Calumet (CLMT)
Market Price (9/2/2026): $51.52 | Market Cap: $4.5 BilSector: Materials | Industry: Specialty Chemicals
Calumet (CLMT)
Market Price (9/2/2026): $51.52Market Cap: $4.5 BilSector: MaterialsIndustry: Specialty Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include Advanced Materials, Energy Transition & Decarbonization, and Automation & Robotics. Themes include Specialty Chemicals for Performance, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 31x Stock price has recently run up significantly12M Rtn12 month market price return is 216% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.4% Key risksCLMT key risks include [1] a substantial debt load that constrains its financial flexibility and [2] the dependence of its key Montana Renewables segment on potentially shifting government regulations and incentives. |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Advanced Materials, Energy Transition & Decarbonization, and Automation & Robotics. Themes include Specialty Chemicals for Performance, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 31x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 216% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.4% |
| Key risksCLMT key risks include [1] a substantial debt load that constrains its financial flexibility and [2] the dependence of its key Montana Renewables segment on potentially shifting government regulations and incentives. |
Qualitative Assessment
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Calumet (CLMT) stock has gained about 45% since 5/31/2026 because of the following key factors:
1. Exceptional performance of the Specialty Products and Solutions segment drove significant financial improvement. This segment reported Adjusted EBITDA of $161.7 million in fiscal Q2 2026 (ended June 30, 2026), more than double the $66.8 million reported in the same period last year. This growth was fueled by favorable margins and strong operational execution, with segment sales increasing to $1.013 billion from $627.9 million year-over-year.
2. Robust Q2 2026 revenue significantly surpassed analyst expectations, signaling stronger market demand and pricing power. Calumet reported revenue of $1.45 billion for fiscal Q2 2026, a 40.8% increase year-over-year, substantially beating the consensus estimate of $1.12 billion. Despite a reported EPS miss, the company's Adjusted EBITDA with Tax Attributes for the quarter reached $175.2 million, up from $76.5 million in fiscal Q2 2025.
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Calumet (CLMT) stock has gained about 45% since 5/31/2026 because of the following key factors:
1. Exceptional performance of the Specialty Products and Solutions segment drove significant financial improvement. This segment reported Adjusted EBITDA of $161.7 million in fiscal Q2 2026 (ended June 30, 2026), more than double the $66.8 million reported in the same period last year. This growth was fueled by favorable margins and strong operational execution, with segment sales increasing to $1.013 billion from $627.9 million year-over-year.
2. Robust Q2 2026 revenue significantly surpassed analyst expectations, signaling stronger market demand and pricing power. Calumet reported revenue of $1.45 billion for fiscal Q2 2026, a 40.8% increase year-over-year, substantially beating the consensus estimate of $1.12 billion. Despite a reported EPS miss, the company's Adjusted EBITDA with Tax Attributes for the quarter reached $175.2 million, up from $76.5 million in fiscal Q2 2025.
3. Strategic advancements in Montana Renewables, particularly the MaxSAF® 150 expansion, positioned the company for future growth in sustainable aviation fuel (SAF). Calumet completed the first phase of its MaxSAF® 150 expansion in fiscal Q2 2026, which is now capturing robust renewable margins. The company projects a significant increase in SAF production, expecting to exceed an 80 million gallon run-rate by year-end 2026 and reach approximately 200 million gallons by year-end 2028.
4. Accelerated debt reduction efforts improved the company's financial leverage and reduced investor risk perception. Calumet continued its deleveraging strategy by retiring $115 million of debt in July 2026, following the close of fiscal Q2. This action improved the restricted group leverage to below 4.0 times in fiscal Q2 2026, with an expectation to further reduce it below 3.0 times in fiscal Q3 2026.
5. Multiple analyst firms upgraded price targets, reflecting increased confidence in Calumet's outlook and valuation. In August 2026, several Wall Street analysts raised their price targets for CLMT. For example, UBS Group lifted its target from $26.00 to $47.00, Goldman Sachs Group increased its target from $40.00 to $45.00, and TD Cowen boosted its target from $34.00 to $40.00. This resulted in a consensus price target of $48.00.
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Stock Movement Drivers
Fundamental Drivers
The 45.2% change in CLMT stock from 5/31/2026 to 9/1/2026 was primarily driven by a 32.9% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9012026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.47 | 51.52 | 45.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,173 | 4,591 | 10.0% |
| P/S Multiple | 0.7 | 1.0 | 32.9% |
| Shares Outstanding (Mil) | 87 | 88 | -0.7% |
| Cumulative Contribution | 45.2% |
Market Drivers
5/31/2026 to 9/1/2026| Return | Correlation | |
|---|---|---|
| CLMT | 45.2% | |
| Market (SPY) | 0.7% | -4.7% |
| Sector (XLB) | 1.8% | -21.4% |
Fundamental Drivers
The 91.1% change in CLMT stock from 2/28/2026 to 9/1/2026 was primarily driven by a 73.5% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9012026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.96 | 51.52 | 91.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,137 | 4,591 | 11.0% |
| P/S Multiple | 0.6 | 1.0 | 73.5% |
| Shares Outstanding (Mil) | 87 | 88 | -0.8% |
| Cumulative Contribution | 91.1% |
Market Drivers
2/28/2026 to 9/1/2026| Return | Correlation | |
|---|---|---|
| CLMT | 91.1% | |
| Market (SPY) | 11.4% | -13.1% |
| Sector (XLB) | -2.1% | -11.5% |
Fundamental Drivers
The 216.1% change in CLMT stock from 8/31/2025 to 9/1/2026 was primarily driven by a 182.8% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9012026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.30 | 51.52 | 216.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,070 | 4,591 | 12.8% |
| P/S Multiple | 0.3 | 1.0 | 182.8% |
| Shares Outstanding (Mil) | 87 | 88 | -0.9% |
| Cumulative Contribution | 216.1% |
Market Drivers
8/31/2025 to 9/1/2026| Return | Correlation | |
|---|---|---|
| CLMT | 216.1% | |
| Market (SPY) | 19.1% | -3.3% |
| Sector (XLB) | 14.5% | -1.0% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/1/2026| Return | Correlation | |
|---|---|---|
| CLMT | ||
| Market (SPY) | 75.1% | 27.5% |
| Sector (XLB) | 32.6% | 23.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLMT Return | - | - | - | 30% | -10% | 150% | 193% |
| Peers Return | 44% | 98% | 18% | -18% | 24% | 130% | 685% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| CLMT Win Rate | - | - | - | 50% | 58% | 88% | |
| Peers Win Rate | 58% | 75% | 53% | 38% | 67% | 80% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CLMT Max Drawdown | - | - | - | - | -62% | -15% | |
| Peers Max Drawdown | -34% | -32% | -28% | -42% | -33% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DINO, VLO, PSX, MPC, PBF.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/1/2026 (YTD)
How Low Can It Go
| Event | CLMT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -41.9% | -18.8% |
| % Gain to Breakeven | 72.1% | 23.1% |
| Time to Breakeven | 69 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -33.6% | -7.8% |
| % Gain to Breakeven | 50.7% | 8.5% |
| Time to Breakeven | 8 days | 18 days |
In The Past
Calumet's stock fell -41.9% during the 2025 US Tariff Shock. Such a loss loss requires a 72.1% gain to breakeven.
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Asset Allocation
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| Event | CLMT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -41.9% | -18.8% |
| % Gain to Breakeven | 72.1% | 23.1% |
| Time to Breakeven | 69 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -33.6% | -7.8% |
| % Gain to Breakeven | 50.7% | 8.5% |
| Time to Breakeven | 8 days | 18 days |
In The Past
Calumet's stock fell -41.9% during the 2025 US Tariff Shock. Such a loss loss requires a 72.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Calumet (CLMT)
Calumet, Inc. (CLMT) is a diversified energy and specialty products company that manufactures, formulates, and markets a broad range of products for both consumer-facing and industrial markets across North America and internationally. Founded in 1919, the company operates through three primary segments: Specialty Products and Solutions, Montana/Renewables, and Performance Brands. This structure highlights its balanced approach, combining established industrial product offerings with a significant focus on the rapidly expanding renewable fuels sector.
The Specialty Products and Solutions segment is responsible for producing a variety of essential industrial components, including solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, and esters. Meanwhile, the Montana/Renewables segment is pivotal to Calumet's strategy, processing renewable feedstocks into sustainable products such as renewable diesel, sustainable aviation fuel (SAF), renewable hydrogen, and renewable natural gas. This segment also plays a role in conventional fuel production, processing Canadian crude oil into gasoline, diesel, jet fuel, and specialty asphalt.
Rounding out its offerings, the Performance Brands segment blends, packages, and markets high-performance products under well-recognized brands like Royal Purple, Bel-Ray, and TruFuel, catering to specific consumer and industrial needs for advanced lubricants and fuels. Calumet primarily serves its wide array of customers through wholesale distributors and retail chains, ensuring its diverse product portfolio reaches a broad range of end-use markets.
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Here are 1-2 brief analogies to describe Calumet:
- Neste, but also a specialty chemicals company.
- Valero, transitioning into renewable fuels and specialty chemicals.
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- Specialty Solvents & Waxes: Offers various solvents, waxes, and other customized chemical products.
- Lubricating Oils & Petrolatums: Provides customized lubricating oils, white oils, petrolatums, gels, and esters.
- Renewable Fuels: Manufactures renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha.
- Conventional Fuels & Asphalt: Produces conventional gasoline, diesel, jet fuel, and specialty grades of asphalt.
- Performance Branded Products: Markets high-performance lubricants, fuels, and related products under the Royal Purple, Bel-Ray, and TruFuel brands.
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For Calumet (CLMT), the company primarily sells to other businesses (B2B).
Based on the provided background information, Calumet's major customers are:
- Wholesale distributors
- Retail chains
The background does not specify the names of individual major customer companies or their public symbols.
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- Enbridge Inc. (ENB)
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Todd Borgmann, President & Chief Executive Officer
Todd Borgmann has served as Chief Executive Officer of Calumet's general partner since May 2022. Prior to this role, he was the Executive Vice President – Chief Financial Officer of Calumet's general partner since February 2021. Mr. Borgmann has over fifteen years of experience with Calumet, serving in diverse management roles, including Senior Vice President – Chief Financial Officer, Senior Vice President – Interim Chief Financial Officer, and Vice President of Supply & Trading. He also held positions as Calumet's Vice President of Business Development and Director of White Oils and Petrolatums sales. Mr. Borgmann brings extensive expertise in petroleum markets, refining operations, and risk management. He holds a Bachelor of Science in Industrial Engineering from Purdue University and a Master of Business Administration from the University of Notre Dame.
David Lunin, Executive Vice President, Chief Financial Officer
David Lunin was appointed Chief Financial Officer of Calumet on January 1, 2024, having joined as EVP and CFO Designate. He assumed the role of the company's principal accounting officer on April 15, 2025, in addition to his CFO responsibilities. Mr. Lunin has over 20 years of finance experience, most recently in various investment banking roles at Goldman Sachs. At Goldman Sachs, he focused on capital markets and mergers and acquisitions, spending significant time in the Natural Resources group covering the commodity and specialty chemicals industries. Mr. Lunin holds a Bachelor's degree in Business Administration from George Washington University, a Master of Arts in Applied Economics from Johns Hopkins University, and an MBA from Columbia Business School.
Bruce Fleming, Executive Vice President — Montana Renewables & Corporate Development
Bruce Fleming serves as the Executive Vice President — Montana Renewables & Corporate Development at Calumet. He previously served as President of NuStar Energy L.P. and also held a position on the Board of Directors for Valero Energy Corporation. Prior to these roles, Mr. Fleming was with Koch Industries for 30 years, where his roles included President of Koch Petroleum Group, LP, and Chief Executive Officer of Koch Supply & Trading.
Scott Obermeier, Executive Vice President — Specialties
Scott Obermeier is the Executive Vice President — Specialties at Calumet. He was promoted to Executive Vice President, Commercial in January 2020, focusing on the company's commercial strategy and specialty products transformation. Mr. Obermeier has over 20 years of experience in sales, marketing, and general management within the specialty chemicals market. Before joining Calumet in November 2017, he spent 10 years with Univar Solutions Inc., where he served as Vice President and managed their organic chemicals business. Earlier in his career, he held various sales management and regional oversight roles at CHEMCENTRAL Corporation. Mr. Obermeier earned a B.A. in Chemistry Marketing from the University of Northern Iowa.
Gregory Morical, Senior Vice President, General Counsel & Secretary
Gregory Morical serves as the Senior Vice President, General Counsel & Secretary for Calumet. Before joining Calumet, Mr. Morical was a partner at the law firm of Ice Miller LLP, where he specialized in corporate transactions, mergers and acquisitions, and corporate governance.
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The key risks to Calumet's (CLMT) business include its significant debt burden, the volatile nature and execution challenges within its Montana/Renewables segment, and persistent profitability challenges stemming from a high cost base.
- High Debt and Balance Sheet Risk: Calumet carries a substantial debt load, with approximately $2.23 billion in debt exceeding its cash on hand. The company's net-debt-to-EBITDA ratio of 7x indicates it is highly leveraged. This high level of debt leads to increased fixed-interest obligations, which can strain financial flexibility and profitability. Furthermore, Calumet has faced elevated refinancing risks for its upcoming debt maturities, leading S&P Global Ratings to downgrade its credit rating due to concerns about its ability to address these maturities without external funding.
- Challenges and Volatility in the Montana/Renewables Segment: Calumet's Montana/Renewables (MRL) segment, which focuses on renewable diesel and sustainable aviation fuel, is crucial for its future growth but is subject to significant market and operational uncertainties. This segment has experienced substantial headwinds, including volatile market conditions and record-low industry margins, which have pressured profitability. The business is also reliant on favorable renewable fuel policies, and potential shifts in regulatory support, such as changes to Renewable Identification Numbers (RINs) obligations, could quickly impact margins and cash flow. Additionally, there are execution risks associated with the MaxSAF150 expansion project and a "one-site risk" related to the Great Falls facility, where a major shutdown could significantly impact the company.
- Overall Profitability Challenges and High Operating Costs: Despite being profitable over the last five years, Calumet's overall profitability has been hampered by a high cost base, with its average EBITDA margin of 6.3% being among the lowest in the energy upstream and integrated energy sector. The company has reported ongoing profitability challenges, including missing analyst earnings expectations, and high operational costs continue to pressure its earnings per share. Calumet has also historically demonstrated a mediocre track record in investing in profitable growth initiatives, with a low average return on invested capital.
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The accelerating global transition away from fossil fuels and internal combustion engines (ICEs) poses a significant emerging threat to Calumet's conventional refining operations and its Performance Brands segment. As electric vehicles and renewable energy sources gain market share, demand for traditional gasoline, diesel, jet fuel, and the specialized lubricants and fuels for ICEs (e.g., Royal Purple, TruFuel) could substantially decline. This shift necessitates a rapid and successful pivot towards their renewable initiatives, or their legacy assets and product lines face obsolescence and reduced profitability.
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Calumet, Inc. (CLMT) participates in several addressable markets for its diverse product offerings across specialty products, renewable fuels, and performance brands.
Renewable Fuels and Sustainable Solutions:
- Renewable Diesel: The global renewable diesel market was estimated at approximately USD 26.12 billion in 2025 and is projected to reach about USD 60.43 billion by 2035, growing at a CAGR of 8.75% from 2026 to 2035. North America is a significant market, holding approximately 42.2% of the global market share in 2025. The U.S. renewable diesel industry is expected to grow significantly.
- Sustainable Aviation Fuel (SAF): The global sustainable aviation fuel market size was approximately USD 2.31 billion in 2025 and is predicted to surge to around USD 357.41 billion by 2035, expanding at a CAGR of 65.56% between 2026 and 2035. North America held a substantial share of 47.11% of the global market in 2025.
Specialty Products and Lubricants:
- Specialty Lubricants: The global specialty lubricants market size was valued at USD 34.7 billion in 2025 and is predicted to reach USD 55.6 billion by 2035, growing at a CAGR of 4.9% from 2026 to 2035. North America is a leading region, with an anticipated share of around 40% of global revenue in 2026, and its market is valued at around USD 10 billion.
- High-Performance Lubricants: The global high-performance lubricants market size was valued at approximately USD 6.77 billion in 2025 and is expected to reach USD 11.13 billion by 2035, expanding at a CAGR of 5.1% during the forecast period from 2026-2035. North America is the largest market, holding approximately 40% of the global market share.
- Waxes: The global wax market size was estimated at USD 10.456 billion in 2023 and is projected to reach USD 14.1658 billion by 2030, with a CAGR of 4.6% from 2024 to 2030. Another estimate places the global market at USD 11.6 billion in 2020, projected to reach USD 16.7 billion by 2030. The U.S. wax market is projected to reach USD 1.9924 billion by 2027.
- White Oils: The global white oil market size was valued at USD 2.2 billion in 2021 and is projected to reach USD 3.1 billion by 2031. More recent estimates show the global white oil market size at USD 2.4273 billion in 2025, projected to reach USD 3.3863 billion by 2033. Asia-Pacific dominated the market with 53.2% of the revenue share in 2025.
- Petrolatum (Petroleum Jelly): The global petrolatum market size is expected to grow from USD 0.6 billion by the end of 2024 to USD 0.9 billion by 2033. Another source indicates the global market was valued at USD 911.59 million in 2025 and is expected to reach USD 1456.84 million by 2035. Asia Pacific dominated the global industry in 2024.
Conventional Fuels and Asphalt:
- Asphalt: The global asphalt market size was estimated at USD 65.91 billion in 2024 and is anticipated to reach USD 83.35 billion by 2030, growing at a CAGR of 4.0% from 2025 to 2030. The U.S. asphalt market size was USD 32.6 million in 2024 and is expected to reach USD 52.9 million by 2032. Asia Pacific dominated the global market with a revenue share of about 38.81% in 2024.
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Share Issuance
- In July 2024, Calumet completed its conversion from a master limited partnership to a C-Corporation, issuing approximately 80.4 million shares of common stock in exchange for outstanding common units. Additionally, 5.5 million shares of common stock and 2.0 million warrants were issued to Sponsor Parties.
- As of February 27, 2026, the company reported 86.8 million common shares outstanding.
- Calumet announced a $65 million At-the-Market Equity Offering Program in January 2025.
Inbound Investments
- In November 2021, Montana Renewables, LLC (MRL), a subsidiary, received a $300 million convertible debt investment from funds managed by Oaktree Capital Management, L.P.
- In August 2022, Warburg Pincus invested $250 million in MRL through preferred equity, and Stonebriar Commercial Finance provided an additional $350 million via sale and leaseback contracts; the Oaktree investment was subsequently retired.
- In January 2025, Montana Renewables secured a $1.44 billion guaranteed loan facility from the U.S. Department of Energy (DOE) Loan Programs Office for the expansion of its renewable fuels facility, with an initial funding of approximately $782 million.
Outbound Investments
- In 2025, Calumet divested the industrial segment of its Royal Purple business for $110 million, resulting in a $55.8 million gain, while retaining the consumer brand.
Capital Expenditures
- Calumet's capital expenditures were $82.9 million in 2021, $536.2 million in 2022, and $271.8 million in 2023.
- Expected capital expenditures were $76.7 million for 2024 and estimated between $60 million to $90 million for 2025, primarily focused on maintenance and optimization, funded by operating cash flows and credit facilities.
- For 2026, capital spending is projected to be between $115 million and $145 million, including $70 million to $90 million for the restricted group, with a significant portion allocated to heavy turnarounds across various sites and the completion of the Montana Renewables' MaxSAF 150 expansion.
Peer Outperformance in Specialty Chemicals
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 105.6% | 76.1% | 298.3% | COPR 1003% · TGB 344% · HBM 344% |
| Silver | 6 | 135.6% | 305.6% | 148.3% | AYA 234% · HL 218% · SVM 181% |
| Gold | 34 | 39.3% | 186.2% | 141.7% | IAG 735% · CNL 527% · KGC 431% |
| Steel | 13 | 25.9% | 47.7% | 135.4% | AMR 496% · HCC 375% · NWPX 327% |
| Aluminum | 3 | 109.5% | 132.8% | 56.8% | CENX 271% · KALU 57% · AA 14% |
| Construction Materials | 7 | -17.8% | 18.3% | 39.7% | USLM 305% · CRH 85% · VMC 48% |
| Diversified Metals & Mining | 24 | -0.3% | -15.8% | 35.2% | ATLX 223471% · USAR 57819% · SGML 913% |
| Metal, Glass & Plastic Containers | 11 | -4.6% | 2.7% | 3.5% | KRT 163% · MYE 61% · GEF 48% |
| Paper & Plastic Packaging Products & Materials | 7 | 5.1% | 10.3% | -8.2% | PKG 73% · CCK 10% · SON -2% |
| Specialty Chemicals ← | 41 | 8.3% | -4.2% | -15.3% | ODC 475% · NEU 188% · CMT 76% |
| Commodity Chemicals | 12 | 25.9% | -14.3% | -26.2% | HWKN 247% · LXU 76% · MEOH 71% |
| Diversified Chemicals | 4 | 0.7% | -29.2% | -28.0% | CBT 67% · ASH -9% · CC -47% |
| Precious Metals & Minerals | 8 | 41.4% | 145.3% | -31.8% | ASM 587% · PPTA 355% · MTA 33% |
| Fertilizers & Agricultural Chemicals | 10 | -6.8% | -5.0% | -34.6% | CF 228% · CTVA 106% · NTR 50% |
| Paper Products | 3 | -21.0% | -55.4% | -96.2% | CLW -38% · MERC -96% · ITP -96% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Calumet Stock On Fire: Up 28% With 7-Day Winning Streak | 04/01/2026 | |
| Calumet Stock On Fire: Up 25% With 6-Day Winning Streak | 03/31/2026 | |
| Calumet Earnings Notes | 12/16/2025 | |
| Calumet Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 | |
| Day 5 of Gains Streak for Calumet Stock with 24% Return (vs. -26% YTD) [8/25/2025] | 08/26/2025 | |
| Calumet (CLMT) Net Income Comparison | 08/08/2025 | |
| Calumet (CLMT) EBITDA Comparison | 08/08/2025 | |
| Calumet (CLMT) Operating Cash Flow Comparison | 08/08/2025 | |
| Calumet (CLMT) Tax Expense Comparison | 08/08/2025 | |
| Calumet (CLMT) Debt Comparison | 08/08/2025 | |
| ARTICLES | ||
| 30 Small Cap Stocks Hit 52-Week Highs On Friday | 08/03/2026 | |
| Calumet Stock 7-Day Winning Spree: Stock Climbs 28% | 04/01/2026 | |
| Small Cap Stocks Trading At 52-Week High | 04/01/2026 | |
| Calumet Stock 6-Day Winning Spree: Stock Climbs 25% | 03/31/2026 | |
| CLMT Stock Up 24% after 5-Day Win Streak | 08/25/2025 |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 178.00 |
| Mkt Cap | 59.9 |
| Rev LTM | 86,885 |
| Op Inc LTM | 4,806 |
| FCF LTM | 4,317 |
| FCF 3Y Avg | 2,834 |
| CFO LTM | 5,854 |
| CFO 3Y Avg | 4,174 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.0% |
| Rev Chg 3Y Avg | -1.5% |
| Rev Chg Q | 53.1% |
| QoQ Delta Rev Chg LTM | 13.1% |
| Op Inc Chg LTM | 279.5% |
| Op Inc Chg 3Y Avg | 56.6% |
| Op Mgn LTM | 5.9% |
| Op Mgn 3Y Avg | 3.7% |
| QoQ Delta Op Mgn LTM | 2.4% |
| CFO/Rev LTM | 6.8% |
| CFO/Rev 3Y Avg | 5.1% |
| FCF/Rev LTM | 5.7% |
| FCF/Rev 3Y Avg | 3.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Specialty Products and Solutions | 2,652 | 2,813 | 2,894 | 3,533 | 2,128 |
| Montana/Renewables | 1,193 | 1,065 | 994 | 875 | 784 |
| Performance Brands | 312 | 336 | 311 | 303 | 253 |
| Corporate expenses and other | 0 | 0 | 0 | 0 | 0 |
| Inter-segment sales eliminations | -20 | -24 | -18 | -25 | -16 |
| Total | 4,137 | 4,189 | 4,181 | 4,686 | 3,148 |
| $ Mil | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|
| Fuel Products | 160 | -10 | -2 | 19 | 56 |
| Specialty Products | 126 | 135 | 73 | 48 | 73 |
| Total | 286 | 125 | 71 | 67 | 129 |
| $ Mil | 2012 | 2011 | 2010 | 2009 | 2004 |
|---|---|---|---|---|---|
| Specialty Products | 1,570 | 1,159 | 3,618 | 3,073 | 315 |
| Fuel Products | 683 | 573 | 2,909 | 2,372 | 69 |
| Inter-segment sales eliminations | -5,510 | -4,413 | |||
| Total | 2,253 | 1,732 | 1,017 | 1,032 | 385 |
Price Behavior
| Market Price | $51.52 | |
| Market Cap ($ Bil) | 4.5 | |
| First Trading Date | 07/11/2024 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $41.82 | $30.94 |
| DMA Trend | up | up |
| Distance from DMA | 23.2% | 66.5% |
| 3M | 1YR | |
| Volatility | 51.4% | 43.7% |
| Downside Capture | -183.20 | -128.16 |
| Upside Capture | -7.69 | 32.57 |
| Correlation (SPY) | -3.4% | -2.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -2.23 | -0.82 | -0.13 | -0.43 | -0.10 | 0.07 |
| Up Beta | -2.07 | -0.12 | -0.46 | -0.63 | -0.26 | 0.00 |
| Down Beta | 7.39 | 1.93 | 2.01 | 1.28 | 0.97 | -0.38 |
| Up Capture | -163% | -33% | 1% | -8% | 24% | 13% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 26 | 40 | 75 | 149 | 288 |
| Down Capture | -712% | -451% | -223% | -306% | -265% | -2% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 16 | 24 | 52 | 101 | 243 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLMT | |
|---|---|---|---|---|
| CLMT | 217.5% | 43.6% | 2.76 | - |
| Sector ETF (XLB) | 14.5% | 17.8% | 0.61 | -1.1% |
| Equity (SPY) | 19.2% | 12.8% | 1.10 | -3.4% |
| Gold (GLD) | 24.8% | 29.2% | 0.76 | 2.7% |
| Commodities (DBC) | 44.0% | 20.4% | 1.67 | 31.3% |
| Real Estate (VNQ) | 8.5% | 13.7% | 0.35 | -5.0% |
| Bitcoin (BTCUSD) | -27.6% | 43.5% | -0.62 | -0.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLMT | |
|---|---|---|---|---|
| CLMT | 24.4% | 60.4% | 1.08 | - |
| Sector ETF (XLB) | 6.1% | 19.1% | 0.21 | 23.3% |
| Equity (SPY) | 12.7% | 17.2% | 0.56 | 27.6% |
| Gold (GLD) | 18.7% | 18.7% | 0.81 | 2.8% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 29.0% |
| Real Estate (VNQ) | 2.0% | 18.9% | -0.00 | 18.2% |
| Bitcoin (BTCUSD) | 10.5% | 52.6% | 0.38 | 9.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLMT | |
|---|---|---|---|---|
| CLMT | 11.5% | 60.4% | 1.08 | - |
| Sector ETF (XLB) | 10.0% | 20.7% | 0.43 | 23.3% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 27.6% |
| Gold (GLD) | 12.0% | 16.3% | 0.60 | 2.8% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 29.0% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 18.2% |
| Bitcoin (BTCUSD) | 63.2% | 66.1% | 1.03 | 9.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -5.7% | 16.5% | |
| 5/8/2026 | -7.3% | -9.5% | 2.6% |
| 2/27/2026 | -10.8% | 0.2% | 6.1% |
| 1/6/2026 | 0.4% | 2.4% | 25.6% |
| 11/7/2025 | -1.6% | -6.2% | 1.5% |
| 8/8/2025 | -3.6% | -7.8% | 15.8% |
| 5/9/2025 | 3.8% | 13.3% | 11.0% |
| 2/28/2025 | -4.3% | -16.9% | -12.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 6 | 8 |
| # Negative | 6 | 4 | 1 |
| Median Positive | 6.8% | 7.8% | 8.6% |
| Median Negative | -5.0% | -8.6% | -12.1% |
| Max Positive | 15.7% | 46.6% | 35.8% |
| Max Negative | -10.8% | -16.9% | -12.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -5.7% | 16.5% | |
| 5/8/2026 | -7.3% | -9.5% | 2.6% |
| 2/27/2026 | -10.8% | 0.2% | 6.1% |
| 1/6/2026 | 0.4% | 2.4% | 25.6% |
| 11/7/2025 | -1.6% | -6.2% | 1.5% |
| 8/8/2025 | -3.6% | -7.8% | 15.8% |
| 5/9/2025 | 3.8% | 13.3% | 11.0% |
| 2/28/2025 | -4.3% | -16.9% | -12.1% |
| 11/8/2024 | 9.8% | 1.1% | 6.2% |
| 8/9/2024 | 15.7% | 46.6% | 35.8% |
| SUMMARY STATS | |||
| # Positive | 4 | 6 | 8 |
| # Negative | 6 | 4 | 1 |
| Median Positive | 6.8% | 7.8% | 8.6% |
| Median Negative | -5.0% | -8.6% | -12.1% |
| Max Positive | 15.7% | 46.6% | 35.8% |
| Max Negative | -10.8% | -16.9% | -12.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/15/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/15/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/04/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/03/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/05/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Insider Activity
Updated 8/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sajkowski, Daniel J | Direct | Sell | 7022026 | 36.16 | 4,240 | 153,318 | 2,810,283 | Form | |
| 2 | Heritage, Group | Direct | Sell | 5192026 | 32.54 | 626,998 | 20,400,007 | 422,324,145 | Form | |
| 3 | Sajkowski, Daniel J | Direct | Sell | 4022026 | 34.46 | 3,310 | 114,063 | 2,824,273 | Form | |
| 4 | Sajkowski, Daniel J | Direct | Sell | 2262026 | 15.77 | 2,000 | 31,540 | 1,296,877 | Form | |
| 5 | Sajkowski, Daniel J | Direct | Sell | 2262026 | 13.40 | 20,000 | 268,000 | 1,098,251 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sajkowski, Daniel J | Direct | Sell | 7022026 | 36.16 | 4,240 | 153,318 | 2,810,283 | Form | |
| 2 | Heritage, Group | Direct | Sell | 5192026 | 32.54 | 626,998 | 20,400,007 | 422,324,145 | Form | |
| 3 | Sajkowski, Daniel J | Direct | Sell | 4022026 | 34.46 | 3,310 | 114,063 | 2,824,273 | Form | |
| 4 | Sajkowski, Daniel J | Direct | Sell | 2262026 | 15.77 | 2,000 | 31,540 | 1,296,877 | Form | |
| 5 | Sajkowski, Daniel J | Direct | Sell | 2262026 | 13.40 | 20,000 | 268,000 | 1,098,251 | Form | |
| 6 | Sajkowski, Daniel J | Direct | Sell | 2262026 | 10.66 | 20,000 | 213,200 | 1,086,883 | Form | |
| 7 | Sajkowski, Daniel J | Direct | Sell | 2262026 | 12.55 | 20,000 | 251,000 | 1,530,585 | Form | |
| 8 | Sajkowski, Daniel J | Direct | Sell | 2262026 | 13.73 | 20,000 | 274,600 | 1,949,097 | Form | |
| 9 | Sajkowski, Daniel J | Direct | Sell | 12052025 | 0.00 | 2,022 | Form | |||
| 10 | Boss, John G | Direct | Sell | 12052025 | 0.00 | 1,011 | Form | |||
| 11 | Sajkowski, Daniel J | Direct | Sell | 10032025 | 0.00 | 1,518 | Form | |||
| 12 | Boss, John G | Direct | Sell | 10032025 | 0.00 | 1,518 | Form |
Investor Activity (13F)
Updated Sep 2, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Specialty Chemicals Resources |
| SpecialChem |
| Chemical Week |
| ICIS |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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