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Calumet Specialty Products
(NASDAQ:CLMT)
Calumet Specialty Products (CLMT) vs. SPDR S&P 500 ETF (SPY)
Calumet Specialty Products Business Overview & Revenue Model
Calumet Specialty Products Earnings Call Summary
Calumet Specialty Products Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.14B | 4.19B | 4.18B | 4.69B | 3.15B |
| Gross Profit | 245.70M | 230.80M | 451.70M | 351.70M | 142.90M |
| EBITDA | 238.40M | 164.50M | 418.20M | 104.30M | 15.60M |
| Net Income | -33.80M | -222.00M | 48.10M | -169.80M | -254.90M |
Balance Sheet | |||||
| Total Assets | 2.69B | 2.76B | 2.75B | 2.74B | 2.13B |
| Cash, Cash Equivalents and Short-Term Investments | 125.10M | 38.10M | 7.90M | 35.20M | 38.10M |
| Total Debt | 381.80M | 2.37B | 2.19B | 1.89B | 1.76B |
| Total Liabilities | 3.18B | 3.22B | 3.00B | 3.03B | 2.51B |
| Stockholders Equity | -732.70M | -712.80M | -491.60M | -533.60M | -388.90M |
Cash Flow | |||||
| Free Cash Flow | 56.60M | -123.10M | -286.70M | -435.60M | -126.90M |
| Operating Cash Flow | 108.90M | -46.40M | -14.90M | 100.60M | -44.00M |
| Investing Cash Flow | 44.10M | -76.70M | -271.80M | -286.00M | -82.80M |
| Financing Cash Flow | 6.20M | 154.30M | 266.20M | 98.70M | 139.30M |
Calumet Specialty Products Technical Analysis
Calumet Specialty Products Risk Analysis
Calumet Specialty Products Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $1.80B | 11.74 | 12.05% | 13.84% | -2.71% | -113.80% | |
70 Outperform | $764.11M | 28.68 | 3.86% | 11.72% | 6.23% | -64.88% | |
70 Outperform | $2.32B | 10.15 | 8.09% | 17.48% | 9.33% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $2.35B | -3.89 | -20.26% | ― | -0.02% | -473.61% | |
59 Neutral | $3.11B | 14.44 | 10.00% | ― | 31.67% | ― | |
55 Neutral | $2.48B | -51.00 | 4.10% | ― | -3.99% | 83.80% |
Calumet Specialty Products Corporate Events
On March 17, 2026, Calumet’s subsidiaries Calumet Specialty Products Partners, L.P. and Calumet Finance Corp. completed a $150 million private placement of 9.75% Senior Notes due 2031 at 105% of par, generating roughly $154.9 million in net proceeds as an add-on to $405 million of identical notes issued in January. The company is using the proceeds to immediately repay borrowings under its revolving credit facility, a move management says builds on earlier debt issuance, enhances liquidity and financial flexibility, and positions Calumet to navigate a volatile but profitable commodity environment while continuing to invest in its Montana Renewables growth initiatives.
Calumet’s CFO highlighted that the additional liquidity from the March transaction supports the firm’s strategy of strong cash generation and eventual reduction of its 2028 notes once call premiums decline, reflecting an ongoing effort to optimize the capital structure. For stakeholders, the refinancing reduces near-term reliance on bank credit, consolidates borrowing into longer-dated unsecured notes, and underscores Calumet’s confidence in its operational performance and the MaxSAF 150 expansion at Montana Renewables following strong 2025 results.
The most recent analyst rating on (CLMT) stock is a Hold with a $30.00 price target. To see the full list of analyst forecasts on Calumet Specialty Products stock, see the CLMT Stock Forecast page.
On March 12, 2026, Calumet’s subsidiaries Calumet Specialty Products Partners, L.P. and Calumet Finance Corp. priced a $150 million private placement of 9.75% Senior Notes due 2031 at 105% of par, with closing expected on March 17, 2026, as an additional tranche to $405 million of notes issued earlier in January 2026 forming a single series. Net proceeds of roughly $154.9 million are designated to repay outstanding borrowings under Calumet’s revolving credit facility, supported by a tenth amendment to its credit agreement to permit the new indebtedness, a move that reshapes near-term funding, deepens ties with existing lenders, and modestly extends the company’s fixed-rate debt profile.
Certain initial purchasers or their affiliates are lenders under the revolving credit facility and may receive a portion of the proceeds, highlighting the interconnected role of Calumet’s banking partners in its financing and hedging activities. The purchase agreement and related credit amendment follow customary terms and conditions, positioning Calumet to simplify its capital structure while continuing derivative activities tied to crude oil, natural gas, and fuel products with affiliates of the same financial institutions.
The most recent analyst rating on (CLMT) stock is a Hold with a $29.00 price target. To see the full list of analyst forecasts on Calumet Specialty Products stock, see the CLMT Stock Forecast page.
On March 12, 2026, Calumet, Inc. said its subsidiaries Calumet Specialty Products Partners, L.P. and Calumet Finance Corp. plan, subject to market conditions, to privately place $150 million of additional 9.75% senior notes due 2031 to eligible investors. The new notes will form a single series with the $405 million of 9.75% senior notes issued on January 12, 2026, and the company plans to use the net proceeds to repay outstanding borrowings under its revolving credit facility.
Calumet also disclosed it expects to execute a Tenth Amendment to its Third Amended and Restated Credit Agreement, originally dated February 23, 2018, to permit the incurrence of indebtedness tied to the new notes. The company has already obtained the requisite lender consents and conditioned the tack-on offering on entering this amendment, underscoring a coordinated effort to optimize its debt profile and ensure covenant compliance for the planned issuance.
The most recent analyst rating on (CLMT) stock is a Buy with a $34.00 price target. To see the full list of analyst forecasts on Calumet Specialty Products stock, see the CLMT Stock Forecast page.
On January 23, 2026, Calumet, Inc. entered into a Ninth Amendment to its Third Amended and Restated Credit Agreement, originally dated February 23, 2018, with its general partner, affiliates, lenders and Bank of America, N.A. as administrative agent, extending the facility’s maturity to January 23, 2031 and setting commitments at $500 million, subject to borrowing base limits. The amendment revises covenants, representations, events of default and other terms to allow Calumet or its subsidiaries to undertake new inventory financing transactions, with commitments under the facility to be reduced from $500 million to $425 million if any such inventory financing is completed, signaling a shift in the company’s capital structure and liquidity management strategy that could affect its future borrowing capacity and funding mix.
The most recent analyst rating on (CLMT) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Calumet Specialty Products stock, see the CLMT Stock Forecast page.
On January 12, 2026, Calumet’s subsidiaries Calumet Specialty Products Partners, L.P. and Calumet Finance Corp. completed an upsized private placement of $405 million in 9.75% senior notes due 2031, issued at 98.996% of par for net proceeds of about $393 million. The offering, increased from an originally planned $350 million and described as oversubscribed, will be used alongside cash on hand and borrowings under Calumet’s revolving credit facility to redeem the company’s outstanding 11.00% senior notes due 2026 and 8.125% senior notes due 2027, effectively eliminating near-term senior note maturities. Management linked the strong investor demand to more than $220 million of restricted group debt reduction in 2025 and over $120 million of cash generation in the second half of 2025, positioning Calumet with a longer debt maturity runway to support continued cash flow from its specialties segment and the expansion of its Montana Renewables MaxSAF 150 project.
The most recent analyst rating on (CLMT) stock is a Hold with a $20.00 price target. To see the full list of analyst forecasts on Calumet Specialty Products stock, see the CLMT Stock Forecast page.
On January 7, 2026, Calumet and its subsidiaries priced an upsized $405 million private placement of 9.75% senior notes due 2031, issued at 98.996% of par in a Rule 144A/Reg S offering, with closing expected on January 12, 2026. The company plans to use the approximately $393 million in net proceeds, together with cash on hand and borrowings under its revolving credit facility, to redeem all of its outstanding 11.00% senior notes due 2026 and 8.125% senior notes due 2027, a move that restructures its debt maturity profile and consolidates funding through a higher-coupon but longer-dated instrument, with several initial purchasers and their affiliates also positioned as creditors, agents under its revolver, and derivatives counterparties.
The most recent analyst rating on (CLMT) stock is a Hold with a $19.50 price target. To see the full list of analyst forecasts on Calumet Specialty Products stock, see the CLMT Stock Forecast page.
On January 6, 2026, Calumet, Inc. said its subsidiaries plan, subject to market conditions, to privately place $350 million of senior unsecured notes due 2031, with proceeds, together with cash and revolver borrowings, earmarked to redeem all of their 11.00% senior notes due 2026 around January 21, 2026 and $275 million of 8.125% senior notes due 2027 around January 16, 2026, effectively extending the company’s debt maturities and continuing a multi‑year balance‑sheet de‑leveraging drive. The transaction comes as Calumet highlights cost reductions of $60 million over the first three quarters of 2025, record production in its Specialty Products and Solutions segment, ongoing infrastructure upgrades at key facilities such as Shreveport, and the expansion of its Montana Renewables operations—including the MaxSAF 150 project that targets 120–150 million gallons of annual sustainable aviation fuel production by the second quarter of 2026—underscoring its strategic push toward higher‑margin specialty and renewable products and more resilient cash flows.
The most recent analyst rating on (CLMT) stock is a Hold with a $18.00 price target. To see the full list of analyst forecasts on Calumet Specialty Products stock, see the CLMT Stock Forecast page.