Calumet Specialty Products (CLMT) AI Stock Analysis

• Market Cap: $1.68B
• Dividend Yield: N/A
• Average Volume (3M): 718.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.42
• Revenue Growth: -4.57%
• EPS Growth: -1574.88%
• Country: US
• Employees: 1,620
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): -1.70
• Shares Outstanding: 86,752,230
• 10 Day Avg. Volume: 712,850
• 30 Day Avg. Volume: 718,946
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 2.37
• Enterprise Value/Revenue: 0.98
• Enterprise Value/Gross Profit: -109.33
• Enterprise Value/Ebitda: -42.77
• 1Y Price Target: $20.06
• Price Target Upside: 2.56% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5

• Rating: 52 Neutral
• Price Target: $19.00 ▼(-2.86% Downside)

Calumet Specialty Products' overall stock score is primarily impacted by its weak financial performance, characterized by declining revenue, negative margins, and high leverage. Technical analysis provides some positive momentum, but valuation remains unattractive due to negative earnings. The earnings call reflects operational improvements and strategic initiatives, but challenges in the renewable diesel market persist.

Positive Factors

Operational Cost Reductions

Reducing operating costs by $42 million enhances profitability and financial flexibility, allowing Calumet to allocate resources more efficiently and improve its competitive position.

Strong Specialty Products Performance

Consistent high sales volumes in specialty products indicate strong demand and market positioning, contributing to stable revenue streams and supporting long-term growth.

Deleveraging Efforts

Deleveraging by calling $230 million of notes reduces financial risk and interest expenses, improving balance sheet health and enhancing long-term financial stability.

Negative Factors

Declining Revenue

Declining revenue indicates potential market challenges and reduced demand, which can impact long-term financial health and limit growth opportunities.

High Financial Leverage

High leverage with negative equity raises concerns about financial stability, increasing risk and potentially limiting the company's ability to invest in growth initiatives.

Renewable Diesel Margin Pressure

Low margins in the renewable diesel sector reduce profitability and may hinder the company's ability to capitalize on growth opportunities in this emerging market.

Calumet Specialty Products Business Overview & Revenue Model

Company Description

Calumet, Inc. manufactures, formulates, and markets slate of specialty branded products to various consumer-facing and industrial markets in North America and internationally. Its Specialty Products and Solutions segment offers various solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products. The company's Montana/Renewables segment focuses on processing renewable feedstocks into renewable hydrogen, renewable natural gas, renewable propane, renewable naphtha, renewable kerosene/aviation fuel, and renewable diesel. This segment also processes Canadian crude oil into conventional gasoline, diesel, jet fuel, and specialty grades of asphalt. Its Performance Brands segment blends, packages, and markets high performance products through Royal Purple, Bel-Ray, and TruFuel brands. Calumet GP, LLC serves as the general partner for Calumet Specialty Products Partners, L.P. The company was founded in 1916 and is headquartered in Indianapolis, Indiana.

How the Company Makes Money

Calumet Specialty Products generates revenue through the production and sale of specialty and fuel products. The company's revenue model is primarily driven by the sale of its specialty products, which include high-performance lubricants, solvents, and other hydrocarbon-based products. These products typically command higher margins compared to conventional fuels, contributing significantly to the company's earnings. Additionally, Calumet benefits from its fuel products segment, which includes the sale of refined petroleum products. Key revenue streams also come from long-term contracts with various industrial customers, providing a stable cash flow. The company has also engaged in strategic partnerships and joint ventures that enhance its product offerings and market reach, further bolstering its financial performance.

Calumet Specialty Products Financial Statement Overview

Summary

Calumet Specialty Products faces significant financial challenges, with declining revenue and profitability metrics. High leverage and negative equity highlight financial instability. While cash flow management shows some improvements, the overall financial health is concerning, requiring strategic measures to enhance operational efficiency and financial stability.

Income Statement

The company shows declining revenue with a negative revenue growth rate compared to previous periods. Gross profit margin is low and has deteriorated significantly, with negative EBIT and net profit margins indicating operational challenges and lack of profitability. The EBITDA margin has also decreased over time, reflecting difficulties in cost management and operational efficiency.

Balance Sheet

High leverage is evident from a very high debt-to-equity ratio, as the company has negative equity. The negative return on equity reflects the company's inability to generate profit from its equity base. The equity ratio is also negative, underscoring financial instability and potential risk to creditors and investors.

Cash Flow

The company experiences negative free cash flow, indicating insufficient cash generation for reinvestment or debt repayment. The operating cash flow to net income ratio is negative, suggesting cash flow challenges. However, the free cash flow to net income ratio shows some improvement, indicating slight enhancements in managing free cash flow relative to net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.07B	4.19B	4.18B	4.69B	3.15B	2.27B
Gross Profit	-36.50M	230.80M	502.30M	350.80M	142.90M	210.10M
EBITDA	-93.30M	164.50M	418.20M	127.40M	15.60M	98.00M
Net Income	-451.20M	-222.00M	48.10M	-169.80M	-254.90M	-149.00M
Balance Sheet
Total Assets	2.78B	2.76B	2.75B	2.74B	2.13B	1.81B
Cash, Cash Equivalents and Short-Term Investments	110.60M	38.10M	7.90M	35.20M	38.10M	109.40M
Total Debt	231.80M	2.34B	2.19B	1.67B	1.58B	1.51B
Total Liabilities	3.54B	3.22B	3.00B	3.03B	2.51B	1.94B
Stockholders Equity	-1.01B	-711.90M	-491.60M	-533.60M	-10.10M	-137.60M
Cash Flow
Free Cash Flow	-199.80M	-123.10M	-286.70M	-435.60M	-126.90M	18.80M
Operating Cash Flow	-126.90M	-46.40M	-14.90M	100.60M	-44.00M	62.80M
Investing Cash Flow	22.50M	-76.70M	-271.80M	-536.00M	-82.80M	-46.30M
Financing Cash Flow	280.40M	154.30M	266.20M	348.70M	139.30M	73.80M

Calumet Specialty Products Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 19.56
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLMT, the sentiment is Positive. The current price of 19.56 is above the 20-day moving average (MA) of 18.92, above the 50-day MA of 18.12, and above the 200-day MA of 15.13, indicating a bullish trend. The MACD of 0.49 indicates Negative momentum. The RSI at 56.94 is Neutral, neither overbought nor oversold. The STOCH value of 60.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CLMT.

Calumet Specialty Products Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MNR	―	$1.43B	6.27	16.84%	18.92%	11.56%	―
VTS	―	$832.90M	20.77	6.49%	10.28%	3.96%	29.26%
KRP	―	$1.62B	-76.40	4.52%	12.54%	-2.89%	-107.61%
TALO	―	$1.69B	―	-6.56%	―	10.59%	-3044.85%
BKV	―	$1.93B	―	-1.36%	―	13.20%	55.44%
Sector *	―	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
CLMT	―	$1.68B	―	―	―	-4.57%	-1574.88%

Calumet Specialty Products Corporate Events

Calumet Specialty Products’ Strong Quarter Amidst Challenges

Calumet Specialty Products Reports Strong Quarter Amidst Market Challenges

Calumet Specialty Products Reports Q2 2025 Results

Calumet Specialty Products, headquartered in Indianapolis, Indiana, is a diversified manufacturer and marketer of specialty branded products and renewable fuels, operating across consumer-facing and industrial markets in North America.

Calumet’s $120M Sale-Leaseback Deal Enhances Financial Position

On July 25, 2025, Calumet Shreveport Refining, LLC, a subsidiary of Calumet, Inc., entered into a sale and leaseback transaction with Stonebriar Commercial Finance LLC, valuing its Shreveport terminal assets at $120 million. This transaction, which extends the financing arrangement, will provide $80 million in proceeds to Calumet, which intends to use the funds to partially redeem its Senior Notes due 2026. The deal reflects Calumet’s strategic focus on improving operational efficiency and financial positioning, as emphasized by CEO Todd Borgmann, who noted the substantial value increase achieved through the transaction.

The most recent analyst rating on (CLMT) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Calumet Specialty Products stock, see the CLMT Stock Forecast page.