Calumet Specialty Products (CLMT) AI Stock Analysis

• Market Cap: $1.42B
• Dividend Yield: N/A
• Average Volume (3M): 1.26M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.45
• Revenue Growth: 0.67%
• EPS Growth: -6298.08%
• Country: US
• Employees: 1,620
• Sector: Energy
• Sector Strength: 55
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): -1.87
• Shares Outstanding: 86,621,470
• 10 Day Avg. Volume: 1,814,216
• 30 Day Avg. Volume: 1,257,796
• PEG Ratio: 0.23
• Price to Book (P/B): -4.65
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.07
• Enterprise Value/Market Cap: 2.10
• Enterprise Value/Revenue: 0.17
• Enterprise Value/Gross Profit: 41.91
• Enterprise Value/Ebitda: 3.40
• 1Y Price Target: $22.88
• Price Target Upside: 43.54% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5

• Rating: 57 Neutral
• Price Target: $17.50 ▲(9.79%Upside)

Calumet's stock score reflects mixed signals. The strong earnings call, highlighting strategic improvements and successful debt reduction, is a significant positive. However, financial performance and valuation challenges weigh heavily. Technical indicators suggest potential overbought conditions, adding caution to the outlook.

Positive Factors

Feedstock Flexibility

CLMT is capable of processing all major feedstock types, allowing it to optimize feed slate and LCFS credit exposure as market conditions evolve.

Regulatory Approvals

New regulatory approvals provide added LCFS regulatory surety and a clearer outlook of improving market margins for CLMT.

Negative Factors

Profitability Impact

The marginal cost to produce the proposed renewable diesel volumes is high, potentially impacting profitability.

Renewable Diesel Demand

The proposed demand for renewable diesel and biodiesel by the EPA is lower than previously expected, which disappointed the market and affected CLMT stock negatively.

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 refining and sale of specialty hydrocarbon products and fuel products. The company operates refineries that produce high-margin specialty products, which are sold to a wide range of industries, including automotive, industrial, and consumer goods. The Fuel Products segment contributes to earnings by refining and marketing gasoline, diesel, and jet fuel. Calumet's revenue model is bolstered by its ability to customize products to meet specific customer needs, fostering strong customer relationships and repeat business. Strategic partnerships and long-term contracts with key customers also play a significant role in ensuring stable revenue streams and market presence.

Calumet Specialty Products Financial Statement Overview

Summary

Calumet Specialty Products faces significant financial challenges, including declining revenue, low profitability metrics, high leverage, and negative equity. Although cash flow management shows some improvements, the overall financial health is concerning and requires strategic measures to improve.

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	4.18B	4.19B	4.18B	4.69B	3.15B	2.27B
Gross Profit	70.90M	230.80M	502.30M	350.80M	142.90M	210.10M
EBITDA	79.50M	202.50M	418.20M	127.40M	15.60M	98.00M
Net Income	-341.60M	-222.00M	48.10M	-173.30M	-254.90M	-149.00M
Balance Sheet
Total Assets	2.82B	2.76B	2.75B	2.74B	2.13B	1.81B
Cash, Cash Equivalents and Short-Term Investments	123.40M	38.10M	7.90M	35.20M	38.10M	109.40M
Total Debt	2.33B	2.34B	2.19B	1.67B	1.58B	1.41B
Total Liabilities	3.44B	3.22B	3.00B	3.03B	2.51B	1.94B
Stockholders Equity	-862.30M	-711.90M	-491.60M	-287.70M	-10.10M	0.00
Cash Flow
Free Cash Flow	-137.30M	-123.10M	-286.70M	-435.60M	-126.90M	18.80M
Operating Cash Flow	-63.00M	-46.40M	-14.90M	100.60M	-44.00M	62.80M
Investing Cash Flow	21.10M	-76.70M	-271.80M	-536.00M	-82.80M	-46.30M
Financing Cash Flow	213.90M	154.30M	266.20M	348.70M	139.30M	73.80M

Calumet Specialty Products Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 15.94
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 15.94 is above the 20-day moving average (MA) of 15.93, above the 50-day MA of 14.17, and below the 200-day MA of 16.57, indicating a bullish trend. The MACD of 0.66 indicates Positive momentum. The RSI at 61.94 is Neutral, neither overbought nor oversold. The STOCH value of 62.20 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
VTS	71 Outperform	$911.67M	30.32	4.24%	9.65%	4.15%	3.91%
INR	69 Neutral	$902.80M	―		―	―	―
Sector *	68 Neutral	$15.23B	10.08	6.34%	5.20%	4.06%	-66.99%
SBR	66 Neutral	$963.69M	12.37	798.58%	7.74%	-11.35%	-11.76%
CLMT	57 Neutral	$1.42B	―	31.18%	―	0.67%	-6298.08%
KOS	57 Neutral	$1.01B	4.03	-1.15%	―	-11.11%	-105.10%
TXO		$825.60M	37.56	2.97%	16.27%	―	―

Calumet Specialty Products Corporate Events

Calumet Specialty Products Holds 2025 Annual Stockholder Meeting

On June 10, 2025, Calumet, Inc. held its 2025 Annual Meeting of Stockholders where four key proposals were voted upon. The stockholders elected four Class I directors to serve until 2028, approved the executive compensation on a non-binding basis, decided to hold annual advisory votes on executive compensation, and ratified Grant Thornton LLP as the independent registered public accounting firm for the year ending December 31, 2025.

The most recent analyst rating on (CLMT) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Calumet Specialty Products stock, see the CLMT Stock Forecast page.

Calumet Appoints John R. Krutz as New CAO

On May 21, 2025, Calumet, Inc. announced the appointment of John R. Krutz as the new Chief Accounting Officer, replacing David A. Lunin in this role. Mr. Krutz brings extensive experience from his previous roles at Acculevel, Inc. and CliftonLarsonAllen, and his appointment is expected to enhance the company’s financial leadership and operational effectiveness.

The most recent analyst rating on (CLMT) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Calumet Specialty Products stock, see the CLMT Stock Forecast page.

Calumet Chair Terminates Stock Trading Plan

Stephen Mawer, Chair of the Board of Directors of Calumet, Inc., adopted a trading plan on November 15, 2024, to comply with Rule 10b5-1(c) under the Securities Exchange Act. The plan, which began on March 6, 2025, and was set to end on December 31, 2025, allowed for the sale of up to 40,205 shares of common stock. However, on May 13, 2025, Mr. Mawer terminated the plan after 10,965 shares had been sold.

The most recent analyst rating on (CLMT) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Calumet Specialty Products stock, see the CLMT Stock Forecast page.