene/aviation fuel, and sustainable aviation fuel. The segment also processes Canadian crude oil into conventional petroleum products including gasoline, diesel, jet fuel, and specialty grades of asphalt.
Revenue model
Calumet generates revenue through direct product sales across its three business segments, with different customer bases and margin drivers for each. The Specialty Products and Solutions segment sells industrial chemicals and specialty products directly to manufacturers and industrial customers who use these materials as inputs in their production processes. Revenue comes from per-unit product sales, with margins historically ranging from $40-50 per barrel but recently improved to a mid-cycle range of $60-70 per barrel through operational improvements and commercial excellence initiatives. Key margin drivers include raw material costs (primarily petroleum-based feedstocks), operational efficiency, product mix optimization, and pricing power in niche specialty markets. The Performance Brands segment generates revenue through sales of branded consumer and professional products via retail channels, distributors, and direct sales to end users. This segment benefits from brand premium pricing and has shown strong volume growth of 19-22% in recent periods. Margins are influenced by brand strength, distribution efficiency, raw material costs, and competitive positioning in premium market segments. The Montana/Renewables segment operates on a commodity-plus-premium model, selling renewable diesel and sustainable aviation fuel to fuel distributors, airlines, and government entities. Revenue is driven by commodity fuel prices plus environmental credit premiums and regulatory incentives. The segment benefits from Production Tax Credits (PTCs) worth approximately $1 per gallon, renewable identification numbers (RINs), and sustainable aviation fuel premiums that can reach $1-2 per gallon above conventional fuel prices. Key margin factors include feedstock costs (used cooking oil, animal fats), operational efficiency (recently improved from $1.30 to $0.50 per gallon processing costs), environmental credit values, and regulatory policy support for renewable fuels. The company's margins are sensitive to crude oil price volatility, environmental regulation changes, feedstock availability and pricing, operational efficiency improvements, and the overall economic environment affecting industrial and consumer demand for specialty products.
Competitive moat
Calumet's competitive moat is moderate and varies significantly across its business segments, with the strongest protection in specialty chemicals and emerging advantages in renewable fuels. The Specialty Products and Solutions segment benefits from several defensive characteristics including specialized manufacturing capabilities, long-standing customer relationships, and the technical complexity of producing consistent, high-quality specialty chemicals. Many of the company's specialty products serve niche industrial applications where switching costs are meaningful and quality consistency is critical. The segment's geographic footprint and established distribution networks provide some competitive advantages, though these are not insurmountable barriers. The Performance Brands segment relies primarily on brand recognition and distribution relationships, particularly with the Royal Purple and TruFuel brands. While these brands have loyal followings in their respective markets, the moat is relatively narrow as competitors can develop similar products and challenge brand loyalty through pricing and marketing. The Montana/Renewables segment represents the company's most promising long-term competitive position. The facility's location in Montana provides advantageous access to Canadian crude oil and agricultural feedstocks, while its pre-treatment technology enables processing of lower-cost, lower-quality feedstocks that many competitors cannot handle. The company's position as one of the largest sustainable aviation fuel producers in North America provides scale advantages and preferred supplier relationships with airlines. However, the renewable fuels industry faces increasing competition as major oil companies and new entrants build similar facilities. The primary competitive threats include larger integrated oil companies entering renewable fuels with superior capital resources, potential changes in environmental regulations that support renewable fuels, commodity price volatility affecting margins, and technological developments that could obsolete current production methods. The company's relatively high debt levels also limit its ability to invest defensively compared to better-capitalized competitors.
Risks & safety
Calumet presents significant financial risk with a narrow margin of safety, primarily due to high debt levels and inconsistent cash generation. • **Solvency Risk**: High debt-to-equity ratio of -2.7x and total liabilities of $3.4 billion versus assets of $2.8 billion indicate overleveraged balance sheet • **Cash Position**: Limited cash of $123 million against current liabilities of $869 million, resulting in current ratio of 1.06 • **Cash Flow**: Negative operating cash flow of -$111 million and free cash flow of -$128 million in Q1 2025, indicating cash burn • **Debt Service**: Company called $150 million of 2026 notes and reduced annual debt service by $80 million through DOE loan, but still faces significant refinancing needs • **Valuation**: Negative book value and inconsistent EBITDA generation make traditional valuation metrics unreliable • **Operational Leverage**: High fixed costs and commodity exposure create earnings volatility • **Liquidity**: Dependent on asset sales and potential Montana Renewables monetization to meet debt obligations
Recent development
Over the past few years, Calumet has undergone significant strategic transformation focused on renewable fuels expansion and corporate restructuring. The company completed construction and startup of its Montana Renewables facility, which has become one of the largest sustainable aviation fuel producers in North America. Key operational improvements include reducing processing costs from $1.30 per gallon to $0.50 per gallon and achieving production capacity 60% higher than initial targets. The company executed a major corporate restructuring by converting from a master limited partnership to a C-corporation in 2024, providing greater financial flexibility and broader investor access. Calumet secured a conditional $1.44 billion Department of Energy loan commitment for the MaxSAF expansion project, which aims to increase sustainable aviation fuel capacity to 150 million gallons annually by 2026 with lower capital requirements than originally projected. Strategic divestitures have been central to the company's deleveraging efforts, including the sale of Royal Purple's industrial business for approximately $110 million. The company has also explored monetization opportunities for Montana Renewables to reduce debt levels. Operational excellence initiatives across all segments have focused on cost reduction, commercial improvements, and safety performance, with the company achieving its lowest safety incident rate in recent years. The MaxSAF project represents a breakthrough in capital efficiency, requiring only $20-30 million in additional investment versus the original $150-250 million estimate, while accelerating the timeline to early 2026. This development positions Calumet to significantly expand its sustainable aviation fuel production with minimal additional capital investment.
CLMT company profile · for informational purposes only — not investment advice.
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