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Calumet Specialty Products (CLMT)
NASDAQ:CLMT
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Calumet Specialty Products
(NASDAQ:CLMT)
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Rating:51Neutral
Price Target:
$19.50
▲(4.56% Upside)
Calumet's overall stock score is primarily impacted by its weak financial performance, characterized by negative profitability and high leverage. However, positive technical indicators and strong earnings call results, including cost reductions and strategic progress, provide some optimism. The valuation remains unattractive due to ongoing losses.
Positive Factors
Strategic Progress
The planned expansion of Montana Renewables and the successful SAF marketing program indicate strategic growth, enhancing long-term market position and revenue potential.
Cost Reduction
Significant cost reductions improve margin sustainability and cash generation, providing a stronger financial foundation for future investments and growth.
Record Production
Record production levels in specialty products demonstrate operational efficiency and market demand, supporting sustained revenue growth and competitive advantage.
Negative Factors
Financial Leverage
High leverage and negative equity raise concerns about financial stability and the ability to meet long-term obligations, potentially limiting growth opportunities.
Declining Revenue
Declining revenue trends indicate challenges in maintaining market share and profitability, which could impact long-term business viability and investor confidence.
Cash Flow Challenges
Negative cash flows highlight liquidity issues, restricting the company's ability to invest in growth initiatives and manage debt obligations effectively.
Calumet Specialty Products (CLMT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.62B
Dividend YieldN/A
Average Volume (3M)784.91K
Price to Earnings (P/E)―
Beta (1Y)1.44
Revenue Growth-3.99%
EPS Growth83.80%
CountryUS
Employees1,620
SectorBasic Materials
Sector Strength58
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)3.61
Shares Outstanding86,754,320
10 Day Avg. Volume802,463
30 Day Avg. Volume784,910
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)-2.57
Price to Sales (P/S)0.44
P/FCF Ratio-14.87
Enterprise Value/Market Cap2.45
Enterprise Value/Revenue0.98
Enterprise Value/Gross Profit11.92
Enterprise Value/Ebitda26.79
Forecast
1Y Price Target
$23.67Price Target Upside26.92% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-2.64
Revenue Forecast (FY)$4.14B
Calumet Specialty Products Business Overview & Revenue Model
Company DescriptionCalumet, 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 MoneyCalumet Specialty Products generates revenue through the production and sale of specialty hydrocarbon products across its various segments. The company's revenue model is primarily based on the sale of its specialty products, which include lubricants, waxes, solvents, and asphalt. Key revenue streams come from both direct sales to customers and long-term contracts with industrial clients. Additionally, Calumet benefits from partnerships with other companies for the distribution and marketing of its products, enhancing its market reach. The company's ability to leverage its refining capabilities and technology to produce high-value specialty products contributes significantly to its earnings, especially in a market that increasingly favors customized solutions.
Calumet Specialty Products Earnings Call Summary
Earnings Call Date:Nov 07, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 27, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted strong financial results, strategic progress in cost reduction, production, and sustainable fuel expansion. However, challenges in the renewable diesel market and a financial reporting error were noted.Q3-2025 Updates
Positive Updates
Strong Financial Performance
Calumet generated $92.5 million of adjusted EBITDA this quarter, marking the strongest performance in a number of years.
Significant Cost Reduction
Operating costs decreased by $24 million in the third quarter compared to the same period last year, with year-to-date operating costs $60 million lower than the previous year.
Record Production in Specialty Products
The Specialty Products & Solutions segment achieved record production in the third quarter, with sales volumes exceeding 20,000 barrels per day at margins over $60 per barrel.
Successful Test for SAF Expansion
A successful test run was completed for the MaxSAF expansion, confirming the plant's ability to produce 120 to 150 million gallons annually.
PTC Monetization
Calumet successfully monetized $25 million in PTCs during the third quarter and an additional $15 million in October.
Growth in TRUFUEL and Performance Brands
The TRUFUEL brand is on track for a record EBITDA year, benefiting from expanded presence in over 4,000 Walmart stores.
Improved Regulatory Environment
Positive regulatory signals were noted, including progress towards a finalized RVO that is expected to increase industry margins.
Negative Updates
Weak Renewable Diesel Margins
The renewable diesel industry saw lower realized margins due to expensive feedstocks, which were $0.20 per gallon more than traditional markers.
Challenges in Renewable Diesel Production
Reduced biomass-based diesel production and feedstock price volatility negatively impacted margins.
Cash Flow Statement Error
An error was identified in the Q1 and Q2 cash flow statements, misclassifying certain flows, which will require restatement.
Company Guidance
During Calumet Inc.'s Third Quarter 2025 Results Conference Call, the company reported robust financial and strategic outcomes, highlighted by an adjusted EBITDA of $92.5 million. The call detailed a reduction of $24 million in operating costs for the third quarter compared to the previous year, contributing to a year-to-date cost reduction of $60 million. Calumet's Specialty Products & Solutions segment achieved record production levels, with sales exceeding 20,000 barrels per day at margins over $60 per barrel. The company also emphasized its strategic progress in Montana Renewables, maintaining the timeline for its MaxSAF expansion set for the first half of 2026. Additionally, Calumet successfully executed its first $25 million PTC sale and reduced its RIN obligation by over $320 million. These achievements, coupled with a focus on operational improvements and deleveraging, positioned Calumet favorably for future growth.Calumet Specialty Products Financial Statement Overview
Summary
Calumet Specialty Products faces significant financial challenges, including negative profitability margins, high leverage, and weak cash flow metrics. Despite some improvements in gross profit margins and return on equity, the overall financial health is concerning due to persistent losses and negative equity.Income Statement
Calumet Specialty Products has experienced fluctuating revenue growth with a recent decline in TTM. The gross profit margin has improved slightly in TTM compared to previous years, but net profit margins remain negative, indicating ongoing profitability challenges. EBIT and EBITDA margins have also been inconsistent, reflecting operational inefficiencies.45
Neutral
Balance Sheet
The company has a negative stockholders' equity, leading to a negative debt-to-equity ratio, which is a significant risk factor. Although the return on equity has shown improvement in TTM, the overall financial stability is concerning due to high leverage and negative equity.30
Negative
Cash Flow
Calumet's cash flow position is weak, with negative operating and free cash flows in TTM. The free cash flow growth rate has been negative, and the operating cash flow to net income ratio is unfavorable, indicating cash flow challenges. However, the free cash flow to net income ratio is relatively high, suggesting some ability to cover net losses with free cash flow.40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.05B | 4.19B | 4.18B | 4.69B | 3.15B | 2.27B |
| Gross Profit | 332.30M | 230.80M | 451.70M | 351.70M | 142.90M | 99.10M |
| EBITDA | 147.80M | 164.50M | 418.20M | 104.30M | 15.60M | 83.10M |
| Net Income | -37.20M | -222.00M | 48.10M | -173.30M | -254.90M | -149.00M |
Balance Sheet | ||||||
| Total Assets | 2.73B | 2.76B | 2.75B | 2.74B | 2.13B | 1.81B |
| Cash, Cash Equivalents and Short-Term Investments | 94.60M | 38.10M | 7.90M | 35.20M | 38.10M | 109.40M |
| Total Debt | 2.30B | 2.37B | 2.19B | 1.89B | 1.76B | 1.51B |
| Total Liabilities | 3.18B | 3.22B | 3.00B | 3.03B | 2.51B | 1.94B |
| Stockholders Equity | -695.30M | -712.80M | -491.60M | -533.60M | -388.90M | -137.60M |
Cash Flow | ||||||
| Free Cash Flow | -75.60M | -123.10M | -286.70M | -435.60M | -126.90M | 18.80M |
| Operating Cash Flow | -11.00M | -46.40M | -14.90M | 100.60M | -44.00M | 62.80M |
| Investing Cash Flow | 30.80M | -76.70M | -271.80M | -286.00M | -82.80M | -46.30M |
| Financing Cash Flow | 112.50M | 154.30M | 266.20M | 98.70M | 139.30M | 73.80M |
Calumet Specialty Products Technical Analysis
Neutral
18.65
Price Trends
18.88
Negative
17.43
Positive
15.31
Positive
Market Momentum
-0.10
Positive
46.07
Neutral
34.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLMT, the sentiment is Neutral. The current price of 18.65 is below the 20-day moving average (MA) of 19.12, below the 50-day MA of 18.88, and above the 200-day MA of 15.31, indicating a neutral trend. The MACD of -0.10 indicates Positive momentum. The RSI at 46.07 is Neutral, neither overbought nor oversold. The STOCH value of 34.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CLMT.
Calumet Specialty Products Risk Analysis
Calumet Specialty Products disclosed 44 risk factors in its most recent earnings report. Calumet Specialty Products reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Calumet Specialty Products Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $1.95B | 12.08 | 6.68% | 16.72% | 9.33% | ― | |
66 Neutral | $1.65B | ― | 4.73% | 12.08% | -2.71% | -113.80% | |
65 Neutral | $2.34B | 50.17 | 2.62% | ― | 31.67% | ― | |
63 Neutral | $1.87B | ― | -13.71% | ― | -0.02% | -473.61% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | $800.93M | 43.30 | 3.50% | 10.28% | 6.23% | -64.88% | |
51 Neutral | $1.62B | ― | ― | ― | -3.99% | 83.80% |
* Basic Materials Sector Average
CLMT
Calumet Specialty Products
18.56
-3.84
-17.14%
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Calumet Specialty Products Corporate Events
Calumet Reports Strong Q3 2025 Financial Turnaround
Nov 8, 2025
Calumet, Inc. is a diversified manufacturer and marketer of specialty branded products and renewable fuels, operating in the specialty chemicals and renewable energy sectors across North America. The company is headquartered in Indianapolis, Indiana, and is known for its integrated specialties business and cost-efficient operations.
Calumet Specialty Products’ Strong Quarter Amidst Challenges
Aug 12, 2025
Calumet Specialty Products Reports Strong Quarter Amidst Market Challenges
Calumet Specialty Products Reports Q2 2025 Results
Aug 9, 2025
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.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.