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CLMT · NASDAQ · Chemicals - Specialty

Calumet (CLMT)

Formulates specialty hydrocarbons and branded lubricants while producing conventional and renewable fuels.

$57.63
vs last close−0.49 (−0.84%)
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Calumet, Inc.CLMT
Materials

Manufactures specialty oils, solvents and waxes, sells Royal Purple, Bel-Ray and TruFuel products, and produces conventional and renewable fuels and asphalt across North America. Earnings combine an integrated specialties network with Montana Renewables, whose results depend on feedstock economics and low-carbon fuel policy.

Manufactures and formulates specialty oils, solvents, waxes and other hydrocarbon materials through Specialty Products and Solutions, while Performance Brands sells packaged lubricants, chemicals and engineered fuels under Royal Purple, Bel-Ray and TruFuel. Its integrated North American refining, blending and packaging network serves industrial formulators, retailers and consumer markets; the industrial Royal Purple product line was sold in 2025, leaving the consumer business within the portfolio.

Operates conventional fuels and asphalt production alongside Montana Renewables, which converts renewable feedstocks into renewable diesel, sustainable aviation fuel and renewable naphtha for western North America. Product customization and integrated assets support the specialties business, while renewable-fuel economics depend on feedstock costs, low-carbon fuel mandates and tax credits. Montana Renewables is an unrestricted subsidiary with project-level financing and relies on Calumet personnel and shared services.

Company facts

CEOLouis Todd Borgmann
ListedJul 11, 2024
ExchangeNASDAQ
HeadquartersIndianapolis, IN
CountryUnited States
Employees1,540
CIK0002013745
ISINUS1314281049

Market cap$5.06B
EPS (ttm)−$1.55
P/E (ttm)−37.50
ROE—
P/B—
P/S1.10
Dividend yieldDiv yield—
Beta−0.12vs XLB 0.07

Price target$47.00−19.1%Average of 23 analysts
ConsensusHold18 of 23 analysts
Ratings

Target rangeAs of Sep 21, 2026

Latest analyst notes

DateFirmActionPriorCurrent
Sep 2, 2026H.C. WainwrightReiterate
Rating: —Target: —
Rating: BuyTarget: $75
Aug 25, 2026UBSReiterate
Rating: —Target: $26
Rating: NeutralTarget: $47
Aug 18, 2026Goldman SachsReiterate
Rating: —Target: $40
Rating: NeutralTarget: $45
Jul 30, 2026Goldman SachsReiterate
Rating: —Target: $36
Rating: NeutralTarget: $40
Apr 24, 2026Goldman SachsTarget
Target: $24
Target: $36

Next report
Nov 6, 26
in 45 days
EPS estimate
$1.55
Revenue estimate
$1.26B
Fiscal quarter
Q3 FY26

EPSReportedEstimate

Feb '25May '25Aug '25Nov '25Feb '26May '26Aug '26Nov '26
Reported−$0.47−$1.87−$1.70−$3.61−$0.43−$3.64−$1.09Pending
Estimate−$1.06−$0.41−$0.44−$0.35−$0.67−$0.57$0.07$1.55
Surprise+55.7%−356.1%−286.4%−930.9%+35.8%−538.6%−1,717.0%—

RevenueReportedEstimate

Feb '25May '25Aug '25Nov '25Feb '26May '26Aug '26Nov '26
Reported$949.5M$993.9M$1.03B$1.08B$1.04B$1.03B$1.45BPending
Estimate$866.2M$891.4M$925.2M$1.05B$1.06B$1.00B$1.12B$1.26B
Surprise+9.6%+11.5%+11.0%+2.4%−1.8%+2.9%+29.3%—
Estimate$1.55
ReportedDue Nov 6, 2026
Estimate$1.26B
ReportedDue Nov 6, 2026
View details

Current ratio84.10%

ProfitabilityRevenueNet incomeNet margin

Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Revenue$1.10B$949.5M$993.9M$1.03B$1.08B$1.04B$1.03B$1.45B
Net income−$100.6M−$40.7M−$162.0M−$147.9M$313.4M−$37.3M−$317.0M−$95.9M
Net margin0.0%0.0%0.0%0.0%29.1%0.0%0.0%0.0%

GrowthOperating income

Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Operating income−$57.1M$22.7M−$48.7M−$101.0M$322.9M−$63.2M−$171.3M−$40.0M
YoY growthTurned lossTurned profitTurned lossTurned lossTurned profitTurned lossLoss widenedLoss narrowed

Balance sheet, Jun 30, 2026Cash & short-term investments $109.8M · Total debt $2.26B · Total assets $2.80B · Shareholders' equity −$1.14B

Revenue
$1.45B
Operating income
−$40.0M
Net income
−$95.9M
View details

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